Reinsurance News
Aon names Andy Marcell CEO of Risk Capital under new structure
4th May 2023
Global professional services firm Aon has announced the appointment of Andy Marcell to the expanded role of CEO of Risk Capital, covering Commercial Risk and Reinsurance, as part of a push for more integration under its Aon United strategy. The strategy aims to align Aon’s content and creation capabilities around two ... Read the full article
Swiss Re hails robust price improvements as Q1 net income hits $643m
4th May 2023
Swiss Re, one of the world's largest reinsurance companies, has today reported net income of $643 million for the first quarter of 2023 compared with a loss of $248 million a year earlier, as the firm's property and casualty (P&C) reinsurance combined ratio improved despite elevated nat cat activity. Group-wide, net ... Read the full article
Lockton expands Commercial Wholesale team with Simon Jesson’s hire
4th May 2023
Independent insurance broker Lockton has announced the appointment of Simon Jesson as Business Development Manager to its Commercial Wholesale team based in Manchester. Jesson is to start his new role with immediate effect. He will be responsible for developing new business as the company continues to grow the number of clients ... Read the full article
CLARA Analytics launches AI platform for general liability claims
4th May 2023
CLARA Analytics, a provider for artificial intelligence (AI) technology for casualty insurance claims optimization, has launched its AI platform for general liability claims. The firm’s casualty lines AI platform ingests both structured and unstructured claims data, by using natural language processing to extract detailed information from claims reports, medical records, and ... Read the full article
Berkshire BHSI appoints regional leaders for Europe & Middle East
4th May 2023
Berkshire Hathaway Specialty Insurance (BHSI) has announced that it has appointed two leaders to regional leadership positions. Alessandro Cerase has been named President & Head of Europe Region, and Neeraj Yadvendu is now Head of Middle East and subject to regulatory approval, will concurrently take on the role of Senior Executive ... Read the full article
Vertafore names Teresa Chia Chief Financial Officer
4th May 2023
Insurtech Vertafore has announced the appointment of insurance veteran Teresa Chia to the role of Chief Financial Officer (CFO). Chia will play an important role in supporting Vertafore's strategy and continued development of market-leading solutions, the company stated. She will use her ten years of experience helping fast-growing companies across the insurance ... Read the full article
DWF adds two insurance partners to its Dubai office
4th May 2023
DWF, a global provider of integrated legal and business services, has appointed insurance disputes and coverage experts, Victoria Clucas and Bill Evans, as insurance partners in the company’s Dubai office. They both join the firm with a combined 30 years of industry experience. In their new roles, they will both work alongside ... Read the full article
Step change in property reinsurance will be ‘reasonably persistent’, says RenRe CEO
3rd May 2023
The President and Chief Executive Officer (CEO) of Bermuda-based reinsurer RenaissanceRe (RenRe), Kevin O'Donnell, expects the supply demand imbalance in property reinsurance to continue as concerns around climate change and elevated losses from natural disasters persist. Speaking recently during the firm's Q1 2023 earnings call, O'Donnell addressed the current reinsurance market ... Read the full article
Limited retro capacity causes turbulent renewals in accident reinsurance market: Aon
3rd May 2023
The recent renewals in the Accident, Health, and Life (A&H) reinsurance market have been marked by turbulence due to limited retro capacity in some lines of business, according to Aon's Accident (Re)Insurance April 2023 report. The report highlights that some reinsurers were forced to pay over 100% more in retrocession costs, ... Read the full article
Large losses to come in above budget for Europe’s big four reinsurers in Q1: BofA
3rd May 2023
Bank of America (BofA) estimates that European reinsurance results will fail to hugely impress against already-high expectations for the sub-sector, while analysts expect that all four major European reinsurance companies will have exceeded their Q1 large losses budget. The key factor for these losses according to the bank is natural disasters. ... Read the full article
Hub Intl. receives investment from PE firm, Leonard Green & Partners
3rd May 2023
Global insurance brokerage Hub International Limited (HUB), has entered into an agreement with Los Angeles-based private equity firm, Leonard Green & Partners, L.P. (LGP) for an expected “substantial” minority investment with HUB’s enterprise valuation of $23 billion. HUB said that the valuation marks the largest enterprise value to date for a ... Read the full article
Verisk grows insurance segment revenue by 11% in Q1
3rd May 2023
Insurance and analytics provider Verisk has reported marginally higher revenues of $651.6 million for the first quarter of 2023, aided by revenue growth of 11.1% within its insurance segment, including growth of 9.8% on an organic constant currency (OCC) basis. The company attributed the “modest” 1.2% growth in its overall revenues ... Read the full article
Reinsurers leading net zero goals but more urgency needed: Twelve Capital
3rd May 2023
New data from independent investment manager Twelve Capital shows that reinsurers are leading the way in terms of some net zero targets within the wider financial industry, with 50% having adopted operational 2030 targets, compared with just 18% in the sector more broadly. But despite this stand-out figure, Twelve Capital maintains ... Read the full article
Marsh McLennan Qatar appoints Qassas as CEO
3rd May 2023
Marsh McLennan Qatar, the regional operation of the global insurance and reinsurance broking powerhouse, has appointed Asaad Qassas as its CEO. Qassas has been working with Marsh for over 13.5 years in various roles, the most recent one was Senior Vice President, UAE Country Placement Leader. Other roles include senior roles like ... Read the full article
James River reports $7m net income in Q1 2023
3rd May 2023
Bermuda domiciled insurance holding company, James River Group Holdings Ltd., has reported a total net income of $7.0 million for the first quarter of 2023, and a combined ratio of 94.9% This year’s Q1 net income was a lower figure compared to the $9.3 million reported in the same period last ... Read the full article