Reinsurance News
ARM launches Data and Modeling Institute
28th October 2022
Actuarial Risk Management Ltd. (ARM), a provider of advisory actuarial services, has announced the launching of its Data and Modeling Institute (DMI), aimed to transform insurers' actuarial functions and address the industry's supply-demand imbalance for actuarial talent through managed actuarial services. According to the firm, the DMI will provide a strategic ... Read the full article
ID theft coverage becoming essential for insurers: AM Best
28th October 2022
A new report from AM Best highlights that even though ID theft coverage is offered as a standalone policy, but predominantly sold as part of a package, the market has seen a significant increase in standalone policies, to 2.3 million in 2021 from just over 300,000 in 2020. Best notes that ... Read the full article
Woodruff Sawyer names VP for Private Equity & Transactional Risk Group
28th October 2022
Independent US insurance brokerage Woodruff Sawyer has announced that Todd Dorsey has joined the firm as Vice President in its Private Equity and Venture Capital Group. Prior to joining Woodruff Sawyer, Dorsey served three years at Lockton, where he provided risk mitigation solutions for private equity and private equity-backed portfolio companies. In ... Read the full article
Embrace Partners appoints insurance industry executives to its Board of Directors
28th October 2022
MBE certified Embrace Partners, Inc., a tech-driven managing general underwriter (MGU) of specialty commercial insurance, has announced the appointments of key executives to its Board of Directors. Embrace has confirmed that the Board will include Vince Tizzio, CEO, Specialty Insurance & Reinsurance at AXIS; Paul Wendler, Senior Vice President at CAC Specialty; Valerie ... Read the full article
What can re/insurers do to minimise Asia’s $60bn protection gap?: Swiss Re
27th October 2022
Geopolitics, war, disruptions of supply chains and climate change can have a great impact on the re/insurance industry in China and emerging Asia. These, along with low insurance penetration and the region’s vulnerability to natural catastrophes - enhanced by climate change - can leave people and governments facing major losses ... Read the full article
Prudential Financial to revamp leadership teams in Q1 2023
27th October 2022
Prudential Financial is to revamp its US and international business leadership, with the changes coming into force in the first quarter of 2023. The firm said that Scott Sleyster is to retire as head of International Businesses, with Andy Sullivan, current executive vice president, set to lead international business and PGIM. ... Read the full article
US workers’ comp insurance line faces uncertain future despite solid profits
27th October 2022
Uncertain future for US workers’ compensation insurance line, warn analysts at AM Best, despite the line generating solid profits. According to a recent AM Best report, in the last five years, the annual underwriting profit in the US workers’ compensation line of business has averaged $4.8 billion and totaled almost $24 ... Read the full article
WR Berkley forms new company in Berkley E&S Solutions
27th October 2022
WR Berkley Corporation has formed a new offshoot called Berkley E&S Solutions that will provide surplus lines casualty coverages to middle-market and large accounts through individual wholesale broker appointments. The firm said that Curtis E. Fletcher will be president and CEO, beginning immediately. W. Robert Berkley, Jr., president and chief executive officer ... Read the full article
Donegal Group reports Q3 $10.4mn net loss
27th October 2022
US primary holding company Donegal Group has reported a net loss of $10.4 million in the third quarter of 2022, compared to a net loss of $6.7 million from the same period last year. Net premiums earned for the quarter increased by 5% to $206.1 million, compared to $196.2 million from ... Read the full article
Chaucer & K2 partner to launch new US parametric product
27th October 2022
Global specialty re/insurance group, Chaucer, in partnership with K2 Parametric, will provide coverage for US mid-size corporates and municipalities against hurricane and earthquake damage, an area which it notes has previously been underserved by the market. The partnership with K2 Parametric is the latest parametric initiative from Chaucer, which also provides ... Read the full article
Rob Wesseling of Co-operators appointed new Chair of ICMIF
27th October 2022
The International Cooperative and Mutual Insurance Federation (ICMIF) has announced that Rob Wesseling, President and CEO, of Co-operators, Canada, will be the Federation’s new Chair for a four-year term. The announcement was made during the ICMIF Centenary Conference in Rome, hosted by ICMIF member Gruppo Unipol. ICMIF states that Wesseling's appointment comes ... Read the full article
Further rate hardening expected throughout 2023: Berenberg
27th October 2022
Analysts at investment bank Berenberg have said they expect the London market to see further rate hardening throughout 2023 due to the coalescence of different factors, including inflation - the single biggest concern for the industry according to analysts. Berenberg noted industry experts estimate that there could be $15bn-$25bn more demand ... Read the full article
Artificial Labs adds Ascot founder Martin Reith as Chairman
27th October 2022
Artificial Labs, a UK insurtech providing algorithmic underwriting technology to the commercial and specialty insurance market, has announced the appointment of Martin Reith as Chairman of its Board. Reith has almost 40 years’ experience in the insurance and reinsurance space and is the founder and former Group CEO of Ascot Underwriting ... Read the full article
Fathom launches new global flood map
27th October 2022
Flood risk modeller Fathom has announced the launch of Fathom-Global 3.0, a new map providing insurers with full global coverage of all flood perils. The company states that Fathom-Global 3.0 enables users to quantify and mitigate flood risk, and understand changes in risk under future climate scenarios. It adds that unlike ... Read the full article
Aegon to combine its Dutch operations with a.s.r.
27th October 2022
Aegon has announced it has reached an agreement with a.s.r. to combine its Dutch pension, life and non-life insurance, banking, and mortgage origination activities. The firm states that the combination will create a leading Dutch insurance company, enabling it to accelerate its strategy and will represent a major step in its ... Read the full article
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