Reinsurance News
AM Best revises London market insurance segment outlook to positive
22nd April 2024
Rating agency AM Best has revised its outlook for the London market insurance segment to positive from stable, driven by an expected strong pricing environment for most business lines to support good underwriting profitability. AM Best also highlights the positive momentum of US excess and surplus (E&S) lines, and an improved ... Read the full article
SSP Broker appoints Christian Wright as new Head of Market Development
22nd April 2024
SSP Broker has appointed Christian Wright as its new Head of Market Development, where he will drive the company's future growth plans. In his new role, Wright will focus on strengthening relationships with brokers, ensuring they have optimal insurance software to manage customers and policies seamlessly. Martyn Mathews, Managing Director of SSP ... Read the full article
Accelerated underwriting streamlining insurance processes: Lane, Swiss Re
22nd April 2024
Jeremy Lane, Head of US Mortality Services at Swiss Re, underscores the increasing significance of Accelerated Underwriting (AUW) for insurance companies by enabling them to leverage technology for faster decision-making and quote delivery, thereby streamlining processes. Lane highlights the ongoing transformation in the insurance industry, driven by efforts to improve the ... Read the full article
Insurers in Slovakia to implement Intermap’s flood risk solution for insurance applications
22nd April 2024
KBC Slovakia and UNIQA Slovakia have signed multiyear subscriptions to Intermap Technologies’ Aquarius RMA software and the latest generation of flood risk solutions for Slovakia. Intermap is a provider of geospatial intelligence solutions, focusing on the creation and analysis of 3D terrain data to produce high-resolution thematic models. ČSOB Poisťovňa and ČSOB ... Read the full article
Fitch anticipates surge in UK life insurers’ bulk annuity sales and funded re
22nd April 2024
Fitch Ratings anticipates UK life insurers’ bulk annuity volumes to continue rising in 2024, surpassing £60 billion, with funded reinsurance (funded re) becoming increasingly prevalent. In 2023, bulk annuity sales reached a record high of nearly £50 billion, reflecting a remarkable increase of over £20 billion compared to 2022. Fitch explains, “Demand ... Read the full article
Chubb promotes Scheffler to COO for PRS and Graham Mid-Atlantic Region Executive Officer
22nd April 2024
Global insurer Chubb has announced the promotion of two insurance industry veterans, Melissa Scheffler and Bryce Graham, to new roles in North America, both effective April 29, 2024. Scheffler, who currently serves as Regional Executive Officer for the Mid-Atlantic region, has been appointed Chief Operating Officer of Personal Risk Services (PRS). In ... Read the full article
Cyber insurers and distributors to benefit from Zywave’s new quoting platform
22nd April 2024
Insurtech provider Zywave has launched Cyber Quoting, the latest addition to its comprehensive portfolio of quoting and proposal solutions. The centralised quoting platform seamlessly connects global cyber insurers with US distribution partners through a simplified and transparent data collection process that provides key insights into coverage submission and selection. Eric Rentsch, Zywave's ... Read the full article
Southwest Asia, UAE storms & floods to drive hundreds of millions in losses: Aon
19th April 2024
Heavy rainfall, storms, and widespread flooding hit Southwestern Asia, notably the United Arab Emirates (UAE), between April 8-17, causing significant economic and insured losses estimated to potentially reach into the hundreds of millions of USD, according to Aon’s weekly cat report. The UAE’s National Center for Meteorology recorded a record-breaking 24-hour ... Read the full article
US casualty challenging at April 1, reinsurers exerting pressure: Klisura, Guy Carpenter
19th April 2024
Speaking during the Marsh McLennan Q1 2024 earnings call, Dean Klisura, CEO of reinsurance broker Guy Carpenter, explained that US casualty was challenging at the April 1st, 2024, renewals, with reinsurers "exerting pressure on pricing and terms and conditions." Klisura highlights that the difficulties experienced in the US casualty market were ... Read the full article
Cayman starts 2024 with strong growth issuing 11 new insurer licences in Q1
19th April 2024
The strong growth in the number of new licences the Cayman Islands Monetary Authority (CIMA) has issued in the first quarter of 2024 is encouraging, as it demonstrates the region continues to attract new reinsurers, recent statistics have revealed. Between January and March 2024, CIMA issued eleven new international insurer licences ... Read the full article
Moody’s changes Peak Re’s outlook to stable from negative
19th April 2024
Moody's has changed the outlook of Peak Reinsurance Company Ltd. to stable from negative along with affirming the firm's insurance financial strength rating (IFSR) as Baa1. The outlook change is attributed to Moody's view that contagion risk from the reinsurer's majority shareholder Fosun International Limited, particularly in the form of strain ... Read the full article
Pen Underwriting announces strategic partnership with SiriusPoint
19th April 2024
Managing general agent (MGA) Pen Underwriting has announced a new strategic partnership with global re/insurer SiriusPoint, in support of the specialist housing association sector, with a long-term capacity deal. According to the announcement, the multi-year agreement between the two firms will see SiriusPoint provide 100% capacity for Pen’s specialist social housing practice, ... Read the full article
R&Q names Welch and Hirsh as Non-Exec Directors
19th April 2024
Global non-life specialty insurer R&Q Insurance Holdings Ltd (R&Q) has announced the addition of Stephen Welch and Lawrence Hirsh to its Board as Non-Executive Directors. Having worked for financial sponsors and investors in both executive and non-executive roles, Welch has extensive experience managing complex corporate issues including several restructuring situations of ... Read the full article
Climate-related weather perils are intensifying to varying degrees: Swiss Re
19th April 2024
A recent report from Swiss Re Institute has highlighted how four climate-related weather perils – floods, tropical cyclones, winter storms in Europe and severe thunderstorms, that now cause annual losses of USD 200 billion, are said to be "intensifying to varying degrees." In a recent blog posted by Read the full article
Intact Insurance Specialty names Scott Reinke as CUO of Transactional Surety
19th April 2024
Intact Insurance Specialty Solutions, the U.S. insurance subsidiary of Intact Financial Corporation, has named Scott Reinke as the Chief Underwriting Officer (CUO) for its Transactional Surety team. In the new role, Reinke's remit will include overseeing the team's commercial transactional book of business and its online surety bond platform. John Guglielmo, Head ... Read the full article