Reinsurance News
Sompo appoints new Chief Operating Officer, Asia Pacific
16th October 2024
Sompo, a global provider of commercial and consumer property and casualty re/insurance, has appointed Maya Dongyoung Lee as Chief Operating Officer (COO), Asia Pacific (APAC), effective October 16, 2024. She will report to Daniel Englberger, COO, Sompo International Holdings and Kenneth Reilly, Chief Executive Officer, Insurance, APAC. She ... Read the full article
mea Platform and AXIS expand strategic partnership
16th October 2024
mea, a GenAI-powered global platform that aims to simplify insurance processes, has renewed and expanded its strategic partnership with AXIS, a global specialty re/insurer. Through the partnership, AXIS will expand its use of mea’s generative artificial intelligence (GenAI) with the aim of delivering operational efficiencies while enhancing the speed and service ... Read the full article
LIMOSS extends McKenzie Intelligence contract to improve cat response capability
16th October 2024
McKenzie Intelligence Services (MIS) and London Market Operations & Strategic Sourcing (LIMOSS) have signed a new contract that will give Lloyd’s Managing Agents and associated company market business greater flexibility to access additional services when adopting MIS’ geospatial intelligence platform in 2025. Since 2020, MIS, a geospatial intelligence provider for the ... Read the full article
Markel names Stacey Hinton Senior Underwriter and Head of Jewellers Block, Specie
16th October 2024
Markel Group Inc., a reinsurance company, has announced the appointment of Stacey Hinton as Senior Underwriter, Head of Jewellers Block, Specie. In her new position, Hinton will focus on enhancing the profitability of Markel's international Jewellers Block portfolio while building and nurturing relationships with brokers and clients. She will collaborate closely with ... Read the full article
CIMA reveals strong growth in the Cayman Islands insurance sector
16th October 2024
Growth continues for the Cayman Islands insurance sector, according to the Cayman Islands Monetary Authority (CIMA) licensing statistics for the third quarter of 2024. During the period of July to September, CIMA granted five new international insurer licences, including three B(i) and two B(iii) licences, which marked sustained progress within the ... Read the full article
Clearwater Analytics expands EMEA leadership team with three key hires
16th October 2024
Clearwater Analytics, a provider of SaaS-based investment management, accounting, reporting, and analytics solutions, has announced three new appointments to its EMEA leadership team. Notably, Clearwater Analytics was recently awarded Investment & Portfolio Management Technology of the Year at the Insurance Investor European Awards, recognising its innovative solutions for delivering top-tier investment ... Read the full article
Insurance CEOs focus on workforce growth and generative AI: KPMG survey
16th October 2024
CEOs in the insurance industry are optimistic about their companies' growth potential over the next three years, even in the face of challenges related to digital transformation, talent acquisition, and sustainability, according to a survey of 120 leaders from around the globe. The KPMG CEO Outlook, now in its tenth year, ... Read the full article
Sprout.ai’s growth advisory board adds ex-Zurich officer Ian Thompson
16th October 2024
Sprout.ai, a claims automation insurtech, has appointed Ian Thompson as the first member of its growth advisory board, effective immediately. In this role, Thompson helps in shaping Sprout.ai’s strategic product direction and go-to-market strategy while supporting business opportunities in the insurance market. The appointment aligns with Sprout.ai’s ambitions to promote innovation in ... Read the full article
Tokio Marine HCC enters Excess Casualty market led by David Perez
15th October 2024
Tokio Marine HCC (TMHCC), a specialty insurance provider, has announced its entry into the Excess Casualty market, appointing David Perez to lead the new offering. TMHCC’s entry into the Excess Casualty market comes at a crucial time, providing much-needed capacity for insureds as insurers continue to reduce limits in response to ... Read the full article
Gallagher Re names Sanjeeb Kumar and Addise Li to key L&H reinsurance roles
15th October 2024
Global reinsurance broker Gallagher Re has announced two key appointments to its Life & Health (L&H) Reinsurance team. Sanjeeb Kumar joins as Chairman of Life & Health Reinsurance, India, where he will play a pivotal role in driving the growth of the L&H reinsurance business in the region. Kumar previously served as ... Read the full article
Adequate capacity leads to stable Asia Pacific reinsurance pricing, says Fitch
15th October 2024
According to Fitch Ratings, adequate capacity has led to stable reinsurance market pricing for the Asia Pacific (APAC) region throughout 2024. Fitch notes that Asia's premium-pricing rates signalled stable pricing in 2024 renewals, in comparison to 2023, according to various different brokers. A key example is from insurance and reinsurance broker Aon, ... Read the full article
Inari partners with Diesta to enhance underwriting workbench
15th October 2024
Inari, a technology solution provider for global insurance and reinsurance companies, has partnered with Diesta, which offers streamlined premium processing platforms for insurance intermediaries. This partnership will integrate Diesta's premium processing and credit control features with Inari's underwriting workbench. Designed for Managing General Agents (MGAs), Inari’s underwriting workbench helps underwriters manage the ... Read the full article
Helene and Milton losses below $200m retention of Progressive’s occurrence XoL reinsurance
15th October 2024
Progressive, the property and auto-focused insurance group, has revealed that incurred property losses and allocated loss adjustment expenses (ALAE) related to hurricanes Helene and Milton did not exceed the $200 million retention under its occurrence excess of loss (XoL) reinsurance program, but it's currently unclear as to how the storms ... Read the full article
SCOR names Bourke CEO of L&H for Australia & New Zealand
15th October 2024
French reinsurer SCOR has announced the appointment of Paula Bourke as Chief Executive Officer (CEO) of Life and Health (L&H), Australia & New Zealand, effective immediately. Bourke brings over 26 years of industry experience to the role, having spent the last eight years at SCOR, most recently as Deputy CEO ANZ ... Read the full article
Slowing US housing market remains a major challenge for title insurers, AM Best
15th October 2024
For the second-straight year, the US title insurance sector witnessed its volume of direct premium written decline, falling 32% to $14.3 billion in 2023, which according to AM Best, reflects housing and macroeconomic trends. It's important to highlight that as mortgage interest rates began to fall in 2020, housing started to ... Read the full article
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