Reinsurance News
Liberty Mutual falls to Q1 loss of $74 million as catastrophes take heavy toll
11th May 2023
Liberty Mutual Holding Company has reported a net loss of $74 million in Q1 of 2023, which the firm's CEO attributes primarily to "elevated catastrophe losses largely driven by severe weather storms across the Midwest." The reported Q1 net loss compares to a net income attributable to Liberty Mutual of $498 ... Read the full article
Charity Bare joins Canopius Group as Risk Director
11th May 2023
Charity Bare has joined specialty insurer Canopius Group as Group Risk Director following five years with Nephila Syndicate Management Limited as Director of Risk and Compliance. Based in London, Bare brings close to two decades of industry experience to her new role, which she started on May 8th. Prior to her time ... Read the full article
Brookfield Reinsurance posts Q1’23 net loss vs year-ago net income
11th May 2023
Brookfield Reinsurance reported a net loss of $93 million in the first-quarter of 2023, compared to a net income of $156 million in Q1'22. This loss was driven largely by unrealized mark-to-market impacts on investments and insurance reserves, partially offset by the contribution of Distributable operating earnings (DOE), the company said. The ... Read the full article
BIBA’s Chief Executive Steve White to retire later this year
11th May 2023
The British Insurance Brokers’ Association (BIBA) has confirmed that its Chief Executive, Steve White will retire during the second half of this year. He has served as CEO for the last 10 years and in doing so, becomes the longest-serving CEO in the Association’s 47-year history. White addressed the audience at ... Read the full article
Insureds face mounting pressure as catastrophe capacity, reinsurance costs rise: WTW
11th May 2023
In an ever-evolving insurance landscape, insureds are bracing themselves for continued challenges as they navigate a market grappling with increasing premiums, reinsurance optimization, and a persistent focus on asset valuation, WTW noted in its Insurance Marketplace Realities 2023 Spring Update. The pressure to achieve higher returns for the deployment of catastrophe ... Read the full article
CFC appoints Lori Marino to Distribution Leader, USA
11th May 2023
CFC, a specialist insurance provider, has appointed Lori Marino to the newly created role of Distribution Leader, USA. In this new role, Marino will be based out of New York, where she will hold responsibility for broker relationship management, as well as CFC’s distribution strategy across the US market. She joins CFC ... Read the full article
AXA Climate & Planet extend partnership to boost drought insurance program
11th May 2023
Planet Labs PBC has extended its partnership with AXA Climate to offer continued satellite data-driven insights for the development of parametric insurance products. According to Planet, it owns and operates the largest fleet of Earth observation satellites in history, with approximately 200 satellites currently in orbit. The firm states that it collects ... Read the full article
Confie expands in Florida with acquisition of Estrella Insurance
11th May 2023
Confie, a leading personal lines insurance distribution company, has expanded its presence in Florida through the acquisition of Estrella Insurance to its non-standard national brand, Freeway Insurance. Estrella Insurance operates in more than 190 locations across Florida, California, Arizona, Texas, and Colorado. The company’s product portfolio consists of auto, home, commercial, business, life, and health. Additionally, Estrella ... Read the full article
Ping An processes over 200 million claims in 2022, averaging 600,000+ cases daily
11th May 2023
In 2022, Ping An's four insurance companies collectively processed more than 200 million claims, averaging over 600,000 cases per day, according to Ping An Insurance (Group) Company of China, Ltd.'s 2022 Annual Insurance Claims Report. This extensive coverage demonstrates the vital role that insurance claims services play in safeguarding people's livelihoods ... Read the full article
EY makes two new additions to its UK insurance business
11th May 2023
EY is expanding its UK insurance business with the appointment of two new Partners, Elizabeth Armstrong and Aran Mustafa. Based in Manchester, Armstrong will lead a team to support UK insurance clients with global tax compliance and reporting activity. She brings to her new role two decades of tax industry experience, which ... Read the full article
AEGIS London names Kerry Williams new head of claims
11th May 2023
Kerry Williams has been appointed the new head of claims at AEGIS London, replacing Richard Foulger who is set to retire in June after 23 years in the role. According to AEGIS London, Foulger led its claims team through some of the syndicate’s most challenging periods in the early 2000s when ... Read the full article
Moody’s RMS integrating Nasdaq’s NRMC service into its Intelligent Risk Platform
11th May 2023
Catastrophe risk modeller Moody’s RMS is integrating Nasdaq’s Risk Modelling for Catastrophes (NRMC) service into its Intelligent Risk Platform. The integration will provide consolidated access to over 300 risk models offered through Nasdaq’s platform, in addition to more than 400 existing risk models already provided by Moody’s RMS. A recent preview of ... Read the full article
ICEYE & Global Parametrics enter data accord to drive disaster risk management
11th May 2023
ICEYE has entered into an agreement with Global Parametrics to provide flood data to support the development of innovative parametric risk transfer solutions. ICEYE states that as part of the agreement, its global Flood Insights data will be used by Global Parametrics to design, structure and execute parametric risk transfer structures. In ... Read the full article
Chubb launches Climate+ Renewables, its first global climate tech insurance solution
11th May 2023
Chubb has announced that the company's Chubb Climate+ global business unit has launched a packaged insurance solution in the UK that will support the growth of alternative and renewable energy projects, principally onshore wind and ground-mounted photovoltaic solar. The product, Climate+ Renewables, is designed for small to medium ... Read the full article
Pen Underwriting appoints Chris Curran as Underwriting Consultant to Freeboard Maritime
11th May 2023
Pen Underwriting has appointed Chris Curran as Underwriting Consultant to Freeboard Maritime. Curran’s appointment comes as the company continues to invest in its new marine specialism, following its recent acquisition of five specialist marine MGA’s. Established in June 2022, Freeboard Maritime specialises in cargo liability and marine professional indemnity (PI), and ... Read the full article
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