Reinsurance News
Antares promotes Eddie Hughes to Head of Reinsurance
12th January 2023
QIC subsidiary Antares Managing Agency has announced the promotion of Eddie Hughes to Head of Reinsurance for Antares at Lloyd’s, effective immediately. Hughes brings more than 17 years of experience to the role, which spans across Antares Managing Agency Ltd and Antares Syndicate 1274. He previously served as class underwriter, marine and ... Read the full article
WTW combines Asia & Australasia operations
12th January 2023
WTW has announced the combination of its Asia and Australasia operations into one Asia Pacific region, effective 1 January 2023. As part of the combination, former Head of Australasia Simon Weaver has taken on the new role as Head of Asia Pacific, with Clare Muhiudeen to retire as Head of Asia ... Read the full article
Everest Re names Bobby Kwan APAC Senior Treaty Underwriter
12th January 2023
Everest Reinsurance, the reinsurance division of Everest Re Group, has appointed Bobby Kwan as Vice President, Senior P&C Treaty Underwriter for Asia Pacific region, a role based in Singapore. With over three decades of underwriting and management experience, Kwan has an extensive track record in developing, building & managing treaty business ... Read the full article
Howden completes acquisition of TigerRisk
12th January 2023
Howden Group Holdings has completed the acquisition of TigerRisk Partners (now Howden Tiger), with the firm stating, "Together, we are the world's fourth largest global reinsurance broker." Howden also suggested that following the acquisition, it has created the world’s largest programme, MGA and binding authority capability, which it calls Howden Tiger ... Read the full article
IAG renews Berkshire Hathaway quota share, but relationship changed
12th January 2023
Australian insurer IAG has announced the renewal of its largest Whole of Account Quota Share (WAQS) agreement, with National Indemnity Company (NICO), a subsidiary of Berkshire Hathaway, but there have also been key changes to the terms of the relationship between the companies. For instance, Warren Buffett's company will be free ... Read the full article
Reinsurance risk part of UK’s PRA 2023 priorities
12th January 2023
Reinsurance risk is one of the Prudential Regulation Authority’s (PRA) priorities for the supervision of life and general insurers in 2023, the Bank of England revealed. Part of the UK's central bank, the PRA is responsible for the prudential regulation and supervision of banks, building societies, credit unions, insurers and major ... Read the full article
TWIA may need $2.964bn of reinsurance for 2023, based on newly set 1:100 PML
12th January 2023
The Texas Windstorm Insurance Association's (TWIA) Actuarial & Underwriting Committee met yesterday to recommend the Board set $5.244 billion as the entity's 1-in-100 probable maximum loss (PML) for the upcoming storm season, which suggests that TWIA could end up buying some 46% more in reinsurance limit for 2023. Following a presentation ... Read the full article
Direct Line cancels dividend as weather claims hit £140m
12th January 2023
UK primary insurer Direct Line has said it no longer expects to declare a final dividend for 2022, as total weather claims for the year are estimated at nearly twice its original expectations. The company says it currently expects to pay claims worth around £90 million due to freezing temperatures in ... Read the full article
Risk Solved and Tensorflight announce partnership
12th January 2023
Global risk management platform provider Risk Solved, and Tensorflight, experts in global property risk management data analytics, have announced a new property risk management partnership. By bringing together Tensorflight’s property risk management data to the Risk Solved platform, the partnership aims to provide the insurance industry with new and enhanced global ... Read the full article
Insurtech Kettle announces new appointments and Shah’s promotion
12th January 2023
Kettle, a deep-learning powered insurtech company, has announced a number of appointments as well as Amit Shah’s promotion to President of Kettle Limited. With over 15 years of industry experience Brian Espie joins Kettle as Chief Underwriting Officer. In his new role he will head up underwriting at the reinsurance MGA startup, ... Read the full article
Treefrog partners with Gustavo Loret de Mola for launch of virtual CTO offering
12th January 2023
Bermuda-based Treefrog Consulting, a software development company delivering technology solutions to clients in the international (re)insurance and ILS space, has announced a new partnership with an insurance technology veteran, Gustavo Loret de Mola, for the launch of its latest virtual insurance Chief Technology Officer (CTO) offering. The service is aimed at ... Read the full article
GRP acquires Nucleus Underwriting
12th January 2023
Global Risk Partners (GRP) has acquired Nucleus Underwriting, its first managing general agent (MGA) acquisition since being taken over by Brown & Brown last year. In March 2022, the US broker firm Brown & Brown agreed to buy the insurance operations of GRP from PE firm Searchlight, the deal was ... Read the full article
Once again, UnitedHealth is the world’s largest insurer ranked by NPW
11th January 2023
Over 12% growth in net premiums written (NPW) in 2021 ensured that UnitedHealth Group Incorporated remains the world's largest insurance company when ranked by NPW, while global insurer Allianz sits atop the table when ranked by non-banking assets. Our directory of the World’s Largest Insurance Companies, which is ... Read the full article
CyberCube model used for first cyber cat bond
11th January 2023
Cyber risk analytics provider CyberCube has confirmed that it acted as a modelling agent for the first private cyber catastrophe bond. CyberCube’s Portfolio Manager was utilized as part of the creation of a $45 million insurance-linked securities (ILS) transaction by Beazley, as previously reported by our sister publication, Artemis. Portfolio Manager ... Read the full article
Insurance in 2023: A slow recovery but there is a silver lining – Berger, Swiss Re Corporate Solutions
11th January 2023
The world is coming to the end of another tumultuous year and the question on everyone’s mind is: what is next for the global economy and the insurance industry? From Swiss Re Corporate Solutions' vantage point right now, while the firm still sees short-term pain over the next year, there ... Read the full article
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