Reinsurance News
Aspen joins UN-supported Principles for Responsible Investment
1st February 2023
Aspen Insurance Holdings Limited has announced that it has become a signatory of the United Nations-supported Principles for Responsible Investment (PRI). The PRI is a global network that consists of more than 5,000 different organisations that are committed to integrating environmental, social and governance (ESG) considerations into their investment decision-making and ... Read the full article
ICEYE’s nat cat insights now available in Esri GIS technology
1st February 2023
In an expanded partnership, ICEYE’s near-real-time flood data is now accessible via Esri's ArcGIS software, a comprehensive system for mapping and location intelligence. ICEYE has expanded its Esri Partner Network relationship to provide its users across the public and private sectors with direct access to near-immediate natural catastrophe insights at the ... Read the full article
Kingstone estimates Q4 cat losses of $3.66 million
1st February 2023
P&C insurance holding company Kingstone Companies has estimated net pre-tax catastrophe losses for the fourth quarter of 2022 of $3.66 million, primarily driven by Winter Storm Elliot. Barry Goldstein, Kingstone's Chairman and Chief Executive Officer suggested that the footprint of Winter Storm Elliott expanded to each of the geographies in which ... Read the full article
DUAL North America makes two leadership hires
1st February 2023
DUAL North America has announced two key leadership hires. The firm has appointed Ranjit Jaswal as Chief Risk Officer and Luke Wolmer as Senior Vice President of Actuarial and Data Analytics. In his role as Chief Risk Officer, Jaswal will lead the company’s risk and compliance vision and strategy. He will work ... Read the full article
Hiscox partners with reinsurtech Supercede
1st February 2023
Specialist global insurer Hiscox has partnered with reinsurtech software specialist Supercede for all 2023 outwards reinsurance placements. According to the announcement, this partnership will drive operational efficiencies and simplify complex placements for broker partners. Supercede’s reinsurance tools will allow Hiscox to capture data and confirm order terms to their broking partners and ... Read the full article
Slide acquires Florida renewal rights & intellectual property from UPC
1st February 2023
Full-stack insurtech Slide Insurance has acquired the exclusive renewal rights for over 91,400 Florida homeowners insurance policies from UPC Insurance. Slide suggests that the acquired policies represent $272 million in annual premium, bringing its total in-force premium value to $560 million. Under the terms of the transaction, UPC will cancel most of ... Read the full article
Citizens’ board names Tim Cerio President, CEO & Executive Director
1st February 2023
Citizens’ Board of Governors has named Tim Cerio as President, CEO and Executive Director following the retirement of Barry Gilway after more than 10 years at the helm. Cerio takes over as the state’s insurer of last resort adopts recently enacted legislative reforms and prepares for the 2023 Legislative session ... Read the full article
P&C leverage ratios remain elevated due to capital declines: AM Best
1st February 2023
A new report from AM Best has stated that a combination of factors which includes rising interest rates, increased unrealized losses, and declines in capital, has led to leverage ratios ticking up among US property & casualty (P&C) insurers. The report, titled ‘U.S. P/C Insurers’ Leverage Ratios Remain Elevated Due to ... Read the full article
Cole Wagner joins Newfront from Marsh as US growth Leader
1st February 2023
San Francisco-based insurance broker Newfront has named Cole Wagner as US Growth Leader and Executive Vice President. Wagner holds more than two decades of experience building high-performing teams and developing successful marketplace strategies. He joins Newfront from Marsh, where he was most recently the Central Zone Growth Leader, overseeing 18 offices throughout ... Read the full article
Insurance brokers begin 2023 on sound footing: S&P
1st February 2023
Analysts at S&P Global Ratings have suggested that insurance brokers & service providers have started 2023 on sound footing despite the looming recession and tightening financial conditions. The rating agency's sector view for global insurance services is largely stable, reflecting resilient industry fundamentals for most subsectors. S&P expects limited rating changes ... Read the full article
Trium Cyber recruits Head of Product from AmTrust
1st February 2023
Lloyd’s cyber syndicate Trium Cyber has announced the appointment Jeffrey Batt as Head of Product. He joins from AmTrust Financial Services where he served as Head of Cyber Strategy. Batt also previously served as Cyber Insurance Practice Leader at M&T Bank where he worked closely with clients to identify and mitigate security ... Read the full article
The industry has experienced a rough ride, but it’s a great place for us to be: Conduit’s Carvey
1st February 2023
The re/insurance industry has witnessed a “structural shift” in the marketplace throughout the 1/1 renewals, says Trevor Carvey, Chief Executive Officer, Conduit Re. During Conduit’s 1/1 renewals trading update conference call, Carvey stated that the rise in inflation that has been emerging through has been recognised by both the client base ... Read the full article
Chubb reports “record” P&C underwriting results despite drop in net income
1st February 2023
Chubb has reported that full-year P&C underwriting income was a record $4.56 billion, up 23.2%, leading to a P&C combined ratio of 87.6% compared with 89.1% in the prior year. Full-year net income in 2022 totalled at $5.31 billion compared with $8.54 billion in the prior year. Core operating income was ... Read the full article
Heavy loss years often followed by innovation in the market: Aeolus’ Dutt
1st February 2023
Speaking at an AM Best expert panel that discussed the need to ford the gap between available capacity and reinsurance demand, Aditya Dutt, President of Aeolus Capital Management, suggested that despite heavy losses in recent years, such times have often acted as a catalyst for innovation in the market. Dutt described ... Read the full article
Topsail Re adds Brook Farlow to its team
1st February 2023
Cayman islands-based reinsurer Topsail Re has appointed Brook Farlow as a Reinsurance Staff Accountant. She joins the firm after a distinguished 24 years of service at Carolina Farmers Mutual Insurance Company. In her most recent position at the firm, she served as Chief Executive Officer and President. However, throughout her tenure at Carolina ... Read the full article