Reinsurance News
Reinsurers in a “very good position” amid strong rate environment: RenRe’s O’Donnell
14th November 2023
Speaking on a panel at the PwC Insurance Summit in Bermuda in November, Kevin O’Donnell, President, and CEO of RenaissanceRe (RenRe), underlined that the industry is heading into a "strong" and "constructive" reinsurance rate environment ahead of the January renewals. During the panel, O’Donnell was asked how long inflation is going ... Read the full article
Alex Hardy named Director of Sales & Distribution for SiriusPoint’s international business
14th November 2023
Global specialty re/insurer, SiriusPoint Ltd., has appointed Alex Hardy as Director of Sales & Distribution for its International business. SiriusPoint confirmed that Hardy will join the firm on December 4, 2023. He will be based in London, and will report to Rob Gibbs, President & CEO, SiriusPoint International. Overall, Hardy brings over two ... Read the full article
AM Best assigns stable outlook on New Zealand’s non-life insurance segment
14th November 2023
Global credit ratings agency, AM Best, has assigned a stable outlook on the New Zealand non-life insurance segment, citing its expectations of solid premium growth in the market, which is heavily owed to strong, ongoing rate improvement, particularly in the property and motor segments. Best also highlighted other positive factors, such ... Read the full article
Howden Tiger and Swiss Re conclude strategic Loss Portfolio Transfer for KBIC
14th November 2023
Howden Tiger, the reinsurance broking arm of the global insurance group Howden, in collaboration with Swiss Re Group, a leading global reinsurer, has successfully completed a strategic Loss Portfolio Transfer (LPT) for Kookmin Best Insurance Company, LTD (US Branch) (KBIC). Howden Tiger served as the advisor on this transaction. In this ... Read the full article
Mark Newman becomes Canopius Group UK CEO
14th November 2023
Specialty re/insurer, Canopius Group, has announced the appointment of Mark Newman as Chief Executive Officer (CEO) for the UK, with interim UK CEO Kate Roy to step down from the position on December 31st, 2023, and retain her role as Group Chief Operating Officer (COO). Newman is to take up his ... Read the full article
Farmers Group to acquire three brokerages and flood program of Farmers Exchange
14th November 2023
Zurich, through its wholly-owned subsidiary, Farmers Group (FGI), has agreed to acquire three brokerages and the flood program servicing arm of the Farmers Exchanges, for $760 million. According to the announcement, “ownership of the brokerages will ensure FGI maintains and broadens its position in supporting the Exchanges in meeting customers’ needs ... Read the full article
Hans Døhlen to spearhead Pro MGA Global Solution’s European expansion
14th November 2023
Independent managing general agent, Pro MGA Global Solutions, has appointed Hans Martin Døhlen as Managing Director of the company’s European platform, Pro MGA Solutions Europe GmbH, and Director of Underwriting. In his new role, Hans will be responsible for the growth of Pro MGA’s business in Europe, which includes MGA incubator ... Read the full article
S&P revises SiriusPoint ratings outlook to ‘Stable’
14th November 2023
Global specialty re/insurer SiriusPoint, has had its ratings outlook revised from ‘Negative’ to ‘Stable’ by S&P Global Ratings (S&P). According to the announcement, this move reflects the credit rating agency’s” expectation that SiriusPoint will continue to post strong and improving underwriting results in 2023-2025, with combined ratios around 95% and capital ... Read the full article
American Coastal Insurance posts improved combined ratio of 68.7% for Q3’23
14th November 2023
American Coastal Insurance, formerly known as United Insurance Holdings, released its financial results for Q3 2023, reporting a combined ratio of 68.7% for Q3'23 as compared to a ratio of 139.3% for Q3'22. American Coastal Insurance, a property and casualty insurance holding company, reported a net income attributable to the Company ... Read the full article
G20 business leaders prioritise economic and societal risks: World Economic Forum
14th November 2023
In a recent survey conducted by the World Economic Forum, economic and societal threats have taken center stage as the primary concerns for business leaders in G20 countries over the next two years. The Executive Opinion Survey gathered insights from more than 11,000 business leaders across 110 countries between April and ... Read the full article
Lloyd’s coverholder Kita names James Brown Technical Underwriting Advisor
14th November 2023
Kita, a carbon insurance specialist and Lloyd’s of London coverholder, has announced the appointment of James Brown, former Head of Natural Resources at Chaucer, as its new Technical Underwriting Advisor. In his new role, Brown will act as lead consultant for JBAdvice Ltd, with his decades of technical underwriting experience he ... Read the full article
Skyward Specialty launches follow-on offering of its shares
14th November 2023
P&C insurer Skyward Specialty has announced a follow-on offering of 2.15 million shares of its common stock as it looks to target further growth opportunities. Based on Skyward's share price as of November 14, 2023, the insurer would raise around $66 million of capital. In addition to this follow-on offering, Westaim, Skyward ... Read the full article
Severe weather patterns shift North American wildfire risk landscape: Chaucer
14th November 2023
In a recent study, global specialty (re)insurance group Chaucer has identified significant shifts in North American wildfire risk patterns, particularly in regions previously deemed 'low-risk.' The report reveals that areas such as the Appalachians, Southern Rockies, Alberta and British Columbia, and Texas, once considered safe from catastrophic wildfire events, are now ... Read the full article
Bermuda market crucial in responding to growing geopolitical risks: PwC
14th November 2023
"For the first time in a very long time, reinsurers are having to deal with geopolitical risks and that adds a whole layer of extra complexity that we haven’t seen before, and needs to be factored into the strategic decision-making of companies," suggests, Arthur Wightman, PwC Bermuda, Territory and Insurance ... Read the full article
Christopher H. Balch named President of Berkley Technology Underwriters
14th November 2023
W. R. Berkley Corporation has appointed Christopher H. Balch as president of Berkley Technology Underwriters, succeeding Matthew A. Mueller, who has been named chairman of the business. Balch joins Berkley Technology Underwriters with almost two decades of experience in the property and casualty insurance industry. Berkley noted that his prior experience ... Read the full article