Reinsurance News
Shadi Albert named President of Berkley Luxury Group
30th March 2023
W. R. Berkley Corporation has appointed Shadi Albert as president of Berkley Luxury Group, a premier insurer for luxury condos, co-ops, rentals, and upscale restaurants. Berkley describes Albert as an experienced P&C insurance executive who holds almost two decades of industry involvement. He has a track record of positioning operations for ... Read the full article
Peak Re takes net loss for 2022, but grows top line
29th March 2023
Hong Kong-based global reinsurer Peak Re has recorded a net loss of US $79.8 million for 2022, while also growing its gross written premiums from $2.14 billion to $2.29 billion. The results were disclosed as part of the annual report of Peak Re’s main shareholder, Fosun, which cited rising catastrophe losses ... Read the full article
Marsh McLennan adds two new members to Board
29th March 2023
The Board of Directors of Marsh McLennan, a leading professional services firm, has appointed both Judith Hartmann and Ray G. Young as directors, effective immediately. Following these appointments, the company’s Board now consists of 15 directors. In her most previous role, Hartmann served as Deputy CEO and Chief Financial Officer of ENGIE, ... Read the full article
CCR Re sees GWP rise 17% despite turbulent market
29th March 2023
CCR Re, the French state-owned reinsurer, has reported a total premium income of €987m in 2022, up 17% compared with 2021. The firm states that it continued to pursue the profitable growth trajectory defined by the board of directors, in a market "hit by a combination of major shocks." CCR Re’s net ... Read the full article
Cayman Islands issues 33 new re/insurance licences in 2022
29th March 2023
New figures released by the Cayman Islands Monetary Authority (CIMA) show that the regulatory agency issued 33 new licences for firms in the insurance and reinsurance industry last year. At this level, the figure represents the highest number of new licenses issued in a single year since 2013, CIMA notes. The regulator ... Read the full article
Louisiana insurers pay out more than $23bn after 2020 & 2021 hurricane seasons: Triple-I
29th March 2023
According to a recent Issues Brief released by the Insurance Information Institute (Triple-I), Louisiana’s insurers paid out more than $23 billion after both the 2020 and 2021 hurricane seasons, driving a number of them into insolvency. Triple-I stated that twelve insurers that write homeowners coverage in Louisiana were declared insolvent between ... Read the full article
IRLA announces board restructure for 2023/24
29th March 2023
IRLA, a global membership organisation for re/insurance legacy professionals, has restructured its board for 2023 & 2024. The company began planning its restructure towards the end of 2022. From April 1, 2023 IRLA will see three long-time members stepping down from their board posts, with four new appointees joining. Richard Burrows, a ... Read the full article
Turkish Catastrophe Insurance Pool pays $340.4mn to earthquake victims
29th March 2023
The Turkish Catastrophe Insurance Pool (TCIP) has paid $340.36 million (TRY 6.5 billion) in claim payments so far for the victims related to the recent earthquakes that struck Turkey last month. On February 6, 2023, a powerful Mw 7.8 magnitude earthquake struck south-central Turkey near the Syrian border. The quake produced ... Read the full article
Florida Citizens targets extra $4.2bn of risk transfer for 2023
29th March 2023
Florida’s Citizens Property Insurance Corporation, the property insurer of last resort for the Florida market, has disclosed details of its proposed risk transfer program for the coming year, which includes a budget of $725 million to fund an additional $4.2 billion of protection. For its Coastal Account, Citizens is set to ... Read the full article
Modest combined ratio improvement expected at Lloyd’s in 2023: KBW
29th March 2023
A modest combined ratio improvement is expected at Lloyd's in 2023, KBW’s analysts predict following the specialist re/insurance marketplace’s recently-reported 2H22 results, which also included persistent rate increases, sustained y/y core combined ratio improvement and investment losses y/y due to mark-to-market accounting rules. For the second half of 2022, Lloyd’s interim ... Read the full article
Hymans Robertson adds Verity Hastie to its risk transfer team
29th March 2023
Hymans Robertson, a pensions and financial services consultancy, has appointed Verity Hastie as a Risk Transfer Specialist. Prior to taking on the role, Hastie had 14 years of experience in completing buy-in, buy-out and longevity swap transactions for leading insurance companies. In her most previous role, Hastie was lead in the business ... Read the full article
Aqueous secures capacity from Allianz, setting sights on SME growth
29th March 2023
London MGA Aqueous Underwriting has secured a 70% boost in capacity following the signing of an initial three-year deal with Allianz. According to the announcement, the new binder agreement will be active for all broker submissions from 1st April. The move is part of the MGA’s plans to significantly grow its presence ... Read the full article
UK L&H insurers to benefit from “booming” bulk annuity market in 2023: Moody’s
29th March 2023
Analysts at Moody's have suggested that the UK's Life & Health insurers will continue to benefit from sustained bulk purchase annuities (BPA) growth at still attractive margins in 2023 and beyond. According to the analysts, BPA transfers have strengthened insurers' earnings in the past, and are set to help offset lower ... Read the full article
BMS appoints Monica Tigleanu as divisional director for cyber strategy
29th March 2023
Specialist re/insurance broker BMS has appointed Monica Tigleanu as divisional director, cyber strategy. In the new role, Tigleanu is entrusted with future-proofing BMS' cyber strategy by developing innovative products tailored to the evolving cyber risk landscape. The firm states that she will leverage her global network to bring new capacity from various ... Read the full article
Lloyd’s Lab reveals insurtechs for Europe-focused cohort
29th March 2023
Re/insurance marketplace Lloyd’s has announced the 13 insurtech firms set to join the 10th cohort of its innovation hub, the Lloyd’s Lab, which will include a focus on the European market this time around. For this cohort, the insurtechs were selected based on solutions geared towards three themes: European Digital and ... Read the full article
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