Reinsurance News
Argo shareholders approve merger with Brookfield Reinsurance
20th April 2023
Bermuda-based specialty P&C insurer Argo has announced that its shareholders have voted to approve an agreement for the company to be acquired by Brookfield Reinsurance, the operator of a financial services business providing capital-based solutions to the insurance industry. The all-cash acquisition proposal, made by Brookfield Reinsurance back in February, ... Read the full article
Assurant expects housing segment to record $50m in Q1 cat losses
20th April 2023
US specialty insurance group Assurant expects to record roughly $50 million pre-tax, or $39 million after-tax, of catastrophes losses in its global housing segment for first quarter 2023. Most of the losses from catastrophic events that needed to be reported were related to lender-placed products and resulted from severe weather and ... Read the full article
Berkley Program Specialists enters into underwriting partnership with Distinguished Programs
20th April 2023
Berkley Program Specialists, a Berkley company, has announced that it has entered into a new underwriting partnership with national insurance program manager, Distinguished Programs, to provide Package coverage for community associations. The company confirmed that coverage will be available from June 1, 2023. Through this partnership, Distinguished Programs will be able to ... Read the full article
Premiums for ACES vehicles to grow to more than half a trillion by 2030
20th April 2023
Auto insurers may be forced to evolve from traditional offerings to ‘mobility protection’, as urban consumers adopt new mobility solutions that include Autonomous, Connected, Electric, and Shared (ACES) multi-modal options, suggests a joint report from Capgemini and Qorus. The Capgemini Research Institute's World Property and Casualty Insurance report states that consumers ... Read the full article
POP Group Holdings receives investment from Direct Capital
20th April 2023
Pop Group Holdings (POP) announces that it has received its first external strategic minority investment from private equity fund Direct Capital. POP launched in 2018, comprises of specialist M&A and financial lines MGA Fusion Specialty, and dedicated specialty InsurTech and M&A Tech platform io. insure, has grown to establish a physical ... Read the full article
Swiss Re appoints Mohit Pande as Chief Underwriting Officer, Property
20th April 2023
Global reinsurance giant Swiss Re has appointed Mohit Pande as Chief Underwriting Officer, Property. Based in New York, Pande brings more than 20 years of industry experience towards his new role, 17 of which he has spent working at Swiss Re. Pande joined Swiss Re in 2005 as Vice President, Natural Hazards. ... Read the full article
Global nat cat economic losses reach $77bn in Q1 2023: Gallagher Re
19th April 2023
Global natural catastrophe economic losses reached an estimated $77bn in the first quarter of 2023, with public and private insurance entities covering at least an estimated $22bn of that total, resulting in a 72% or $55bn protection gap, Gallagher Re reported. According to the broker’s Q1 2023 Natural Catastrophe report, these ... Read the full article
Hannover Re the latest to leave Net-Zero Insurance Alliance
19th April 2023
German reinsurance giant Hannover Re has, after careful consideration, opted to leave the Net-Zero Insurance Alliance (NZIA), making it the third high profile re/insurer to leave the UN-convened alliance in less than a month. Hannover Re joins NZIA founders Munich Re and Zurich in leaving the association, which was launched at ... Read the full article
Trean Insurance Group gets stockholder approval for proposed merger
19th April 2023
Trean Insurance Group has announced that its stockholders have approved the merger agreement entered into by the firm with affiliates of Altaris. According to Trean, the proposal to adopt the merger agreement and approve the merger was supported by 87.3% of the total shares outstanding entitled to vote at the Special ... Read the full article
Munich Re Specialty Insurance makes Hart permanent CEO
19th April 2023
Munich Re Specialty Insurance (MRSI), a division of German reinsurance giant Munich Re, has named Sabrina Hart as President and CEO, effective May 1. Hart, who served as interim CEO since January 2023, will report to former CEO Michael Kerner and will also serve as a member of the Global Specialty ... Read the full article
Travelers reports $975m net income in Q1 with net written premiums up 12%
19th April 2023
Primary insurance group The Travelers Companies, Inc. has reported net income of $975 million for the first quarter of 2023, which also included an elevated level of catastrophe losses of $535 million pre-tax and a one-time tax benefit of $211 million. The company’s net income went down 4% this Q1 2023 ... Read the full article
BMS to acquire specialist broker, Western United Financial Services
19th April 2023
Specialist insurance and reinsurance broker BMS Group has entered into an agreement to acquire West Australian specialist broker Western United Financial Services (WUFS). The terms of the transaction have not been disclosed. Founded in 2002, WUFS offers tailored insurance broking, risk management and claims handling services. At the same time, the firm ... Read the full article
Canopius begins underwriting cannabis risks
19th April 2023
Global specialty re/insurer Canopius has announced that it will begin to underwrite cannabis-exposed risks for privately owned and not-for-profit organizations in US states where medical and recreational adult-use is legal. Coverages include Directors & Officers Liability (D&O), Employment Practices Liability (EPL), and Fiduciary Liability (FL). The company can now write all types ... Read the full article
Insurity launches cloud-based underwriting software to the London market
19th April 2023
Insurity, a provider of cloud-based software for insurance carriers, brokers, and MGAs, has announced the launching of its Sure Underwriting Workbench in the London market. The software’s low code, configurable rules engine will enable London market carriers, MGAs, syndicates, and brokers to focus more on risk assessment and less on routine ... Read the full article
MS Amlin expands Risk & Compliance functions with two key hires
19th April 2023
Lloyd’s global re/insurer MS Amlin has expanded its Risk and Compliance functions with two key senior hires. The firm has appointed Ruth Adamson as Head of Insurance and Financial Risk, and Kevin Ball as Head of Compliance. Both new hires will join the company later this year, where they will report to ... Read the full article