Reinsurance News
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
Assurant expects housing segment to record $50m in Q1 cat losses
20th April 2023
US specialty insurance group Assurant expects to record roughly $50 million pre-tax, or $39 million after-tax, of catastrophes losses in its global housing segment for first quarter 2023. Most of the losses from catastrophic events that needed to be reported were related to lender-placed products and resulted from severe weather and ... Read the full article
Berkley Program Specialists enters into underwriting partnership with Distinguished Programs
20th April 2023
Berkley Program Specialists, a Berkley company, has announced that it has entered into a new underwriting partnership with national insurance program manager, Distinguished Programs, to provide Package coverage for community associations. The company confirmed that coverage will be available from June 1, 2023. Through this partnership, Distinguished Programs will be able to ... Read the full article
Premiums for ACES vehicles to grow to more than half a trillion by 2030
20th April 2023
Auto insurers may be forced to evolve from traditional offerings to ‘mobility protection’, as urban consumers adopt new mobility solutions that include Autonomous, Connected, Electric, and Shared (ACES) multi-modal options, suggests a joint report from Capgemini and Qorus. The Capgemini Research Institute's World Property and Casualty Insurance report states that consumers ... Read the full article
POP Group Holdings receives investment from Direct Capital
20th April 2023
Pop Group Holdings (POP) announces that it has received its first external strategic minority investment from private equity fund Direct Capital. POP launched in 2018, comprises of specialist M&A and financial lines MGA Fusion Specialty, and dedicated specialty InsurTech and M&A Tech platform io. insure, has grown to establish a physical ... Read the full article
Swiss Re appoints Mohit Pande as Chief Underwriting Officer, Property
20th April 2023
Global reinsurance giant Swiss Re has appointed Mohit Pande as Chief Underwriting Officer, Property. Based in New York, Pande brings more than 20 years of industry experience towards his new role, 17 of which he has spent working at Swiss Re. Pande joined Swiss Re in 2005 as Vice President, Natural Hazards. ... Read the full article
Global nat cat economic losses reach $77bn in Q1 2023: Gallagher Re
19th April 2023
Global natural catastrophe economic losses reached an estimated $77bn in the first quarter of 2023, with public and private insurance entities covering at least an estimated $22bn of that total, resulting in a 72% or $55bn protection gap, Gallagher Re reported. According to the broker’s Q1 2023 Natural Catastrophe report, these ... Read the full article
Hannover Re the latest to leave Net-Zero Insurance Alliance
19th April 2023
German reinsurance giant Hannover Re has, after careful consideration, opted to leave the Net-Zero Insurance Alliance (NZIA), making it the third high profile re/insurer to leave the UN-convened alliance in less than a month. Hannover Re joins NZIA founders Munich Re and Zurich in leaving the association, which was launched at ... Read the full article
Trean Insurance Group gets stockholder approval for proposed merger
19th April 2023
Trean Insurance Group has announced that its stockholders have approved the merger agreement entered into by the firm with affiliates of Altaris. According to Trean, the proposal to adopt the merger agreement and approve the merger was supported by 87.3% of the total shares outstanding entitled to vote at the Special ... Read the full article
Munich Re Specialty Insurance makes Hart permanent CEO
19th April 2023
Munich Re Specialty Insurance (MRSI), a division of German reinsurance giant Munich Re, has named Sabrina Hart as President and CEO, effective May 1. Hart, who served as interim CEO since January 2023, will report to former CEO Michael Kerner and will also serve as a member of the Global Specialty ... Read the full article
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