Reinsurance News
African Risk Capacity pays out $188,000 to Gambia for drought recovery
21st April 2023
The African Risk Capacity (ARC) Group has announced a $188,000 insurance payout to the Government of the Republic of The Gambia to assist with recovery from drought. ARC explains that as drought conditions spread across West Africa’s Sahel region during the 2022/23 agricultural season, The Gambia was amongst the most affected. This ... Read the full article
ZestyAI & IBHS research stresses value of data on smaller hailstone impacts
21st April 2023
A joint study from climate and property risk analytics provider ZestyAI and the Insurance Institute for Business & Home Safety (IBHS) has highlighted the importance of data on smaller hailstone impacts and their wider effect on the P&C market. According to the research, hail losses have long been a problem for ... Read the full article
Volante names Laxmeekant Walikar as MD of Indian Subcontinent
21st April 2023
Volante Global, an international managing general agent platform and Lloyd’s Syndicate, has appointed Laxmeekant Walikar as managing director of the Indian Subcontinent. Walikar made the announcement on LinkedIn where he also mentions that he is responsible for setting up Volante Syndicate 1699 in India. The Syndicate 1699 was created to bring ... Read the full article
WTW Vietnam welcomes Nguyen as Country Leader
21st April 2023
Global broker WTW has appointed My Thien Nguyen as Country Leader and Head of Corporate Risk & Broking for Vietnam. Nguyen, who will start her new role on August 1, will be succeeding Philippe Robineau who will leave the company by the end of July. She has close to two decades of ... Read the full article
SCOR “significantly” improves risk/return profile of P&C portfolio at April renewals
20th April 2023
SCOR, one of Europe's big four reinsurance companies, capitalised on the favourable reinsurance market conditions at the April 1st, 2023, renewals, achieving property and casualty (P&C) gross written premium (GWP) growth of 17% to EUR 724 million, excluding agriculture. The reinsurer notes that it "significantly" improved the expected technical profitability and ... Read the full article
Swiss Re expects US P&C industry to improve ROE in 2023, 2024
20th April 2023
Global reinsurer Swiss Re has forecasted that the US property and casualty (P&C) industry will experience significantly better return on equity (ROE) in 2023 and 2024 compared to 2022. Swiss Re expects the ROE to reach 8.0% in 2023 and 9.5% in 2024, driven by higher premium rates and investment yields. "Compared ... Read the full article
Jay Sharma named WTW Northeast Strategy & Execution Leader
20th April 2023
WTW, a global advisory, broking, and solutions company, has announced the appointment of Jaideep (Jay) Sharma as Northeast Strategy & Execution Leader, Corporate Risk and Broking (CRB), North America. In his new role Sharma’s leadership will be focused on defining and executing strategy, setting service expectations, measuring results, and working with ... Read the full article
Chubb names North America Business Development Leader
20th April 2023
Global P&C insurer Chubb has announced the appointment of Annmarie Camp as North America Business Development Leader. Camp has over two decades of insurance industry experience and currently serves as Head of Personal Risk Services for Chubb in Europe, with responsibility for the performance of the company's high net worth personal ... Read the full article
Canopius to offer auto coverage in US Virgin Islands through agreement with SFMI
20th April 2023
Specialty reinsurer Canopius Group, and Theodore Tunick and Marshall & Sterling, a broker for all lines of business and personal insurance, have announced an agreement with Samsung Fire and Marine Insurance (SFMI) to offer admitted auto coverage to personal and commercial insureds in the US Virgin Islands (USVI). The agreement represents ... Read the full article
Allstate pegs catastrophe losses for Q1 at $1.69bn
20th April 2023
U.S. primary insurer Allstate Corporation has estimated that catastrophe losses for the first quarter of 2023 totalled $1.69 billion, pre-tax. According to Allstate, catastrophe losses for March alone stood at $1.17 billion or $927 million, after tax. The insurer writes, "Catastrophe losses for March events were estimated at $1.26 billion, related to ... Read the full article
Verisk’s Actineo announces Verena Klumb as its new leader
20th April 2023
Verena Klumb has been announced as the new leader of Actineo, a Verisk business, as of April 01, 2023. Klumb is a banker and marketing and communications economist, who has been leading operations and administration as part of the executive management team since 2015. Actineo is ... Read the full article
Microinsurance crucial for at-risk families worldwide: MiN
20th April 2023
Microinsurance, which has the potential to be worth $61.8 billion, is a crucial lifeline for many at-risk families across the world, according to the Microinsurance Network (MiN). The 2022 study shows 253 insurance providers reporting on 935 products in 34 countries across Africa, Asia, Latin America, and the Caribbean. The findings of ... Read the full article
AXIS’ Nerina Wright joins Apollo as Head of Sustainability
20th April 2023
Independent specialist re/insurer Apollo has appointed AXIS Capital’s Nerina Wright as Head of Sustainability. In her most recent role at AXIS, Wright served as ESG London Market Lead. Overall, she brings over three decades of experience towards her new role. In a statement, Wright said: “Sustainability is systemic. It is a responsibility shared by ... Read the full article
After an impressive two decades, we’d like the growth to continue: Fortegra CEO, Kahlbaugh
20th April 2023
During his 20-year tenure with specialty insurer Fortegra, Chief Executive Officer (CEO) Rick Kahlbaugh’s leadership has seen the company expand into a multi-line carrier with annual premiums in the billions of dollars, supported by a willing and able team dedicated to generating profitable underwriting for shareholders. Kahlbaugh, who also serves as ... Read the full article
At-Bay appoints Ari Fischel as Chief Financial Officer
20th April 2023
Cyber insurance provider At-Bay has announced that it has appointed Ari Fischel as its Chief Financial Officer (CFO). An experienced industry veteran, Fischel brings more than 20 years of financial and operational expertise towards At-Bay's executive team. At-Bay also confirmed that Fischel will join the board of At-Bay’s Specialty Insurance Company, Read the full article
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