Reinsurance News
Asia avoids banking sector turmoil due to lower inflation rates: Swiss Re Institute
6th April 2023
Despite the recent turmoil in the US and European banking sectors, Asia's re/insurance sector has managed to avoid being affected, helped in part by the swift responses of the authorities in the countries where the issues originated and lower inflation rates in the region, said the Swiss Re Institute. These lower ... Read the full article
Starr hires Alleghany’s Shannon as SIO as Patin resigns
6th April 2023
Starr Insurance Companies has announced that John Patin, Senior Investment Officer (SIO), has resigned from his position for personal reasons. The company has confirmed that John F. Shannon, formerly with Alleghany Corp., has been named to succeed him. Based in New York, Shannon previously served as Senior Vice President and Chief ... Read the full article
Japan property cat rates rise in “more orderly” April 1 renewals: Gallagher Re
6th April 2023
Early signs of capacity shortages did not materialise for Japanese insurers as the overall supply-demand balance for reinsurance remained “delicately poised” at the April 1 property catastrophe renewals, according to Gallagher Re’s 1st View report. However, even though there was enough capacity available to meet client needs, since the largest capacity ... Read the full article
LMA announces membership of Chief Underwriting Officer Committee
6th April 2023
The Lloyd’s Market Association (LMA) has announced the membership of its newly formed Chief Underwriting Officer Committee (CUOC), naming Nicola Stacey, Chief Underwriting Officer at Chaucer, as Chair. LMA states that the CUOC will comprise 15 members from a broad cross-section of the Lloyd’s Underwriting market. "The members have been selected by ... Read the full article
Everspan Group & Aurenity launch excess casualty buffer program
6th April 2023
Everspan Group, a specialty property and casualty (P&C) insurance platform, and tech-enabled MGA Aurenity, have partnered up to launch a new program to provide excess casualty buffer coverage for mid-market construction, hospitality, real estate, premises, and products risks. The new program will address the demand for buffer layer coverage between the ... Read the full article
AXA XL appoints Hannah Hosking as Head of Mid-Market
6th April 2023
AXA XL is expanding its UK mid-market presence with the addition of Hannah Hosking as Head of Mid-Market, who will lead the strategy across the business, focusing on growth for the company at the higher end of this key market segment. Hosking brings to the role over two decades of experience, ... Read the full article
EBRD, EIG propose resolution to regulator for Euroins Romania licence withdrawal
6th April 2023
The European Bank for Reconstruction and Development (EBRD) and Euroins Insurance Group (EIG) have put forward a proposal to Romania’s financial regulator Financial Supervisory Authority (ASF) intending to resolve the market disruption caused by the withdrawal of Euroins Romania’s operating licence. The aim of this proposal is to find a solution ... Read the full article
Markel appoints Richie Henry as Chief Operating Officer for Claims
6th April 2023
Markel Corporation has announced the appointment of Richie Henry as the Chief Operating Officer for Claims. Henry will be based out of Markel's Glen Allen office and will report to Nick Conca, the Chief Claims Officer. In his new position, Henry will oversee all North American Claims operations including claims administration, ... Read the full article
Upstream energy market outlook ‘uncertain’ due to reinsurance costs: WTW
6th April 2023
According to a report from the global advisory, broking and solutions company, WTW, increased reinsurance costs and higher retention levels have resulted in a renewed hardening of upstream energy re/insurance market conditions. WTW Energy Market Review 2023 noted the reinsurance market renewal season has impacted the upstream portfolio in three ways: ... Read the full article
KlaptonRe names Tionge Simbeye Chief Underwriting Officer
6th April 2023
KlaptonRe, a Zambia-based reinsurer, has appointed Tionge Simbeye to the role of Chief Underwriting Officer. Simbeye brings to his new role almost 14 years of industry experience, spending close to two of them as KlaptonRe’s Head of Underwriting prior to his new appointment. The company focuses on treaty and facultative reinsurance business ... Read the full article
Chubb prepared to take more risk in reinsurer-led hard market: CEO Evan Greenberg
6th April 2023
Chubb Group had the best financial performance in its history in 2022. The company produced record core operating income and continued to capitalize on favourable commercial P&C underwriting conditions around the world. However, CEO Evan Greenberg predicts that loss-cost pressures on price adequacy will persist, as the market is experiencing ... Read the full article
Guy Carpenter India names Sheetal Munot as EVP, Treaty Reinsurance
6th April 2023
Sheetal Munot has been promoted to the role of Executive Vice President, Treaty Reinsurance at Guy Carpenter India. Munot is an insurance market veteran with over a decade’s worth of experience at Marsh India. In her new role as the Executive Vice President, she will be in charge of client servicing along ... Read the full article
Kin secures $100m of Florida named storm reinsurance via second cat bond
6th April 2023
Kin Insurance, a direct-to-consumer home insurance company, closed a $100 million private placement catastrophe bond transaction, bringing Hestia Re Ltd.’s total outstanding limit to $275 million. Kin Interinsurance Network has secured a new reinsurance agreement with Hestia Re., a newly established special purpose insurer in Bermuda, that will cover indemnity-based losses ... Read the full article
AXA XL hires Lait as Senior Underwriter, Marine Liability & Ports, UK & Lloyd’s
6th April 2023
AXA XL has announced that it has appointed Adam Lait as Senior Underwriter, Marine Liability & Ports, UK & Lloyd’s. Lait’s appointment is effective immediately. In the role he will hold responsibility for developing and managing underwriting strategies for renewing and new business within AXA XL’s Marine Liability & Ports book business ... Read the full article
Parsyl launches perishable insurance consortium at Lloyd’s
6th April 2023
Parsyl has announced the launch of its new Essential Consortium at Lloyd’s of London, in a multi-year arrangement that will initially bring $20m in new capacity to the perishable cargo market. The arrangement will leverage Parsyl’s data-driven insurance solutions and expertise in temperature-sensitive and ambient goods. The firm states that additional capacity ... Read the full article
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