Reinsurance News
Miller appoints Satoshi Watanabe as Business Development Manager for Lead Japan
21st October 2024
Miller, an independent specialist in re/insurance broking, has announced the appointment of Satoshi Watanabe to its Japanese subsidiary, Lead Insurance Services Limited (Lead), as part of its ongoing efforts to expand and diversify in Japan. Satoshi takes on the role of Business Development Manager, with a focus on growing the broker’s ... Read the full article
UK home insurers witness second consecutive loss-making year in 2023: EY
21st October 2024
According to a recent analysis by EY, UK home insurers remained in the red in 2023, only marginally improving on record losses from 2022, posting a loss-making net combined ratio (NCR) of 118% in 2023, a slight improvement from 2022's 122%. In their UK Home Insurance Results Analysis, EY notes that consumer ... Read the full article
Alternative capital has become a key tool for resiliency: Rapin, CEO, Nephila Climate
21st October 2024
At the latest Baden-Baden Reinsurance Symposium hosted by Guy Carpenter, the reinsurance broking arm of Marsh McLennan, Maria Rapin, Chief Executive Officer (CEO) of Nephila Climate, has highlighted the increasing role of alternative capital in the market’s ability to absorb the financial impacts of expanding crises. “The reinsurance industry has demonstrated ... Read the full article
Beazley launches new combined coverage consortium for financial institutions
21st October 2024
Specialty insurer Beazley has launched a new combined consortium, FLEX, offering comprehensive civil liability, crime/fraud, and cyber coverage for financial institutions. The consortium provides a streamlined solution, addressing the full range of crime, professional, Directors & Officers (D&O), and cyber risks faced by these complex institutions. With coverage limits of up to ... Read the full article
E+S Rück anticipates further price increases and improved T&Cs at Jan 1
21st October 2024
E+S Rückversicherung AG, the Hannover Re subsidiary responsible for German business, has indicated that further price increases and improved terms and conditions are likely at the January 1, 2025, property and casualty reinsurance renewals, following losses caused by severe weather events in the country. Discussing natural catastrophe covers, E+S Rück observed ... Read the full article
AXA XL appoints Mathieu Daubin and Frédéric Bécard to new roles in Speciality Lines
21st October 2024
AXA XL, the property & casualty (P&C) and specialty risk division of global insurer AXA, has announced two key appointments within its Specialty Lines in Europe and APAC. Mathieu Daubin has been appointed Chief Underwriting Officer, Marine for APAC & Europe, an expanded role to cover all specialties (excluding aerospace). Frédéric Bécard ... Read the full article
There may be some competition amongst certain markets at 1.1, NewRe CUO, Herrenpoth
21st October 2024
In the lead up to this year's Baden-Baden Reinsurance meeting, we spoke to Dirk Herrenpoth, Chief Underwriting Officer of Swiss reinsurer and Munich Re subsidiary, NewRe, about what his general expectations are heading into the key January reinsurance renewals. "A very frequently used word in Monte Carlo this year was equilibrium, ... Read the full article
Moody’s upgrades Hub’s corporate family rating with stable outlook
21st October 2024
Moody’s Ratings has upgraded Hub International Limited’s corporate family rating to B2 from B3, and its probability of default rating to B2-PD from B3-PD. According to Moody’s this decision was based on Hub’s steady credit metrics and our expectation that the company will maintain financial leverage toward the low end of ... Read the full article
Nirvana Insurance boosts capacity with MS Transverse collaboration
21st October 2024
Data and telematics insurtech Nirvana Insurance has reached an agreement with MS Transverse Insurance Company, a subsidiary of MS&AD Insurance Group Holdings, to boost its capacity, accelerate its growth trajectory and enable the delivery of best-in-class insurance solutions. The added support of MS Transverse and the global resources of MS&AD positions ... Read the full article
T. Rowe Price names Ben Riley as Head of Insurance
21st October 2024
T. Rowe Price, a global investment management company, has appointed Ben Riley, CFA®, to the newly established position of Head of Insurance, effective January 1, 2025. In this role, Riley will lead a team focused on serving insurance clients in North America and will also manage the firm's global insurance initiatives. He ... Read the full article
Home insurance has increased for homeowners as loss costs across all perils rise: LexisNexis
21st October 2024
The US home insurance industry has experienced an upward trend in loss cost across all perils combined over the past seven years, resulting in catastrophic claims which in turn contribute to rising premiums, LexisNexis stated in a recent report. According to the 2024 LexisNexis Home Trends Report, all peril lost cost ... Read the full article
AM Best revises Greenlight Capital Re outlook to positive
18th October 2024
Global ratings agency AM Best has revised the outlooks for Greenlight Capital Re (GLRE), Ltd. and its subsidiaries from stable to positive, while affirming GLRE’s Long-Term Issuer Credit Rating (Long-Term ICR) of “bbb-.” The outlooks for both Greenlight Reinsurance, Ltd. and Greenlight Reinsurance Ireland, Designated Activity Company, were revised from stable ... Read the full article
DGTAL becomes first insurance-focused AI firm to adopt AI Agents
18th October 2024
DGTAL, a provider of generative AI (GenAI) solutions designed specifically for the insurance sector, has become the first insurance-focused AI company to use AI Agents as a core element of its technology platform, marking the company's most significant technological upgrade to date. Unlike AI solutions so far, which provide a single ... Read the full article
ICA says 2022 floods caused $7.7bn in incurred losses as it welcomes gov recommendations
18th October 2024
Andrew Hall, Chief Executive Officer of The Insurance Council of Australia (ICA), disclosed that four unprecedented flood events across 2022 saw more than 305,000 claims and $7.7 billion in incurred losses, including $6.3 billion from just one event. The ICA welcomed the House of Representatives Standing Committee on Economics’ report following ... Read the full article
Howden Re strengthens capabilities in DACH region with four senior hires
18th October 2024
Howden Re, the reinsurance arm of Howden, has expanded its capabilities in the DACH region with four senior appointments in Germany. Lars Nelson has been appointed Managing Director, Head of German branch at Howden Re, effective 1 January, 2025. Nelson brings two decades of experience in the reinsurance industry to his new ... Read the full article
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