Reinsurance News
Shorter investment portfolio duration impact marginal for reinsurers: Morgan Stanley
13th December 2023
Despite noting that certain investors feel that reinsurers are now more exposed by their shorter investment portfolio durations, analysts at Morgan Stanley believe that the impact should be marginal, while investment income should continue to see upside as most reinsurers are still witnessing improving investment yield. Morgan Stanley pointed out in ... Read the full article
Vanbridge and GreensLedge launch joint venture and ALOC Facility
13th December 2023
Vanbridge and GreensLedge have announced the formation of Convergence Point Solutions (CPS), their joint venture company. They have also announced the launch of its Alternative Letter of Credit (ALOC) Facility, which has been designed for companies that operate in industries that are required to post significant collateral for their Casualty insurance ... Read the full article
2023 UK motor insurance market performance expected to be worst since 2010: EY
13th December 2023
The UK motor insurance market is expected to record its worst performing year since 2010 this year, according to EY’s latest UK Motor Insurance Results. EY's report said that a net combined ratio (NCR) of 114.6% is now forecast for motor insurers in 2023, up from 108.5% forecast in June. This occurred ... Read the full article
Ryan Specialty forms international financial lines MGU
13th December 2023
Ryan Specialty, a service provider of specialty products and solutions for insurance brokers and carriers, has announced the formation of Ryan Financial Lines, its international financial lines managing general underwriter (MGU). Ryan Financial Lines is the result of the unification of the operations of EmergIn Risk, led by Jamie Bouloux; StartPoint ... Read the full article
S&P upgrades Lloyd’s financial strength rating to AA–
13th December 2023
London headquartered insurance and reinsurance marketplace Lloyd’s has announced that S&P has revised its financial strength rating to ‘AA–’; outlook stable, from ‘A+’; outlook stable. According to Lloyd's, the rating upgrade reflects the improvement in its balance sheet strength, which S&P has assessed to be ‘excellent’. The rating agency noted that another ... Read the full article
Tracey Brown to lead Vertafore distribution and compliance management segment
13th December 2023
Insurtech Vertafore has named Tracey Brown to head its distribution and compliance management (DCM) segment as Senior Vice President (SVP) and General Manager. In her new position, Brown will oversee Vertafore’s Sircon solutions, which simplify compliance for individual brokers, agencies, insurers, intermediaries, education providers and states, and empower carriers to modernise ... Read the full article
Right Choice re-launches Autosaint brand with Howden Driving Data partnership
13th December 2023
Right Choice Insurance Brokers (RCIB) has selected Howden Driving Data, part of the Howden insurance group, as the telematics provider for its newly relaunched Autosaint brand. A pioneer in telematics insurance, Autosaint has helped tens of thousands of customers secure cheaper premiums and become safer drivers since 2011 through behavioural coaching ... Read the full article
Aon survey highlights significant funding gap for IP-rich UK businesses
13th December 2023
A new report from global re/insurance broker Aon, in partnership with Beauhurst, shows that there is a significant funding gap for intellectual property (IP) rich UK organisations, with only 2% having reached scale-up status and also raising equity funding. Important to remember, scale-up status is defined by the Organisation for Economic ... Read the full article
Bermuda reinsurance market forecasts stability in property, tightening in casualty for 2024: KBW
13th December 2023
Executives from the Bermuda reinsurance market are expressing optimism about the 2024 property reinsurance operating environment, foreseeing stability in terms and conditions. While there is some divergence in views on January 1 property catastrophe rates, the consensus points towards a steady market. In the U.S. property catastrophe segment, there is a nuanced ... Read the full article
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