Reinsurance News
AM Best upgrades TransRe credit ratings
11th January 2023
AM Best has upgraded the credit ratings of TransRe, a reinsurance company wholly owned by Alleghany Corporation, and removed them from under review with positive implications. The reinsurer, and its subsidiaries, now hold a Financial Strength Rating (FSR) of A++ (Superior), which previously was A+ (Superior). Its Long-Term Issuer Credit Ratings ... Read the full article
Silicon Valley exec Joe Hurd joins Lloyd’s Council
11th January 2023
Lloyd’s, the world’s leading marketplace for commercial, corporate and specialty risk solutions, welcomes Joe Hurd to the Council of Lloyd’s. He will replace John Sununu, who will be stepping away from the Council in May 2023 to focus on his new role as Non-Executive Chair, Lloyd’s Americas, where will be replacing ... Read the full article
Gen Re Life names Chandrasena as President & CEO
11th January 2023
Gen Re Life Corporation, the US life and health division of the multinational reinsurance company, has announced that Harindra Chandrasena has been named as its new President and CEO. Chandrasena joined Gen Re in 2021 as a Vice President, when he was tasked with building out the US Life & Health ... Read the full article
Apex Group, Mosaic & Aon launch fund-insurance platform
11th January 2023
Global financial services provider Apex Group has announced the launch of fund-insurance platform, Apex Protect, in partnership with specialty insurer Mosaic Insurance and Aon. Apex Protect offers enhanced directors and officers (D&O) coverage for funds, factoring ESG credentials, provided by Apex ESG Invest Check, into the insurance risk assessment. The initiative ... Read the full article
FEMA shrinks NFIP reinsurance program by over 50% amid hard market
11th January 2023
The U.S. Federal Emergency Management Agency (FEMA) has completed its 2023 traditional reinsurance placement for the National Flood Insurance Program (NFIP), transferring an additional $502.5 million of flood risk to the private reinsurance market for a total premium of $90.2 million. Together with its three in-force catastrophe bond transactions, FEMA has ... Read the full article
Richard Spotswood named Head of Cyber at Newline
11th January 2023
Specialty insurer Newline Group has announced the appointment of Richard Spotswood as the new head of its Cyber Liability product team. In this position, he will oversee and lead the development of Newline’s global cyber portfolio. Spotswood brings 20 years of specialty and financial lines experience to Newline, including more than 10 ... Read the full article
Climate expert Shirel Stedman joins Flood Re board, Paul Leinster steps down
11th January 2023
Shirel Stedman, a flood and climate expert, has been appointed to the board of UK’s government-backed reinsurance scheme, Flood Re as a non-executive director (NED). Her appointment comes at a critical time with climate change on the rise and Flood Re to exit the market in 16 years, according to the ... Read the full article
International Captive Exchange becomes MGU for Liberty Mutual
11th January 2023
International Captive Exchange (ICE), a Health In Tech, Inc. company, has entered into an agreement to serve as the Managing General Underwriting (MGU) for Liberty Mutual Insurance in a program providing employer stop-loss insurance. Under the agreement, ICE will solicit, underwrite, bind, and issue such policies on behalf of Liberty Mutual. Tim ... Read the full article
Duck Creek to acquire Imburse Payments
11th January 2023
P&C solutions provider Duck Creek Technologies has announced a definitive agreement to acquire Imburse Payments, a Swiss-based modern payments platform. Imburse's cloud-native SaaS payment solution is designed for the insurance industry, with the intent to bring greater ease and efficiency to end-to-end transactions. As part of Duck Creek, Imburse will continue to ... Read the full article
Kin’s second reciprocal exchange gets Demotech A rating
11th January 2023
Kin Insurance, a US insurtech and primary carrier focused on home insurance for catastrophe-exposed areas, has announced that financial analysis firm Demotech has assigned an FSR of A, Exceptional, to the Kin Interinsurance Nexus. The Kin Interinsurance Nexus is Kin’s second reciprocal exchange and utilises a direct-to-consumer model and efficient technology ... Read the full article
Superscript gets £45m in Series B funding round
11th January 2023
London-based insurtech Superscript has announced the completion of its £45 million ($54m) Series B funding round led by existing investor BHL UK with participation from a new investor, The Hartford. According to Superscript, the funding will be used to further develop the firm's underwriting and broking capabilities, as well as to ... Read the full article
Reinsurers’ underwriting margins expected to improve in 2023, says Fitch
10th January 2023
Fitch Ratings has released a report suggesting that reinsurers' underwriting margins after retrocession will expand by 4 percentage points on average in 2023. The rating agency noted that the global reinsurance industry reached a tipping point during the January 2023 renewals, as their bargaining power with regard to their cedents moved ... Read the full article
Aquarian completes takeover of Somerset Re
10th January 2023
New York domiciled investment firm, Aquarian Holdings, has announced the closing of its acquisition of a controlling stake in Bermuda-based reinsurer, Somerset Reinsurance, from shareholders. The deal, first announced back in June 2022, will see Aquarian provide new capital to drive further growth, fortify Somerset Re’s market position, and offer ... Read the full article
Arbol names Hector Ibarra as Vice Chairman of LATAM
10th January 2023
Global climate risk solutions platform, Arbol, has announced that insurance-linked securities and parametric insurance expert, Hector Ibarra, has joined the company as Vice Chairman of LATAM. Ibarra holds more than two decades of experience driving market development efforts across the financial industry, including parametric risk transfer products. Most recently, he served as ... Read the full article
Liberty Specialty Markets names Head of Digital Strategy for Europe
10th January 2023
Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance Group, has announced the appointment of Carl Faulkner to the newly-created role of Head of Digital Strategy for Continental Europe. Faulkner joins LSM from BNP Paribas where he was Head of Digital for five years His new role forms part of LSM’s recently ... Read the full article