Reinsurance News
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
BOAD to use parametric insurance to cover sovereign loan portfolios
15th October 2024
The West African Development Bank (BOAD) has launched the "Shock Resilient Loans" program under its sovereign loan portfolio, covered by parametric insurance against natural and health disasters, supported by Munich Re. The project’s pilot phase covers Benin, Côte d’Ivoire, Senegal and Togo, a loan portfolio in these countries totalling over USD350 ... Read the full article
QBE Intl to launch US Inland Marine offering with key hires
15th October 2024
QBE International Markets is set to launch a new US Inland Marine offering by 2025, making it available in all 50 states as part of its expansion of specialty products and the addition of a new team. The team and product will be added to QBE International Market’s growing Ocean Marine ... Read the full article
Insurers boost investments in private markets and clean energy amid political uncertainty: BlackRock
15th October 2024
BlackRock, a global asset management firm, reports that insurers are focusing on increased investments in private markets, clean energy infrastructure, and innovative technology in 2024, according to its 13th annual Global Insurance Report. For the third year in a row, the report shows that a majority of insurers plan to raise ... Read the full article
Matthew Williams named MD of rradar’s new insurance venture rrelentless
15th October 2024
rradar, a UK legal enterprise, has announced the appointment of Matthew Williams as Managing Director (MD) of its newly launched insurance vehicle, rrelentless. By leveraging Williams’ expertise, he will help to drive forward the firm’s strategic growth plans, through providing innovative solutions that help businesses better manage risk in an increasingly ... Read the full article
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