Reinsurance News
Lexasure partners with Qornerstone to drive risk mitigation opportunities in real estate
15th June 2023
Lexasure Financial Group, a leading Southeast & South Asia group providing reinsurance and digital insurance solutions, has partnered with Qornerstone Inc., to collaborate in the creation and provision of new and existing insurance and risk mitigation products for the real estate, property and facilities management sector in Singapore and ... Read the full article
Fidelis appoints new Chief of Staff
15th June 2023
Hannah Greenwood, previously of Inver Re, has been appointed as the Chief of Staff at Fidelis Insurance Group, effective immediately. Prior to this, she served as a Business Manager at Inver Re for almost two years. She started working here following the acquisition of Corant Global by the Ardonagh Group, the ... Read the full article
RenRe celebrates 30th anniversary
14th June 2023
RenaissanceRe, a global provider of reinsurance, celebrated its 30th anniversary on June 14, 2023. The company was founded in Bermuda in 1993 with the goal to bring a renaissance to the underwriting of property catastrophe reinsurance, Kevin J. O’Donnell, President and Chief Executive Officer, commented. Since then, RenRe has evolved into a ... Read the full article
Chubb launches Cyber Central, its new quoting platform
14th June 2023
Chubb has launched Cyber Central, an innovative quoting platform designed for agents and brokers who specialize in cyber risks. The cutting-edge platform simplifies and enhances the process of quoting and issuing Cyber, Technology E&O, and Miscellaneous Professional Liability coverages on a stand-alone basis. William A. Wise, Executive Vice President of Chubb's North ... Read the full article
Mt. Logan Re names Charles Millard as non-executive independent board director
14th June 2023
Mt. Logan Re, Ltd., the third-party capital unit of Everest Re Group, Ltd., has announced the appointment of Charles E.F. Millard as a Non-Executive Independent Board Director, effective immediately. Millard's appointment comes following the retirement of Frank Lopapa, who served as a Non-Executive Independent Board Director for Mt. Logan for the ... Read the full article
Progressive posts a combined ratio of 91.4% for its property business in May’23
14th June 2023
Property and auto-focused insurance group, The Progressive Corporation, has reported a combined ratio of 91.4% for its property business in its May 2023 results, which includes 66.1% in Loss/LAE ratio and 25.3% in Expense ratio. The net catastrophe loss ratio was high at 44.0% for the property business. The main reason for ... Read the full article
IAG expects natural peril losses to be above budget for FY23
14th June 2023
IAG held its Investor Day to provide an update on its strategic execution, operating environment and financial targets, with Managing Director and CEO Nick Hawkins explaining that the firm expects to moderately exceed its natural catastrophe budget again. Hawkins explained that the insurer anticipates a small net reserve release and favourable ... Read the full article
Reinsurance sector anticipates continued hard market with elevated pricing in property cat lines: JP Morgan
14th June 2023
JP Morgan analysts stated at the European Insurance Conference that the reinsurance sector is expected to continue experiencing a hard market, with notably high pricing levels observed in property catastrophe lines of business. Analysts highlighted the highly favourable pricing in the reinsurance market, comparable to historical peaks, which is expected to ... Read the full article
Global Shield Solutions Platform launched to address loss and damage from climate change
14th June 2023
The Global Shield Solutions Platform (GSSP), a pioneering financing vehicle aimed at assisting vulnerable countries in effectively tackling loss and damage exacerbated by climate change, was officially launched on June 9, 2023. The momentous occasion took place at the Gustav-Stresemann-Institute in Bonn, Germany, during the InsuResilience Global Partnership Annual Forum. With the ... Read the full article
Legal & General Reinsurance names Joslyn Operations Accountant
14th June 2023
Bermuda-based Legal & General Reinsurance has announced the appointment of Kimberley Joslyn to the role of Operations Accountant. She joins L&G from Freisenbruch, an insurance company also based in Bermuda, where she worked for almost six years as a Financial controller. Prior to that, Joslyn spent close to 11 years at Bermuda ... Read the full article
AI & Deep fakes becoming the latest surge behind phishing scams: AM Best
14th June 2023
Artificial intelligence (AI) technology and deep fakes are becoming the latest surge behind phishing scams, as they are creating new opportunities for criminals. A combination of voices and writing styles are being mimicked to look as if calls, messages and emails are coming through from a familiar source, therefore making it ... Read the full article
Munich Re to insure INTILION’s energy storage system
14th June 2023
German reinsurance giant Munich Re has signed a long-term collaboration agreement with INTILION to insure its large-scale energy storage system. The insurance product offered by Munich Re provides the company with the ability to insure against clients’ claims arising under the warranty and performance guarantee (Product and Performance Warranty Insurance). This agreement ... Read the full article
Dubai’s AMAN to sell individual life takaful portfolio for 37.5 million UAE dirhams to ADNTC
14th June 2023
Dubai Islamic Insurance and Reinsurance (AMAN) has announced that it will sell its individual life takaful portfolio to Abu Dhabi National Takaful Company (ADNTC) for 37.5 million UAE dirhams. AMAN, which is listed on the Dubai Financial Market (DFM), had previously been in talks for an acquisition with Salama, another DFM-listed ... Read the full article
CAC Group bolsters financial capabilities with expanded syndicated loan
14th June 2023
CAC Group, an insurance brokerage business, has announced the successful expansion of its syndicated loan facility, further bolstering its financial resources and strategic growth initiatives. The syndicated loan, led by Wintrust Financial Corporation (Wintrust), includes participation from several other financial institutions, including Synovus and JPMorgan Chase. According to the announcement, the increase ... Read the full article
AIG’s Trevor Gallagher joins Everest Re as Head of US Facultative
14th June 2023
Everest Reinsurance, the reinsurance division of Everest Re Group, Ltd., has appointed Trevor Gallagher as Head of US Facultative, where he will report to Anthony Izzo, Global Head of Reinsurance Distribution and Facultative. In the role, Gallagher will lead Everest's expanding US Facultative business, that is focused on cultivating best-in-class talent, ... Read the full article
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