Reinsurance News
Lockton Companies hire new Senior Vice President of Regional Operations for Dallas
30th March 2023
Tyler Bolander has been appointed by insurance brokerage Lockton Companies as their new Senior Vice President of Regional Operations. Bolander is a market veteran with over 15 years of experience and will be based in Lockton’s Dallas, Texas office. Bolander has previously worked as an employee benefits and insurance professional. His ... Read the full article
APAC April reinsurance renewals on sounder footing than turbulent 1/1: Aon
30th March 2023
APAC (Asia-Pacific) renewals are proceeding in an orderly fashion as the reinsurance market finds itself on a more sustainable footing following a turbulent 1/1, suggests Aon Reinsurance Solutions APAC CEO, George Attard. Attard states that April 1 is a significant renewal for the Asia Pacific region, which is an important catastrophe ... Read the full article
Underwriting losses up as P&C income shrinks: Verisk & APCIA
30th March 2023
New data from Verisk and the American Property Casualty Insurance Association (APCIA) shows that key financial results for the US property and casualty (P&C) market significantly worsened in 2022, as its overall underwriting loss reached $26.9 billion. At this level, the underwriting loss was more than six times the $3.8 billion ... Read the full article
Canopius sees improved combined ratio and increased GWP in 2022
30th March 2023
Canopius Group, a global specialty re/insurer, has announced its 2022 financial results reporting that gross written premiums (GWP) increased to $2,338 million, up from $2,220 million in 2021, with growth seen in all geographies. Additionally, the Group’s combined ratio improved to 93.6%, down from 2021’s 96.7%. This was credited to its ... Read the full article
Cyclone Gabrielle insured loss estimated at NZ $1.543bn by PERILS
30th March 2023
Zurich-based catastrophe insurance data provider PERILS AG has released its initial insured market loss estimate for Cyclone Gabrielle which struck New Zealand in the middle of February, pegging the total at NZ $1.543 billion. The industry loss estimate is based on data collected from the New Zealand insurance market and covers ... Read the full article
Tremor’s new cat bond issuance platform targets increased transparency and efficiency
30th March 2023
Tremor Technologies, the reinsurance pricing and placing platform, has announced the launch of Tremor Issuer, an online catastrophe bond issuance platform powered by the firm's Panorama marketplace tech. The new platform can be accessed online by investors, issuers, bankers, and brokers, and is offered via the company's new regulated subsidiary, Tremor ... Read the full article
Jennifer Wilson to lead Newfront’s Cyber practice
30th March 2023
Newfront, the tech-driven insurance brokerage firm, has announced the appointment of Jennifer Wilson as the new Head of Cyber. In her new Boston-based role, Wilson will lead cyber coverage negotiation and claims advocacy at Newfront. She will report to Deirdre Finn, Head of Executive Risk. She is joined by Michele Lepper, Jennifer ... Read the full article
Net-Zero Asset Owner Alliance calls for more policies to reduce oil & gas demand
30th March 2023
The UN-backed Net-Zero Asset Owner Alliance - a member-led initiative with over $11trn in assets under management - is calling for members, which include many of the world's largest insurers, reinsurers and brokers, to set exclusion policies for new oil and gas extraction capacity. The Alliance has published a new position ... Read the full article
Erik Alsegard joins Pen Underwriting as Head of Intellectual Property
30th March 2023
Pen Underwriting has appointed Erik Alsegard to the newly created role of Head of Intellectual Property (IP) as it continues to invest in diversifying its product offering. Pen states that extending its suite of risk solutions into IP insurance will create a natural complement to its established specialisms in tech-related professional ... Read the full article
MAPFRE’s assistance division partners to provide services in Italy
30th March 2023
Global insurance company MAPFRE’s assistance division, MAWDY, has partnered with Italian insurer VITTORIA ASSICURAZIONI to provide assistance services to the Italian market. Under the agreement, both companies will hold 50% of the shares in a newly-formed entity. Both MAPFRE and VITTORIA ASSICURAZIONI have been working together since 2011. The partnership will target B2B2C ... Read the full article
Dual promotes Michelle Roccoforte to Chief of Staff
30th March 2023
DUAL North America, Inc., a specialty program administrator offering property, casualty, and financial lines products, has announced the promotion of Michelle Roccoforte to Chief of Staff from her current role of Chief Financial Officer. In her new role, Roccoforte will be responsible for leading the execution of strategic initiatives across the ... Read the full article
Shadi Albert named President of Berkley Luxury Group
30th March 2023
W. R. Berkley Corporation has appointed Shadi Albert as president of Berkley Luxury Group, a premier insurer for luxury condos, co-ops, rentals, and upscale restaurants. Berkley describes Albert as an experienced P&C insurance executive who holds almost two decades of industry involvement. He has a track record of positioning operations for ... Read the full article
Peak Re takes net loss for 2022, but grows top line
29th March 2023
Hong Kong-based global reinsurer Peak Re has recorded a net loss of US $79.8 million for 2022, while also growing its gross written premiums from $2.14 billion to $2.29 billion. The results were disclosed as part of the annual report of Peak Re’s main shareholder, Fosun, which cited rising catastrophe losses ... Read the full article
Marsh McLennan adds two new members to Board
29th March 2023
The Board of Directors of Marsh McLennan, a leading professional services firm, has appointed both Judith Hartmann and Ray G. Young as directors, effective immediately. Following these appointments, the company’s Board now consists of 15 directors. In her most previous role, Hartmann served as Deputy CEO and Chief Financial Officer of ENGIE, ... Read the full article
CCR Re sees GWP rise 17% despite turbulent market
29th March 2023
CCR Re, the French state-owned reinsurer, has reported a total premium income of €987m in 2022, up 17% compared with 2021. The firm states that it continued to pursue the profitable growth trajectory defined by the board of directors, in a market "hit by a combination of major shocks." CCR Re’s net ... Read the full article