Reinsurance News
EPIC expands Financial Services division with creation of new group
21st March 2023
EPIC Insurance Brokers & Consultants, a retail property and casualty insurance brokerage and employee benefits consultant, has expanded its Financial Services division with the creation of its newly formed Insurance Capital Solutions (ICS) group. EPIC states that ICS will align and coordinate origination, placement, and service capabilities across four key business ... Read the full article
Swiss Re backs AI-powered workers’ comp product from CompScience
21st March 2023
CompScience Insurance Services has announced a managing general agent (MGA) agreement with Nationwide and Swiss Re to underwrite, bind and service workers’ compensation policies. Josh Butler, Founder and CEO, CompScience, commented, “We are pleased to be partnering with Nationwide and Swiss Re so that we can bring the disruptive power of ... Read the full article
Generali UK choses Supercede for reinsurance data management
21st March 2023
Generali UK Branch has opted for Supercede to prepare and manage its reinsurance data, including data cleansing, preparation, and validation. According to the announcement, choosing to use the Supercede platform will significantly speed up Generali processes and reduce manual processing time. This decision follows a successful trial period in the UK, which ... Read the full article
Life/Annuity insurers well-positioned for 2023: AM Best
21st March 2023
Analysts at AM Best have reported that the US Life/Annuity (L/A) insurance segment remains well-positioned to meet challenges in 2023, supported by high levels of risk-based capitalization, strong liquidity profiles, and robust sales in annuity products. Despite this strong position, the rating agency AM Best acknowledged that there was some volatility ... Read the full article
ABIR announces string of leadership appointments
21st March 2023
The Association of Bermuda Insurers and Reinsurers (ABIR) has announced changes in the leadership of its most influential committee and an expansion of its working groups’ focus areas, drawing on the professional talent of member companies. The firm has announced that Jim Paugh, of Arch Re, has been appointed Co-Chair of ... Read the full article
Liberty Mutual Re names Steiner US Specialty Casualty Treaty Manager
21st March 2023
Liberty Mutual Reinsurance, part of Liberty Mutual Insurance Group, has appointed Sara Steiner to the role of US Specialty Casualty Treaty Manager. Steiner brings over 18 years of insurance experience to her new role, almost three of them at LM Re’s having joined the company in 2020 as Vice President and ... Read the full article
BMA appoints financial services veteran as its next COO
21st March 2023
The Bermuda Monetary Authority (BMA) has announced that it has appointed Toby Mason as the Authority’s next Chief Operating Officer (COO). In the role, he will report to Deputy Chief Executive Officer, Shanna Lespere. As COO, Mason will oversee BMA’s infrastructure, where he will support organisational growth and improving results and efficiency ... Read the full article
NSM acquires Sequoia Re, IOA Re and Rockport MGUs from J.C. Flowers
21st March 2023
NSM Insurance Group has completed its acquisition of Sequoia Reinsurance Services, IOA Re and its divisions Rockport Benefits and Insurance Resources and Auditing Services, subsidiaries of ELMC Risk Solutions, a portfolio company of J.C. Flowers & Co. Bill McKernan, President of NSM Insurance Group, commented, "We're entrepreneurs at heart and we ... Read the full article
HDI Global grows top end, improves combined ratio
21st March 2023
Industrial insurer HDI Global SE has reported double-digit growth in gross written premiums and an improved combined ratio for 2022, underpinned by strong performances in liability and property lines, as well as new business growth in its specialty line portfolios. The company’s UK & Ireland branch contributed significantly to the positive ... Read the full article
QBE Re appoints Debbi Wood as Head of Claims
21st March 2023
Reinsurance firm QBE Re has announced that it has appointed Debbi Wood as Head of Claims, subject to regulatory approval. Wood will start her new role in April, where she will report to Mike East, Claims Director, QBE Europe. The new role will also see her become a member of the ... Read the full article
SCOR Syndicate reports “strong” 2022 results with 90.1% combined ratio
21st March 2023
SCOR Syndicate has announced its 2022 results reporting a combined ratio of 90.1%, a strong underwriting profit of £22.6m and improved gross written premiums (GWP) that reached £306.2m. Overall, the carrier reported improved results, which according to the announcement, reflect SCOR’s strategy of diversification, sustainable growth and focus on high-quality execution. The ... Read the full article
Turkey earthquakes insured loss pegged at $3.5bn by PERILS
21st March 2023
Zurich-based catastrophe insurance data provider PERILS has released its first estimate of industry loss from the recent Kahramanmaras Earthquake Sequence that hit Turkey and Syria, placing it at $3.5 billion (TRY 65.4 billion). A Mw 7.8 magnitude earthquake struck south-central Turkey near the Syrian border On 6 February 2023. The earthquake initiated ... Read the full article
Challenging times for aviation, specialty lines remain attractive to reinsurers: Aon’s Skilton
21st March 2023
Aviation lines face challenging reinsurance renewals in 2023, yet specialty lines continue to provide reinsurers with opportunities, according to Aon’s Global Head of Specialty and Aviation, Mark Skilton. Having experienced complex and challenging reinsurance renewals on January 1st, aviation insurers face an uncertain market in 2023, a trend that according to ... Read the full article
TMHCCI adds Crowley and Roberts to UK Trade Credit division
21st March 2023
Tokio Marine HCC International (TMHCCI) has announced the appointment of two Senior Risk Underwriters, Karen Crowley and Arwel Roberts, to its UK Trade Credit division. With over two decades of experience in Trade Credit, Crowley joins TMHCCI from Atradius, where she held several roles, the most recent one being Senior Key ... Read the full article
AM Best warns of EMEA re/insurer ratings volatility
21st March 2023
AM Best has warned that the ratings of re/insurers in Europe, the Middle East and Africa (EMEA) have been more sensitive to market events in 2022 than in previous years. In particular, heightened geopolitical tensions, the rise in global inflation, and recessionary pressures have contributed to a difficult insurance and capital ... Read the full article
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