Reinsurance News
Acquinex partners with mea to “revolutionise” submissions intake process
19th October 2023
Acquinex has announced it has deployed mea ingestion, a platform which supports automated submissions intake and review against policies. According to Acquinex, the collaboration is set to "propel the company into a new era of operational excellence." The firm continued, "By integrating mea's platform to automate submissions intake, Acquinex is poised to ... Read the full article
Arthur J. Gallagher & Co. acquires Meadowbrook Insurance Agency
19th October 2023
Global insurance brokerage, Arthur J. Gallagher & Co., has announced the acquisition of Michigan-based Meadowbrook Insurance Agency. Terms of the transaction were not disclosed. Meadowbrook Insurance Agency is a retail insurance broker offering a comprehensive range of property/casualty and group benefits services to clients throughout Michigan and in Florida. As part of ... Read the full article
Intact approved to complete purchase of Direct Line’s brokered Commercial Lines operations
19th October 2023
Intact Financial Corporation and its subsidiary RSA have disclosed that all conditions related to its acquisition of Direct Line Insurance Group's brokered Commercial Lines operations have been fulfilled. According to Intact, the transaction is anticipated to close on October 26, upon payment of a £520 million cash consideration, as reported ... Read the full article
Guy Carpenter revenue up 8% to $359 million in Q3’23
19th October 2023
Guy Carpenter, a global risk and reinsurance specialist and a business of Marsh McLennan, has reported total revenue in Q3 of 2023 of $359 million, marking an increase of 8% on an underlying basis. Marsh McLennan’s wider Risk & Insurance Services revenue was $3.2 billion in Q3 of 2023, an increase ... Read the full article
Verisk launches new climate risk dataset to bolster sustainability and resilience analytics
19th October 2023
Verisk, a prominent global data analytics and technology provider, has expanded its suite of sustainability and resilience analytics with the introduction of a new Climate Risk Dataset. This dataset, developed by Verisk Maplecroft, the company's risk intelligence business, offers powerful geospatial insights into one of the most pressing challenges confronting global ... Read the full article
Reinsurance still needs to demonstrate ability to earn sustainably good margins: Munich Re
19th October 2023
With the key January 1st, 2024, reinsurance renewals fast approaching, there remains an imbalance between supply and demand, amid an expectation of limited capital inflow as the market works to deliver sustainably good margins, according to Munich Re's Clarisse Kopff, Member of the Board of Management. Speaking this morning during the ... Read the full article
Dutch insurers deliver solid results in a stabilising operating environment: Fitch
19th October 2023
Large Dutch insurers have achieved solid results in the first half of 2023; they have managed to compensate the effect of high inflation in core insurance lines through price increases and achieved broadly stable underwriting results, Fitch Ratings reports. The inflation rate in the Netherlands peaked in the second half of ... Read the full article
Lockton names Andrea Guffanti Head of Continental Europe
19th October 2023
Independent insurance broker Lockton, has appointed Andrea Guffanti Head of Continental Europe, a newly created role based in London. In her new position, Guffanti’s responsibilities include working alongside Lockton Global Partners’ Operations Team, led by Michael Goudime, our London Market Specialty Teams and with our owned operations in Europe to develop ... Read the full article
Munich Re partners with International SOS to enhance pandemic coverage
19th October 2023
Global reinsurance giant Munich Re has partnered with International SOS, a leading health and security firm, to develop an integrated epidemic and pandemic risk management policy solution. Through this new partnership between the two organizations, International SOS will now provide health advisory services to Munich Re’s pandemic policyholders. Moreover, the pandemic insurance ... Read the full article
Xceedance establishes Center of Excellence for Generative AI
19th October 2023
Xceedance, a prominent global provider of strategic operations support, technology, and data services for insurance organisations, has announced the establishment of a Center of Excellence for Generative AI. This initiative signifies a substantial commitment to advancing high-ROI generative AI applications throughout the insurance value chain, the company said. Arun Balakrishnan, CEO of ... Read the full article
Europe faces dynamic changes in risk landscape as €1bn losses surge: Munich Re
19th October 2023
Munich Re has noted that the frequency and severity of weather-related natural catastrophes are increasing in Europe, with an "unprecedented" series of events exceeding the €1 billion mark this year. However, Clarisse Kopff, a Member of the Board of Management, suggests the firm "is in a good position to carry ... Read the full article
The Hanover reports estimated cat losses of $196m for Q3 2023
19th October 2023
The Hanover Insurance Group, Inc. has preliminary estimated catastrophe losses of $195.8 million, before taxes, for the third quarter of 2023, which translates to 13.7 points of net earned premium. Multiple convective storms across the Midwestern United States along with hail and wind damage have been attributed to the majority of ... Read the full article
Markel Australia hires Stephen Rogers as Head of Queensland
19th October 2023
Markel, a global specialty insurer, has announced the appointment of Stephen Rogers as Head of Queensland. According to the firm, Rogers' appointment furthers the company's mission to serve the Australian market with a high-quality local presence. Based in Brisbane, Rogers is Markel's second appointment in Australia, and he will report to Melbourne-based ... Read the full article
Nautilus appoints Rob Petronko as SVP and CFO
19th October 2023
Nautilus Insurance Group, a Berkley company, has hired Rob Petronko as Senior Vice President and Chief Financial Officer (CFO). Petronko brings more than 19 years of experience within the industry towards his new roles. He has previously held leadership positions in finance, operations, and underwriting within property and casualty lines of business. He ... Read the full article
New tech & growing consumerism among trends driving increase in liability claims: GILC
19th October 2023
Growing consumerism, the globalisation of supply chains, emergence of new technologies, and the need to innovate are driving an increase in product liability claims globally, a report by Global Insurance Law Connect (GILC) revealed. The ‘Product Liability Report’ provides insights from 17 countries on product liability insurance in their domestic markets. ... Read the full article