Reinsurance News
Opportunities for new reinsurance firm formations to remain limited: AM Best
1st September 2023
AM Best expects that capital inflows to the reinsurance sector in the US and Bermuda markets will "continue to be driven by established franchises with strong track records, while opportunities for new company formations will remain limited." As per a new AM Best report, Hurricane Ian represented a "breaking point" for ... Read the full article
Francis Savari named CEO of UIB Asia
1st September 2023
UIB Asia Reinsurance Brokers Pte Ltd has announced that Francis Savari will take over from Hiroki Miyamoto as its Chief Executive Officer (CEO), based out of Singapore. Miyamoto, who served as CEO for five years, will move to a new role at United Insurance Brokers Ltd in London to "enhance the Group’s ... Read the full article
Starr Insurance appoints Sean Chen as CEO for Singapore
1st September 2023
Starr Insurance has announced the appointment of Sean Chen as the Chief Executive Officer (CEO) of Starr International Insurance for Singapore, effective August 28th. Chen is a market veteran with over 25 years of underwriting and client relations in both the insurance carrier and broker sides of the business. Chen has been ... Read the full article
Relation appoints new President and CFO
1st September 2023
Relation Insurance Services , one of the largest and fastest-growing national insurance brokerages, has announced the appointment of Russell Brown as President and Charissa Hartmann Chief Financial Officer (CFO). Brown joined Relation upon its acquisition of his prior firm, Premier Consulting Partners, in 2019. Over the past three years, he has ... Read the full article
Patria Re assigned FSR of B++ by AM Best
1st September 2023
Patria Re (US), Inc., a relatively new reinsurer in the United States, has been assigned a Financial Strength Rating of B++ (Good) and a Long-Term Issuer Credit Rating of “bbb+” (Good) by AM Best, with a stable outlook. The global ratings agency says that the ratings reflect Patria US’ balance sheet ... Read the full article
UK motor insurance premiums increase 5.9% in July, now +53% higher YoY: Jefferies
31st August 2023
UK motor insurance premiums were 5.9% higher in July month-over-month, and the market now looks to be in a pricing surplus, relative to pre-pandemic margins. Jefferies' UK motor insurance tracker shows that premiums are also now +53% higher YoY. Following another month that witnessed strong rate increases in UK motor insurance premiums, ... Read the full article
European Commission approves RenRe’s Validus Re acquisition
31st August 2023
The European Commission has approved, under the EU Merger Regulation, the acquisition of sole control of American International Group’s (AIG) treaty reinsurance business - which includes Validus Re - by Bermuda-based RenaissanceRe (RenRe). According to the announcement, the Commission concluded that the proposed acquisition would raise no competition concerns, given the ... Read the full article
PICC pays 60% of compensation claims from Typhoon Doksuri
31st August 2023
The People’s Insurance Company of China (PICC), one of largest insurance companies operating in China, has paid out 60% of the compensation claims it received pertaining to the damage caused by super Typhoon Doksuri, which caused record rainfall in northern China earlier this month. Doksuri has gone on to become the ... Read the full article
PERILS IED now available in the Open Exposure Data format
31st August 2023
Zurich-based catastrophe insurance data provider, PERILS and the Oasis Loss Modelling Framework (Oasis) have announced that the PERILS Industry Exposure Database (IED) is now available in the Open Exposure Data (OED) format. OED is a part of the Open Data Standards (ODS) initiative, which is managed by Oasis on behalf of ... Read the full article
Direct Line Group names Aviva’s Adam Winslow as new CEO
31st August 2023
Direct Line Group has announced the appointment of Adam Winslow as Chief Executive Officer, subject to regulatory approval. It is expected that he will take up the role in the first quarter of 2024 succeeding Jon Greenwood who has been Acting CEO since January 2023, he will hold that position ... Read the full article
Florida’s homeowners insurance market faces strains amid hurricane season challenges: Moody’s
31st August 2023
As the 2023 Atlantic hurricane season unfolds, the homeowners insurance market in Florida is grappling with a series of formidable challenges, according to a recent Moody's report. These include elevated catastrophe exposures, dwindling insurance capacity, surging total insured values, and more expensive reinsurance coverage. While there was enough reinsurance capacity available for ... Read the full article
Hawaiian Electric denies equipment responsibility for Lahaina fire in response to lawsuit
31st August 2023
In response to the lawsuit filed by the County of Maui regarding the devastating fires that swept through the area on August 8, Hawaiian Electric Company, Inc. (Hawaiian Electric), a subsidiary of Hawaiian Electric Industries, has denied that their equipment was responsible for igniting the main Lahaina fire. The company's stance ... Read the full article
Initial estimates point to Hurricane Idalia insured loss of below $10 billion
31st August 2023
Initial estimates for insurance industry losses from Hurricane Idalia, which made landfall in Florida on Wednesday as a major Category 3 storm, are lower than previously feared and point to insured losses of less than $10 billion. So far, there's been a range of early estimates for insured losses from Hurricane ... Read the full article
Fusion Specialty appoints Shirley as managing partner and global CUO M&A
31st August 2023
Fusion Specialty, a renowned global boutique M&A and specialty insurance services group, has announced the promotion of Samuel Shirley to the dual role of managing partner, M&A, Fusion Specialty UK, and global chief underwriting officer, M&A (CUO). In his new position, effective immediately, Shirley will support the business’s growth ambitions, by ... Read the full article
+Simple and GMBC announce strategic merger to drive growth in European MGA market
31st August 2023
+Simple, a leading European digital insurance distribution platform for small businesses, and GMBC, a tech-enabled master MGA and reinsurance platform, have completed a strategic merger to drive growth in the European MGA market. According to the announcement, +Simple has acquired 100% of the share capital in GMBC through a combination of ... Read the full article