Reinsurance News
Korean Re sees net income increase in H1 2023
27th September 2023
Korean Re has announced its financial results for the first half of 2023 reporting a net income of KRW 268.9 billion, with an underwriting income of KRW 215.3 billion. In the same period last year, the Seoul-based reinsurer reported a net income of KRW 67.0bn with an underwriting income of KRW ... Read the full article
UK life insurance sector outlook remains strong: Moody’s
27th September 2023
Moody’s outlook for the UK life insurance sector remains strong, with a strong bulk annuity market and robust pension inflows supporting profitability, the credit rating agency has stated. This, according to analysts, will largely offset a decline in assets under management and a slowdown in retail life sales as inflation erodes ... Read the full article
SCOR makes strategic appointments to its Executive Committee
27th September 2023
SCOR has announced strategic appointments in senior positions. SCOR has announced the appointment of Claudia Dill as the Group’s Chief Operating Officer. Simultaneously, Redmond Murphy has been appointed as the Deputy Chief Executive Officer of SCOR Life & Health. Both will serve as members of the Executive Committee. Thierry Léger, Chief ... Read the full article
Re/insurance challenges amid turbulent landscape in African & emerging markets: Am Best
27th September 2023
(Re)insurance companies operating in Africa and various emerging markets continue to face significant challenges amidst a turbulent economic and geopolitical landscape, according to AM Best. These challenges have been further amplified by external shocks, making resilience a critical trait for industry players. The declining creditworthiness of many African debt issuers has emerged ... Read the full article
Audax Private Equity to invest in Oakbridge Insurance Agency
27th September 2023
Audax Private Equity has announced a partnership alongside management to invest in independent insurance and risk management agency Oakbridge Insurance. Oakbridge is an insurance brokerage firm focused on commercial P&C, employee benefits, surety, personal P&C, and risk management services. It was formed in December 2020 by CEO and Co-Founder Robbie Smith ... Read the full article
Youi opts out of aggregate reinsurance as market conditions harden
27th September 2023
In response to the challenging dynamics of the global reinsurance market, Youi, a prominent Australian insurance company under the Outsurance Group umbrella, has decided not to renew its aggregate reinsurance for the 2024 financial year. This strategic move reflects a broader trend in the industry as insurers grapple with escalating natural ... Read the full article
Hannover Re’s Muehlbeyer highlights need for expanded capacity in cyber re/insurance market
26th September 2023
In a recent webinar titled "Cyber ILS – How can it be brought to the capital markets?" hosted by Twelve Capital, Max Muehlbeyer, Senior Underwriter for Retrocessions & Capital Markets at Hannover Re, shed light on the challenges and opportunities facing the cyber insurance and reinsurance sectors. Muehlbeyer underscored the burgeoning ... Read the full article
Everest Insurance launches comprehensive business travel accident insurance
26th September 2023
Everest Insurance, the insurance division of Everest Group, Ltd., renowned for its global underwriting leadership, has unveiled its latest offering – Everest Business Travel Accident Insurance. This innovative addition enriches its Accident and Health portfolio, providing a comprehensive solution that combines insurance protection with an array of essential travel, medical, and ... Read the full article
Moody’s maintains negative outlook for UK P&C insurance sector amidst rising claims
26th September 2023
Moody's, the global credit rating agency, has reaffirmed its negative outlook for the United Kingdom's property and casualty (P&C) insurance sector, citing ongoing challenges stemming from escalating claims and reinsurance costs. The negative outlook reflects the sector's struggles with higher reinsurance expenses and mounting pressure on personal lines' profit margins. Moody's analysis ... Read the full article
Miller and Clearwater Dynamics partner for Black Sea vessel war risks insurance
26th September 2023
Miller, a leading independent specialist (re)insurance broker, and Clearwater Dynamics (CWD), in collaboration with Ukrainian authorities, have joined forces to introduce comprehensive War Risks insurance coverage for vessels operating in the Black Sea. This groundbreaking solution leverages Clearwater Dynamics' cutting-edge technology to enable advanced vessel tracking and 24/7 operations room monitoring, ... Read the full article
Canopius and AdvantageGo partner for underwriting workbench application
26th September 2023
Global specialty re/insurer Canopius has entered an underwriting platform partnership with AdvantageGo, a commercial re/insurance technology provider. Through this partnership, AdvantageGo’s workbench will be implemented across all lines of insurance and reinsurance business underwritten within Canopius UK and London Market teams, and is expected to go live next year. Underwriting from AdvantageGo ... Read the full article
Cyber crime fears present massive opportunities for the industry: PwC’s Jim Bichard
26th September 2023
With cyber crime fears being heavily highlighted in PwC's "Insurance Banana Skins 2023" report, Reinsurance News spoke to Jim Bichard, Partner and Global Insurance Leader at PwC, at RVS 2023 about what the industry needs to do to try and combat these ongoing fears. "The amount of protection that currently exists ... Read the full article
Pacific Life Re names Ranbir Dehal VP Corporate Actuarial, Europe
26th September 2023
Pacific Life Re has appointed Ranbir Dehal as its new Vice President Corporate Actuarial in the Europe business unit. Dehal joins Pacific Life Re Europe from Wesleyan Assurance Society, where he served as Head of Actuarial covering SII reporting, data and analytics, economic capital modelling, and capital management. Collectively, he holds over ... Read the full article
Ariel Re unveils ‘Ariel Green’ rebranding to spearhead sustainability in clean energy
26th September 2023
In a bold move to champion sustainability and bolster the clean energy sector, global reinsurer Ariel Re has officially rebranded its Clean Energy division as "Ariel Green." Recognising the pivotal role of Technology Performance Insurance in advancing innovations within solar, energy storage, hydrogen, and bioenergy, Ariel Green aims to combat climate ... Read the full article
MGA Redline Underwriting achieves Lloyd’s coverholder status
26th September 2023
Managing General Agent, Redline Underwriting, has been approved as a Lloyd’s coverholder as it continues expanding its operations. Redline Underwriting, legally known as Reinsurance Distribution Lines LLC, is based in Miami with presence in Mexico City, which makes it ideally positioned to serve Latin America, the company claims. Its rapid growth has ... Read the full article
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