Reinsurance News
Eurohold’s EIG Re to protect assets of Euroins Romania amid “hostile takeover”
20th March 2023
Eurohold Bulgaria has announced that its reinsurance unit, EIG Re, will keep and protect the assets of Euroins Romania following an "abusive" and "irresponsible" withdrawal of its operating licence and request for the launch of bankruptcy proceedings by Romania's financial regulator. According to a report from SeeNews, Romania's financial regulator has ... Read the full article
AdvantageGo and VIPR Solutions announce strategic alliance
20th March 2023
AdvantageGo, a commercial re/insurance software provider and VIPR Solutions, have announced a strategic alliance. Under the alliance, AdvantageGo's Underwriting workbench APIs will import bordereaux data for delegated authority business by integrating with VIPR's leading bordereaux management solution. Through this collaboration, this will ensure that raw Premium, Risk and Claims data being imported ... Read the full article
World Bank cat bond & swap to provide $630m cover for Chile quakes
17th March 2023
The International Bank for Reconstruction and Development (IBRD), has priced a joint catastrophe bond and swap transaction that provides a total of $630 million of earthquake insurance coverage to the Government of Chile. The deal by the lending arm of the World Bank consists of $350 million of protection from the ... Read the full article
Axis promotes Gonzales to Deputy Global Head of Ceded Reinsurance
17th March 2023
Axis Capital, a global specialty underwriter and provider of re/insurance solutions, has announced the promotion of Inmaculada Gonzales to Deputy Global Head of Ceded Reinsurance. In her new role, she will help advance ceded reinsurance strategic priorities and drive best practices in governance and compliance on outwards reinsurance and retrocessional placements. Gonzales ... Read the full article
IVANS Index shows yoy increases in average premium renewal rates
17th March 2023
Data from the latest IVANS Index shows that year over year all lines of business experienced an increase in average premium renewal rate over February. According to the report, Business Owners Policy (BOP) and Commercial Property remain the highest premium renewal rate increases year over year. Additionally, month over month, BOP, General ... Read the full article
Great American promotes Colosi to Divisional President, Alternative Markets
17th March 2023
Great American Insurance Group has announced the promotion of Thomas V. Colosi to Divisional President, Alternative Markets. Collectively, Colosi has 35 years of insurance experience and has expertise in underwriting specialty captives and programs. He joined Alternative Markets in 2014 and has since held numerous leadership roles within the division. He most recently ... Read the full article
Re/insurance non-exec director remuneration up 70% since 2018
17th March 2023
There has been a 70% uplift in re/insurance Non-Executive Director (NED) remuneration since 2018, according to a recent report by Damhurst, an executive search firm serving the global re/insurance community. The report provides NED remuneration data for several insurance industry segments including mutuals, MGAs, Lloyd’s Managing Agents and brokers. It also ... Read the full article
Liquidity concerns for European insurers following SVB failure “overdone”: JP Morgan
17th March 2023
Risks from mark-to-market losses, capital issues and liquidity from the failure of the Silicon Valley Bank (SVB) “do not have any significant read” across to the European insurance sector as it has a number of protective drivers, according to JP Morgan. Analysts understand the market’s worries and have seen from share ... Read the full article
AmTrust expands Commercial Lines team
17th March 2023
Specialty P&C insurer AmTrust Financial Services has made new additions to its Commercial Lines team, naming Ken Surian as Senior Vice President, Product Management, and Brian White as Vice President, Product Strategy. Surian joins AmTrust from US primary insurer Travelers, where he most recently served as Vice President, Small Commercial State ... Read the full article
AXA XL backs newly launched cyber underwriter Intangic MGA
17th March 2023
AXA XL has backed the launch of Intangic MGA, a data science-driven, London-based cyber Managing General Agent (MGA), that offers innovative cyber insurance cover for large public corporations headquartered in the UK. The MGA is led by an executive team that possess a unique combination of expertise from insurance, data science, ... Read the full article
Honan expands NZ market share with acquisition of Certus Insurance Brokers
17th March 2023
Honan Insurance Group has boosted its service capability and reach in the New Zealand market through the acquisition of Certus Insurance Brokers (CIBNZ). According to Honan, the acquisition signifies its continued growth ambition and diversification into the New Zealand market, which saw national Gross Written Premiums totalling more than $7 billion ... Read the full article
R&Q completes sale of 40% stake in MGA Tradesman
17th March 2023
Bermuda-based insurer R&Q Insurance Holdings has announced the completion of the sale of its 40% minority holding in the New York-based Managing General Agent, TPM Holdings USA, (Tradesman). In February, it was reported that R&Q had reached an agreement to sell its stake to Roosevelt Road Capital Partners, the controlling ... Read the full article
Scope to close semiconductor supply chain risk protection gaps: Lloyd’s & WTW
17th March 2023
A new report by re/insurance marketplace Lloyd’s, delivered in collaboration with broker WTW, has warned that the global electronics industry is threatened by semiconductor supply chain risks, which are set to be exacerbated by a lack of available insurance solutions. The semiconductor industry is estimated to have a market value of ... Read the full article
German public-sector insurer profits hit by reinsurance prices, claims inflation: Fitch
17th March 2023
According to analysts at Fitch Ratings, German public-sector insurers’ non-life underwriting profitability is likely to weaken in 2023, which will be driven by higher reinsurance prices and claims inflation. Fitch noted that it forecasts a net combined ratio of 98% for 2022 and 99% for 2023, compared with a five-year average ... Read the full article
Intermap adds $1.3mn in European insurance contracts
17th March 2023
Intermap Technologies, a leader in 3D geospatial products and intelligence solutions, has announced that multiple European insurers have agreed to expand their five-year contracts with an aggregate additional value of over $1.3 million. The $1.3 million value will be used for Intermap’s flood risk software, geocoding analytics, and a new generation ... Read the full article