Reinsurance News
Marco Capital announces UK motor Loss Portfolio Transfer with Markel
21st March 2023
European P&C insurance run-off specialist Marco Capital has announced a Loss Portfolio Transfer (LPT) transaction regarding a portfolio of UK Motor insurance claims. Marco will provide a cover of up to £200m in claims reserves, while its Syndicate 1254 will provide cover to reinsured business stemming from Markel. The firm states that ... Read the full article
Relativity6 launches new insurance tool, announces new hires and CPO
21st March 2023
Relativity6, an AI solutions provider for insurance companies, has launched a new tool to detect risk in commercial insurance submissions. The firm also announced a number of new hires and the promotion of Jonathan Ringvald to Chief Product Officer (CPO). With Hazard Flags, and its use of advanced machine learning algorithms, ... Read the full article
Crum & Forster appoints two EVPs within A&H division
21st March 2023
Crum & Forster (C&F) Accident & Health (A&H) has promoted both Susan Silfen and Gary Nidds to newly created Executive Vice President positions. The firm stated that both promotions acknowledge the extensive operational growth within its A&H Division, bolstered by the success of the respective business units under both Silfen's and Nidds' leadership. Silfen has ... Read the full article
Fenix24 gets funding from insurtech investor Eos Venture Partners
21st March 2023
Cyber disaster recovery firm Fenix24 has announced a $5 million investment by Eos Venture Partners, a prominent insurtech investor. Fenix24, a sister company of Conversant Group, provides a professional cybersecurity force focused exclusively on restoring companies after cyber breach events. The firm states that Eos' investment will support it in serving additional ... Read the full article
P&C claims growth to ease as inflation moderates: Swiss Re
20th March 2023
Analysts at Swiss Re have warned of continued claims severity pressures for property and casualty (P&C) re/insurers over the coming year, although the firm says that claims growth will ease slightly alongside a moderation in inflation. Swiss Re expects headline inflation to decline but stay elevated in 2023, to some extent ... Read the full article
Acrisure Re names Chris Jones Head of Marine & Space
20th March 2023
Acrisure Re, the reinsurance division of global insurance broker Acrisure, has appointed Chris Jones as Head of Marine and Space. An experienced veteran within the industry, Jones joins Acrisure Re from Ed Broking, where he previously held the role of Managing Director Marine R/I. Moreover, in February, Acrisure launched a new ... Read the full article
Porch applies to form reciprocal insurance exchange with Texas Department of Insurance
20th March 2023
Porch Group, Inc., a vertical software company has announced that its insurance business, Homeowners of America (HOA) has filed an application to form and license a Texas reciprocal insurance exchange with the Texas Department of Insurance (TDI). If the application is approved and fully implemented by Porch, its insurance underwriting business ... Read the full article
PIC reports strong year in FY22 results
20th March 2023
Pension Insurance Corporation Group Limited, the ultimate parent company of Pension Insurance Corporation plc (PIC), the specialist insurer of UK defined benefit pension schemes, has released its full-year results for 2022. The company reported a total adjusted operating profit of £388 million for FY22, compared to £533 million from 2021. At the ... Read the full article
Consilium builds out Delegated Risk Solutions division
20th March 2023
Consilium, the globally specialty re/insurance broking business of the Aventum Group, has added Toby Gorman and Matt Taylor as partner and associate partner, respectively, to the company’s delegated risk solutions division. Both of these appointments come with strong connections in Lloyds and other markets, in addition to strong relationships in the ... Read the full article
AXA XL launches fleet management benchmarking service
20th March 2023
AXA XL has announced it has added a fleet management benchmarking service to its loss prevention services for its Construction insurance clients in North America. The purpose of this service is to help contractor clients see how their own corporate fleet programs and vehicle loss history compared to peers. Greg Troxell, Senior ... Read the full article
AM Best revises Trisura’s outlook to negative and affirms credit ratings
20th March 2023
Global rating agency AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-” (Excellent) of the operating entities of Trisura Group Ltd. The operating entities of Trisura includes Trisura Specialty Insurance Company (TSIC), Trisura Insurance ... Read the full article
Slew of California homes at risk following Pajaro River levee breach: CoreLogic
20th March 2023
CoreLogic has estimated that 5,895 single and multifamily residential properties with a combined reconstruction value (RCV) of $2.88 billion are at risk of flooding following the Pajaro River in Central California overflowing its levee. On March 10, the water level in the Pajaro River surpassed its levee, leading to a breach ... Read the full article
Insurer AT1 exposure low amid Credit Suisse shock: JP Morgan
20th March 2023
Analysts at JP Morgan have assured that European insurers’ exposure to bank corporate credit and AT1 bonds are low, after a rescue deal for the beleaguered Credit Suisse shocked some investors by leaving their bonds worthless. JP Morgan notes that the average exposure to bank credit is around 6% of European ... Read the full article
Berkshire (BHSI) promotes Ruddlesdin to Head of Professional Indemnity & Cyber, UK
20th March 2023
Berkshire Hathaway Specialty Insurance (BHSI) has promoted Ben Ruddlesdin to Head of Professional Indemnity & Cyber (UK), where he will continue to be based in London. In his most recent role at the firm, Ruddlesdin served as Senior Underwriter, PI & Cyber. Overall, he brings nearly 10 years of industry experience towards ... Read the full article
Howden names Andy Cox as Head of Energy Transition
20th March 2023
International insurance broker Howden has appointed Andy Cox as Head of Energy Transition, effective immediately. Cox holds over three decades of experience in the energy sector, having previously served as a Partner at KPMG. His most recent position there was UK Chair of Energy & Natural Resources, in which he was responsible ... Read the full article
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