Reinsurance News
Gallagher Re promotes Busson to Head of L&H EMEA
12th January 2024
Reinsurance broker Gallagher Re has promoted Etienne Busson to the role of Head of Life & Health, EMEA, from his previous position as Deputy Head of the business. Busson has been with Gallagher Re since December 2018 when he joined from reinsurance broker Guy Carpenter, where he spent almost six years ... Read the full article
PIC appoints nine new departmental heads
12th January 2024
PIC has promoted nine people to be departmental heads within its Origination, Reinsurance and Transitions teams. As per PIC, Tristan Walker-Buckton has been named Co-Head of Origination, having formerly served as Head of Pricing. Walker-Buckton joined PIC in 2006. Meanwhile, Peter Rennalls has been appointed Head of New Business Delivery and Solutions. ... Read the full article
Global sovereign debt downgrades spark surge in contract frustration: Chaucer
12th January 2024
In the past year, a staggering 43 sovereign debt downgrades have swept across the globe, with concerns mounting over governments' ability to meet their financial obligations, according to global specialty (re)insurance group Chaucer. High inflation coupled with rising global interest rates has intensified worries about servicing debts, prompting downgrades for nations ... Read the full article
LIIBA unveils ambitious 2024 plans focused on politics, AI, and face-to-face trading
12th January 2024
The London and International Insurance Brokers' Association (LIIBA) has released its 2024 plans, outlining strategic priorities that include navigating the political landscape, harnessing artificial intelligence (AI) impacts on trading systems, and furthering the #BackToEC3 campaign for a return to face-to-face trading. A major highlight of the agenda is LIIBA's commitment to ... Read the full article
Berkshire (BHSI) appoints Nick Holding as Head of Marine, UK
12th January 2024
Berkshire Hathaway Specialty Insurance (BHSI) has expanded its marine capabilities with the appointment of Nick Holding as Head of Marine in the UK, based in London. This move follows the ongoing growth of the company’s marine portfolio. Nick Major, Country Head, BHSI UK, commented on the appointment, “I am pleased to welcome ... Read the full article
McGill and Partners appoints John Judice as President, US
12th January 2024
Specialty insurance broker McGill and Partners has appointed John Judice as the new President of its US business segment, where he will focus on driving business development activity across the firm's specialty platform. Judice has over two decades of experience in the insurance industry. He joined the broker in September 2021 ... Read the full article
Floridian insurers purchased more reinsurance in 2023 but cost of coverage rose 27%: OIR
11th January 2024
The Florida Office of Insurance Regulation (OIR) has reported a year-on-year rise in the amount of reinsurance coverage purchased by domestic Florida insurers in 2023, as the cost of protection rose for buyers amid the hardening market landscape. Based on findings from the ARDC for the 2023-2024 year, the amount of ... Read the full article
R&Q shareholders approve sale of Accredited
11th January 2024
At a special general meeting held earlier today, R&Q Insurance Holdings Ltd.'s shareholders approved the sale of the company's program management business, Accredited, which is expected to close in the first half of 2024. The global non-life specialty insurer confirmed in September 2023 that it was in advanced talks regarding ... Read the full article
Parsyl more than doubles Lloyd’s-backed consortium to $55m
11th January 2024
Parsyl, the supply chain insurer, has more than doubled its Essential Consortium to $55 million in capacity, ultimately making it one of the largest cargo only consortiums at Lloyd’s for perishable commodities. The company launched the $20 million consortium in April 2023, which is led by Parsyl’s Syndicate 1796. For the ... Read the full article
Inigo selects Phinsys’ platform to further drive growth
11th January 2024
Phinsys, the finance automation software provider for the re/insurance industry, has been selected by specialty re/insurer Inigo Limited, to deliver a digital, optimised finance and accounting function. Phinsys' new partnership with Inigo underscores the company's track record of delivering innovative software solutions for all types of insurance enterprise. Designed to speed up ... Read the full article
Gallagher Re adds Virgil Antonio de Souza to LatAm & Caribbean team
11th January 2024
Virgil Antonio de Souza joins the reinsurance broker from Brazil's IRB (Re), and assumes responsibility for leading Gallagher Re's Surety and Credit practice across Latin America and the Caribbean. He is set to join Gallagher Re's Latin America and Caribbean team in early 2024 and will be based in Brazil. Virgil Antonio ... Read the full article
Ryan Specialty expands renewable energy insurance offering with new MGU
11th January 2024
International specialty insurance firm, Ryan Specialty, has expanded its renewable energy insurance offering on a global basis with PERse International, a managing general underwriter (MGU) based in London. The MGU has a particular focus on both onshore and offshore renewable insurance and is a part of the firm’s underwriting specialty - ... Read the full article
Reinsurance sector’s digital transition shows gradual progress, Supercede data reveals
11th January 2024
In a recent report, Supercede, a reinsurtech software specialist, has unveiled insights into the industry's movement towards digital platforms, showcasing a measured pace in the adoption of innovative solutions. Amidst the critical January 2024 reinsurance renewal period, Supercede's data indicates a growing acceptance of digital transformation, though progress remains slower than ... Read the full article
Patrick Hennessy promoted to Northeast Zone Leader, Marsh
11th January 2024
Insurance broker, and business of Marsh McLennan, Marsh, has promoted Patrick Hennessy to the role of Northeast Zone Leader effective immediately. In the role, he is expected to lead the broker's eight offices across the Northeast region of the United States, where he will hold responsibility for client initiatives, new business, ... Read the full article
NFP names Amanda Ruback to lead Central region’s P&C business
11th January 2024
NFP, a property and casualty (P&C) broker, has announced the appointment of Amanda Ruback to spearhead the P&C business in its Central region. In her new role, Ruback will collaborate with NFP's Central region, industry group, and risk practice leaders to propel the growth of commercial P&C business. Her responsibilities include bolstering ... Read the full article