Reinsurance News
Allianz Commercial hires AIG’s Claudia Valencia as Global Head of Portfolio Solutions
20th October 2023
Allianz Commercial has announced the appointment of Claudia Valencia as Global Head of Portfolio Solutions, joining the firm on January 8, 2024. In her new role, Valencia will be based in London, where she will report jointly to Chief Underwriting Officer Shanil Williams and Global Head of Distribution Jeremy Sharpe. Allianz Commercial ... Read the full article
AM Best maintains stable outlook on Japan’s life insurance market
20th October 2023
Global ratings agency AM Best has maintained its stable outlook on Japan’s life insurance market segment. The agency cites in part the prospects for higher premium income based on rising interest rates, as one of the key reasons behind the stable outlook. At the same time, Best also highlighted an increase in ... Read the full article
Lloyd’s syndicate HRP partners with insurtech Optalitix to transform underwriting
20th October 2023
Hampden Risk Partners (HRP), a Lloyd's syndicate primarily supported by Hampden Agencies, has successfully implemented Optalitix Quote, the underwriting workbench to transform underwriting. The workbench, created by insurtech Opalitix, a specialist data analytics solutions provider, aims to drive the profitability and strategic growth of the business. It allows underwriters to embed ... Read the full article
Toyota Tsusho Insurance Management joins Brokerslink network
20th October 2023
Brokerslink has announced that Toyota Tsusho Insurance Management Corporation (TIM) has joined its broking network as an affiliate. Brokerslink said that the addition of TIM is seen as a "major milestone", adding a household name and with it a range of insurance and broking options for its existing network partners and ... Read the full article
European reinsurers say the industry is “really piloting” the usage of AI
20th October 2023
As AI technology continues to be a key talking point across the re/insurance industry, major firms, Swiss Re and Munich Re have explained that the adaption of the technology within the sector remains within its early days and piloting stages. This was showcased at Swiss Re's Baden-Baden media conference, when Anne ... Read the full article
White Mountains to acquire 70% stake in California MGA Bamboo
20th October 2023
White Mountains Insurance Group, Ltd. has entered into an agreement to acquire a majority stake in Bamboo Ide8 Insurance Services, LLC, a provider of homeowners' insurance for over 100,000 California policyholders. White Mountains is expected to invest approximately $285 million in the capital-light, tech and data-enabled insurance distribution platform, along with primary ... Read the full article
Canadian personal auto & property rates up through Q3’23: Applied Systems
20th October 2023
The results of the latest Applied Rating Index by Applied Systems shows that average premiums for both Personal Auto and Personal Property lines increased in Canada year over year in the third quarter of 2023. Quarter over quarter, premium rate change increased for both Personal Auto and Personal Property compared to ... Read the full article
Mortgage ILS issuance on the rise as incumbents turn to capital markets for reinsurance
20th October 2023
The issuance of mortgage insurance-linked securities (ILS) transactions appears to be gaining traction after a muted 18 months, as major US mortgage insurers turn to the capital markets for reinsurance protection. Data from Artemis, our ILS-focused sister site, reveals that mortgage ILS issuance hit an annual high of roughly $6.3 ... Read the full article
Guy Carpenter CEO Klisura expects continued challenges in property cat reinsurance
20th October 2023
In a recent Marsh McLennan third-quarter earnings call, Dean Klisura, President and CEO of reinsurance broker Guy Carpenter, shared insights into the upcoming January 1 renewal period and the prevailing market conditions in the reinsurance industry. "We expect challenging market conditions to persist for property cat at the upcoming January 1 ... Read the full article
Insurers and banks need to work together for continued success of bancassurance in SE Asia: Swiss Re
20th October 2023
It is essential for insurers to help banks understand the evolving insurance landscape of Southeast Asia for the continued success of bancassurance, a recent survey by the Swiss Re Institute has revealed. Among its highlights, the survey found that bancassurance accounts for an average of 36% of Life and Health (L&H) ... Read the full article
AXA XL launches new Virtual Reality training solution
20th October 2023
AXA XL Risk Consulting has announced the launch of AXA Immersive Solutions, a training solution using Virtual Reality (VR) and Digital Twin technologies. Through this solution, AXA XL’s risk consultants will be able to access a 3D model of a standard factory to provide engaging and sophisticated training for risk managers, ... Read the full article
Stephen Deane to return to The Hartford as Chief Claims Officer
20th October 2023
The Hartford, a property & casualty insurer, has appointed Stephen Deane as Chief Claims Officer (CCO), effective November 6, 2023. In the role, Deane will report directly to John Kinney - Head of Claims and Operations, and will also become a member of The Hartford’s executive leadership team. He succeeds Mary Nasenbenny, ... Read the full article
bolttech acquires Poland-based Digital Care
20th October 2023
Insurtech bolttech has acquired Digital Care, an embedded protection company based out of Poland. As per bolttech, the acquisition is a major step towards achieving its strategic goals in the EMEA region and globally, while also accelerating growth, particularly within the telecommunications industry. The insurtech noted that Digital Care has a strong ... Read the full article
9M 2023 global insured cat losses 17% higher than 21st century annual average: Aon
20th October 2023
Global re/insurance broker Aon, in its Q3 Global Catastrophe Recap report, has stated that global insured losses from natural disaster events had reached $88 billion by the end of Q3 2023, 17% higher than the 21st-century annual average, driven by so-called secondary perils. Aon highlights U.S. and Italian severe convective storms ... Read the full article
Markel announces strategic investment in tax MGA Certa
20th October 2023
Markel, the insurance operation within Markel Group Inc., has announced a 49% strategic investment in tax managing general agent (MGA), Certa. This move will accelerate the company’s UK-based tax specialist’s product development and geographical expansion plans, Markel stated. At the same time, it will give the insurer further access to the significant ... Read the full article