Reinsurance News
GIBA names Aon’s Paul Sykes as Chair
12th May 2023
The Guernsey International Business Association (GIBA) has appointed Paul Sykes, Managing Director at Aon, as its new Chair. Earlier in February, GIBA named Sykes as Deputy Chair. Sykes has worked with Aon for 30 years and is the former Chairman of the Insurance Industry Associations in both Gibraltar and Guernsey and ... Read the full article
Third Point’s Loeb drops go-private plans for SiriusPoint
12th May 2023
Third Point CEO Daniel Loeb has confirmed in a regulatory filing that he is no longer considering a potential acquisition to take specialty re/insurer SiriusPoint private, just weeks on from saying it would help improve the company’s financial position and enable it to better execute on its turnaround strategy. In a ... Read the full article
Odyssey Group reports higher combined ratio of 96.4% for Q1 2023
12th May 2023
Odyssey Group, part of Fairfax Financial Holdings, has released its financial statements for Q1 2023, revealing a rise in its combined ratio year-on-year. The Group has reported a combined ratio of 96.4% for Q1 2023, which is higher than the Q1 2022 of 93.7%. Odyssey reported gross premiums written of $1.5 billion ... Read the full article
AM Best promotes Carlos De la Torre to Managing Director of operations in Latin America
12th May 2023
AM Best announced the promotion of Carlos De la Torre to Managing Director of Operations of AM Best América Latina, S.A. de C.V., Institución Calificadora de Valores (AMBAL), its Mexico-based subsidiary. In this role, De la Torre will be responsible for leading AMBAL's ongoing expansion in Mexico, Central, and South America. De ... Read the full article
Maiden reports Q1 loss, names Haveron as sole CEO
12th May 2023
Bermuda-based Maiden Holdings has reported a net loss of $11.3 million for the first quarter of 2023, including an operating loss of $7.9 million, owing to losses across its AmTrust Reinsurance and Diversified segments. These figures compare with net income of $1.6 million for the first quarter of last year, and ... Read the full article
Fortitude Re opens Tokyo Representative office
12th May 2023
Fortitude Re has expanded its presence in Japan with the opening of its Tokyo Representative Office, and has appointed Hajime Kawafuji as its Chief Representative. Kawafuji is an experienced leader within the Japanese business community. He brings a broad range of investing and advisory experience towards his new role. He joins Fortitude ... Read the full article
Brit reports 90.8% combined ratio in Q1
12th May 2023
Global specialty re/insurer and subsidiary of FairFax Financial Holdings Limited, Brit Ltd., has recorded a combined ratio of 90.8% in its Q123 results. The combined ratio figure represents an improvement from the prior year's quarter which came in at 91.8%. At the same time, the re/insurer reported $644 million in net premiums ... Read the full article
Skuld posts $32 million in 2022/23
12th May 2023
Marine insurance provider, Skuld, has reported $32 million for the year ended February 20, 2023, with a positive technical result of $15 million. The combined ratio improved year-on-year to 97%, Skuld noted. A strong 2022/23 renewal with portfolio growth both in mutual and commercial lines of business contributed to a growth in ... Read the full article
Chaucer becomes latest signatory of UN Principles for Sustainable Insurance
12th May 2023
Global re/insurance group Chaucer has signed up to the UN Principles for Sustainable Insurance (PSI), which provides a global framework for the industry to address environmental, social and governance (ESG) risks and opportunities. The PSI was developed through a partnership between risk management leaders and the United Nations Environment Programme Finance ... Read the full article
AXA XL names Tom Potter Global Underwriting Manager
12th May 2023
AXA XL, the property & casualty and specialty risk division of AXA, has announced the promotion of Tom Potter to Global Underwriting Manager. Potter brings to his new role strong knowledge and expertise in underwriting public, products, and employers’ liability and construction insurance, from Small and medium-sized enterprises (SMEs) to large ... Read the full article
Mosaic partners with Safe Security to offer cyber insurance globally worth $20 million
12th May 2023
Mosaic has announced that it is underwriting primary cyber insurance globally and offering $20 million in capacity across its network of underwriting hubs. The specialty insurer has launched a new coverage in partnership with tech company Safe Security to embed real-time cyber-risk data into its underwriting process. Read the full article
Fairfax Financial reports combined ratio of 94% for Q1 2023
12th May 2023
Fairfax Financial Holdings Limited has announced its Q1 2023 financial results, reporting net earnings of $1,250 million in Q1 2023 compared to net earnings of $588.7 million in Q1 2022. Net premiums written by the property and casualty insurance and reinsurance operations increased for Fairfax, 6.1% to $5,619.4 million in Q1 ... Read the full article
Trisura Group Q1 net income drops impacted by new IFRS standards
12th May 2023
Specialty insurer Trisura Group has announced its financial results for the first quarter of 2023, reporting a net income of $14.0 million and insurance revenue growth of 53%, which reflects sustained momentum across North America. According to the insurer, its net income in the quarter was impacted by the implementation of ... Read the full article
Gallagher Re confirms departure of CEO James Kent
12th May 2023
James Kent, Chief Executive Officer (CEO) of global reinsurance broker Gallagher Re, is retiring from the company on June 1st, so will not be taking up his new role within Gallagher. Back in March, the firm announced that Tom Wakefield would take over as CEO, with Kent set to transition ... Read the full article
AIG takes over as lead insurer for Air India program
12th May 2023
Tata AIG General Insurance Company, the Indian joint venture of Tata and AIG, has been selected as the new lead insurer for Air India’s account, according to reports from The Indian Express. The publication reports that New India Assurance had been the lead insurer for the account of Air India for ... Read the full article
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