Reinsurance News
Commissioner Lara outlines “next steps for sustainability” in California market
14th September 2023
"In California, our ongoing partnership with the Governor and Legislature to improve conditions for the consumers, homeowners, and businesses that make up our insurance marketplace is critical to crafting lasting solutions," suggests the state's Insurance Commissioner Ricardo Lara. These comments come as part of a statement in which Lara discussed the ... Read the full article
Hard market will sustain through 2024: RBC Capital Markets
14th September 2023
"The hard market will sustain through 2024 as the industry's resolve to deliver adequate returns continues to hold," suggested RBC Capital Markets in its Monte Carlo RVS 2023 takeaway report. RBC's report noted that capital discussions have centred around the cost of it over its overall availability. "Appetite is strongest in Property ... Read the full article
Attention has switched to the client ahead of Jan renewals: Spenner, Gallagher Re
14th September 2023
After a challenging renewal at the start of this year, the attention has swung back to the client ahead of 1.1, although reinsurers will maintain underwriting discipline and safeguard more favourable terms and conditions, according to Dirk Spenner, Managing Director EMEA, Gallagher Re. Reinsurance News met with Spenner at the annual ... Read the full article
Swiss Re’s credit rating outlook revised to stable by AM Best
14th September 2023
Credits rating company AM Best has revised its outlook to stable from negative for the Long-Term Issuer Credit Ratings of Swiss Re and its rated operating affiliates, and affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term ICRs of “aa” (Superior). The ratings reflect Swiss Re’s consolidated balance ... Read the full article
Markel strengthens in Australia with in-country leader & new offices
14th September 2023
Markel has announced the appointment of Rory Morison as the Managing Director of its Australian business, who will lead three new offices in the country that are set to open this month. The new offices are based in Sydney, Melbourne, and Brisbane. Markel Australia will focus on providing underwriting solutions to ... Read the full article
African Development Bank launches Africa Climate Risk Insurance Facility for Adaptation
14th September 2023
The African Development Bank has unveiled a groundbreaking initiative, the Africa Climate Risk Insurance Facility for Adaptation (ACRIFA), aimed at fortifying African countries against catastrophic weather-related events. This transformative facility, hosted by the Bank, expands upon the Africa Disaster Risk Insurance Program by developing insurance solutions to empower African nations, particularly ... Read the full article
Kin secures $33m in Series D extension funding
14th September 2023
Kin, the direct-to-consumer home insurance company, has announced the closing of a $33 million Series D extension. QED Investors led this funding along with returning investors like Geodesic Capital, Allegis Capital, Hudson Structured Capital Management Ltd. (doing its reinsurance business as HSCM Bermuda), and Alpha Edison. Kin has now raised approximately $265 ... Read the full article
Cowbell and Zywave partner to expand cyber insurance access for SMEs
14th September 2023
Cowbell, a prominent provider of cyber insurance tailored for small- and medium-sized enterprises (SMEs), has announced a strategic partnership with Zywave, a leading insurtech solutions provider. This groundbreaking collaboration is facilitated by Herald, a digital infrastructure provider connecting software developers to commercial insurance carriers through a unified API. It leverages Cowbell's cutting-edge ... Read the full article
Reinsurance industry faces uncertain future despite impressive returns: BCG
14th September 2023
Reinsurance companies have delivered outstanding returns to shareholders over the past five and ten years, outperforming not only the broader insurance industry but also many other sectors, including oil and gas, according to a BCG report. The annual total shareholder returns (TSR) for reinsurance averaged 10% and 12.2% for the past ... Read the full article
reThought Flood acquires CyberBoxer and secures $1m investment
14th September 2023
reThought Flood, a technology-centric underwriting agency specialising in US flood risk, has unveiled two significant developments poised to strengthen its position in the insurance industry. In a strategic move, reThought has finalised an agreement to acquire CyberBoxer, a prominent insurTech company renowned for its expertise in data science, modeling, artificial intelligence ... Read the full article
Aviation reinsurance market faces divergence in pricing trends: Guy Carpenter
14th September 2023
In a recent analysis of the aviation reinsurance market, Guy Carpenter highlights key trends that are shaping the industry. The report sheds light on several noteworthy developments that are influencing insurers and reinsurers alike. Guy Carpenter's analysis reveals a growing disparity between the aviation insurance and reinsurance markets. Notably, there have been ... Read the full article
Athora appoints Todd Solash as Deputy CEO & President
14th September 2023
Athora Holding Ltd., the European savings and retirement services group, has announced strategic changes to its leadership team. Michele Bareggi will step down from his role as Deputy Chief Executive Officer (CEO) and President on September 18th, 2023, after six years of services. Todd Solash has been recruited as Bareggi's successor and ... Read the full article
Specialty MGA UK appoints Dermot Dick as Senior Underwriter for Energy
14th September 2023
Specialty MGA UK, a recently formed managing general agent, has announced the appointment of Dermot Dick as Senior Underwriter for Energy. Dick brings more than 40 years of experience in the sector with expertise in writing risks for the marine, power, energy and renewables sectors. He brings with him a global network ... Read the full article
Dirk De Nil named Global Head of Zurich Resilience Solutions
14th September 2023
Zurich Insurance Group (Zurich) has announced that Dirk De Nil, the current CEO of Zurich Benelux and Nordics, will transition to the role of Global Head of Zurich Resilience Solutions, effective October 1, 2023, marking a significant leadership change within the organisation. He will take the reins from Hanno Mijer, who ... Read the full article
Burns & Wilcox acquires Environmental Underwriting Solutions
14th September 2023
Global wholesale insurance brokerage and underwriter, Burns & Wilcox, has reached a definitive agreement to acquire Environmental Underwriting Solutions (EUS), a wholesale insurance broker specializing in placing complex environmental exposures, from the Insurance Office of America (IOA). The deal is expected to close in the next six weeks. EUS is recognized for its ... Read the full article