Reinsurance News
Universal sees net income rise in Q1 results
28th April 2023
Universal Insurance Holdings has reported a net income of $24.2 million in its Q1 results, up from $17.5 million in the prior year quarter. Adjusted net income was $24 million for the quarter, representing a $4 million increase from last years $20 million. At the same time, revenue was $316.5 million, representing ... Read the full article
Global commercial insurance pricing rose 4% in Q1 2023: Marsh
28th April 2023
According to the latest Global Insurance Market Index from Marsh, global commercial insurance pricing rose 4% in the first quarter of 2023, the same as in the prior quarter. This will be the twenty-second consecutive quarter in which composite pricing rose, which continues the longest run of increases since the inception ... Read the full article
Munich Re launches ‘innovative’ coverage for AI solutions
28th April 2023
Munich Re has launched aiSelf™, an "innovative" coverage for users who implement self-developed Artificial Intelligence (AI) solutions in their own companies. "This new cover enables you to mitigate the underperformance, unreliability and drift of machine learning models," Munich Re said. Munich Re provides insurance coverage to protect companies from potential financial losses ... Read the full article
WTW introduces ESG initiative to help clients manage climate risks
28th April 2023
Global brokerage WTW has expanded its predictive climate analytics capabilities with the introduction of a new Environmental, Social, and Governance (ESG) initiative. WTW’s Climate Risk Solutions for Corporate Risk & Broking (CRB) North America, is a fully integrated strategy combining the breadth of the broker’s ESG resources to help its clients ... Read the full article
Cowbell and Qualys expand cyber risk partnership
28th April 2023
Cyber insurance provider Cowbell has expanded its partnership with Qualys, a specialist in disruptive cloud-based IT, security and compliance solutions, adding an attack surface intelligence feed from Qualys' External Attack Surface Management (EASM) to assess customer cyber risk. Qualys EASM leverages the Qualys Cloud Platform to assess features from the cyber ... Read the full article
Kuwait Re promotes Kumar and Faizan to Senior Underwriters
28th April 2023
Kuwait Reinsurance Company K.S.C.P. (Kuwait Re) has announced the promotion of Abhijeet Kumar and Siddiqui Ahmad Faizan to the position of Senior Underwriters in the Energy department. Kuwait Re has praised Kumar’s and Faizan’s skills and experience, stating that their exceptional performance and in-depth knowledge will continue to contribute significantly to ... Read the full article
AM Best turns negative on Selecta (Caribbean)
28th April 2023
AM Best has revised its outlook from stable to negative for Selecta Insurance and Reinsurance Company (Caribbean) Ltd., citing volatility in the company’s historical underwriting results and the ongoing impact of legacy business on performance. At the same time, the rating agency affirmed the company’s Financial Strength Rating of B+ (Good) ... Read the full article
InnSure supports climate risk insurance innovators with new award program
28th April 2023
InnSure, a nonprofit dedicated to harnessing the power of the insurance industry to combat climate change, is to competitively award insurance innovators for the research and development of new policies and products to help address climate risk. Working with the New York State Energy Research and Development Authority (NYSERDA), the nonprofit ... Read the full article
P&C rates to increase in 2023, insurers to reduce reinsurance use: S&P
27th April 2023
Underwriting profitability is expected for North American P&C insurers this year according to S&P analysts, who have also forecasted rate increases for homeowner insurance, auto and property, among others. Additionally, according to their recent report, they believe that P/C insurers in the region will reduce their use of reinsurance mainly due ... Read the full article
Ryan Specialty names CEO, President and CUO of PERse’s North American operations
27th April 2023
Global specialty insurer Ryan Specialty Holdings appointed Katie Davies as CEO and Jeff Smith as President and Chief Underwriting Officer (CUO) of Power Energy Risk's (PERse) North American operations, effective immediately. Davies takes over from Mike Bernay, who will serve as a senior advisor to the business till he retires. Bernay founded ... Read the full article
Greenlight Re appoints David Sigmon as General Counsel
27th April 2023
Greenlight Re, a provider of property and casualty re/insurance, has announced the appointment of David E. Sigmon as General Counsel, Corporate Secretary and Chief Compliance Officer. In his new role, subject to regulatory and immigration approvals, Sigmon will be responsible for managing the company’s legal, regulatory, governance and compliance functions. Commenting on ... Read the full article
Berkshire (BHSI) promotes James Byrnes to Head of Construction Professional, NA
27th April 2023
Berkshire Hathaway Specialty Insurance (BHSI) has promoted James Byrnes to Head of Construction Professional, North America. Previously, Byrnes held the role of Vice President, Construction, for BHSI’s US Eastern Region. Overall, Byrnes has nearly 20 years of experience within the industry. Before he joined BHSI, he spent more than a decade on ... Read the full article
RSA hires AXA XL’s Skipper as Senior Specialist Underwriter, A&H
27th April 2023
RSA Insurance has announced that Danielle Skipper will join its UK Speciality Lines business as Senior Specialist Underwriter - Accident & Health (A&H). The company states that in her new role, Skipper will be responsible for contributing to the delivery of RSA’s growth strategy for A&H, by working with the firm’s ... Read the full article
Donegal Group sees net income drop in Q1 results
27th April 2023
Donegal Group has reported a net income of $5.2 million in its Q1 financial results, down from $13.1 million in the previous year. Donegal Group's combined ratio for Q1 2023 stood at 101.2%, compared with 95.8% in 2022. Annualized return on average equity was 4.3%, down from 10.0% last year. However, the ... Read the full article
WTW appoints Anthony Grosso to NA Client Experience role
27th April 2023
WTW, a global advisory, broking and solutions company, has announced the appointment of Anthony Grosso as its new Deputy Client Experience Officer, Corporate Risk & Broking (CRB) for North America. Grosso will be reporting directly to Rick Hawkinberry, the Chief Client Experience Officer. Grosso in his new role will assist with ... Read the full article
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