Reinsurance News
ICW Group names Mirek Wieczorek Senior VP, Head of Reinsurance
21st April 2023
ICW Group Insurance Companies, a leading group of property and casualty carriers, has promoted Mirek Wieczorek to Senior Vice President, Head of Reinsurance, charged with leading the growth strategy for ICW Re. Wieczorek has more than three decades of leadership experience in the reinsurance industry, having first joined ICW Group almost ... Read the full article
European life insurers face potential losses from bond portfolio lapses: Moody’s
21st April 2023
A new report by Moody's highlights that European life insurers are at risk of significant unrealised losses on their bond portfolios due to higher interest rates. The risk of mass savings policy lapses, if customers switch to higher-yielding bank products, could force insurers to sell bonds at a loss, Moody's said ... Read the full article
DeNexus to partner with NAES Corporation
21st April 2023
NAES Corporation, a provider of operations, maintenance for power generation services companies, has partnered with cyber risk modeller DeNexus, to understand, quantify, plan and mitigate risk of cyber events to critical infrastructure. Through this collaboration, NAES - a company dedicated to optimising the performance of energy facilities across the power generation, ... Read the full article
UK motor insurance pricing continues to harden, average premiums up: Jefferies
21st April 2023
Jefferies’ data on the UK motor insurance market shows that its pricing data only showed inflation for new business quotations, it did not include the impact of renewals, which was estimated to broadly make up 60% of total motor insurance premiums. The report states that following the FCA's pricing practices reform ... Read the full article
Deutsche Rück adds Caren Büning to board of directors
21st April 2023
Deutsche Rück has announced the expansion of its board of directors with the addition of Caren Büning, who will join the German reinsurer’s management body in January 2024. According to the announcement, Büning will head up the newly formed division for non-life business in Germany. The market segments previously managed as one ... Read the full article
Italian retail insurance broker Double S rebrands to Acrisure
21st April 2023
Italian retail insurance broker Double S Insurance Broker S.p.a. (Double S) rebranded to Acrisure, effective immediately. Acrisure, global insurance broker and fintech leader, entered the Italian market in 2021 through a partnership with Double S. In the future, the team of Double S will operate under the name of Acrisure and serve ... Read the full article
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
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