Reinsurance News
Great American promotes Shepherd to Divisional President, Cyber Risk
23rd March 2023
Great American Insurance Group has promoted Elizabeth M. Shepherd to Divisional President, Cyber Risk. Shepherd joined Great American in 2018 as a Divisional Senior Vice President, where she played a key role in consolidating the company’s cyber risk products and programs. Within the role, she oversees the firm’s cyber initiatives and existing ... Read the full article
Munich Re and PSG announce new risk assessment solution
23rd March 2023
Munich Re Life US and insurtech Paperless Solutions Group (PSG) have announced a new combined risk assessment and e-application solution, that allows life insurance carriers to underwrite new policies faster and with greater accuracy. The solution combines the risk assessment and instant decisioning power of Munich Re’s alitheia with the seamless ... Read the full article
Marsh McLennan India appoints Kedia as new CEO
23rd March 2023
Marsh McLennan India, the regional operation of the global insurance and reinsurance broking powerhouse, has announced Sanjay Kedia as its new CEO. Kedia will be taking over in the new role starting April 2023 and this role comes in addition to his previous role as the President of Marsh India. Marsh India ... Read the full article
ILS at crossroads as capital supply to remain low: AM Best
23rd March 2023
Analysts at AM Best have warned that the insurance-linked securities (ILS) market finds itself “at a crossroads” following several years of heightened catastrophe losses, and with the supply of capital set to remain low while investors re-assess the class. The rating agency notes that losses stemming from Hurricane Ian, after years ... Read the full article
Howden Tiger names Ruff to lead Legacy team
23rd March 2023
Seth Ruff, Head of Structured Reinsurance at Howden Tiger, the reinsurance arm of international re/insurance broker Howden Broking Group, has assumed the additional role of Head of Legacy. Furthermore, the Legacy and Investment Banking divisions have come under common management, reporting to Jarad Madea, CEO, Howden Tiger Capital Markets & Advisory ... Read the full article
US P&C industry records $26.5bn underwriting loss for 2022: AM Best
23rd March 2023
The US property and casualty (P&C) industry recorded a net underwriting loss of $26.5 billion in 2022, according to data from AM Best, worsening by $21.5 billion from the previous year. The rating agency’s data was compiled from companies whose 2022 annual statutory statements were received as of March 9th, which ... Read the full article
Aon to boost emerging risk insights with Lifeguard collaboration
23rd March 2023
Re/insurance broker Aon, has announced a new collaboration with science crowdsourcing organisation Lifeguard to boost emerging risk insights in the property and casualty insurance sectors through engagement with the scientific community worldwide. According to the announcement, the Aon-Lifeguard collaboration will help to reduce traditional research and development time-cycles by utilising crowdsourcing ... Read the full article
Navitas to collaborate with Crum & Forster and Great American
23rd March 2023
Navitas Assurance Partners, a specialty managing general underwriter (MGU), has announced its collaboration with Crum & Forster’s Credit Division and Great American Insurance Company’s FCIA Trade Credit & Political Risk Division. According to the announcement, the aim of this relationship will be to provide highly rated trade credit insurance capacity to ... Read the full article
Reinsurers’ combined ratios remained strong in 2022 but investment losses went up: Gallagher Re
23rd March 2023
Global reinsurers' combined ratios deteriorated marginally to 95.7% for FY2022, despite this it remains strong while investment losses went up weighing on the average full-year ROE, which dropped to 10%, a Gallagher Re report revealed. According to the the Global Reinsurers’ Financial Results for FY2022 report, the reinsurers tracked by Gallagher ... Read the full article
CAPE Analytics partners with Google Cloud
23rd March 2023
CAPE Analytics, a leader in AI-powered geospatial property intelligence, has partnered with Google Cloud to develop predictive analytics that enhance risk management for insurance carriers and property valuation solutions for the real estate and mortgage industries. CAPE states that by leveraging Google Cloud’s secure cloud infrastructure and machine learning technology, it ... Read the full article
Shreyaa Vohra named Managing Director of Besso Re Middle East
23rd March 2023
Re/insurance broker Besso has announced the appointment of Shreyaa Vohra to the role of Managing Director of Besso Re Middle East. In her new role, based in Dubai, she will be responsible for developing the company’s facultative portfolio, predominantly across the GCC (Gulf Cooperation Council) region. Prior to joining Besso, Vohra spent ... Read the full article
Ardonagh Group sees income swell 30% to $1.5bn in full year results
23rd March 2023
The Ardonagh Group has reported a 30% increase in income to $1.5 billion in its full year results, representing five-fold growth in the five years since its formation. Meanwhile, adjusted EBITDA rose 22% to $476 million from $390 million in 2021. The firm's full year 2022 Pro Forma income stood at $1.8 ... Read the full article
Corvus expands cyber team in Frankfurt
23rd March 2023
Cyber specialist Corvus Insurance has announced that it has expanded its Frankfurt, Germany-based team by appointing cyber underwriters and a local head of cybersecurity services. The addition of these hires will provide support in meeting demand for Corvus’ Smart Cyber Insurance product that was recently launched in Germany and Austria iRead the full article
Insurance M&A activity in Europe reached all-time high in 2022: FTI Consulting
23rd March 2023
Investor appetite for insurance assets achieved a new annual record in 2022, with European insurance M&A activity reaching all-time high despite economic headwinds, according to a recent report by FTI Consulting, Inc. The pace of activity seen in 2021 largely continued through 2022, the report found that 435 deals were recorded ... Read the full article
Lloyd’s reports £2.6bn underwriting profit but investment loss dents full year result
23rd March 2023
Lloyd's, the specialist insurance and reinsurance marketplace, has today announced an improved underwriting profit of £2.6 billion in its 2022 full year results, although a net investment loss of £3.1 billion resulted in an overall loss before tax of £800 million. After numerous years of performance improvement, the Lloyd's market's underwriting ... Read the full article
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