Reinsurance News
Betterview partners with Carpe Data to enhance P&C platform
13th March 2023
Insurtech Betterview and Carpe Data have partnered to provide business occupancy data to P&C insurers. Founded in 2016, Carpe Data is an online data provider focused on utilising alternative and emerging data for insurance carriers to maximise efficiency across the claims policy lifecycle. Betterview will leverage Carpe Data’s Minerva solution, which provides ... Read the full article
Lockton names Kevin Haas Senior VP for Pittsburgh & Cleveland markets
13th March 2023
Global insurance broker Lockton has named Kevin Haas as Senior Vice President and Unit Manager for the Pittsburgh and Cleveland markets. Haas holds over two decades of experience in the insurance industry, having most recently served as SVP, Corporate Accounts Leader at Marsh. It was at Marsh where he began his work ... Read the full article
Ceres Imaging releases AI data analytics suite for agri re/insurers
13th March 2023
Ceres Imaging, a data analytics company that builds AI-driven solutions to protect yields and advance climate resiliency, has released its Risk Solutions product suite, designed to power risk models for agriculture re/insurers and lenders. The new product aims to streamline underwriting and improve claims responsiveness, using Ceres data models that analyse ... Read the full article
“Increase in capacity within the CPRI market denotes its stability”: WTW’s Coffin
13th March 2023
The credit and political risk insurance market (CPRI) remains resilient with record capacity amidst global political and economic uncertainty, according to a survey by global advisory, broking, and solutions company, WTW. Fifty-eight insurers across Lloyd’s and company markets participated in the survey titled: The Credit and Political Risk Insurance Capacity Survey ... Read the full article
Re/insurers are taking steps to move the ESG needle: Marisa Savage, PwC Bermuda
13th March 2023
As environmental, social and governance (ESG) adoption continues to accelerate in the reinsurance and insurance-linked securities (ILS) world, the focus right now is on the environmental side of things amid the urgent need to transition to a low carbon economy, according to Marisa Savage, Partner in the PwC Bermuda Insurance ... Read the full article
Heritage welcomes Paul Whiting to its Board of Directors
13th March 2023
Super-regional property & casualty insurance holding company, Heritage Insurance Holdings, Inc., has appointed Paul Whiting to its Board of Directors, effective immediately, to fill a recent vacancy. Whiting brings several decades of public company experience towards the role. He previously served as a member of the Board of Directors of Sykes Enterprises, ... Read the full article
P&C reinsurers grow net premiums by 8.6% over 2022: RAA
13th March 2023
New data released by The Reinsurance Association of America (RAA) shows an 8.6% increase in net premiums written by US property and casualty (P&C) reinsurers over 2022. The data, collected by RAA from 17 reinsurers globally, also shows that the combined ratio for the group remained unchanged from the previous year ... Read the full article
Ryan Specialty promotes Michael VanAcker to EVP of RT Specialty
13th March 2023
Global specialty insurer Ryan Specialty has promoted Michael VanAcker to Executive Vice President of RT Specialty, Ryan Specialty’s wholesale brokerage and binding authority specialty, effective immediately. In the role, VanAcker will work closely with Tim Turner, Chairman & Chief Executive Officer of RT Specialty, Ed McCormack, President of RT Specialty, as ... Read the full article
SVB failure: AM Best highlights importance of stress testing against rising interest rates
13th March 2023
Although insurers' exposure to the banking sector extends beyond stock impacts, providers of life insurance are less vulnerable to the kind of short-term volatility seen with the failure of Silicon Valley Bank (SVB), according to AM Best. The ratings agency reports that, based on year-end 2021 data, just eight companies have ... Read the full article
Australia flood loss rises to $6.53bn in fresh PERILS update
13th March 2023
Catastrophe loss aggregator PERILS has released a fourth and final industry loss estimate of AUD 6.53 billion, for the devastating Eastern Australia floods that occurred over February and March in 2022. This update represents a slight increase over the previous loss estimate of AUD 6.292 billion, that PERILS released in ... Read the full article
Lloyd’s has a duty to lead in cyber: Patrick Tiernan
13th March 2023
Patrick Tiernan, Chief of Markets at Lloyd’s, says the insurance and reinsurance marketplace has a duty to provide leadership in the cyber market and ensure sustainable underwriting practices. With the cyber market set to continue it’s rapid growth, it is “encumbent on Lloyd’s to be a leader in this space,” Tiernan ... Read the full article
Cocevar to lead Phoenix’s Insurance Risk and Reinsurance Oversight team
13th March 2023
Life consolidator Phoenix Group has appointed Piero Cocevar as its interim Head of Insurance Risk and Reinsurance Oversight. In 2015, Cocevar joined the Group as Senior Manager - Consolidation and Analysis at ReAssure, one of the Phoenix Group brands. After spending over ten years in that role, he was appointed Head ... Read the full article
Fleming selects Origami’s SaaS P&C core solution to enhance workers’ comp
13th March 2023
Property & casualty (P&C) solutions provider, Fleming Insurance Holdings, has selected Origami Risk’s multi-tenant SaaS P&C insurance core solution to enhance its data/analytics capabilities for its liabilities, including workers’ compensation, auto liability and general liability lines. Origami’s platform will offer Fleming a variety of different tools and functionality for data capture, ... Read the full article
Microinsurance Network adds insurtech veteran to Board
13th March 2023
The Microinsurance Network (MiN) has announced that InsurTech veteran Michele Grosso, is joining its Board of Directors. Grosso is the Co-Founder and CEO of Democrance, a global InsurTech firm that has a mission to make insurance accessible and affordable for those who are in need of it the most, particularly in emerging ... Read the full article
Cat-exposed property lines rate increases to re-accelerate in 2023: KBW
10th March 2023
Despite anticipating slowly decelerating rate increases throughout 2023, analysts at KBW expect catastrophe-exposed property lines' rate increases to re-accelerate in response to elevated claim cost inflation and rising property reinsurance costs. KBW's MarketScout February commercial insurance rate barometer rose by 5.0% y/y, accelerating from January's 4.4%. The analysts note that despite rate ... Read the full article
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