Reinsurance News
Southwest Asia, UAE storms & floods to drive hundreds of millions in losses: Aon
19th April 2024
Heavy rainfall, storms, and widespread flooding hit Southwestern Asia, notably the United Arab Emirates (UAE), between April 8-17, causing significant economic and insured losses estimated to potentially reach into the hundreds of millions of USD, according to Aon’s weekly cat report. The UAE’s National Center for Meteorology recorded a record-breaking 24-hour ... Read the full article
US casualty challenging at April 1, reinsurers exerting pressure: Klisura, Guy Carpenter
19th April 2024
Speaking during the Marsh McLennan Q1 2024 earnings call, Dean Klisura, CEO of reinsurance broker Guy Carpenter, explained that US casualty was challenging at the April 1st, 2024, renewals, with reinsurers "exerting pressure on pricing and terms and conditions." Klisura highlights that the difficulties experienced in the US casualty market were ... Read the full article
Climate-related weather perils are intensifying to varying degrees: Swiss Re
19th April 2024
A recent report from Swiss Re Institute has highlighted how four climate-related weather perils – floods, tropical cyclones, winter storms in Europe and severe thunderstorms, that now cause annual losses of USD 200 billion, are said to be "intensifying to varying degrees." In a recent blog posted by Read the full article
Cayman starts 2024 with strong growth issuing 11 new insurer licences in Q1
19th April 2024
The strong growth in the number of new licences the Cayman Islands Monetary Authority (CIMA) has issued in the first quarter of 2024 is encouraging, as it demonstrates the region continues to attract new reinsurers, recent statistics have revealed. Between January and March 2024, CIMA issued eleven new international insurer licences ... Read the full article
Moody’s changes Peak Re’s outlook to stable from negative
19th April 2024
Moody's has changed the outlook of Peak Reinsurance Company Ltd. to stable from negative along with affirming the firm's insurance financial strength rating (IFSR) as Baa1. The outlook change is attributed to Moody's view that contagion risk from the reinsurer's majority shareholder Fosun International Limited, particularly in the form of strain ... Read the full article
Pen Underwriting announces strategic partnership with SiriusPoint
19th April 2024
Managing general agent (MGA) Pen Underwriting has announced a new strategic partnership with global re/insurer SiriusPoint, in support of the specialist housing association sector, with a long-term capacity deal. According to the announcement, the multi-year agreement between the two firms will see SiriusPoint provide 100% capacity for Pen’s specialist social housing practice, ... Read the full article
R&Q names Welch and Hirsh as Non-Exec Directors
19th April 2024
Global non-life specialty insurer R&Q Insurance Holdings Ltd (R&Q) has announced the addition of Stephen Welch and Lawrence Hirsh to its Board as Non-Executive Directors. Having worked for financial sponsors and investors in both executive and non-executive roles, Welch has extensive experience managing complex corporate issues including several restructuring situations of ... Read the full article
Intact Insurance Specialty names Scott Reinke as CUO of Transactional Surety
19th April 2024
Intact Insurance Specialty Solutions, the U.S. insurance subsidiary of Intact Financial Corporation, has named Scott Reinke as the Chief Underwriting Officer (CUO) for its Transactional Surety team. In the new role, Reinke's remit will include overseeing the team's commercial transactional book of business and its online surety bond platform. John Guglielmo, Head ... Read the full article
D&O and cyber insurance premiums beginning to level off: BRP Group
19th April 2024
After several years of significant increases in insurance costs, followed by weighty decreases over the past 18 months, organisations are beginning to see a leveling off in premiums for both Directors & Officers (D&O) and cyber insurance, according to BRP Group, Inc. The independent insurance distribution firm recently released its third ... Read the full article
The Clear Group appoints Mandy Hunt as MGA Managing Director
19th April 2024
Insurance broker The Clear Group has appointed Mandy Hunt as the Managing Director of its MGA business, subject to regulatory approval. Hunt joins the main Clear Group operating board, and brings significant experience from several leadership roles in major insurance businesses, across broking and underwriting. She was formerly the Chief Underwriting Officer ... Read the full article
Loss underestimation a pressing issue, warns Gallagher Re
19th April 2024
Gallagher Re's Q1'24 Natural Catastrophe and Climate Report underscores the critical need for the insurance industry to evaluate unexpected factors that extend event loss behaviour, while also addressing the growing challenge of social inflation. The report identifies event loss underestimation as the most pressing issue, with complexities in loss development varying ... Read the full article
DARAG to acquire Cayman Islands re/insurance captive
19th April 2024
Legacy acquirer DARAG Insurance Guernsey Limited (DIGL) has announced it is to acquire a Cayman Islands-based re/insurance captive. The firm has signed a sale and purchase agreement (SPA) for a re/insurance captive from a very large multinational corporate that possesses long tail UK employers’ liability (EL) exposure. According to the announcement, DIGL ... Read the full article
Pauline Morley joins AXIS as Head of E&O in the US
19th April 2024
Bermuda-based insurer and reinsurer AXIS Capital Holdings Limited has announced the appointment of Pauline Morley as Head of E&O in the US, effective immediately. In her new role, Morley will be in charge of leading the growth and advancement of the AXIS offering in the professional liability market, aligned with the ... Read the full article
P&C underwriters sceptical of AI despite trailblazer benefits: Capgemini
19th April 2024
Findings from the recent report by the Capgemini Research Institute highlight that although 62% of insurance executives recognize the positive impact of AI/ML on underwriting quality and fraud reduction, many P&C underwriters remain sceptical about automated recommendations from predictive analytics tools. The report underscores the increasing demands from policyholders for affordability, ... Read the full article
Allianz appoints Alex Ktenidis as director of digital trading and Allianz Legal Protection
19th April 2024
Allianz Commercial has announced the promotion of Alex Ktenidis to the senior role of director of digital trading and Allianz Legal Protection (ALP). In his new capacity, Ktenidis will lead the profitable growth of Allianz’s digital trading and legal protection businesses. Nadia Côté, Managing Director at Allianz Commercial, expressed her enthusiasm for ... Read the full article