Reinsurance News
James River Non-Exec Chairman Abram to retire
9th June 2023
James River, a Bermuda-based insurance holding company, has announced the retirement of Non-Executive Chairman, founder and former Chief Executive Officer J. Adam Abram According to the announcement, Abram will not stand for re-election at the Company’s 2023 Annual Meeting. The Board has appointed Lead Independent Director Ollie L. Sherman, Jr. as its ... Read the full article
Zurich Insurance poised for deals with substantial cash and capital reserves: Berenberg
9th June 2023
Zurich Insurance Group, a leading global insurance company, has significant cash and capital available to fund deals, according to industry analysts from investment bank Berenberg. "We estimate Zurich has c$6 billion in excess capital that it could deploy, and this could provide a significant uplift to ROE." With significant cash and capital ... Read the full article
Dale Underwriting Partners hires Prendergast as Senior Underwriter, A&H
9th June 2023
Dale Underwriting Partners (DUP), the trading name for Dale Managing Agency Limited’s Lloyd’s Syndicate 1729, has appointed Daniel Prendergast as Senior Underwriter, Accident and Health (A&H). Prendergast’s appointment comes as Dale continues to capitalise on new business opportunities within the industry. Overall, Prendergast brings 15 years of experience within the A&H markets ... Read the full article
Brokerslink expands Eastern European network with four new affiliates
9th June 2023
Global broking business, Brokerslink, has further strengthened its international presence by adding four esteemed Eastern European affiliates to its rapidly expanding network. The inclusion of these new affiliates will significantly extend Brokerslink's reach in the region, specifically in Romania, Moldova, Czech Republic, Slovakia, Bulgaria, and Hungary. One of the newly welcomed affiliates ... Read the full article
AIG and Farmers join other insurers in pulling back from climate and cat exposed property risks
9th June 2023
Large insurers AIG and Farmers Group are pulling back from climate and catastrophe exposed property risks, joining other insurers that have either reduced or ceased offerings altogether in U.S. regions vulnerable to floods, storms, and wildfires, reports the Wall Street Journal (WSJ). The publication has reported that AIG is planning to ... Read the full article
Sales of individual protection policies in 2022 fell by 7.8%: Swiss Re
9th June 2023
Swiss Re's term and Health Watch report a decrease of 7.8% in the sale of individual protection policies in 2022, a year characterised by uncertainty, with recurring political change, compounded by high inflation and a growing cost-of-living crisis. The pressure on UK households was the highest it has been in years ... Read the full article
OIR appoints new Deputy Commissioners
9th June 2023
Insurance Commissioner Michael Yaworsky has announced the appointment of Sheryl Parker as the Florida Office of Insurance Regulation’s (OIR) first Deputy Commissioner of Market Regulation and Virginia Christy as OIR’s Deputy Commissioner of Property and Casualty. Parker began her career at OIR in 2012, as an operations review specialist and was ... Read the full article
SRS names Chuck Scherer Senior Vice President – ILS
9th June 2023
Strategic Risk Solutions (SRS) has announced that Charles “Chuck” Scherer has joined SRS Bermuda as a Senior Vice President, insurance-linked securities (ILS), in its Hamilton, Bermuda office. Scherer holds two decades of experience in the financial services and insurance industries, having most recently served as Controller for a Florida-based surety insurance ... Read the full article
SCOR announces passing of Chairman Denis Kessler
9th June 2023
Global reinsurer SCOR pays tribute to its Chairman Denis Kessler as they announce the news of his passing on June 9, 2023, at the age of 71. The members of the Board and all of SCOR’s employees share the sorrow of his family and friends, and offer them their condolences, the ... Read the full article
Gallagher Re welcomes Mathilde Le Merle as Executive Director
9th June 2023
Global reinsurance broker Gallagher Re has announced the appointment of two new Executive Directors, Mathilde Le Merle and Juan Manuel Fernandez Romo. Based in Paris, France, Le Merle joins the company with more than 20 years’ legal experience in the reinsurance and the broking industry, both in direct insurance and reinsurance. She ... Read the full article
AXA and Capco partner on climate-related risk management and reporting solution
9th June 2023
AXA Hong Kong and Macau, part of global insurance group AXA, has entered into a strategic partnership with technology and management consultancy firm, Capco, to enhance data-driven climate risk assessment and reporting. The new collaboration brings together AXA's proprietary climate risk models with Capco's climate consulting expertise for risk assessment, in ... Read the full article
California wildfires reshape re/insurance industry strategies and dynamics: Gallagher Re
9th June 2023
The devastating wildfires that have plagued California in recent years have become a focal point for insurers and reinsurers, forcing them to reassess their approaches to underwriting and pricing, according to Gallagher Re - 2023 US Wildfire State of the Market report. The size and frequency of these destructive events, coupled ... Read the full article
Guy Carpenter confirms Warwick’s hire as Head of GC Access Asia Pacific
9th June 2023
Reinsurance broker Guy Carpenter has confirmed Steve Warwick's hire as Head of GC Access Asia Pacific. We previously reported Warwick's appointment earlier this month. GC Access is the firm's MGA Solutions Specialty Practice, working with expertise, analytical capabilities, global reach and a broad network of re/insurance relationships to efficiently match MGAs ... Read the full article
Mosaic launches cyber risk assessment initiative
9th June 2023
Global specialty insurer, Mosaic, and tech company Safe Security have launched a new initiative to incentivise clients with broader coverage and premium rating credits of up to 30% for sharing cutting-edge assessments of their cyber-risk profile. According to the announcement, Mosaic x SAFEinside customers will benefit from insurance premiums directly linked ... Read the full article
Marco Capital acquires UK insurance company from The Hartford
9th June 2023
Marco Capital Holdings Limited, an European P&C insurance run-off group, has completed the acquisition of Navigators International Insurance Company Limited (NIIC) from The Hartford. Originally announced on February 17, 2023, the transaction received regulatory approval and has now closed. Simon Minshall, Marco CEO, commented: “We are delighted to have closed another transaction ... Read the full article
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