Reinsurance News
Technology can make health insurance more accessible, but there are challenges: GA
1st December 2023
Technology has helped make health insurance more accessible, but there are still challenges to overcome, such as its quality, access to it, and its democratisation, Niti Pall, Board Chair, HARBR, highlighted at the Geneva Association’s 50th Summit in Zurich, Switzerland. Many countries, like Bangladesh, India or Pakistan, and a lot of ... Read the full article
Crum & Forster appoints Brock Masterson to Surety Division
1st December 2023
Property, casualty, and accident & health insurer, Crum & Forster, has appointed Brock Masterson to the company's Surety Division as a member of its executive leadership team. Masterson will be based in the company's Morristown, NJ office. In this newly-established role, he will be responsible for the continued growth of the division's ... Read the full article
Global reinsurers navigate challenges and opportunities amidst rising interest rates: AM Best
1st December 2023
In response to the recent surge in interest rates, the global reinsurance market has experienced a mixed landscape, according to a report by AM Best. The rise in interest rates has triggered concerns about unrealised investment losses, but reinsurers have demonstrated resilience in managing these challenges. Property/casualty reinsurers, in particular, have retained ... Read the full article
Swiss Re sets IFRS net income target of over $3.6bn for 2024
1st December 2023
Global reinsurer, Swiss Re ahead of its transition from US GAAP to the IFRS accounting standard, has set a new IFRS target for net income of more than $3.6 billion for 2024. Simultaneously, the Life & Health Reinsurance segment is expected to contribute a net income of $1.5 billion, towards the ... Read the full article
ICW Group Insurance names Sandy Smith as VP, Risk Management
1st December 2023
Sandy Smith assumes oversight of the team of risk management specialists in her new role as Vice President, Risk Management, at ICW Group Insurance Companies. Paul Zamora, Senior Vice President, Workers' Compensation, ICW Group, commented on the appointment: "A key pillar to ICW Group's success in the work comp space is ... Read the full article
Distinguished Programs announces strategic partnership with Covington Specialty
1st December 2023
The aim of this partnership is to provide executive lines insurance products exclusively to the wholesale brokerage community. The Distinguished Executive Lines business will begin accepting submissions on January 2nd, 2024. Distinguished will initially offer a true follow-form excess product covering Directors and Officers, Employment Practices, and Fiduciary Liability for public, ... Read the full article
Climate Change a challenge to UK flood defences: Moody’s RMS & Flood Re
1st December 2023
A joint study by Moody’s RMS, the risk modeling and solutions company, and UK flood reinsurance scheme Flood Re, warns of the limitations of current flood defences in the face of climate change, and calls for the UK to invest further. The main point put across in the report is that ... Read the full article
Agreement to operationalise loss & damage fund reached at COP28
30th November 2023
After being agreed at COP27 in Sharm El Sheikh, the loss and damage fund became operational today as world leaders meet in Dubai for the start of this year's annual climate conference, with the UAE announcing a commitment of $100 million to the fund. The "historic agreement" to operationalise the fund ... Read the full article
Lowery-Biggers and Reiss join Compre’s Board in Bermuda
30th November 2023
Compre, an international legacy group, has announced the appointment of LoriAnn Lowery-Biggers and Jonathan Reiss as independent non-executive directors of its holding company in Bermuda, subject to regulatory approval. Lowery-Biggers brings more than 25 years of experience in the global finance and insurance industries to the company’s board. She has held notable ... Read the full article
New capital still cautious, any new entrants unlikely to move reinsurance market: AM Best
30th November 2023
AM Best's latest reinsurance segment market report states that while established capital remains supportive, new capital remains cautious, as the ratings agency highlights the distinction between available and deployed capital. The report reminds readers that not all available capital translates automatically into deployed capital. "Despite all the noise around unrealized investment losses ... Read the full article
Polo Managing Agency enhances client services through partnership with VIPR
30th November 2023
Polo Managing Agency (PMA), a prominent turnkey managing agency at Lloyd’s, has unveiled a collaboration with insurance technology company VIPR. This strategic partnership aims to elevate PMA's managed delegated authority relationships by integrating VIPR’s cutting-edge bordereaux management systems into PoloWorks’s services, the company said. PoloWorks's clients will now have seamless access to ... Read the full article
Synpulse announces partnership with insurtech Cenata
30th November 2023
Synpulse, a global professional services company, has partnered with insurtech software provider Cenata for its outwards reinsurance system. Cenata’s CenataSure, provides real time outwards reinsurance management for commercial insurers and reinsurers. The system is acclaimed for its automation, integration, and reporting features, These are capabilities a modern operating model for ceded business ... Read the full article
PPL hires Mark Griffith as Chief Information Officer
30th November 2023
Placing Platform Limited has announced that Mark Griffith has been appointed to take on the role of Chief Information Officer. He is set to join the business in January 2024, where he will report to Joe Gordon, PPL CEO. In his new role, Griffith is set to assume overall responsibility for PPL’s ... Read the full article
Host of economic shocks escalating debt crisis in emerging markets: WTW
30th November 2023
As per the latest Political Risk Index report from WTW, elevated government expenditures during the pandemic, global inflation, and increased interest rates in 2023 have contributed to an "escalating debt crisis in emerging markets." Evan Freely, Global Head of Financial Solutions, WTW, commented, “A conveyor belt of economic shocks has hit ... Read the full article
HDI Global reports stronger combined ratio of 92.7% for 9M’23
30th November 2023
Industrial insurer HDI Global, a part of the Talanx Group, has reported an improved year-over-year combined ratio of 92.7% from 95.4% for the first nine months of the year, as well as strong revenue and earnings growth. The company reported a 10% rise in insurance revenue to €6.6 billion, driven by ... Read the full article