Reinsurance News
Corebridge Financial completes AIG Life UK sale to Aviva
9th April 2024
Corebridge Financial, a quoted subsidiary of American International Group, Inc (AIG) has completed the sale of its UK life insurance business, operating as AIG Life Limited (AIG Life UK), to Aviva for £453 million. The sale was previously announced in September 2023. According to Aviva, the transaction was funded through ... Read the full article
2024 a milestone year for European re/insurers as tech and regulation advances: Clearwater’s Wenzhe Sheng
9th April 2024
In a recent interview with Reinsurance News, Wenzhe Sheng, Senior Product Manager for EMEA Prudential Regulations at Clearwater Analytics, discussed the latest developments on technical regulation and how that is impacting insurers in the European Union (EU) and the UK, as well as an outlook for the year and a ... Read the full article
Pantheon appoints Howard Green to its Board following B.P. Marsh investment
9th April 2024
Pantheon Specialty Limited has appointed Howard Green, former Chairman of Besso Insurance Group Limited, to its Board, subject to regulatory approval. If you recall, B.P. Marsh invested in Pantheon in June of 2023, alongside its Founder and CEO Robert Dowman, subscribing for a 25% shareholding. Since the investment, B.P. Marsh has ... Read the full article
Underwriting veteran Ashleigh Sears joins USQRisk as Head of Casualty
9th April 2024
USQRisk, an international managing general agent (MGA) specialising in alternative risk transfer and unique risk solutions, has announced the appointment of Ashleigh Sears as Head of Casualty. Having joined the USQRisk team on April 2, Sears will be tasked with expanding and deepening USQRisk's distribution networks, particularly in the retail and ... Read the full article
Reserve releases benefited reinsurer CoRs by 1.8% in 2023: Gallagher Re
9th April 2024
Analysis by reinsurance brokerage Gallagher Re finds that, on average, reserve releases benefited reinsurance company combined ratios by 1.8% in 2023, a small increase on 2022’s 1.4%, which is far lower than 2014-2018 levels. The contribution of reserve releases to the combined ratio has fluctuated around the 2% mark since 2019, ... Read the full article
AGCS to focus on U.S. Large Corporate and Specialty insurance with sale of Fireman’s Fund insurance businesses to Arch
9th April 2024
Allianz Global Corporate & Specialty SE (AGCS), Allianz Group’s carrier for large corporate and specialty insurance, has announced it is to focus on U.S. Large Corporate and Specialty insurance with the sale of its U.S. MidCorp and Entertainment insurance businesses, to Arch Insurance North America. AGCS has agreed to sell the ... Read the full article
Lockton bolsters Norway leadership team with key appointments
9th April 2024
Lockton Norway AS has announced a series of key leadership changes within the company, including Anders Johannessen becoming CEO of Lockton’s Norway business from May 1, 2024. The company has confirmed that his predecessor Cato Aamodt will remain a key component of the Norwegian leadership team. Johannessen joined the organisation in 2018. In ... Read the full article
Cytora Partners with TradeAtlas for enhanced decision-making in marine insurance
9th April 2024
Cytora, a digital risk processing platform, has partnered with TradeAtlas, a global trade data company, to provide marine insurers with extensive import and export data for quicker and more precise risk assessments. Juan de Castro, Chief Commercial and Operations Officer at Cytora, underscores his excitement for this collaboration, stating, “Our partnership ... Read the full article
Insurable losses from Taiwan earthquake to be between $0.5-$1bn CoreLogic estimates
9th April 2024
CoreLogic estimates insurable losses from the 7.2 magnitude earthquake that hit Taiwan on April 3, 2024 will be between $0.5 and $1.0 billion (note, CoreLogic has reduced its figures from a range of $5bn-$8bn). This is considered the largest quake to hit the country in the last 25 years. Having ... Read the full article
Optalitix partners with First Street to allow US data to be incorporated in underwriting
9th April 2024
Optalitix, the specialist data analytics solutions provider, is strategically partnering with First Street, a provider of physical climate risk data, to help insurers incorporate its unique United States datasets into their underwriting process. Optalitix is an insurance software company providing a platform for pricing and underwriting insurance policies. The firm provides two ... Read the full article
PCS designates Baltimore bridge collapse incident under its Global Marine & Energy solution
9th April 2024
Property Claim Services (PCS), a division of Verisk, has designated the Baltimore Bridge collapse incident, caused by the container ship Dali striking one of its support columns, under its Global Marine & Energy product. The division's process for estimating losses initiates when PCS anticipates insured losses surpassing the $100 million threshold ... Read the full article
Brown & Brown makes senior appointments
9th April 2024
Brown & Brown, Inc., an insurance brokerage firm, has appointed David Putz as Executive Vice President, Arrowhead General Insurance Agency, and Niels Seebeck as the President of Arrowhead’s Risk Managers Program. Putz's remit as EVP of Arrowhead General Insurance Agency within Brown & Brown’s Programs segment, will include leading four businesses ... Read the full article
Jensten further expands broking services with Scrutton Bland acquisition
9th April 2024
Jensten, a UK brokerage and underwriting firm, has announced its acquisition of Scrutton Bland Insurance Brokers, aimed at enhancing its ability to provide high-quality broking services across multiple sectors. The acquisition brings onboard a team of over 50 professionals spread across two offices and adds £22 million in GWP to the ... Read the full article
Accredited names Grace Meek as President of America
9th April 2024
Accredited, a program management business operating across the US, UK and Europe, has appointed Grace Meek as the President of Accredited America, based out of New York, effective April 8th, 2024. She will report to William Spiegel, Chief Executive Officer, Accredited. In the new role, Meek's remit will include a focus ... Read the full article
April 1 renewal in India sees resurgence in property cat capacity: Aon
8th April 2024
In contrast to last year’s renewal, April 1 in India reportedly saw a resurgence in property catastrophe capacity, with reinsurers demonstrating an increased appetite to grow their books, according to a new report from Aon. Despite this excess capacity in property catastrophe, Aon's report explained that reinsurers remained disciplined. Meanwhile, being one ... Read the full article