Reinsurance News
Canopius Group hires Philip Weston as Casualty Treaty Underwriter
12th May 2023
Canopius Group has appointed Philip Weston as Casualty Treaty Underwriter, where he will report to Paul Western, Head of US Casualty Treaty, who joined the firm in June 2022. Weston has three decades of London market experience in both international and North American casualty treaty reinsurance business. He joins Canopius after ... Read the full article
QBE posts $130 million hit from natural disasters in late 2022, including winter storm Elliot
12th May 2023
Australian insurer and reinsurer, QBE Insurance Group Limited, indicated an adverse development of $130 million on natural catastrophe events which primarily occurred in late 2022, including winter storm Elliot in North America and certain Australian events. As a result of these increasing costs, QBE hiked its FY23 plan Group combined operating ... Read the full article
Allianz sees 24.2% increase in Q1 operating profit to €3.7 billion
12th May 2023
Allianz has reported that its Q1 2023 operating profit increased 24.2% to €3.7 billion, which the firm attributes to strong performance in Life/Health and Property-Casualty business segments. Meanwhile, total business volume in Q1 2023 increased by 3.9% to €46 billion. Allianz states this growth was spearheaded by the Property-Casualty segment, which benefited ... Read the full article
Everest execs foresee rapid growth in 2023, expect strong mid-year renewals
12th May 2023
Juan Andrade, President and CEO of Everest Re, described the company’s Q1 2023 results as excellent. The company had significant top-line growth. It saw an underwriting profit, operating income and net income that are all up meaningfully in the quarter, while generating a 17% operating ROE. The company has seen success ... Read the full article
Insurers and businesses feel growing impact of ESG, says GILC
12th May 2023
Gillian Davidson, Global Insurance Law Connect’s (GILC) Chair, highlighted the increasing importance of Environmental, Social, and Governance (ESG) considerations for insurers and the wider business community. In the fifth edition of GILC's annual ‘Risk Radar Report’, Davidson noted that ESG factors were significantly influencing the insurance industry, driven by new regulations ... Read the full article
Beazley’s Q1 GWP rise 12% driven by solid growth in cyber & property lines
12th May 2023
Specialist re/insurer Beazley has reported that Q1 2023 gross written premiums increased by 12% YoY to $1.37 billion as the firm remains "confident of delivering strong growth and profitability." According to Beazley, its Cyber Risks class performed well with 24% growth in Q1 ($280 million of GWP), reflecting expansion in Europe ... Read the full article
Argenta appoints Rosemary Beaver & Nigel Meyer as non-executive directors
12th May 2023
Argenta Syndicate Management Limited (ASML), a subsidiary of Argenta Holdings Limited, has appointed Rosemary Beaver and Nigel Meyer as non-executive directors. Argenta describes Rosemary Beaver as a seasoned leader with a strong track record in the global re/insurance industry. She has held various governance, regulatory and business development roles and currently serves ... Read the full article
SCOR posts improved Group net income in Q1 2023
12th May 2023
French reinsurer SCOR has reported Group net income of EUR 311 million in the first quarter of 2023, compared with a net loss of EUR 35 million a year earlier, although insurance revenue declined 4% to EUR 3.9 billion. Across the Group, gross written premiums (GWP) fell by 0.7% year-on-year to ... Read the full article
Lloyd’s syndicate Ki names Catherine Barton as Commercial Director
12th May 2023
Ki, the fully digital and algorithmically-driven Lloyd's of London syndicate, has announced the appointment of Catherine Barton as its new Commercial Director. Barton's addition to Ki's Executive Management Committee will see her report directly to Mark Allan, the CEO of Ki. In her role as Commercial Director, Barton will assume key responsibilities ... Read the full article
Alta Signa adds Technical Head of Cyber Underwriting
12th May 2023
European boutique Managing General Agent (MGA) Alta Signa has expanded its cyber team with the addition of Mauro Marongiu as Technical Head of Cyber Underwriting Marongiu will be responsible for managing cyber business in Italy, and the wider European large and middle market. He brings significant technical expertise, having previously worked as ... Read the full article
Medical professional liability insurers face continued volatility: AM Best
12th May 2023
AM Best reports that the US medical professional liability (MPL) insurance segment continues to experience negative returns and an overall decline in policyholders’ surplus due primarily to unrealized losses stemming from volatility in the capital markets. The rating agency notes that the MPL segment incurred an underwriting loss of $261 million ... Read the full article
Alliant Re names Thomas C. Uzzo Vice President, Lead – Reinsurance
12th May 2023
Alliant Re, the recently launched reinsurance brokerage division of Alliant Insurance Services, has appointed Thomas C. Uzzo as Vice President, Lead - Reinsurance. Uzzo brings over ten years of industry experience to his new role and is joining the company after almost five years with Aon Reinsurance Solutions, where he ... Read the full article
WTW releases IFRS 17 reporting solution
11th May 2023
Global advisory, broking and solutions company WTW has announced the release of its new IFRS 17 based reporting solution, Financial Results Analyzer (FRA). Developed by the company’s Insurance Consulting and Technology (ICT) business, WTW’s Financial Results Analyzer tool is designed to meet the IFRS 17 reporting requirements of re/insurers as they ... Read the full article
Chubb names Mason as Executive Vice President, Casualty for Overseas General Insurance
11th May 2023
Chubb, a global property and casualty insurer, has announced the appointment of Adam Mason as Executive Vice President, Casualty for Overseas General Insurance. Currently serving as the Deputy Head of Casualty for the business, Mason will assume his new role effective June 1, 2023. In his new position, Mason will be responsible ... Read the full article
Amynta Group acquires Ambridge Group from Brit
11th May 2023
Amynta Group, Brit Ltd (Brit), a subsidiary of Fairfax Financial Holdings Limited (Fairfax), and Fairfax have announced the successful completion of the acquisition of Ambridge Group from Brit for a purchase price of $400 million. Amynta Group is a premier insurance services company with more than $3.5 billion in total managed ... Read the full article
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