Reinsurance News
KBRA upgrades ratings and assigns a positive outlook for Nassau Financial Group
4th October 2024
Credit rating agency KBRA has upgraded the Insurance Financial Strength Rating (IFSR) to BBB+ and assigns a positive outlook for Nassau Life Insurance Company (NNY), Nassau Life and Annuity Company (NLA), Nassau Life Insurance Company of Kansas (NKS), and Nassau Re (Cayman) Ltd. (NKY), which are indirect subsidiaries of Nassau ... Read the full article
Ryan Specialty announces new leaders for its underwriting segment RSUM
4th October 2024
Ryan Specialty, an international specialty insurance firm, has announced three leadership appointments within its specialty underwriting segment, Ryan Specialty Underwriting Managers (RSUM). Miles Wuller, President and Chief Executive Officer of RSUM, commented, “I’m pleased for RSUM to continue to fuel the development and promotion of exceptional internal talent, as well as ... Read the full article
Verisk’s Whitespace re/insurance platform launches in the US
4th October 2024
Verisk, a global data analytics and technology provider, has announced the US launch of its re/insurance platform Whitespace. Whitespace is an all-in-one intuitive platform which enables brokers, underwriters and managing general agents (MGAs) to offer, negotiate and place business in the global re/insurance market. It was created with the intention of catering ... Read the full article
Berenberg expects SCOR to close 2024 with solid balance sheet
4th October 2024
French reinsurer SCOR is anticipated to close 2024 with a solid balance sheet, according to Berenberg analysts, who have upgraded the firm to Buy, citing numerous factors. The first reason for the upgrade is that the less severe Q3 2024 hurricane season has likely strengthened property and casualty (P&C) buffers. Next, analysts ... Read the full article
ASR Ltd. to underwrite for ASR Syndicate 2454 as a Lloyd’s service company
4th October 2024
Africa Specialty Risks Ltd (ASR Ltd), an Africa Specialty Risks entity based in the UK, is to operate as a Lloyd's service company, underwriting on behalf of ASR Syndicate 2454. According to the re/insurance group, this move will enhance ASR's distribution network, with brokers in Africa and the Middle East gaining ... Read the full article
Berkshire (BHSI) promotes Behar to Head of Casualty, UK
4th October 2024
Berkshire Hathaway Specialty Insurance (BHSI) has promoted Caroline Alder-Smurthwaite to its Global Underwriting Office for Casualty & Healthcare, with Charlotte Behar succeeding her as Head of Casualty, UK. Based in London, Alder-Smurthwaite joined the organisation as Head of General Casualty, UK, in 2021, and brings 25 years of expertise towards her new ... Read the full article
AXA Climate introduces new Altitude platform to aid business adaptation to climate change
4th October 2024
AXA Climate, a division of the global insurance group AXA, has launched Altitude, an innovative platform aimed at helping businesses measure the impact of climate risks, create effective adaptation strategies, and comply with the Corporate Sustainability Reporting Directive (CSRD). According to Théophile Bellouard, Director of Altitude by AXA Climate, the platform ... Read the full article
HDI US expands executive leadership team with Syed appointment as CITO
4th October 2024
HDI Global Insurance Company, the US subsidiary of international commercial insurer, HDI Global SE (HDI) has announced the appointment of Kashif Syed as Chief Information and Transformation Officer (CITO), a newly developed role. Kashif has been tasked with leading the strategy and direction of HDI’s business transformation US technology operations, infrastructure, ... Read the full article
FERMA urges EU to streamline cyber reporting processes
4th October 2024
The Federation of European Risk Management Associations (FERMA) has urged European Institutions to streamline cyber reporting requirements and consider the insurance implications of cyber-related legislation. The news follows the release of the Cyber Reporting Stack report - produced in partnership with WTW -, which provides risk managers with comprehensive advice on ... Read the full article
Arch Insurance appoints Tyler Bair as President of Ventus Risk Management
4th October 2024
Arch Insurance North America, part of Arch Capital Group Ltd., has announced the appointment of Tyler Bair as the new President of Ventus Risk Management (Ventus), a wholly-owned managing general underwriter (MGU). In this role, Bair will lead the company’s growth, oversee daily operations, and strengthen relationships with brokers and carrier ... Read the full article
S&P anticipates US insurers’ earnings to take a hit from Helene
4th October 2024
Early insured loss estimates from hurricane Helene currently sit in the mid-single to low-double-digit billions of dollars, however rating agency S&P Global believes that the losses will be an earnings event, rather than a capital event, for the primary US property & casualty (P&C) insurers that the agency rates. Helene made ... Read the full article
‘Consistent capacity’ is needed to help close protection gap in Africa: Shah, ASR CEO
4th October 2024
As a developing Continent that is seeing increased interest in business investment, Africa presents growth opportunities for insurers and reinsurers, Mikir Shah, CEO of Africa Specialty Risks (ASR), said in a recent interview with Reinsurance News. At the same time, there is a shortage of insurance capacity across the continent, which ... Read the full article
Wallace to lead Munich Re Specialty, North America’s Binding Authorities as CUO
4th October 2024
Munich Re Specialty – North America, part of the global reinsurance giant Munich Re Group, has appointed Tom Wallace as Chief Underwriting Officer (CUO) for the Binding Authorities business. In his new role, Wallace will be based in London with a reporting line to Nick Ash, President and Chief Executive Officer ... Read the full article
Helene insured losses will at least be in the higher single-digit billions: Aon
4th October 2024
Insurance industry losses from all perils associated with hurricane Helene, across all affected states, will likely at least be in the higher single-digit billions of USD, with economic losses forecast to be notably higher, according to insurance and reinsurance broking group Aon. Significant financial implications will be felt by much of ... Read the full article
Starwind partners with Stone Point to launch collateralized reinsurer Fractal Re
4th October 2024
TIH subsidiary, Starwind Specialty Insurance Services, LLC, in partnership with Stone Point Credit, has launched Fractal Re Ltd., a new collateralized reinsurer with $270 million of raised capital, designed to provide capacity across Starwind’s diversified portfolio of casualty programs. Leading institutional and industry investors, including minority investments from Nationwide, Enstar Group, ... Read the full article
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