Reinsurance News
Cayman Islands’ insurance industry continues to thrive in Q3’23: CIMA
15th November 2023
The Cayman Islands Monetary Authority (CIMA) has released the latest licensing statistics for the insurance sector, indicating a robust performance in the captive insurance industry. In the third quarter of 2023, CIMA granted eight new insurance company licenses, maintaining the momentum observed in the preceding quarters. Year-to-date figures for 2023 reveal a ... Read the full article
Stonybrook helps Wisconsin Re sell WRC book to Insural
15th November 2023
With Stonybrook Capital as financial advisor, Wisconsin Re wholly-owned subsidiary, WRC Agency Inc., has closed on the sale of its book of business to Insural Insurance Solutions, Inc., a subsidiary of Farmers Union Service Association, LTD. Based in North Dakota, US, Insural is a provider of insurance brokerage services specialising in ... Read the full article
QBE North America and Foresight announce strategic partnership
15th November 2023
QBE North America, part of the global insurer, has entered into a strategic partnership with Foresight Risk and Insurance Services, a workers' compensation specialist. The new partnership between the two firm's enables Foresight to write on select QBE entities' paper. Established in 2020, Foresight distributes insurance through leading national commercial broker partners. Through ... Read the full article
CFC unveils new management liability solution for Canadian SMEs
15th November 2023
CFC, a specialist insurance provider, has launched a new management liability solution designed specifically for Canadian small to mid sized businesses. According to the firm, its new solution includes a variety of new coverages, many of which are non-standard within the Canadian market. Brand new coverages provided under CFC’s solution includes executive ... Read the full article
Aegon to nominate Albert Benchimol as non-exec Board member
15th November 2023
Life insurer and asset manager Aegon, is planning to nominate Albert Benchimol to be appointed as a non-executive member of the Board of Directors, a proposal to be made to its 2024 Annual General Meeting. Once elected, Benchimol’s appointment would be effective as of the end of the meeting and for ... Read the full article
AM Best upgrades ZEP RE’s credit ratings
15th November 2023
Global ratings agency AM Best has upgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to “bbb+” (Good) from “bbb” (Good) and affirmed the Financial Strength Rating of B++ (Good) of ZEP-RE (PTA Reinsurance Company) (ZEP-RE) (Kenya). Best confirmed that the outlook of these ratings is stable. The agency said that the ratings ... Read the full article
Reinsurers in a “very good position” amid strong rate environment: RenRe’s O’Donnell
14th November 2023
Speaking on a panel at the PwC Insurance Summit in Bermuda in November, Kevin O’Donnell, President, and CEO of RenaissanceRe (RenRe), underlined that the industry is heading into a "strong" and "constructive" reinsurance rate environment ahead of the January renewals. During the panel, O’Donnell was asked how long inflation is going ... Read the full article
Alex Hardy named Director of Sales & Distribution for SiriusPoint’s international business
14th November 2023
Global specialty re/insurer, SiriusPoint Ltd., has appointed Alex Hardy as Director of Sales & Distribution for its International business. SiriusPoint confirmed that Hardy will join the firm on December 4, 2023. He will be based in London, and will report to Rob Gibbs, President & CEO, SiriusPoint International. Overall, Hardy brings over two ... Read the full article
AM Best assigns stable outlook on New Zealand’s non-life insurance segment
14th November 2023
Global credit ratings agency, AM Best, has assigned a stable outlook on the New Zealand non-life insurance segment, citing its expectations of solid premium growth in the market, which is heavily owed to strong, ongoing rate improvement, particularly in the property and motor segments. Best also highlighted other positive factors, such ... Read the full article
Howden Tiger and Swiss Re conclude strategic Loss Portfolio Transfer for KBIC
14th November 2023
Howden Tiger, the reinsurance broking arm of the global insurance group Howden, in collaboration with Swiss Re Group, a leading global reinsurer, has successfully completed a strategic Loss Portfolio Transfer (LPT) for Kookmin Best Insurance Company, LTD (US Branch) (KBIC). Howden Tiger served as the advisor on this transaction. In this ... Read the full article
Mark Newman becomes Canopius Group UK CEO
14th November 2023
Specialty re/insurer, Canopius Group, has announced the appointment of Mark Newman as Chief Executive Officer (CEO) for the UK, with interim UK CEO Kate Roy to step down from the position on December 31st, 2023, and retain her role as Group Chief Operating Officer (COO). Newman is to take up his ... Read the full article
Farmers Group to acquire three brokerages and flood program of Farmers Exchange
14th November 2023
Zurich, through its wholly-owned subsidiary, Farmers Group (FGI), has agreed to acquire three brokerages and the flood program servicing arm of the Farmers Exchanges, for $760 million. According to the announcement, “ownership of the brokerages will ensure FGI maintains and broadens its position in supporting the Exchanges in meeting customers’ needs ... Read the full article
Hans Døhlen to spearhead Pro MGA Global Solution’s European expansion
14th November 2023
Independent managing general agent, Pro MGA Global Solutions, has appointed Hans Martin Døhlen as Managing Director of the company’s European platform, Pro MGA Solutions Europe GmbH, and Director of Underwriting. In his new role, Hans will be responsible for the growth of Pro MGA’s business in Europe, which includes MGA incubator ... Read the full article
S&P revises SiriusPoint ratings outlook to ‘Stable’
14th November 2023
Global specialty re/insurer SiriusPoint, has had its ratings outlook revised from ‘Negative’ to ‘Stable’ by S&P Global Ratings (S&P). According to the announcement, this move reflects the credit rating agency’s” expectation that SiriusPoint will continue to post strong and improving underwriting results in 2023-2025, with combined ratios around 95% and capital ... Read the full article
American Coastal Insurance posts improved combined ratio of 68.7% for Q3’23
14th November 2023
American Coastal Insurance, formerly known as United Insurance Holdings, released its financial results for Q3 2023, reporting a combined ratio of 68.7% for Q3'23 as compared to a ratio of 139.3% for Q3'22. American Coastal Insurance, a property and casualty insurance holding company, reported a net income attributable to the Company ... Read the full article