Reinsurance News
U.S. insurers hit hardest by inflation, Triple-I report finds
14th June 2023
U.S. insurers have paid more than their counterparts worldwide to repair and rebuild damaged properties and vehicles due to inflation since 2018, according to an executive briefing conducted on behalf of the International Insurance Society (IIS). Triple-I suggests that within this five-year timeframe, the U.S. experienced the highest cumulative inflation rate ... Read the full article
Equinox Re appoints two new Managing Directors
14th June 2023
Equinox Reinsurance Intermediaries (ERI), affiliated with Inver Re and part of the wider Ardonagh Group, has announced that it has made two appointments of Managing Director. The company has confirmed that Jeremy Brasier has been promoted to the position after joining ERI three years ago, while at the same time, Jeff ... Read the full article
Swiss Re Corporate Solutions appoints James Gasco as the Canadian Head
14th June 2023
Swiss Re Corporate Solutions has announced that as of September 1st, James Gasco will be responsible for leading the Canadian business. Gasco will report to Katie McGrath, the CEO of North America, Swiss Re Corporate Solutions. Gasco in this role, will be responsible for driving the strategic direction and will continue ... Read the full article
Patricia Guinn joins Constellation Insurance as board member
14th June 2023
Constellation Insurance, Inc. appointed Patricia Guinn to the Boards of Directors of Constellation and its affiliated insurance subsidiaries, including The Ohio National Life Insurance Company (ONLIC), Ohio National Life Assurance Corporation (ONLAC), and National Security Life and Annuity Co (NSLAC). Guinn, a highly regarded figure in the insurance and financial services ... Read the full article
Sompo International names new Head of Marine & Specialty Insurance
14th June 2023
P&C re/insurer Sompo International has appointed René Huber as Head of Marine & Specialty Insurance for Continental Europe. He has over 25 years’ experience in multinational business, with a focus on specialty and marine products. He joins the company from AXA XL, where he most recently was Senior Manager of their ... Read the full article
Lemonade shatters record by using AI to settle a claim in two seconds
14th June 2023
InsurTech firm Lemonade has broken a world record by settling an insurance claim within two seconds by using AI and machine learning. Renowned for leveraging AI and machine learning technology to enhance and improve customer experiences, Lemonade has developed cutting-edge technology to streamline and arguably revolutionize the insurance claim process. Through their ... Read the full article
Lloyd’s partners with DET to drive growth opportunities for insurtechs in Dubai
13th June 2023
Lloyd's, the global insurance and reinsurance marketplace, has entered into a new partnership with Dubai’s Department of Economy and Tourism (DET) to develop a Dubai Insurtech Enablement Platform, designed to facilitate holistic growth opportunities for insurtech start-ups and entrepreneurs in the region. The pair have signed a Memorandum of Understanding which ... Read the full article
U.S. cyber insurance growth continued in 2022 with direct premium up 50%
13th June 2023
According to AM Best, the U.S. cyber insurance market's strong growth continued in 2022, with direct premium increasing by 50% to $7.2 billion. In its Market Segment Report titled, US Cyber: First Hard Market Cycle Brings a Return to Profitability, AM Best states that direct premiums written (DPW) have tripled in ... Read the full article
Aon names head of global credit, unveils new global credit team
13th June 2023
Leading global professional services firm Aon plc appointed Ben Walker as the head of global credit, spearheading a united team that combines various credit reinsurance classes to enhance client experience and offer comprehensive solutions. It has also unveiled a new global credit team structure within its Reinsurance Solutions division. The global credit ... Read the full article
Cover Whale surpasses $500m in all-time written premium
13th June 2023
Cover Whale, a rapidly growing insurtech and commercial trucking insurance provider, has surpassed the $500 million mark in all-time written premium. This milestone represents the firm's rapid growth since it wrote its first commercial trucking policy in March 2020. It also clearly demonstrates Cover Whale's position as a "driving force" within ... Read the full article
US commercial insurance rates increase to above 5% in Q1: WTW
13th June 2023
Commercial insurance prices in the US have continued to increase in the first quarter of 2023 to above 5%, according to a recent survey by WTW. The Commercial Lines Insurance Pricing Survey (CLIPS) compared insurance prices on policies underwritten during the first quarter of 2023 to those charged for the same ... Read the full article
Confie expands portfolio with acquisitions of Sanborn’s Insurance and Atlantic Insurance Agency
13th June 2023
Confie, a leading personal lines insurance distribution company, announced the acquisition of two prominent insurance agencies, Sanborn's Insurance and Atlantic Insurance Agency. These strategic acquisitions fall in line with Confie's continued efforts to expand its portfolio and establish a stronger presence in key markets. The company has acquired Sanborn's Insurance, which will ... Read the full article
Brian Steinhoff becomes Vantage Risk new SVP Property Catastrophe
13th June 2023
Vantage Risk, part of Vantage Group Holdings Ltd., has named Brian Steinhoff as Senior Vice President, Property Catastrophe, a Bermuda-based role. Prior to his new role, he served as Vice President Property Catastrophe Lead at Vantage Risk. He joined the company from Hamilton Insurance Group and has also held roles at ... Read the full article
John Welch named CUO of Aspen’s Reinsurance division
13th June 2023
Bermuda-based insurer and reinsurer, Aspen Insurance Holdings, appointed John Welch as the Chief Underwriting Officer of its reinsurance division, effective June 26. With over three decades of global experience in reinsurance, Welch brings a wealth of knowledge to his new role. Welch's extensive executive background includes leadership positions at prominent global ... Read the full article
Bruno Laval joins Everest Insurance as CCO
13th June 2023
Everest Insurance, the insurance division of Bermuda-based re/insurer Everest Re Group, has announced the appointment of Bruno Laval as Chief Commercial Officer (CCO) for its International division, effective June 26, 2023. In his new role, based in Madrid, Spain, Laval will be responsible for Everest’s international market and distribution strategy with ... Read the full article
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