Reinsurance News
G20 business leaders prioritise economic and societal risks: World Economic Forum
14th November 2023
In a recent survey conducted by the World Economic Forum, economic and societal threats have taken center stage as the primary concerns for business leaders in G20 countries over the next two years. The Executive Opinion Survey gathered insights from more than 11,000 business leaders across 110 countries between April and ... Read the full article
Lloyd’s coverholder Kita names James Brown Technical Underwriting Advisor
14th November 2023
Kita, a carbon insurance specialist and Lloyd’s of London coverholder, has announced the appointment of James Brown, former Head of Natural Resources at Chaucer, as its new Technical Underwriting Advisor. In his new role, Brown will act as lead consultant for JBAdvice Ltd, with his decades of technical underwriting experience he ... Read the full article
Skyward Specialty launches follow-on offering of its shares
14th November 2023
P&C insurer Skyward Specialty has announced a follow-on offering of 2.15 million shares of its common stock as it looks to target further growth opportunities. Based on Skyward's share price as of November 14, 2023, the insurer would raise around $66 million of capital. In addition to this follow-on offering, Westaim, Skyward ... Read the full article
Severe weather patterns shift North American wildfire risk landscape: Chaucer
14th November 2023
In a recent study, global specialty (re)insurance group Chaucer has identified significant shifts in North American wildfire risk patterns, particularly in regions previously deemed 'low-risk.' The report reveals that areas such as the Appalachians, Southern Rockies, Alberta and British Columbia, and Texas, once considered safe from catastrophic wildfire events, are now ... Read the full article
Bermuda market crucial in responding to growing geopolitical risks: PwC
14th November 2023
"For the first time in a very long time, reinsurers are having to deal with geopolitical risks and that adds a whole layer of extra complexity that we haven’t seen before, and needs to be factored into the strategic decision-making of companies," suggests, Arthur Wightman, PwC Bermuda, Territory and Insurance ... Read the full article
Christopher H. Balch named President of Berkley Technology Underwriters
14th November 2023
W. R. Berkley Corporation has appointed Christopher H. Balch as president of Berkley Technology Underwriters, succeeding Matthew A. Mueller, who has been named chairman of the business. Balch joins Berkley Technology Underwriters with almost two decades of experience in the property and casualty insurance industry. Berkley noted that his prior experience ... Read the full article
Accelerant appoints Gabriella Engstrand as Head of Distribution – Europe
14th November 2023
Data-driven risk exchange Accelerant has appointed Gabriella Engstrand as Head of Distribution - Europe. The firm describes Engstrand as a business development executive with 17 years of experience in insurance. She most recently served as the European Head of Broker Distribution for Lloyd’s of London, where she led the implementation of the ... Read the full article
Moody’s RMS estimates Hurricane Otis insured losses at $2.5bn-$4.5bn
14th November 2023
Moody’s RMS has estimated that private market insured losses from Hurricane Otis will be between $2.5 billion and $4.5 billion. According to the firm, this estimate represents insured losses associated primarily with wind damage in the Category 5 hurricane that made landfall in Acapulco, Mexico. The figures reflect property damage and ... Read the full article
CNO Financial launches Bermuda-based captive reinsurer
14th November 2023
CNO Financial has announced the establishment of CNO Bermuda Re, a Bermuda-based captive reinsurer, and is now working to complete an initial transaction that will cede $6.2 billion in fixed indexed annuities to it. “We have received all necessary approvals and are in the process of implementing the transaction with an ... Read the full article
GIC Re sees rise in gross premium income in half year ended September 30
14th November 2023
GIC Re has stated that gross premium income in the half year ended September 30, 2023, was INR 19,679.85 crore, compared to INR 19,122.45 crore at September-end 2022. Underwriting loss in the period was INR 3,029.04 crore against a loss of INR 1,696.07 crore in 2022. However, the company recorded Profit Before ... Read the full article
ICMIF launches Insurance SDG Benchmark
14th November 2023
At the ICMIF Sustainability Summit in London in early November, ICMIF launched its Insurance SDG Benchmark, which is derived from the insurance SDG (i-SDG) scores of ICMIF members. Swiss Re Institute developed the underlying framework, which was then calibrated with ICMIF members during 2022. Throughout this year, a number of ICMIF members working ... Read the full article
RLI Corp adds Clark Kellogg to Board
14th November 2023
RLI Corp, a specialty insurer serving niche property, casualty and surety market, has announced the appointment of Clark C. Kellogg to its Board of Directors. Kellogg’s term will be effective January 1, 2024 and will expire in May 2024 at RLI’s next shareholders’ meeting, at which time he will stand for ... Read the full article
Tiptree’s Fortegra files for IPO
14th November 2023
Fortegra, the specialty insurance subsidiary of holding company Tiptree, has publicly filed a Registration Statement on Form S-1with the Securities and Exchange Commission (SEC) for an initial public offering (IPO). Earlier this month, alongside the announcement of its third quarter results, Tiptree highlighted its plans to take Fortegra public. The size ... Read the full article
Optio Group names Steve Thompson Head of Accident & Health
13th November 2023
Specialty MGA Optio Group has appointed Steve Thompson as Head of Accident & Health (A&H) with immediate effect. According to Optio, Thompson holds more than two decades of experience underwriting global A&H business in both the Lloyd’s and composite markets. He joins Optio from independent Lloyd’s broker and coverholder Shepherd Compello Limited, ... Read the full article
Canopius grows cannabis insurance offerings in transportation and distribution
13th November 2023
Canopius Group, a global specialty lines re/insurer, has expanded its cannabis insurance product, now covering transportation of cannabis products from cultivation to distribution. The re/insurer started to underwrite cannabis-exposed risks in April 2023. This offering is for privately owned and not-for-profit organisations in US states where medical and recreational adult-use ... Read the full article