Reinsurance News
Echo Re adds Garcia and Krenboeck to LatAm & Caribbean underwriting team
27th March 2023
Swiss-based reinsurer Echo Re has announced it is expanding its Latin America & Caribbean underwriting footprint with the appointment of Bruno Krenboeck and Ariadna Garcia. Based in Zurich, Switzerland, they will both support the further development of Echo Re’s portfolio together with Hugo Cardona acting as Regional Advisor. Commenting on the appointments ... Read the full article
Everest Insurance appoints Chaves to lead operations in Mexico
27th March 2023
Everest Insurance, the insurance division of Everest Re Group, has appointed Jaime Chaves to lead its insurance operations in Mexico, pending regulatory approval. In the role, he will be based in Mexico City and will report to Pablo Korze - Regional President Latin America, Everest Insurance. Overall, Chaves brings over 25 years ... Read the full article
AmTrust adds three new members to its Board
27th March 2023
AmTrust International, the UK and international arm of New York-based insurer AmTrust Financial Services, Inc, has added three new Board members to its international business. The AmTrust Europe Limited (AEL) Board has appointed Nigel Meyer as Independent Non-Executive Director, Chair of the Audit Committee - subject to regulatory approval - and ... Read the full article
Closing flood protection gap requires new approaches: Zurich
27th March 2023
Closing the flood protection gap in vulnerable countries will require “massive investments” and new approaches from policymakers and re/insurers, a new report by the Zurich Flood Resilience Alliance has concluded. The report highlights the urgent need to mitigate the effects of climate change for those most at risk of devastating flooding, ... Read the full article
Tysers names Mark Moore Director of Energy
27th March 2023
Independent Lloyd’s broker Tysers has appointed Mark Moore to lead its Energy Division as Director looking to expand its operations in the class of business. With over 30 years of claims and broking experience, Moore joins Tysers from Primassure where he was Head of Natural Resources. During his time at Primassure, he ... Read the full article
FG Financial Group sees net reinsurance premiums rise to $13m
27th March 2023
In its full year results, FG Financial Group has reported that net reinsurance premiums earned rose to $13 million, a substantial increase from $4.9 million in 2021. In Q4 alone, net reinsurance premiums earned jumped to $3.2 million, compared to $2.6 million in the same quarter of 2021. FG notes that its ... Read the full article
MS Reinsurance appoints Kate McDonald as Chief Strategy Officer
27th March 2023
MS Reinsurance, part of insurance group MS&AD and domiciled in Switzerland, has appointed Kate McDonald as Chief Strategy Officer. McDonald brings a vast amount of expertise towards her new role, having served across the industry for over 10 years. For six years, she worked at PwC, where she was based in London. ... Read the full article
Acrisure Re appoints Jennifer D’Arcy Facultative Reinsurance EVP
27th March 2023
Acrisure Re, the re/insurance division of insurance broker Acrisure, has announced the appointment of Jennifer D’Arcy as Executive Vice President of its Facultative Reinsurance division. In her new role based in London, D’Arcy will continue building out Acrisure Re’s FAC strategy for North America, as well as overseeing and developing Marine ... Read the full article
Convex backs launch of new MGA for Advanced Air Mobility sector
27th March 2023
Newly-incorporated, London-based firm, Skyrisks Limited is preparing to launch as a managing general agent (MGA) pioneering comprehensive insurance products for the Advanced Air Mobility (AAM) sector, in partnership with Convex Group Ltd. The partnership between the two companies will address the fast-growing insurance needs of the AAM sector. In a press release, ... Read the full article
MS Amlin hires Jessica Turner from Guy Carpenter as new Head of Risk Analytics
27th March 2023
MS Amlin, Lloyd’s global re/insurer has announced the appointment of Dr Jessica Turner as Head of Risk Analytics who will take on this position effective 26 June 2023. Dr Turner will report to Martin Burke, the Director of Underwriting Performance. Commenting on the appointment, Burke said, “As we look to navigate the ... Read the full article
AnaCap sells minority stake in MRH Trowe to TA Associates
27th March 2023
AnaCap Financial Partners has announced the sale of a minority stake in portfolio company MRH Trowe to TA Associates two and half years after its initial investment at a 4.3x money multiple. MRHT’s founding managers will remain the largest shareholder group post-transaction and will be backed by both AnaCap and TA ... Read the full article
Insurer investments & business models favourable against banking turmoil: Swiss Re
27th March 2023
Even though banking turmoil will impact insurers' investment portfolio, their asset-liability management operating framework means they are duration matched, and their "long liquidity" business models implies they are not vulnerable to rapid withdrawals like banks, said the Swiss Re Institute. Turmoil in the US and European banking sectors has shaken market ... Read the full article
Europe’s big four hit by weaker underwriting & investment losses: Fitch
27th March 2023
Hannover Re, Munich Re, SCOR and Swiss Re all reported lower earnings for 2022 as high inflation, rising interest rates and climate-related costs led to lower underwriting and investment results, suggests a new report from Fitch Ratings. The rating agency notes that in 2022, attempts to raise prices proved to be ... Read the full article
Analysts at KBW expect bank-related D&O claims to be manageable
27th March 2023
Any reacceleration in D&O pricing will probably remain limited to financial institutions as bank-related D&O claim settlements will likely be prolonged - despite claims being manageable - KBW analyst following a recent call with Kevin LaCroix, RT ProExec EVP, a division of RT Specialty. Analysts noted that D&O rates, unlike most ... Read the full article
Chat GPT & AI a growing concern for cyber insurance: Corvus’ Hedberg
24th March 2023
With the capabilities of Chat GPT and artificial intelligence (AI) continuing to advance, this technology is only going to get smarter and potentially more difficult to control as it can be used to facilitate security breaches and increase the scale of cyber-attacks, states Peter Hedberg, Vice President of Cyber Underwriting ... Read the full article
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