Reinsurance News
AM Best affirms Peak Re’s ratings and maintains negative outlook
20th October 2023
AM Best has affirmed the Financial Strength Rating of A– (Excellent) and the Long-Term Issuer Credit Rating of a– (Excellent) of Hong Kong-based reinsurer Peak Re and its subsidiary in Switzerland, while also maintaining a negative outlook, reflecting the rating agency’s concern over potential contagion risk in case of an ... Read the full article
Swiss Re’s Steinmann: Hard market or new normal?
20th October 2023
During the Swiss Re 2023 Baden-Baden media conference, the question of the hard reinsurance market and its duration was raised ahead of the key January 1st, 2024, reinsurance renewals. "Are we in a hard market? Is the current environment the new normal? We actually don't know," stated Thorsten Steinmann, Swiss Re's ... Read the full article
Bay Harbor Re appoints Nick Zielinski as new Chief Actuary
20th October 2023
Cayman Islands-domiciled Bay Harbor Re has appointed Nick Zielinski as its new Chief Actuary. According to the firm, Zielinski holds a comprehensive background in both commercial and personal lines insurance and reinsurance, with broad experience in program business, captives, and catastrophe reinsurance. His most recent role saw him oversee Accident Fund's Actuarial ... Read the full article
Hamilton appoints Jon Levenson as SVP of Finance and Investor Relations
20th October 2023
Bermuda-domiciled re/insurer, Hamilton Insurance Group, Ltd. has appointed Jon Levenson as the Senior Vice President (SVP) of Finance and Investor Relations. Levenson will report to Group Chief Financial Officer, Craig Howie, and will be based in the US. Howie commented on the appointment, "I am pleased to welcome Jon to Hamilton. He ... Read the full article
Secondary perils now taking a central role in insurers’ considerations: CRC
20th October 2023
Secondary perils, which were once considered supplementary, are now said to be taking a "central role" in insurers' considerations as we approach year-end 2023 and into 2024, according to the latest edition of the REDY Index by CRC Group. This is clearly demonstrated, as in light of the unprecedented losses experienced ... Read the full article
Aon’s Franchise Solutions program launches in North America
20th October 2023
Global re/insurance broker Aon has announced the launch of its multi-industry Franchise Solutions program in North America, designed to better inform, advise and protect businesses. The new offering, powered by CoverWallet technology, aims to help franchise businesses understand and manage risk across their franchisee network, while also delivering customised insurance programs ... Read the full article
Insurance economic drivers could outperform U.S. economy by 2025: Triple-I
20th October 2023
A new Insurance Information Institute (Triple-I) study has suggested that the economic drivers of the U.S. P/C insurance industry could cumulatively expand faster than the nation’s gross domestic product (GDP) in 2024 and may outperform the overall U.S. economy by 2025. According to Michel Léonard, Ph.D., CBE, chief economist and data ... Read the full article
Ethos appoints Vijay Ratnam as MD for India
20th October 2023
Ethos, an online life insurance provider in the U.S., has appointed Vijay Ratnam as its India Managing Director. Ratnam’s remit in the role is to lead the company's organizational culture, strategic resource management, and planning for growth and expansion in India. Peter Colis, Chief Executive Officer of Ethos, commented, "Last year Ethos ... Read the full article
Woodruff Sawyer forecasts increased deal flow and evolving structures for Q4’23 and 2024
20th October 2023
Woodruff Sawyer, a prominent independent insurance brokerage in the United States, looking ahead to Q4'23 and throughout 2024, suggests that the deal landscape may continue to evolve, with new structures emerging, and deal flow is expected to increase compared to the lows witnessed in Q1'23. In its 2024 Private Equity and ... Read the full article
MMC CEO Doyle expects “more orderly” Jan 1st reinsurance renewal
19th October 2023
During Marsh McLennan's third-quarter earnings call, President and Chief Executive Officer (CEO), John Doyle, shared valuable insights into the state of the reinsurance market and the expectations for the January 1st renewal. "As we look to January 1st, the market appears to be more orderly than last year, but we expect ... Read the full article
Generali sees nine month catastrophe losses exceed annual budget: Reuters
19th October 2023
Italian insurer Generali is set to report catastrophe losses of around $888 million (EUR 840 million) for the first nine months of 2023, exceeding its budget for the full year, according to a Reuters report. Reuters reports that during an event held today in Munich, the global insurer's Group Chief Financial ... Read the full article
Beazley’s first 144a cyber catastrophe bond expected by year-end
19th October 2023
London-based specialty insurer and reinsurer, Beazley, is set to follow up on its three private transactions with its first full 144a cyber catastrophe bond issuance by the end of the year, according to Artemis sources. Our insurance-linked securities (ILS) focused sister site, Artemis, reported earlier today that Beazley is close ... Read the full article
Fitch affirms National IFS of 7 Sri Lankan insurers
19th October 2023
Fitch Ratings has affirmed the National Insurer Financial Strength (IFS) Ratings of seven Sri Lankan insurers, removed them from Rating Watch Negative (RWN), and assigned them a stable outlook. This rating move includes Sri Lanka Insurance Corporation Limited (SLIC), at 'A(lka)'; Continental Insurance Lanka Limited, at 'A-(lka)'; HNB Assurance PLC, at ... Read the full article
Life insurance industry braces for $7.8 trillion wealth transfer by 2040: Capgemini
19th October 2023
In a recently published report by the Capgemini Research Institute, it has been highlighted that the life insurance industry is facing an unprecedented challenge as it grapples with the impending transfer of an estimated $7.8 trillion in assets under management (AUM) to beneficiaries by 2040. This transfer represents the largest inter-generational ... Read the full article
Allstate estimates cat losses for September of $317m
19th October 2023
US primary insurer Allstate has announced estimated catastrophe losses for the month of September of $317 million and third quarter cat losses of $1.18 billion. The primary insurer’s September catastrophe losses include 17 events estimated at $357 million, with approximately 80% of the losses related to two wind and hail events, ... Read the full article