Reinsurance News
Chubb to expand its marine business in Asia
4th April 2023
Global P&C insurer Chubb has announced it is expanding its marine business in Asia with the appointment of a new Head of Marine in Malaysia; and by rolling out a full suite of insurance products and services in the Philippines. According to the announcement, the move in the Philippines will effectively ... Read the full article
Lancashire appoints Argo’s Alison Gaudette as Group Sustainability Manager
4th April 2023
Lancashire Insurance Group has appointed Alison Gaudette as its first Group Sustainability Manager. Within her new role, Gaudette will report to Lancashire’s Group Chief Risk Officer, Louise Wells. Gaudette joins the firm from Argo Group, where she most recently held the role of Sustainability Manager. Before she held that role, she served ... Read the full article
Re/insurers leaning heavily into fixed income investments: Goldman Sachs
4th April 2023
Amid increasing global economic volatility, and with a US recession seemingly on the horizon, re/insurers are leaning heavily into fixed income investments and are seeking to increase duration and credit risk, according to analysts at Goldman Sachs. Goldman Sachs Asset Management’s latest global insurance investment survey shows that more than half ... Read the full article
Canada Life set to expand wealth presence with IPC acquisition
4th April 2023
Canada Life, the subsidiary of Great-West Lifeco Inc., has unveiled an agreement to acquire Investment Planning Counsel Inc., an independent wealth management firm, from IGM Financial Inc. (IGM). With this acquisition, Canada Life is extending its wealth management reach and capabilities, promising to help advisors better meet the diverse and changing ... Read the full article
Lloyd’s FCP solution now covers over 70% of delegated business
4th April 2023
Insurance and reinsurance marketplace Lloyd’s of London said it made "significant progress" against its Blueprint Two goals in first-quarter 2023 in market adoption of the Faster Claims Payment (FCP) solution, which now covers over 70% of delegated business. Lloyd’s said that work has been completed to define the delegated authority data ... Read the full article
Global reinsurer capital declined $100bn YoY in 2022: Aon
4th April 2023
Aon has estimated that global reinsurer capital has declined by 15%, or $100 billion, to $575 billion as at the end of December 2022, driven by substantial unrealised losses on investment portfolios. According to Aon, most reinsurers reported significant premium growth in 2022 on the back of rate increases, robust demand ... Read the full article
AM Best upgrades Transverse Insurance Group’s credit ratings
4th April 2023
AM Best has upgraded the credit ratings of Transverse Specialty Insurance Company (Wilmington, DE), Transverse Insurance Company (Dallas, TX) and TRM Specialty Insurance Company (Indianapolis, IN), which collectively are referred to as Transverse Insurance Group. The agency has also removed them from under review with positive implications. The insurer and its group ... Read the full article
Pen Underwriting acquires Tay River Holdings & marine specialist subsidiaries
4th April 2023
Pen Underwriting has acquired Tay River Holdings and its wholly-owned marine specialist subsidiaries Vessel Protect, Trafalgar Marine Trades and BMM Ports & Terminals for an undisclosed sum. Established in 2020 by marine underwriters Paul Hartley, James King and Chris Goddard, Tay initially comprised the three niche MGAs, backed by the A-rated ... Read the full article
Barents Re hires Jean-Yves Litampha as Head of Compliance
4th April 2023
Barents Re, an independent reinsurance group, has appointed Jean-Yves Litampha as Head of Compliance. Litampha joins the reinsurer from Convex Insurance, where he also previously held the role of Head of Compliance. Prior to that, he spent just under five years working at specialist re/insurer Hiscox. He joined the firm in 2016 ... Read the full article
Allianz Commercial leaders confirmed for key markets
4th April 2023
Allianz Group has announced new leadership appointments for four of its largest Property and Casualty Commercial insurance markets: Australia, France, Germany and the United Kingdom. In each country, every Commercial lead will represent the integrated Allianz Commercial business and bring to the market Allianz’s full set of solutions for specialty clients, ... Read the full article
Sompo International expands Switzerland operations
4th April 2023
Sompo International, a global provider of commercial and consumer property and casualty re/insurance, is expanding its operations in Switzerland with the granting of a Swiss insurance branch licence to write primary insurance by the Swiss Financial Market Supervisory Authority (FINMA). According to Ralph Brand, President Continental Europe Insurance for Sompo International, ... Read the full article
AM Best stays negative on UK non-life insurance segment
4th April 2023
AM Best is maintaining its negative outlook on the United Kingdom's non-life insurance segment, citing economic pressures, underwriting performance challenges and the limited availability of reinsurance protection as key drivers. The rating agency notes that high levels of inflation, driven by supply chain disruptions, a tight labour market and elevated energy ... Read the full article
R&Q to separate Program Management & Legacy Insurance business
4th April 2023
Global non-life specialty insurer R&Q Insurance Holdings has announced that its board is reviewing strategic options to separate its Program Management business, Accredited, and its Legacy Insurance business. R&Q states that its Program Management business, Accredited, has grown significantly over the past three years, achieving record GWP and Fee Income (excluding ... Read the full article
Tide lifting all boats across reinsurance market: Gallagher Re’s Vickers
4th April 2023
Reflecting on the April renewals, James Vickers, Chairman International, Reinsurance at Gallagher Re, says “the tide is lifting all boats” across the reinsurance market as improved conditions were maintained from the earlier January period and swept across even the smaller markets. Gallagher Re’s 1st View report concludes that the 1/4 ... Read the full article
Guernsey overtakes Luxembourg as top European captive domicile
4th April 2023
Guernsey has overtaken Luxembourg to host the largest number of captive insurance structures in Europe, according to reports from Airmic, a UK association for risk and insurance professionals. Last year, Guernsey approved 12 new captive licences and had three surrenders, a net increase of nine, giving a total of 201 captives ... Read the full article
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