Reinsurance News
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
ICEYE raises oversubscribed $93 million growth funding round
17th April 2024
ICEYE, the global provider of satellite-powered disaster management solutions, has signed a definitive agreement for an oversubscribed $93 million growth funding round, led by Solidium Oy. The firm aims to use the funds raised to further accelerate investment in “the world’s largest constellation of SAR satellites and expand the company’s portfolio ... Read the full article
European insurers’ CFOs maintain cautious profit optimism amid challenges: Moody’s
17th April 2024
Moody’s Investors Service analysts highlight that chief financial officers (CFOs) from leading European insurers maintain a cautious sense of optimism regarding profitability, despite facing challenges such as sluggish economic growth and increased competition. According to Moody’s report, the three primary concerns for CFOs in 2024 are sluggish economic growth, financial market ... Read the full article
Travelers starts 2024 with strong Q1 reporting net income of $1.123bn
17th April 2024
Primary insurance group Travelers has published its first quarter 2024 financial results, reporting 16% growth in net income despite an elevated level of catastrophe losses compared to the prior year quarter. The insurer saw its net income rise to $1.123 billion in Q1 2024, a figure that compares to the $975 ... Read the full article
CFC acquires Australian MGA Solution Underwriting
17th April 2024
Specialist insurance provider, CFC, has agreed to acquire Australian managing general agent (MGA), Solution Underwriting, in a move that is set to expand the company's footprint in Australia. Headquartered in Melbourne, with offices located in Sydney, Brisbane and Perth, Solution is a specialist insurance underwriter that particularly focuses on financial lines ... Read the full article
Global Shield boosts climate resilience in Pacific Islands with €10m contribution
17th April 2024
The Global Shield against Climate Risks has supported climate-vulnerable communities of Pacific Island Countries (PICs) through a €10 million contribution by the German Ministry for Economic Cooperation and Development (BMZ), dedicated to the Pacific Catastrophe Risk Insurance Company (PCRIC). This support is provided through the Global Shield Solutions Platform (GSSP), a ... Read the full article
AIG’s David Ho joins Everest Insurance Intl. as Head of Financial Lines, Asia
17th April 2024
Everest Insurance International, a division of Bermuda-based insurer and reinsurer, Everest Group, Ltd. has hired American International Group's (AIG) David Ho as Head of Financial Lines, Asia. Overall, Ho brings over 25 years of financial lines underwriting and management experience towards his new role. Previously, he spent 20 years working at AIG, ... Read the full article