Reinsurance News
Strategic Risk Solutions appoints Ron Sulisz as President
11th April 2023
Strategic Risk Solutions (SRS), a provider of insurance management and consulting services, has appointed Ron Sulisz to the role of President of the global firm. His appointment is effective May 15, 2023, and he will report to Brady Young, who will continue to serve as CEO of the company. At the same ... Read the full article
James River adds Dennis J. Langwell to Board of Directors
11th April 2023
Bermuda domiciled insurance holding company, James River Group Holdings Ltd., has announced that Dennis J. Langwell has been appointed to the company’s Board of Directors as an independent, non-executive member, effective immediately. The company confirmed that Langwell has been appointed to the Audit Committee of the Board. Following this appointment, James River’s ... Read the full article
Coalition launches generative AI for brokers and businesses
11th April 2023
CoalitionAI™, a new initiative to deploy generative AI and large language models to help brokers and businesses protect themselves from cyber risk, has been launched by Coalition. The new features released today use a combination of proprietary technology, large language modeling, and generative pre-trained transformers. The insurer plans to introduce additional AI ... Read the full article
Swiss Re names Kerényi Chief Risk Officer, P&C Reinsurance
11th April 2023
Global reinsurance giant Swiss Re has appointed Attila Kerényi as Chief Risk Officer and Member of the Executive Committee, property & casualty (P&C) Reinsurance. Based in New York, Kerényi is a veteran across the industry and brings over 22 years of experience towards his new role. Kerényi has worked for the reinsurance ... Read the full article
Fidelis reports increased GWP & improved combined ratio in 2022
11th April 2023
In its 2022 full year results, Bermuda-based Fidelis Insurance Holdings Limited has reported that gross written premiums (GWP) increased to $3 billion compared to 2.78 billion in 2021, while the firm's combined ratio improved to 92.1% from 92.9%. Of the GWP total in 2022, $1.61 billion was made up of speciality ... Read the full article
Sawford becomes Verisk UK Managing Director of Claims
11th April 2023
Verisk, a global data analytics and technology provider, has named Chris Sawford Managing Director of Claims for the United Kingdom. Sawford will lead strategic initiatives that can help insurer claims teams boost automation, increase efficiency and contain costs as they continue to face persistently high inflation and supply chain disruption. He co-founded ... Read the full article
Enstar closes $1.9bn LPT with QBE Insurance
11th April 2023
Legacy specialist Enstar Group's wholly owned subsidiaries have completed a Loss Portfolio Transfer (LPT) transaction with certain subsidiaries of QBE Insurance Group on a diversified portfolio of business. The transaction covers International and North America financial lines, European and North American reinsurance portfolios, and several US discontinued programs. Under the LPT, Enstar’s ... Read the full article
Technological changes continuing to transform the insurance landscape: AM Best
11th April 2023
A new report from AM Best has highlighted how companies that are placing high importance on data quality to improve efficiency and profitability are key drivers of innovation efforts that are playing a significant role in moving the insurance industry forward. Best also cited how leadership teams that have a general ... Read the full article
U.S. P&C insurers resilient despite economic woes: Triple-I
11th April 2023
Slow underlying growth and inflation are among the biggest challenges facing U.S. P&C insurers in 2023, suggest analysts at the Insurance Information Institute (Triple-I). According to Triple-I, P&C saw its cyclical underlying growth rebound fail to materialise in H2 2022 as interest rate tightening depressed housing starts, corporate spending, and vehicle ... Read the full article
Higher reinsurance costs driving E&S property premiums: CRC
11th April 2023
In its 2023 state of the market report CRC Group’s analysts have highlighted that many E&S insurers in the personal property lines have been pushed to increase their premiums as a result of rising reinsurance rates, impacting customers and the possibility of them getting reasonably priced premiums. In the US, the ... Read the full article
Hail a major loss driver, CoreLogic’s Severe Convective Storm risk report shows
11th April 2023
In the US, severe convective storms account for an average annual loss of more than $17 billion among the insured. Of those losses, hail damage accounts for more than $11 billion, CoreLogic first ever Severe Convective Storm report revealed, among other notable findings. Severe convective storms include straight-line winds, tornadoes, hail ... Read the full article
Newfront names Matt Yoder Midwest Executive Risk Solutions Leader
11th April 2023
Tech-driven insurance brokerage Newfront has hired Matt Yoder from Marsh as its new Midwest Executive Risk Solutions Leader. Yoder holds more than two decades of experience in insurance, both as an underwriter and a broker. At Marsh, Yoder was a Managing Director, operating as a growth and team leader in the Central ... Read the full article
Understanding water risk essential for almost all businesses: AXA XL
11th April 2023
In a recent report outlining how firms can manage key water-related threats, researchers at AXA XL suggested that understanding water risks is essential for almost all businesses, regardless of the sector. Citing the international non-profit CDP, AXA XL states that the cost to businesses of inaction on water risks is 5x ... Read the full article
US commercial P&C rates increase in Q1 at plus 5%: MarketScout
6th April 2023
New data released by MarketScout, a managing general agent, Lloyd’s coverholder and wholesale broker, shows that composite rate increases for commercial property and casualty rates increased in modest fashion during the first quarter of 2023 at plus 5%. According to the broker, the only coverages of notable change were general liability ... Read the full article
Astaara increases underwriting capacity, boosts cyber insurance limit to $25mn
6th April 2023
Guernsey-based integrated insurance services and risk management advisory business, Astaara has increased its underwriting capacity and insurance limit from $12.5 million in 2020, to $25 million. Launched in 2020, Astaara's cyber insurance covers ports and terminals, as well as ships, shipowners and ship managers. The insurance is led by A-rated cyber ... Read the full article