Reinsurance News
UPC Insurance unit reaches agreement with Florida Department of Financial Services
20th April 2023
United Insurance Holdings' (UPC Insurance) unit, American Coastal Insurance Company (ACIC), has entered into an agreement with the Florida Department of Financial Services' Division of Rehabilitation and Liquidation (DFS), regarding the Reinsurance Allocation with the company's former subsidiary, United Property & Casualty Insurance Company (UPC). The Allocation Agreement was put in ... Read the full article
Tata AIG hires new Chief Manager for Reinsurance
20th April 2023
Tata AIG General Insurance Company has announced the hire of Sanket Vadkhalkar as its new Chief Manager for Reinsurance. He will be based out of Mumbai in this role. Vadkhalkar’s area of expertise is in the Facultative Reinsurance sector. Previously he was the Assistant General Manager at J.B.Boda Mumbai and was responsible ... Read the full article
Guy Carpenter’s underlying revenue up 10% in Q1 as MMC gets off to a strong start
20th April 2023
Global re/insurance broker Marsh McLennan (MMC) has today reported consolidated revenue across its operations of $5.9 billion for the first quarter of 2023, a rise of 9% on an underlying basis, supported by growth at its reinsurance broking arm, Guy Carpenter. Group-wide, revenue increased from the $5.6 billion reported a year ... Read the full article
Swiss Re names CRO of Reinsurance Global Clients, Solutions & iptiq
20th April 2023
Global reinsurance giant Swiss Re has promoted Stefanie Stratos to Global Chief Risk Officer of Reinsurance Global Clients, Client Solutions and iptiQ - Swiss Re´s digital B2B2C insurer. Based in New York, Stratos is a renowned veteran within the industry, having worked at Swiss Re for over 26 years. She joined the ... Read the full article
Acrisure recruits Marsh executive David Bruce
20th April 2023
Financial technology and insurance company Acrisure has appointed David Bruce as Chief Executive Officer (CEO) Networks & Chief Operating Officer UK Retail. Bruce arrives from Marsh, where he has served as CEO for the broker’s commercial arm since 2021. He joined Marsh Commercial in 2018 as Chief Operating Officer and has held ... Read the full article
FairFax set to acquire additional 46% stake in Gulf Insurance Group
20th April 2023
Fairfax Financial Holdings Limited has announced that it has reached a deal to more than double its stake in Gulf Insurance Group (GIG) K.S.C.P. from buying an additional roughly 46% interest from Kuwait Projects Co.(Holding) K.S.C.P. for about $860 million. When the transaction closes, Fairfax's equity interest in GIG will increase ... Read the full article
QBE promotes Debbi Wood to Head of Reinsurance Claims
20th April 2023
QBE, an Australian-based insurer has promoted Debbi Wood to Head of Reinsurance Claims. An experienced veteran within the industry, Wood has worked at QBE for nearly two decades. She joined the firm in 2003 as a Senior Claims Adjuster, and would serve in that role for just over 19 years. In 2010, QBE ... Read the full article
The Hanover Insurance approximates $175m in cat losses for Q1
20th April 2023
The Hanover Insurance Group has announced its preliminary estimate for first-quarter 2023 catastrophe losses of approximately $175 million, before taxes or 12.7 points of net earned premium. Widespread wind and tornadic activity impacted nearly half of the U.S. in mid-to-late March. The first quarter catastrophe losses were caused by over 20 ... Read the full article
Intangic MGA appoints Debbie Durkan as Commercial Director
20th April 2023
Newly launched cyber underwriter Intangic MGA has named Debbie Durkan as Commercial Director to drive growth and distribution. Durkan holds more than two and half decades of industry experience, having most recently served at Marsh, where she was Chief Client Officer for the UK Commercial group. She has also operated as ... Read the full article
BMS names Morna Leather as UK and international CFO
20th April 2023
Specialist re/insurance broker BMS has appointed Morna Leather as UK and international chief financial officer, effective summer 2023. Leather joins BMS from Ardonagh Global Partners, where she was chief financial officer. Before this, she held several senior roles at RFIB, including chief financial officer and head of corporate strategy. Leather has also previously ... Read the full article
David Grigg to lead Aon’s Reinsurance Solutions US cyber team
20th April 2023
Aon’s Reinsurance Solutions has named AXA XL’s David Grigg as Executive Managing Director to lead its US Cyber Reinsurance team. Based in Aon’s New York office, Grigg is to start his new role immediately. He will be reporting to Randy Stanco, co-leader of the New York/New Jersey Reinsurance Treaty Office and ... Read the full article
RLI reports higher underwriting income, grows top-line
20th April 2023
Specialty insurer RLI has reported underwriting income of $67.9 million on a combined ratio of 77.9% for the first quarter of 2023, as well as a 16% increase in gross premiums written. This compares with $59.5 million underwriting income also on a 77.9% combined ratio for the same period last year, ... Read the full article
Aspen grows GWP 10% as underwriting improves again in 2022
20th April 2023
Bermuda-based insurer and reinsurer, Aspen Insurance Holdings, has reported a 10% rise in gross written premiums (GWP) and an improved underwriting income in its full year results despite an array of economic, environmental, and geopolitical challenges. Aspen's GWP in 2022 were $4,339 million, up from $3,938 million in the previous year. ... Read the full article
Reinsurance outlook to improve as investment volatility eases: Aon
20th April 2023
Reflecting on reinsurers’ performance over 2022, analysts at global professional services firm Aon note that investment losses “weighed heavily” on results, but they also assure that the sector outlook is set to improve as volatility eases. The broker took stock of the year in the latest edition of its Aon ... Read the full article
Argo shareholders approve merger with Brookfield Reinsurance
20th April 2023
Bermuda-based specialty P&C insurer Argo has announced that its shareholders have voted to approve an agreement for the company to be acquired by Brookfield Reinsurance, the operator of a financial services business providing capital-based solutions to the insurance industry. The all-cash acquisition proposal, made by Brookfield Reinsurance back in February, ... Read the full article
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