Reinsurance News
Lloyd’s, LMA & LIIBA welcome FCA’s non-financial misconduct report
25th October 2024
The Lloyd's insurance and reinsurance market, as well as the Lloyd's Market Association (LMA) and LIIBA (London & International Insurance Brokers’ Association), two London-focused insurance and reinsurance organisations have shared their reactions to UK regulator, the Financial Conduct Authority's (FCA) latest non-financial misconduct report. Firstly, Lloyd’s CEO John Neal said, “We ... Read the full article
AM Best downgrades SCFBG’s ratings driven by Hurricane Helene losses
25th October 2024
Global ratings agency AM Best has downgraded the Issuer Credit Ratings of South Carolina Farm Bureau Group (SCFBG) due to ongoing volatility in its operating results, primarily driven by weather-related events and inflationary pressures, particularly significant losses from Hurricane Helene. SCFBG comprises South Carolina Farm Bureau Mutual Insurance Company and its ... Read the full article
Convex to improve operational model with EXL partnership
25th October 2024
International specialty insurer and reinsurer Convex has partnered with EXL, a data analytics and digital operations and solutions company, to evolve their operational model through data and technology. Through this multiyear partnership, the program aims to improve efficiency and customer experience, delivering a more cost-effective, scalable and resilient operating model. As part ... Read the full article
Richard Mangion named Chief Financial Officer of Fortegra Europe
24th October 2024
The Fortegra Group, a global specialty insurer and a subsidiary of Tiptree Inc., has announced the appointment of Richard Mangion as Chief Financial Officer for its UK and European business. In his new position, Mangion will report to Ed Peña, Fortegra's Chief Financial Officer. He will lead finance operations and help ... Read the full article
Oka unveils lineslip to bring insurance capacity to global carbon markets
24th October 2024
Oka, The Carbon Insurance Company (Oka) has introduced a lineslip for its innovative Article 6 insurance solution, Corresponding Adjustment Protect. Corresponding Adjustment Protect is the first-ever policy designed to protect voluntary carbon credits traded in compliance markets. It safeguards project developers and their clients against the risk of Article 6 revocation ... Read the full article
FM to support client investment in climate resilience with third ‘Resilience Credit’
24th October 2024
Commercial property insurer FM has announced the allocation of approximately a $400 million ‘Resilience Credit' to support client investment in climate resilience. With this third resilience credit, FM will have allocated more than $1 billion to help clients protect their operations from the increasing frequency of extreme weather over the last ... Read the full article
BCG reveals 74% of companies face challenges in unlocking AI value
24th October 2024
Boston Consulting Group (BCG), a global management consulting firm, has released new research revealing that after years of investing in artificial intelligence (AI), CEOs are increasingly focused on achieving tangible returns from these technologies. However, realising AI's full potential remains challenging. The report indicates that only 26% of companies have developed ... Read the full article
QBE partners with ERM to enhance its risk engineering capabilities in Asia
24th October 2024
Global insurer QBE has partnered with Eos Rhea Metis (ERM) to enhance its risk engineering services for corporate clients in Taiwan and across Asia. This partnership reflects QBE's commitment to providing advanced risk management solutions, especially in property and engineering underwriting. ERM, with its expertise in risk assessment across various industries, will ... Read the full article
CRC Group expands team with three new hires across US
24th October 2024
CRC Group, a wholesale specialty insurance distributor in North America, has announced the hire of three new professionals: Cory Gibson, to be based in Florida; Clark Miller, based in Texas; and Andrew Perez, who will be based in Colorado. Gibson has been appointed an underwriting team leader specialising in transportation, and ... Read the full article
The German re/insurance market has seen a shift towards using TPAs as strategic partners: Pro Global
24th October 2024
During a recent interview with Reinsurance News, Stilianos Kalaitzidis, Head of Business Development, Pro Global Germany, discussed how the role of Third Party Administrators (TPAs) has evolved as a maturing model within the German-speaking reinsurance and insurance market. "In the past, German insurers only used TPAs in emergencies, as they were ... Read the full article
RGA extends coinsurance contract by KRW 150bn with Tongyang Life Insurance
24th October 2024
Reinsurance Group of America (RGA) and Tongyang Life Insurance Company have agreed to increase coverage of an existing 200 billion Korean Won (KRW) coinsurance contract, originally executed in June 2024. Under the new arrangement, coverage is expanded by an additional KRW 150 billion. The original agreement of in-force block of ... Read the full article
Donegal Group’s CoR reaches 96.4% in Q3, insurance subsidiaries see $6m net loss from Helene
24th October 2024
US primary holding company Donegal Group has announced its financial results for the third quarter of 2024, reporting a net income of $16.8 million, compared to net loss of $0.8 million from the prior year quarter. At the same time, Donegal posted a combined ratio of 96.4% for the quarter, a ... Read the full article
AM Best’s outlook on Canada’s P&C segment remains stable despite C$3.1bn cat losses in 2023
24th October 2024
Global credit ratings agency AM Best is maintaining its stable outlook on Canada's property & casualty (P&C) industry, amid significant challenges from catastrophic events in 2023 and this year. The rating agency noted that the stable outlook was driven by a number of factors, including the sector's solid risk-adjusted capitalisation levels, ... Read the full article
Miller partners with CyberCube to strengthen cyber risk advisory services
24th October 2024
Miller, an independent specialist insurance and reinsurance broker, has formed a strategic partnership with CyberCube to enhance its ability to provide comprehensive, data-driven cyber exposure advice. Miller will utilise CyberCube's Broking Manager and Prep Module, which will help improve the broker’s ability to quantify and mitigate cyber risks for clients across ... Read the full article
HCI subsidiaries assume approximately $200m of in-force premium from Citizens
24th October 2024
Florida-domiciled insurtech, HCI Group, Inc.’s insurance subsidiaries have successfully assumed over 42,000 policies totalling approximately $200 million of in-force premium from Florida’s state-backed insurance company, Citizens Property Insurance Corporation. HCI confirms the assumption of policies by the two insurance subsidiaries became effective on October 22nd, 2024. HCI's subsidiary, Homeowners Choice Property & ... Read the full article
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