Reinsurance News
CRC Group announces three new additions to its executive team
11th October 2023
CRC Group, a wholesale distributor of specialty insurance products, has announced the appointment of three new executive leaders. Jessica Marshall has been named Chief Marketing Officer, Mike Baeurle has been appointed Chief Client Officer, and Curtis Moore has become the new Chief Administrative Officer of CRC Group. The three of them will ... Read the full article
AM Best maintains negative outlook on Indonesia non-life insurance segment
11th October 2023
Global ratings agency AM Best has confirmed that it is maintaining a negative outlook on the Indonesia non-life insurance segment. The agency cities heightened reinsurance credit risk and potential pressure on underwriting margins owing to rising reinsurance costs and more-restrictive coverages, as the key reasons behind the negative outlook. In a new ... Read the full article
iSure launches Professional Indemnity facility in Ireland
11th October 2023
Irish specialist SME insurance MGA, iSure, has launched a Professional Indemnity (PI) facility with a €2m primary and a €3m excess of loss limit. Josh Smith, who has 14 years of PI underwriting experience has been appointed as the lead underwriter on the facility for iSure. He is Rokstone’s specialist PI ... Read the full article
Beazley facility backs BDI Global and Havoc Shield cyber product
11th October 2023
BDI Global, a cyber policy program manager, in partnership with Havoc Shield, a comprehensive cybersecurity program-as-a-service built for SMBs, have announced the launch of a new cyber product, Shield Up. The program, supported by a Beazley facility, is a cyber risk assessment and remediation platform designed to make cyber liability insurance ... Read the full article
UN-led FSO Safer operation safely concludes oil transfer, averts catastrophe
11th October 2023
In a remarkable achievement, the United Nations-led FSO Safer operation has successfully concluded the transfer of oil from the FSO Safer, averting a potential environmental and humanitarian catastrophe of unprecedented proportions. "I welcome the news that the transfer of oil from the FSO Safer has been safely concluded today. The United ... Read the full article
Insurance Europe shares “serious concerns’’ about EIOPA’s supervision of reinsurance plans
10th October 2023
Insurance Europe, the European re/insurance federation, has expressed “serious concerns’’ in its consultation response, about the European Insurance and Occupational Pensions Authority (EIOPA)’s supervision of reinsurance plans. These concerns are regarding the Authority’s draft Supervisory Statement (Statement) on the supervision of reinsurance concluded with third countries re/insurance undertakings. EIOPA announced the launch ... Read the full article
Global M&A activity increases by 16% in Q3, sets stage for final quarter: WTW
10th October 2023
Global mergers and acquisitions (M&A) activity witnessed a solid increase throughout the third quarter of 2023, according to research on completed deals from broking and solutions company, WTW’s Quarterly Deal Performance Monitor (QDPM). The broker noted that global volume rose by 16% with 151 deals over $100 million in value were ... Read the full article
Ascot expands its Environmental insurance portfolio with new offering
10th October 2023
Global specialty insurance firm Ascot, has expanded its environmental offering with the launch of Prime PREMIER, a new fixed-site pollution product designed for clients focused on real estate, manufacturing, distribution, warehousing, industrial and development. Prime PREMIER was named for Protecting Real Estate, Manufacturing, and Industry from Environmental Risk. According to the announcement, ... Read the full article
Fiji welcomes first ever parametric insurance product
10th October 2023
Fiji has joined the Pacific Catastrophe Risk Insurance Company (PCRIC), a parametric disaster insurance pool for the Pacific, and signed a commitment letter for the country’s first ever parametric insurance product. The signing of the agreement took place in Morocco, with Deputy Prime Minister and Minister for Finance Professor Biman Prasad, ... Read the full article
BHSI names Ana Fuertes Head of Energy and Construction in Spain
10th October 2023
Berkshire Hathaway Specialty Insurance (BHSI), a global insurance provider, has announced the appointment of Ana Fuertes as Head of Energy and Construction in Spain. Based in Madrid, Fuentes joins BHSI with two decades of insurance industry experience. Her career has included several leadership roles in construction, energy and technical lines at ... Read the full article
Aon digitises and automates reinsurance claims process with Appian
10th October 2023
Global re/insurance broker Aon has transformed its reinsurance claims processing with the use of The Appian Platform, an AI-powered process platform that helps design, automate, and optimise complex processes. Aon's Reinsurance Solutions started an operational transformation program in 2018, making adjustments to daily roles and responsibilities for the broker’s staff around ... Read the full article
EIOPA lays down strategic priorities for 2024/26 with focus on managing uncertainty
10th October 2023
The European Insurance and Occupational Pensions Authority (EIOPA) has outlined its strategic priorities for the period 2024-2026, highlighting its plans to “focus on managing the uncertainty in times of transformation so that the insurance and pensions sectors can continue to deliver value to policyholders and beneficiaries.” In a statement, the EIOPA ... Read the full article
Pro Global hires news US Head of Audit & Advisory
10th October 2023
Pro Global has announced that it has appointed Robert Sherman as its new US Head of Audit and Advisory. Based in the US, in his new role, Sherman will lead Pro’s US Audit strategy and business development, with a particular focus on insurance audit and advisory services. Sherman joins Pro Global from ... Read the full article
Bermuda’s position as financial hub won’t be unduly impaired by tax reforms: KBRA
10th October 2023
In a recent report, credit rating agency KBRA (Kroll Bond Rating Agency) has affirmed Bermuda's long-term issuer ratings and short-term issuer ratings of the sovereign. The agency's stable outlook for Bermuda underscores its confidence in the island's ability to weather global corporate tax reform efforts without significant disruption to its status ... Read the full article
Insurance industry faces growing concerns over cyber cat risk: Gallagher Re
10th October 2023
Gallagher Re's report underscores the rising concern among business and insurance sector leaders regarding the potential for a large-scale systemic cyber attack, commonly known as a "cyber catastrophe" risk, due to the complex challenges and uncertainties it presents. The report underscores that while the cyber insurance market is rapidly evolving, it ... Read the full article