Reinsurance News
Marsh announces new leadership appointments to its UK and Global Placement team
13th December 2023
Marsh, insurance broker and a business of Marsh McLennan, has announced a series of senior appointments across its UK and Global Placement leadership team, including Tom Davies’ as Placement Leader, UK, effective 1 January, 2024. Davies brings over 30 years of experience to his new role, and currently is Global CEO ... Read the full article
TWIA to start reinsurance renewal process amid need for additional $1bn in limit for 2024
13th December 2023
Staff at the Texas Windstorm Insurance Association (TWIA) explained that the wind and hail insurer of last resort for the state of Texas requires approximately $1 billion more in reinsurance funding for 2024 when compared with 2023, as exposure growth persists. TWIA's Board noted previously that the insurer would need ... Read the full article
Insurance Europe reconfirms commitment to climate fight as COP28 deal lands
13th December 2023
With countries striking an agreement at COP28 to transition away from all fossil fuels to reach net zero emissions globally by 2050, Europe's insurance industry has reconfirmed its commitment to fighting climate change and "overcoming climate protection gaps." This morning, COP28 president Sultan al-Jaber announced the agreement, aptly named UAE Consensus, ... Read the full article
AXA XL hires Liberty’s Mike Gosselin as CUO, UK & Lloyd’s
13th December 2023
AXA XL, the P&C and specialty risk division of global insurer AXA, has handed Mike Gosselin responsibility for underwriting strategy, portfolio performance, and driving profitability for its UK business across its Lloyd’s and company market platforms. Gosselin takes over as Chief Underwriting Officer (CUO), UK & Lloyd's at AXA XL in ... Read the full article
DUAL Europe appoints Gwenaël Hervé to lead French subsidiary
13th December 2023
DUAL Europe has appointed Gwenaël Hervé as Chairman to establish and develop the company's business in France, which will initially offer Financial Lines, Professional Indemnity, Cyber, construction all risks and Title and M&A insurance solutions for medium-sized and large companies. France is one of Europe’s largest insurance markets, giving DUAL reach ... Read the full article
MSCI ESG recognises Generali as leader in sustainability
13th December 2023
MSCI, the index that measures companies' resilience to ESG risks, recognises Generali’s sustainability leadership as it confirms the Italian insurer’s "AAA" ESG rating. The MSCI analysis, involving more than 8,500 companies, has once again assigned Generali the highest possible score, which the Group also received in 2022. MSCI's assessment highlights the insurer’s ... Read the full article
Bermuda government likely to pass “generational” tax legislation this week
13th December 2023
As per analysts from BMO Capital Markets, tax-related legislation, which is likely to be passed by the Bermudian government this week, "will push GAAP corporate income tax rates materially higher." Analysts at BMO said that this is a "once in a generation" tax code change, with headline income tax rates that ... Read the full article
Arch Insurance & Upfort team up to expand access to cyber coverage
13th December 2023
Upfort, a cyber security and insurance platform and Arch Insurance, a global provider of specialty risk insurance solutions, have entered into a strategic partnership to transform cyber insurance programs for small and medium-sized enterprises (SMEs), associations and risk pools. Both organisations will work with brokers to develop group programs that prioritize ... Read the full article
LMG welcomes new accountability metrics for UK regulators
13th December 2023
The London Market Group (LMG) has welcomed the new metrics, on which the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) will be asked to report. The list of the metrics, recently published by the UK Treasury, outline how the two regulators will be assessed in meeting their new ... Read the full article
CyberCube expands capabilities of its Account Manager software in latest version
13th December 2023
Cyber analytics firm CyberCube has launched Version 5.0 (v5) of Account Manager, the software-as-a-service (SaaS) solution designed for underwriters, with expanded financial quantification insights and several data enhancements. Account Manager v5 extends the capabilities of Portfolio Manager, CyberCube’s portfolio modelling product. This gives clients that licence both solutions the ability to quantify ... Read the full article
PIC concludes £65m full buy-in of the Chemring Group Staff Pension Scheme
13th December 2023
Specialist insurer of defined benefit pension schemes, Pension Insurance Corporation plc (PIC) has announced that it has concluded a £65 million full buy-in of the Chemring Group Staff Pension Scheme. From what we understand, the transaction secures the pensions of both deferred and pensioner members of the Scheme, which is sponsored ... Read the full article
KPMG appoints Huw Evans as Head of Insurance, UK
13th December 2023
Financial advisory firm KPMG has appointed Huw Evans as its Head of Insurance in the UK, replacing Trevor Jones, who retires in April 2024 and will work closely with Evans to ensure a smooth transition. Karim Haji, Global and UK Head of Financial Services at KPMG, commented on the appointment, "Huw ... Read the full article
Atain Insurance appoints Cara Delestienne as VP & Head of Binding Authority
13th December 2023
Atain Insurance Companies, an insurer and member of H.W. Kaufman Group, has appointed Cara Delestienne as Vice President (VP) and Head of Binding Authority, based in Pittsburgh and reporting to Linc Trimble, Chief Underwriting Officer. In this new role, Delestienne’s remit will include leading the company’s binding authority business and be ... Read the full article
WTW launches CyProtect Bermuda to fortify enterprises against evolving cyber threats
13th December 2023
Global advisory, broking, and solutions company, WTW has announced the launch of CyProtect Bermuda, a cutting-edge cyber insurance product designed and tailored to be a comprehensive solution for financial, professional, and executive risks. WTW’s new tool is targeted towards large enterprises operating in the Bermuda market, and it aims to set ... Read the full article
The Standard announces two key leadership promotions
12th December 2023
The Standard Insurance Company has promoted Tony Fung to second vice president of IDI Underwriting and GSI. In his new role, Fung is expected to lead the fully underwritten and Guaranteed Standard Issue Individual Disability Insurance underwriting teams in addition to also leading GSI operations. Fung joined the company in 2016, taking ... Read the full article