Reinsurance News
NFP acquires Scott Litman Insurance Agency, expanding P&C expertise in Southern California
5th September 2024
NFP, a company under Aon and a broker in property and casualty (P&C) insurance, benefits consulting, wealth management, and retirement plan advising, has announced its acquisition of Scott Litman Insurance Agency (SLIA). SLIA, based in Calabasas, California, is a P&C broker with expertise in habitational risk. Scott Litman, President of SLIA, will ... Read the full article
Reinsurance capacity crunch threatens growth in financial risks sector, says Howden Re
5th September 2024
James Loggie, Managing Director of Howden Re Financial Risks, emphasises a critical need for growth in the reinsurance market to match rising demand. Despite the stability and strong performance of the financial risks sector post-pandemic, the reinsurance market faces urgent pressure to expand. In a recent interview with Reinsurance News around ... Read the full article
Newly appointed HDI Global UK&I CEO Stephanie Ogden announces new executive team
5th September 2024
Industrial insurer HDI Global’s newly appointed Chief Executive Officer (CEO) for the UK and Ireland (UK&I) segment, Stephanie Ogden, has established a new executive team effective September 2nd, 2024. Simon Hunt, Gemma McWilliam, and Oliver Davies have been appointed as Chief Finance Officer, UK & Ireland; Chief People Officer, UK ... Read the full article
Canada Life Re hires Maguire as P&C expansion continues
5th September 2024
Canada Life Reinsurance has announced the appointment of David Maguire as Underwriting Director P&C. Maguire’s appointment comes as Canada Life Re, known for its life and annuity reinsurance offering, is increasingly looking to add greater diversity to its portfolio with Property & Casualty lines of business. Gabriel Kelly, Chief Executive Officer, London ... Read the full article
Bishop Street enters Commercial P&C MGA market with Conifer acquisition
5th September 2024
Bishop Street Underwriters, a multi-boutique insurance platform, acquired Conifer Insurance Services, a specialty commercial managing general agency (MGA), from expanding its multiline, differentiated MGA platform, marking its entry into commercial lines. With this acquisition, Bishop Street, owned by RedBird Capital Partners, will also be expanding its multiline, differentiated MGA platform. Conifer manages ... Read the full article
Risk sharing between insurers and reinsurers has stabilised: Urs Baertschi, CEO P&C Reinsurance, Swiss Re
5th September 2024
After reinsurers tightened terms and conditions and raised attachment points to move away from rising so-called secondary peril losses, primary insurers have now caught up and understand what it means to have higher volatility in the frequency space, according to Urs Baertschi, CEO of P&C Reinsurance at Swiss Re. Read the full article
Floodbase’s flood mapping accuracy outperforms leading methods by 11%
5th September 2024
Insurtech Floodbase’s AI-based flood monitoring technology has proven to be 11% more accurate than current leading methods, enabling more precise monitoring and reduced prices for parametric flood insurance, according to a recent study in Geophysical Research Letters. Developed by Floodbase scientists and engineers, the technology uses deep learning to integrate satellite ... Read the full article
ICEYE and Aon expand flood and wildfire data partnership to enhance event response
5th September 2024
ICEYE, a provider of satellite-based disaster management solutions, has announced that Aon, a global professional services firm, has expanded its data licensing agreement to include ICEYE’s Flood Insights data worldwide and Wildfire Insights data for the US. Through this agreement, Aon will incorporate ICEYE’s near real-time flood and wildfire data into ... Read the full article
Fitch revises reinsurance sector outlook to neutral as pricing cycle peaks
5th September 2024
Fitch Ratings has revised its global reinsurance sector outlook to ‘neutral’ from ‘improving’, noting that the pricing cycle has "most likely passed its peak", though profitability should remain very strong in 2025 by historical standards. "Given the sector’s abundance of capital, we expect a moderately softer and more competitive market in ... Read the full article
Paretchan named Global Head of Distribution and Market Relations, Guy Carpenter
5th September 2024
Guy Carpenter, the reinsurance broking division of Marsh McLennan, has appointed Jennifer Paretchan as Global Head of Distribution and Market Relations, where she will be based in the firm's New York office. In the role, she will primarily focus on utilising market insights to deliver solutions for Guy Carpenter's clients, and ... Read the full article
Moody’s adds casualty & liability modeling capabilities with Praedicat acquisition
5th September 2024
Casualty insurance analytics provider, Praedicat, has been acquired by global rating agency Moody's Corporation, building on its acquisition of RMS in 2021 and advancing its investments in new analytics and growth in the casualty marketplace. Terms of the transactions have not been disclosed, but Moody's says that it will not ... Read the full article
MetLife names Srihiran Brown as Global Head of Reinsurance, Dill to succeed as Chief Auditor
5th September 2024
Life insurer MetLife Inc. has named Toby Srihiran Brown as the Global Head of Reinsurance, effective October 1st, 2024. He will report to John McCallion, Chief Financial Officer of MetLife, Inc., and Head of MetLife Investment Management. Brown's appointment will address the expanding scope of MetLife’s reinsurance activities. In this role, he will ... Read the full article
Industry-leading performance has underpinned our ability to innovate: Lloyd’s Neal
5th September 2024
After achieving its best interim combined ratio since 2007 in the first half of the year, Lloyd's CEO, John Neal, has emphasised that this industry-leading performance has underpinned the firm's ability to innovate and design the solutions its customers, businesses and governments need to manage their risks and balance ... Read the full article
Markel adds Mullarkey as Global Executive Underwriting Officer, Property & First Party Lines
5th September 2024
Markel, the insurance arm of global re/insurer Markel Group Inc., has appointed Jamie Mullarkey to the role of Global Executive Underwriting Officer for Property and First Party Lines. In this global role, Mullarkey will lead the strategy for property and first-party lines, supporting multiple initiatives and cross-division opportunities. Additionally, he will be ... Read the full article
Cytora & Overstone to provide insurers with vital data insights on artistic work
5th September 2024
Digital risk processing platform Cytora has partnered with Overstone, the data-driven art evaluator, in a move that will allow speciality insurers to gain access to Overstone’s art intelligence through Cytora’s platform. From what we understand, this integration will allow underwriters to obtain a clear picture of the value, price variation, liquidity ... Read the full article
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