Reinsurance News
Intact and RSA to exit from UK Personal Lines motor market
29th March 2023
Intact Financial Corporation and its subsidiary RSA have announced the company’s exit from the UK Personal Lines motor market, an initiative that, according to the company, is aimed at improving the strength and sustainability of the UK & International business. RSA’s UK Personal Lines motor represents approximately £120 million of annual ... Read the full article
Swiss Re begins search for new Chair as Ermotti heads back to UBS
29th March 2023
Global reinsurance giant Swiss Re will begin a search for a new Chair, after its current incumbent Sergio P. Ermotti agreed to head back to the banking and asset management group UBS as Group CEO. Ermotti has been appointed as the as Group Chief Executive Officer and President of the Group ... Read the full article
SageSure closes $50m revolving credit facility
29th March 2023
SageSure, a provider of catastrophe-exposed property insurance, has announced the close of a $50 million expanded revolving credit facility with its new commercial banking partner Wintrust Financial Corporation. SageSure says the funding will enable it to increase underwriting capacity in the catastrophe-exposed markets it currently serves. It will also support quota share ... Read the full article
India’s Edme Services to acquire Aditya Insurance Brokers from parent and Infocyber
29th March 2023
The sale of the entire stake of Aditya Birla Insurance Brokers Limited (ABIBL) to Edme Services Private Limited has been approved by the Board of Directors of its parent, Aditya Birla Capital Limited (ABCL), subject to requisite approvals. Currently, ABCL along with its nominees hold a little more than 50% of ... Read the full article
Dentons hires two senior attorneys to co-lead Insurance & Reinsurance teams
29th March 2023
Global law firm Dentons Lee has announced that Senior Foreign Attorney, John JungKyum Kim, and Senior Korean Attorney, Christina Jiwon Park, have both joined Dentons Lee to co-head the firms newly-formed Insurance & Reinsurance Team while serving as key lead partners in the International Disputes Resolution Team at the firm. Together, ... Read the full article
Lemonade Crypto Climate Coalition protects nearly 7,000 Kenyan farmers
29th March 2023
Nearly 7,000 Kenyan farmers signed up to the Lemonade Crypto Climate Coalition to protect their crops during the most recent short rains season from October 2022 to January 2023. The Lemonade Crypto Climate Coalition is a first-of-its-kind, blockchain based parametric crop protection for subsistence farmers, led by the Lemonade Foundation. Read the full article
Berenberg foresees higher profitability for reinsurers
28th March 2023
Analysts at Berenberg expect to see higher future profitability for the reinsurance sector as the hard pricing environment looks to set persist and deliver higher returns on capital for reinsurers. The investment bank said that its broader view on reinsurance remains positive as the repricing of property catastrophe reinsurance has led ... Read the full article
Fannie Mae executes second and third CIRT transactions of 2023
28th March 2023
Fannie Mae has executed its second and third Credit Insurance Risk Transfer (CIRT) transactions of 2023, with a combined value of $31.8 billion. As part of Fannie Mae’s ongoing effort to reduce taxpayer risk by increasing the role of private capital in the mortgage market, CIRT 2023-2 and CIRT 2023-3 transferred a ... Read the full article
Insure Our Future calls on firms to “immediately” stop covering carbon projects
28th March 2023
The Insure Our Future network has penned a letter to the CEOs of 30 major insurers demanding they "immediately" stop the offering of any insurance services which support the expansion of coal, oil and gas production. Insure Our Future, a global syndicate of activists, sent the letter to a host of ... Read the full article
Alera Group names Cynthia Ballantyne as Managing Director of its West region
28th March 2023
Independent insurance and wealth services firm Alera Group has hired Cynthia Ballantyne from Arthur J Gallagher as the new Managing Director of its West region. In the new role, Alera Group states that Ballantyne will accelerate growth by developing leadership teams, implementing efficient operations, and bolstering expansion across its West region. This ... Read the full article
AmTrust appoints Chubb’s Michael Tripp as Regional VP, Head of MidAmerica Region
28th March 2023
AmTrust Financial Services, Inc, has announced that Michael Tripp has joined the firm as Regional Vice President, Head of MidAmerica Region. Tripp joins AmTrust from global insurer Chubb, where he spent the last four years serving in a national leadership position as VP, Small Business Sales. Prior to that role, he ... Read the full article
The market needed a reset to attract critical support of capital providers: Hough, Aspen Re
28th March 2023
The last few months of last year were a turning point for the reinsurance market, as the need to reset pricing and achieve more sustainable long-term rate adequacy intensified, leading to probably the most distressed market that Philip Hough of Aspen Re has ever experienced. Hough has been the Global Head ... Read the full article
Kendrick appointed Chairman of Everest Insurance European Board
28th March 2023
Everest Insurance, the insurance division of Everest Re Group, Ltd, has appointed industry veteran Andrew Kendrick as Non-Executive Chairman of the Board of Directors for Everest Insurance (Ireland), Dac, effective April 7. Additionally, Kendrick will serve as an advisor to Everest Insurance International as the company aims to continue to advance ... Read the full article
E&S insurance market will continue to be a standout: Patrick Ryan
28th March 2023
Patrick G. Ryan, Founder, Chairman and CEO of international specialty insurer Ryan Specialty, has asserted that excess and surplus (E&S) lines will “continue to be a standout within the insurance industry” over the coming year. Writing in an introduction to the company’s annual report, Ryan commented on its performance over the ... Read the full article
Florence Levy joins INSUREtrust as Executive VP
28th March 2023
INSUREtrust, a cyber insurance and risk management broker within Starwind Specialty, has appointed Florence Levy as Executive Vice President. In the new role, Levy is tasked with expanding the firm's enterprise and Fortune 500 cyber client focus while also overseeing the continued development of INSUREtrust’s Cyber Secure Platform (CSP). She will also ... Read the full article
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