Reinsurance News
Assured Guaranty to merge US financial guaranty insurers
10th July 2024
Assured Guaranty Municipal Corp. (AGM), an Assured Guaranty Ltd. subsidiary that provides financial guarantees for municipal bonds, will merge with Assured Guaranty Inc. (AG), a company that offers financial guarantees and credit enhancement products, anticipated to take effect on August 1, 2024. The merger of AGM and AG into a single ... Read the full article
AEGIS London reveals new Data Science and Analytics team to enhance underwriting
10th July 2024
Lloyd's syndicate AEGIS London has established a new Data Science and Analytics team to enhance underwriting capabilities and data-driven initiatives, Led by Giuseppe D'Angelo, Head of Data Analytics and Portfolio Underwriting. The newly formed team reportedly comprises a group of Data Scientists, managed by AI and Data Science expert, Dan Hirlea, ... Read the full article
Businesses must do better to understand complexity of Business Email Compromise: GC
10th July 2024
Business Email Compromise (BEC), a form of phishing that involves attackers manipulating individuals into unintentionally facilitating fraudulent activities, an often overlooked cyber threat, is considered to be one of the most financially damaging cyber threats across the sector, according to Guy Carpenter, the global risk and reinsurance specialist and business ... Read the full article
Christine LaSala joins James River’s Board
10th July 2024
James River Group Holdings, a Bermuda-based insurance holding company, has announced the appointment of industry veteran Christine LaSala to its Board of Directors as an independent, non-executive member. With LaSala's appointment, the Board has expanded from seven to eight directors. She will serve on both the Compensation and Human Capital Committee ... Read the full article
Marsh McLennan Agency to acquire Illinois-based broker Horton
10th July 2024
Marsh McLennan Agency, a subsidiary of Marsh, has entered into a definitive agreement to acquire The Horton Group, Inc., a full-service insurance brokerage based in Illinois, US. Horton, which was founded in 1971, offers property and casualty insurance, employee benefits consultation, and personal lines coverage to businesses and individuals across Indiana, ... Read the full article
BMS Re appoints Aon’s Farah Nelson as US CFO
10th July 2024
BMS Re, the reinsurance division of global broker BMS Group, has announced the appointment of Farah Nelson as Chief Financial Officer (CFO) in the US and as a new member of the company’s Board, based in New York. In her new role, Nelson will directly report to Charlie Rozes, Group CFO ... Read the full article
Aviva completes £249m acquisition of Probitas
10th July 2024
Aviva has completed the acquisition of Probitas Holdings (Bermuda) Limited for a consideration of £249 million, marking the firm’s entry into the Lloyd’s market. If you recall, back in March, it was revealed that Aviva would acquire 100% of Probitas Holdings (Bermuda) Limited, the ultimate holding company of the Probitas ... Read the full article
Aon names Marguerita Silitonga as President Director, Reinsurance Solutions, Indonesia
10th July 2024
Global insurance and reinsurance broker Aon has appointed Marguerita Silitonga as President Director of Reinsurance Solutions in Indonesia, effective immediately, based in Jakarta. Silitonga will have a reporting line to Musa Adlan, Executive Director and Head of Reinsurance Solutions in South East Asia at the broker. In her new role, Silitonga ... Read the full article
MAPFRE RE names Estevez Chief of Tokyo Representative Office
10th July 2024
Global reinsurer MAPFRE RE has appointed Alberto Estevez Allegue as Chief Representative Officer of its Representative Office in Tokyo, Japan, effective 1 July 2024. Estevez began his MAPFRE career in 2012 at MAPFRE Asistencia’s MAPFRE Warranty Japan, where he served as Finance and Strategic Planning Manager for the APAC region, based ... Read the full article
Florida Citizens purchases just $3.564bn of reinsurance for 2024 risk transfer program
10th July 2024
Citizens Property Insurance Corporation, Florida’s property insurer of last resort, has confirmed that it bought a lot less reinsurance than the $5.5 billion target announced back in April, securing a "cost-efficient" risk transfer program of approximately $3.564 billion. Previously, the Board of Governors approved Citizens targeting total reinsurance coverage of ... Read the full article
James River enters into LPT and ADC reinsurance agreement with State National
10th July 2024
Bermuda-domiciled insurance holding company, James River Group Holdings, has announced that two of its principal subsidiaries have entered into a combined loss portfolio transfer (LPT) and adverse development cover (ADC) reinsurance agreement with State National Insurance Company, Inc. Under the terms of the agreement, State National is set to provide $160 ... Read the full article
Costero Brokers appoints Stephanie Bush to its Board
10th July 2024
Costero Brokers, a privately held London-based insurance brokerage, has appointed Stephanie Bush to its Board of Directors, emphasising the firm's commitment to assembling a diverse and seasoned board focused on progress. Bush has deep expertise in the insurance industry and her past roles demonstrate a great leadership acumen, having recently concluded ... Read the full article
Verisk unveils ISO Experience Index to better inform pricing decisions
10th July 2024
Verisk, the global data analytics and technology provider, has launched ISO Experience Index, a tool which is designed to modernise how actuaries in the insurance industry analyze risk patterns. According to the announcement, the tool will address the increasing volatility and scale of loss patterns seen across the industry. It's important to ... Read the full article
NEAM forms strategic partnership with Nassau Financial Group for private placements
10th July 2024
New England Asset Management, Inc. (NEAM), a provider of insurance investment solutions, announced a strategic partnership with Nassau Financial Group (Nassau), a diversified financial services firm. Through this collaboration NEAM will manage Nassau’s existing private placements portfolio, a move that will enhance the company's investment offerings by adding new private placements ... Read the full article
Chubb strengthens its global team with several executive appointments
10th July 2024
Property and casualty (P&C) insurer Chubb has announced a number of new appointments, including Paul McNamee’s as Executive Vice President, Chubb Group and President of Overseas General Insurance. With nearly three decades of insurance industry experience, McNamee, who is currently Senior Vice President, Chubb Group and Regional President of Asia Pacific, ... Read the full article
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