Reinsurance News
Chloe Gordge promoted to Markel’s Head of Terrorism in London
18th April 2024
Markel, the insurance operations within Markel Group Inc., has announced the promotion of Chloe Gordge to Head of Terrorism in London, effective immediately. In her new role, Gordge will lead the day-to-day running of Markel's London Terrorism portfolio. She will have responsibility for leading and implementing the team's underwriting strategy, ... Read the full article
MGA Rokstone launches free D&O Limit of Indemnity Calculator for brokers
18th April 2024
Speciality re/insurance managing general agent (MGA) Rokstone, which is part of the Aventum Group, has launched a free Directors & Officers (D&O) Limits of Indemnity (LOI) Calculator, designed to support brokers partners. The MGAs new tool tackles the current issue of accurately assessing appropriate limits of indemnity for D&O clients. It has ... Read the full article
PURE sees 2023 combined ratio improve, direct written premiums increase 14%
18th April 2024
High net worth insurance specialist PURE Insurance has revealed that its direct combined ratio for 2023 fell to 102.2%, an improvement compared to the last two years, mainly due to stricter underwriting guidelines, pricing enhancements, and management’s efforts to reduce operating costs. However, while the firm noted it is pleased to ... Read the full article
AEGIS London names new members of cyber team
18th April 2024
Lloyd’s insurer AEGIS London has announced the hire of a new underwriting team to focus on building a ‘profitable cyber portfolio’ and strengthen its position in the cyber market. Daniel Johnson has been appointed to the role of class underwriter for cyber and is joined by Lydia Lambert, who becomes cyber ... Read the full article
Convex achieves net profit as FY’23 combined ratio strengthens to 89.6%
18th April 2024
Convex Group, the international specialty insurer and reinsurer, has reported its first annual net profit since inception, announcing 2023 net income of $503.2 million, a significant improvement on the $142.2 million loss seen in 2022. The 2023 net income figure includes the establishment of a deferred tax asset of $67.7 million ... Read the full article
Munich Re bolsters P&C underwriting teams in APAC MEA with revised set-up
18th April 2024
Munich Re is to strengthen its P&C underwriting teams in Asia Pacific, Middle East & Africa (APAC MEA) with a revised set-up, which includes two regional divisions and personnel changes at the senior executive level. As Chief Executive, Hitesh Kotak will lead Munich Re's P&C business in Japan, India, Korea and ... Read the full article
Nationwide’s fire and water loss prevention program reaches milestone
18th April 2024
Nationwide’s Ting program has reached a 50,000 home milestone demonstrating a positive impact on engagement and prevention to reduce fire and water loss risk, the insurance services company has stated. The Ting program was launched in 2022 in partnership with Whisker Labs and Hartford Steam Boiler. With its prevention technology, it ... Read the full article
GFIA expresses concerns over new UN Tax Committee proposals
18th April 2024
The Global Federation of Insurance Associations (GFIA) has expressed its concerns over the proposal by the United Nations Tax Committee, a group of experts on international cooperation in tax matters that would revise a UN Model Convention and help plan how to address income from cross-border reinsurance and insurance activities. The ... Read the full article
McGill and Partners promotes Faye Adamou as Partner in Financial Lines team
18th April 2024
McGill and Partners, a global specialty insurance and reinsurance broker, has announced the appointment of Faye Adamou as a Partner in its Financial Lines team. Adamou has been with McGill and Partners since 2020, initially serving as an Associate in the Financial Lines team for four years before her recent promotion. Prior ... Read the full article
PwC achieves Guidewire Migration Acceleration Specialization
18th April 2024
PwC has achieved Guidewire Migration Acceleration Specialization to speed insurers’ move to Guidewire Cloud with lower transitioning costs delivery and improved delivery of quality and predictability. In order to gain specializations, either regional or global, partners are required to demonstrate the requisite skills, knowledge, and competency in a specific Guidewire product ... Read the full article
AIG names Ryan Thomas as Head of Financial Lines, APAC
18th April 2024
American International Group, Inc. (AIG), a global insurer, has appointed Ryan Thomas as the Head of Financial Lines, Asia Pacific, based out of Singapore. Thomas has over 20 years of underwriting experience. The insurer stated that, “Ryan brings a wealth of technical expertise and leadership skills that will be critical in ... Read the full article
The World Bank issues $420m parametric cat bond for the Government of Mexico
17th April 2024
The World Bank has issued $420 million in catastrophe bonds for renewed disaster risk protection for the Government of Mexico. The cat bond, which will finance insurance coverage against named storm events along the Atlantic coast of Mexico and earthquake events, will be issued by the International Bank for Reconstruction ... Read the full article
Liberty Mutual reveals new International Insurance division, Phil Hobbs to lead
17th April 2024
Liberty Mutual Insurance has announced that it has formed a new international insurance business division, set to be led by Phil Hobbs, who serves as President and Managing Director, Liberty Specialty Markets. The new division, dubbed Liberty International Insurance (LII), is the unification of two business operations in Asia. Read the full article
High number of cargo claims anticipated from stuck vessels following Baltimore bridge collapse
17th April 2024
The build-up of stuck vessels following the Francis Scott Key Bridge collapse will likely give rise to substantial cargo claims, according to Nick Evans, Insurwave’s Head of Product. For those in need of a refresher, on March 26th 2024, the container ship “Dali” reportedly lost power before passing under the major ... Read the full article
Ageas Re to further diversify portfolio with opportunities in Casualty space
17th April 2024
Following the response Ageas Re received from the market in its inaugural year of operation, the company is now looking to expand its portfolio with opportunities in the Casualty space. Ageas stated: “As a key engine for future growth Ageas Re remains set on becoming a full-service reinsurer in the long ... Read the full article