Reinsurance News
Allianz Commercial appoints new EC&P Regional Underwriting Manager
10th January 2023
Allianz Commercial announced the promotion of Arshad Rashid to Regional Underwriting Manager for its Engineering, Construction & Power (EC&P) business in London. In his new role, Rashid will help the company to drive EC&P’s growth and lead its technical underwriting activity in England’s capital. He will also be in charge of monitoring ... Read the full article
Core Specialty launches excess liability program with Synchronosure
10th January 2023
Core Specialty Insurance Holdings, Inc. and its subsidiaries have announced the launch of an excess liability program in conjunction with Synchronosure, a tech augmented underwriting agency. According to the announcement, the program will provide up to $5m in excess liability coverage, attaching at $11m and higher, to small and middle-market businesses ... Read the full article
Previsico to leverage €4.3bn Meteosat satellite to deliver better flood forecasts
10th January 2023
Live flood alert Insurtech Previsico is set to leverage the new €4.3bn Meteosat satellite system to deliver even faster and more accurate flood warnings for clients like Zurich, Liberty, and Generali. The insurtech already provides real-time, property-level surface water flood forecasts that enable clients to mitigate flood impacts, which are given ... Read the full article
Keystone names Rhodes new Executive VP of P&C
10th January 2023
Keystone Insurers Group has announced the appointment of Tony Rhodes as its new Executive Vice President of Property & Casualty. Keystone says that in the new role, Rhodes will support the development of P&C opportunities and strategise methods to accommodate growth in all commercial endeavours within the firm. Rhodes most recently served ... Read the full article
Cyber loss picks stable at Jan 1 despite rate hardening: Gallagher Re
9th January 2023
Reinsurers aggregate excess of loss/stop loss cyber loss picks remained stable at 1/1, global reinsurance broker Gallagher Re revealed in its 1st View Report. Sharing its comments on the global cyber market at the January 1, 2023 reinsurance renewals, the broker said that despite significant rate hardening in underlying portfolios, "market ... Read the full article
Duck Creek agrees acquisition by Vista for $2.6bn
9th January 2023
P&C solutions provider Duck Creek Technologies has agreed to be acquired by global investment firm Vista Equity Partners in an all-cash transaction valued at approximately $2.6 billion. Under the terms of the agreement, Duck Creek shareholders will receive $19.00 per share in cash, which represents a 46% premium to Duck Creek’s ... Read the full article
Ludlow Re enters multi-billion-dollar quota share agreement with SILAC
9th January 2023
SILAC Insurance Company has entered into a $2.5 billion quota share agreement with Hildene Capital Management affiliate, Ludlow Re, which will provide reinsurance for SILAC’s annuity products. The agreement comes as part of SILAC and Hildene entering into a long-term strategic alliance. As part of the alliance, Hildene has acquired a strategic ... Read the full article
Biotech start-up Aanika agrees parametric deal with US crop specialist
9th January 2023
Biotechnology start-up Aanika Biosciences has entered into a parametric food insurance agreement with Satur Farms, a specialty crop producer with operations in New York and Arizona. Aanika will bundle its technology for tracing fresh produce with a novel parametric food recall and contamination insurance policy, which should enable Satur to obtain ... Read the full article
US commercial and personal lines both see rates up 5% in Q4: MarketScout
9th January 2023
New data from MarketScout, a managing general agent, Lloyd's coverholder and wholesale broker, shows that composite rate increases for both US commercial and personal lines insurance were up by more than 5% through the fourth quarter of the year. The composite rate for US commercial insurance rates was up 5.1% in ... Read the full article
Sompo Intl names O’Neill President of Commercial Lines, Insurance, Asia Pacific
9th January 2023
Sompo International, a leading global provider of commercial and consumer P&C re/insurance, has appointed Paul O’Neill as President of Commercial Lines, Insurance, Asia Pacific. Within the role, he will report to Julian James, Sompo International’s CEO, Global Markets, Commercial P&C, and Daniel Neo, CEO, Asia Pacific, Sompo International. Sompo Intl stated that ... Read the full article
AXA XL names Coxall UK Head of Underwriting Management
9th January 2023
AXA XL, the property & casualty and specialty risk division of AXA, has announced the promotion of Stephanie Coxall to Head of Underwriting Management, UK & Lloyd’s. In her new role, effective 16 January, Coxall will be responsible for supporting Luis Prato, AXA XL’s Chief Underwriting Officer (CUO), UK & Lloyd’s, ... Read the full article
IAG maintains $10bn cat reinsurance but increases first event retention
9th January 2023
Australian insurer IAG has completed its 2023 catastrophe reinsurance renewal, maintaining a flat gross protection cover at up to $10 billion, same as in 2022; its first event retention was increased “reflecting inflation and the global reinsurance market impacts”. The main cover provides gross protection for catastrophe losses of up to ... Read the full article
Cyber insurance premiums on the rise for UK businesses
9th January 2023
UK businesses are facing soaring cyber insurance premiums caused by higher claim risks at a time of heightened exposure to cyber-attacks, a survey by Mactavish, an independent insurance buyer and claim expert, has revealed. Mactavish surveyed companies with over a 10m turnover, across industries including technology, manufacturing, aviation and maritime sectors, ... Read the full article
Beazley confirms placement of market’s first cyber cat bond
9th January 2023
Specialist re/insurer Beazley has now confirmed that it has sponsored a ground-breaking cyber catastrophe bond transaction, designed to cover remote probability catastrophic and systemic cyber events, with the potential for more deals later in 2023 and beyond. It was reported earlier by the Financial Times that Beazley, the London headquartered ... Read the full article
Xchange Benefits launches captive insurer, Distribution Re
9th January 2023
Xchange Benefits LLC, a managing general underwriter owned by Ambac Financial Group, has launched a protected cell company named Distribution Re. The new entity, which is based in Tennessee, will insure accident & health risks mainly in the form of high deductible medical stop loss plans. Distribution Re, wholly owned by Xchange ... Read the full article
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