Reinsurance News
Tokio Marine HCC International promotes Des Burke to Group COO
26th June 2023
Des Burke, who led the transformation of Tokio Marine HCC International's technology and establishment of its architectural capabilities as Chief Information Officer, has been promoted to Group Chief Operations Officer. Burke first joined TMHCCI in 2021 from Lloyd’s and has over two and a half decades of experience in operations and technology ... Read the full article
Significant capital needed for growing property re/insurance demand to be met: Berenberg
26th June 2023
Demand for property re/insurance will keep growing; but with some carriers planning to scale back nat-cat-exposed property lines in an attempt to curtail earnings volatility, unless a significant amount of capital enters the sector, it will be hard to be met, according to Berenberg analysts. Swiss Re recently forecast that the ... Read the full article
Hagerty raises $105m in capital from State Farm, Markel Group & Hagerty family
26th June 2023
Specialty insurance provider Hagerty has raised $105 million in capital from strategic investors, including State Farm, Markel Group and the Hagerty family. According to the firm, the capital raise is comprised of $80 million of convertible preferred equity, which closed on June 23 2023, as well as a $25 million commitment of long-term ... Read the full article
Compre welcomes two new senior hires
26th June 2023
International legacy group, Compre, has announced it is strengthening its capabilities with the appointment of two senior hires, Jennie Earis as chief reserving actuary and Kunal Shrivastava as head of analytics, effective immediately. In their new roles, both will support the continued growth of Compre, particularly following the group’s significant ... Read the full article
Global insurance outlook neutral, more headwinds for non-life insurers: Fitch
26th June 2023
In Fitch Ratings' global insurance mid-year outlook, Cynthia Chan, Global Head of Insurance, suggested there are more headwinds for non-life insurers where inflation and normalising claims pressure underwriting margins in some key markets. According to the rating agency, the global insurance outlook remains neutral with a continued skew towards deteriorating in ... Read the full article
Lockton Re appoints Chris Parish as Market Innovation Leader
26th June 2023
Lockton Re, the reinsurance division of insurance broker Lockton, has appointed Chris Parish as Market Innovation Leader, where he will be based in the company's London office. In the role, Parish will work with a variety of colleagues across the globe. He will report to Claude Yoder, Global Head of Analytics ... Read the full article
CoreLogic estimates insured losses from June U.S. storms at $10bn
26th June 2023
Analysts at CoreLogic have estimated that the severe thunderstorm activity from June 11-15 caused between $7 and $10 billion in insured losses. The thunderstorm activity brought strong straight-line winds, record-sized hail, and tornadoes, causing damage to property across the U.S. "Wind speeds in excess of 100 mph and hail greater than four ... Read the full article
Allianz SE extends mandates of key board members Barbara Karuth-Zelle and Christopher Townsend
26th June 2023
The Supervisory Board of Allianz SE, one of the world's leading insurance and asset management companies, announced that it has extended the mandates of Barbara Karuth-Zelle and Christopher Townsend, two prominent members of the Allianz SE Board of Management. The decision extends their contracts until December 2028, showcasing the board's confidence ... Read the full article
Nandini Mongia named President of Prudential Open-Architecture Solutions
26th June 2023
US insurance and investment firm Prudential Financial has appointed Nandini Mongia as President of Prudential Open-Architecture Solutions, effective June 19. In her new role, Mongia will lead the creation of an open-architecture platform, managing the supply and demand of asset and liability origination and overseeing Prudential’s reinsurance entities and third-party strategic ... Read the full article
SCOR appoints Fabrice Brégier as Chairman of Board of Directors
26th June 2023
SCOR has announced the appointment of Fabrice Brégier as the Chairman of its Board of Directors. The decision was made on the unanimous recommendation of the Nomination Committee, at the conclusion of a demanding and rigorous succession process initiated in spring 2022. Over the months since the process began, the Nomination ... Read the full article
RLI Transportation enters into partnership with technology firm, Motive
26th June 2023
RLI Transportation, a full-service provider of insurance products and services for truck, public auto and commercial auto customers, has entered into a partnership with Motive, a technology firm that combines IoT hardware with AI-powered applications to improve the safety and productivity of vehicle fleets and industrial operations. According to the announcement, ... Read the full article
Mortality protection in life insurance crucial for global household resilience: Swiss Re Institute
23rd June 2023
Swiss Re Institute's recent Sigma Report highlights the crucial role of mortality protection, inherent to life insurance, in mitigating the growing vulnerability of households globally in the event of the primary breadwinner's premature demise. According to the report, the mortality protection gap, defined as the disparity between the necessary resources required ... Read the full article
AM Best maintains Negative outlook for French non-life insurance amidst stagnant growth
23rd June 2023
AM Best is maintaining a Negative outlook for the French non-life insurance segment due to stagnant top line growth, increasing inflation and interest rates impacting profitability, and higher costs and volatility associated with natural catastrophes. The French non-life insurance segment is facing a challenging environment with stagnant or contracting premium levels ... Read the full article
Stone Ridge names former New York Life CEO Mathas Senior Advisor
23rd June 2023
Stone Ridge Holdings Group has announced that former New York Life CEO, Ted Mathas, has joined as Senior Advisor to help the firm scale its innovative suite of products purpose-built for financial advisors and insurance companies. With investment risk, inflation risk, and longer lifespans contributing to financial insecurity, Mathas will also ... Read the full article
IRL becomes first ever InsurTech-focused broker to enter the Lloyd’s market
23rd June 2023
Innovative Risk Labs (IRL), a leading InsurTech specialist dedicated to launching, incubating and supporting start-ups in the insurance technology space, has secured a license to operate within the Lloyd’s market. This “ground-breaking achievement” makes IRL the only exclusive InsurTech-focused broker permitted to conduct trade within the Lloyd's market. Under the leadership of ... Read the full article