Reinsurance News
SiriusPoint appoints Xander Butcher as Senior Underwriter, Energy Liabilities
19th August 2024
SiriusPoint, a global specialty insurer and reinsurer, has announced the appointment of Xander Butcher as Senior Underwriter, Energy Liabilities for its London Energy team. John Hopper, Head of Energy at SiriusPoint, expressed enthusiasm about Butcher’s appointment, stating, “With over 37 years of experience in the market, Xander will be a brilliant ... Read the full article
Suncorp reveals reinsurance recoveries of $135m, lifts natural hazard allowance for FY25
19th August 2024
Australian insurer Suncorp recorded AUD 135 million of reinsurance recoveries for the financial year ended June 30th, 2024, as the total cost of natural hazard events in the period came in below the Group's allowance. Announcing its financial year results today, Suncorp Chief Executive Officer (CEO) Steve Johnston revealed that ... Read the full article
AUB Group to acquire 80% equity stake in UK insurance broker Movo
19th August 2024
Australian insurance broker AUB Group has entered into an equity partnership with Movo Group, a UK insurance broking business. The transaction is subject to regulatory approval. AUB has agreed to acquire an 80% equity stake in Movo, including: Authorised Representative (AR) network Movo Partnership; equity broking group, Movo Insurance Brokers; and ... Read the full article
QIC’s net profit reaches QAR 360m in H1’24
19th August 2024
Qatar Insurance Company (QIC), has posted a net profit of QAR 360 million ($98.9 million) for the first half of 2024, representing an 11% increase from QAR 325 million ($89.2 million) from the prior year period. At the same time, the organisation's domestic and Middle East North African (MENA) gross written ... Read the full article
SCOR merges L&H APAC divisions into unified entity and appoints new Head
19th August 2024
French reinsurer SCOR plans to centralise its operations in the Asia-Pacific (APAC) region by merging its existing Life and Health (L&H) divisions—L&H Fast Growth Markets APAC and L&H Mature Markets APAC—into a single entity, SCOR L&H APAC. Additionally, SCOR has appointed Chloe Wang as the Head of SCOR L&H APAC. Thierry Léger, ... Read the full article
ILS capacity continues modest expansion amid record cat bond environment: AM Best
19th August 2024
According to a new AM Best report, the capacity level in the insurance-linked securities (ILS) segment continues to grow at a "modest" pace, aligning with market demand rather than exceeding it. As per the rating agency's report, at year-end 2023, the capacity of the ILS market stood at approximately $100 billion. By mid-2024, ... Read the full article
Helvetia appoints Bernhard Kaufmann as Group Chief Risk Officer
19th August 2024
Helvetia, a Swiss insurance group, has named Bernhard Kaufmann as the Group's Chief Risk Officer, who will also join the Group's Executive Board at the beginning of November. In May 2024, Helvetia merged its Group Risk Management into the Group Executive Management as a new Group function, which Kaufmann will lead ... Read the full article
ICEYE expands constellation with four new SAR satellites
19th August 2024
ICEYE, a provider of satellite-powered disaster management solutions, has launched four new synthetic aperture radar (SAR) satellites, further expanding its constellation to enhance data granularity and increase the frequency of analysis for its clients. Operating the world’s largest constellation of SAR satellites, ICEYE can image any location on Earth under any ... Read the full article
Rokstone announces multi-year capacity agreement with Accredited
19th August 2024
Rokstone, the Aventum Group’s international re/insurance MGA, has announced a multi-year, multi-strategy capacity agreement with Accredited Insurance Program Management. As per Rokstone, the enhanced financial strength and expanded capabilities of Accredited will provide it with the necessary support to further develop its specialty insurance solutions and expand its market reach. At the ... Read the full article
Suncorp sees FY net profit of around $1.2bn as GWP increase 13.9%
19th August 2024
Australian insurer Suncorp Group has revealed that net profit after tax for FY2024 was $1.197 billion, up from $1.071 billion in 2023, while cash earnings increased to $1.372 billion from $1.177 billion. Suncorp also recorded a higher net investment income of $661 million, driven by a strong underlying yield on the ... Read the full article
Zurich Singapore names Nixon Ooi as Head of Accident & Health
19th August 2024
Zurich Singapore has appointed Nixon Ooi as Head of Accident and Health, reporting to Alexandra Cowley, Chief Underwriting Officer, Singapore. Ooi's remit in this role will include leading underwriting, portfolio management and proposition development for Accident & Health. With over 12 years of industry experience, Ooi joins Zurich from Chubb, where he ... Read the full article
NormanMax hires Turgel as CUO, Gabin joins as General Counsel
19th August 2024
NormanMax Insurance Holdings, the specialist parametric underwriter and operator of the only dedicated parametric syndicate at Lloyd's, has bolstered its leadership team with two key appointments, with Daniel Turgel joining the firm as Chief Underwriting Officer, and Matthew Gabin joining as General Counsel. A highly experienced veteran across the sector, Turgel ... Read the full article
Re/insurance and insurtech focused RB Ventures launches in Dubai
19th August 2024
Venture capital firm RB Ventures has launched in Dubai established by Rohit Boda, Managing Director at India-headquartered re/insurance broker J.B. Boda Group. RB Ventures will facilitate venture capital investments into re/insurance, insurtechs and other related sectors while providing deal related services. The company aims to bridge the capital gap by offering opportunities ... Read the full article
Previsico survey finds most businesses lack a flood action plan
19th August 2024
In the face of the escalating threat of climate change, a recent survey by Previsico, a company specialising in real-time flood forecasting and water management, reveals that 54% of organisations in both the public and private sectors do not have a plan to address the rising risk of flooding. A majority ... Read the full article
Emerald Bay expands tailored insurance solutions with Mainsail acquisition
16th August 2024
Collaborative underwriting carrier Emerald Bay Risk Solutions is set to expand its tailored insurance solutions with the acquisition of P&C insurer Mainsail Insurance Company in a private transaction. Mainsail, previously a 100% reinsured subsidiary of Spinnaker Insurance Company, provides P&C insurance coverage, offering 17 varying lines of insurance, including auto, property, ... Read the full article
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