Reinsurance News
Conduit Holdings hires Rebecca Shelley as a Non-Exec Director
25th July 2023
Conduit Holdings Limited, the parent company of Conduit Re, has appointed Rebecca Shelley as a non-executive director with effect from 24 July 2023. In her new role, Shelley brings a vast degree of commercial and financial services experience to the Board, as well as an extensive background in ... Read the full article
RLI reports Q2 net earnings of $78m as investment income jumps 55.8%
25th July 2023
RLI Corp. has reported Q2 2023 net earnings of $77.7 million, compared to a net loss of $2.2 million for the same quarter of 2022. RLI disclosed that it achieved $41.2 million of underwriting income in Q2 of 2023 on an 87.2 combined ratio, compared to $56.0 million on an 80.2 ... Read the full article
WTW strengthens Risk & Broking leadership
25th July 2023
Insurance and reinsurance broker WTW is further strengthening its Risk & Broking leadership by making senior hires, in order to enhance specialization, digitization, and optimization capabilities. Lucy Clarke will join WTW as President of Risk & Broking in Q3 2024. With her assuming the role, Adam Garrard will take on the ... Read the full article
UK Credit Default Swaps cost spikes 106% in past twelve months: Chaucer
25th July 2023
The UK and US are among the top five countries which saw the biggest increase in the average cost of insuring against sovereign debt defaults in the past year, according to global specialty (re)insurance group Chaucer. Chaucer's research suggests the cost of Credit Default Swaps (CDS) has seen a large increase ... Read the full article
Allianz unites AGCS and Allianz P&C under ‘Allianz Commercial’ for enhanced insurance offerings
25th July 2023
In a strategic move to consolidate and enhance their commercial insurance offerings, Allianz Global Corporate & Specialty (AGCS) and the commercial insurance business of local Allianz Property & Casualty (P&C) entities have come together to trade under the new name "Allianz Commercial." The unified business will provide comprehensive insurance solutions for ... Read the full article
Arch UK Regional Division makes multiple appointments for Bristol team
25th July 2023
Arch Insurance UK Regional Division has announced a number of key appointments for its Bristol team, including the promotion of Julie Collins to Branch Manager of the office, with immediate effect. Additionally, Ruth Hitchcox has been named as the National Production Improvement Lead, while Stuart Hawker joins as Broker Development Relationship ... Read the full article
Solvency II reforms have the potential to unlock investment in the UK: PwC
25th July 2023
The Government's proposed Solvency II reforms have the potential to unlock investment by the insurance industry into the UK economy, according to analysts at PwC UK. PwC suggests that the refresh of the Solvency II rules will make certain assets "more attractive" to insurers. This includes infrastructure assets in their construction ... Read the full article
Marsh appoints Pat Donnelly as President, Marsh Specialty & Global Placement
25th July 2023
Insurance broker and risk advisor Marsh, has announced that Pat Donnelly has been appointed as President, Marsh Specialty and Global Placement, effective immediately. At the same time, Michelle Sartain will succeed Donnelly as President of Marsh US. In his new role, Donnelly will continue to be based in Chicago, where he will ... Read the full article
Reinsurance market experiences substantial rate increases amid instability and inflation: MMC
24th July 2023
In the midst of continued geopolitical instability and persistent inflation, the reinsurance market has witnessed significant rate increases, as highlighted by insurance and reinsurance broker Marsh McLennan (MMC) in its Q2 2023 earnings call. The global insurance brokerage and consulting firm highlighted the challenging reinsurance market conditions that were evident during ... Read the full article
Oneglobal Broking hires Financial Lines Manager, Insurance & Reinsurance
24th July 2023
Thayane Cesar Rocha has been appointed to the role of Financial Lines Manager - Insurance and Reinsurance, at Oneglobal Broking. Bringing over 10 years of industry expertise towards her new role, Thayane joins Oneglobal from IRB Brasil RE, where she previously held the role of Financial Lines Underwriting Specialist. Whilst serving in ... Read the full article
Rep. Schiff urges FIO to investigate impacts of climate change on insurance coverage
24th July 2023
Congressman Adam Schiff has penned a letter to the U.S. Department of Treasury Federal Insurance Office (FIO) urging them to investigate how climate change is impacting insurance coverage options for homeowners following the news that State Farm and Allstate will no longer provide new home insurance policies in California. Chiefly, the ... Read the full article
MS Amlin appoints Sedgwick Intl.’s Julie Ross as Product Recall Senior Underwriter
24th July 2023
Lloyd's global re/insurer MS Amlin has hired Julie Ross as Product Recall Senior Underwriter. Her appointment will come into effect in September, and she will report to Neil Walker, Co-Deputy CUO and Head of Specialty Insurance. In her new role, Ross will hold responsibility for overseeing the team and supporting its ... Read the full article
SageSure and Anchor Re successfully close $50 million cat bond
24th July 2023
SageSure, a provider of catastrophe-exposed property insurance, and Anchor Re, a captive reinsurance vehicle, have jointly announced the successful closure of Anchor Re's debut $50 million catastrophe bond. The transaction, named Gateway Re Series 2023-3, was priced below the initial guidance, reflecting strong investor support. The cat bond provides multi-year retrocessional ... Read the full article
Wildfire Defense Syndicate 1996 receives Lloyd’s approval
24th July 2023
Lloyd’s has approved the Wildfire Defense Syndicate 1996, a syndicate in a box (SIAB) targeting California-exposed commercial property risks in the excess and surplus (E&S) market. The syndicate, developed by Lloyd’s coverholder Wildfire Defense Systems (WDS) in collaboration with re/insurance broker Aon and Polo Managing Agency Limited (PMA), started underwriting on ... Read the full article
Sutton joins Swiss Re as Head of Sales P&C Reinsurance Solutions
24th July 2023
Martyn Sutton has joined global reinsurer Swiss Re as Head of Sales & Origination P&C Reinsurance Solutions (Americas). The news of Sutton’s appointment comes after Swiss Re announced that, from April 3rd, its reinsurance division was to be split into Property & Casualty Reinsurance (P&C Re) and Life & Health Reinsurance ... Read the full article