Reinsurance News
Definity estimates $150m in cat losses from events in July & August
27th August 2024
Canadian property and casualty insurer Definity Financial Corporation has estimated a negative impact on operating income of approximately $150 million, net of reinsurance recoveries, arising from catastrophe losses in July and August 2024. The estimated losses account for approximately $0.97 per common share, net of taxes and reinsurance. The reinsurance recoveries include ... Read the full article
Chubb names Amelie Fava-Verde as SVP, NA, Chubb Resilience Services
27th August 2024
Global property and casualty (P&C) insurer Chubb has appointed Amelie Fava-Verde to the newly created role of Senior Vice President of North America Chubb Resilience Services. In her new role, Fava-Verde’s remit includes building and leading a team focused on the development and delivery of resilience and recovery services. This position aims ... Read the full article
Swiss Re reveals new advanced tool for evaluating coronary artery disease risk
27th August 2024
Swiss Re, a global reinsurer, has introduced an upgrade to its Life Guide underwriting manual, specifically enhancing the coronary artery disease (CAD) calculator. This advanced tool is now available to more than 25,000 Life Guide users across 800 companies in 100 countries. The enhanced CAD calculator is designed to simplify the underwriting ... Read the full article
LatAm reinsurers benefit from GDP growth, but additional capacity will be necessary: AM Best
27th August 2024
Reinsurers operating in Latin America are continuing to benefit from the region's GDP growth, however, according to ratings agency AM Best, the impact of 2023's Hurricane Otis "highlights the need for additional capacity." In October, Otis made landfall near Acapulco, Mexico as a category-5 hurricane, and went on to become the ... Read the full article
BHSI names Prakash as Head of First Party Lines, promotes Yuen to Head of Energy, Asia
27th August 2024
Berkshire Hathaway Specialty Insurance Company (BHSI), the insurance arm of Warren Buffett’s global re/insurance company has named Kiran Prakash as the Head of First Party Lines, overseeing energy, construction, and general property in Asia, and promoted Jessie Yuen to Head of Energy, Asia. Yuen succeeds Min Ong, who has relocated to ... Read the full article
WTW names Jenna Ziomek as P&C Leader for Private Equity & Transactional Solutions
27th August 2024
WTW, a global advisory, broking, and solutions firm, has announced the appointment of Jenna Ziomek as the new Property and Casualty (P&C) Leader for Private Equity and Transactional Solutions, Corporate Risk and Broking, North America. In her new role, Ziomek will lead the P&C team, focusing on driving growth, executing strategy, ... Read the full article
Antares syndicate reports H1’24 profit of $41m
27th August 2024
Antares Syndicate 1274, the re/insurance subsidiary in the Lloyd’s market of QIC’s Antares Global, has disclosed a positive H1 2024 result, with a UK GAAP profit of $41 million. During the first half of 2024, the syndicate recorded a net combined ratio of 87.7% and gross written premiums of $317 million. Jim ... Read the full article
Miami-based Argentum Re achieves Lloyd’s broker status
27th August 2024
Argentum Re, a Miami-based reinsurance broker, has announced its designation as a Lloyd’s broker, becoming the second in Miami-Florida and the sixth in the US to earn this status. Founded in 2018 by Raul Perez and Alejandro Rebolledo, Argentum Re is a boutique reinsurance broker specialising in Latin America, Europe, and ... Read the full article
Andrew Ferrier joins Lockton Re as Senior Broker
27th August 2024
Lockton Re, the reinsurance arm of the independent insurance broker, has appointed Andrew Ferrier as Senior Broker, commencing the build-out of its West Coast Property and Casualty business, based in San Francisco. Ferrier is an industry veteran with over 30 years of reinsurance broking experience, specializing in servicing MGA businesses, regional ... Read the full article
US life/annuity market posts 16% increase in total revenue: AM Best
27th August 2024
During the first three months of 2024, the US life/annuity market's total revenue increased 16% to $303.2 billion, compared to $261.4 billion from the previous year, according to credit ratings agency AM Best. This notable increase was driven by a 20.5% increase in premiums and annuity considerations, as well as a ... Read the full article
Peak Re names Peter Hämmerli as Head of Business Operations
27th August 2024
Hong Kong-domiciled global reinsurer Peak Reinsurance Company Limited has appointed Peter Hämmerli as Head of Business Operations, effective August 26th, 2024. Hämmerli will report directly to Franz-Josef Hahn, Chief Executive Officer of Peak Re, and will play a pivotal role in enhancing the firm's global business operations. With over 25 years of ... Read the full article
Insurers incurred $2.19bn in claims from extreme weather in 2023-24: ICA
27th August 2024
Insurance Council of Australia’s “Insurance Catastrophe Resilience Report 2023-24”, disclosed that insurers incurred AUD 2.19 billion in claims from declared extreme weather events this year, in line with the previous 12 months. In monetary terms, over the last 30 years insurers paid an average of AUD 2.1 billion per year to ... Read the full article
AM Best’s Ethio Re ratings reflect its strong balance sheet
27th August 2024
AM Best has assigned Ethiopian Reinsurance S.C. (Ethio Re) a Financial Strength Rating of B (Fair) and a Long-Term Issuer Credit Rating of “bb” (Fair) with a stable outlook. Ethio Re is a small reinsurer by global standards, established in 2016. It writes a portfolio of composite reinsurance business in Ethiopia ... Read the full article
Carpe Data partners with EverPeak to streamline and accelerate underwriting
27th August 2024
EverPeak Insurance has partnered with Carpe Data to integrate the Minerva platform, aiming to streamline and accelerate its underwriting process as it expands nationwide. As a Managing General Agency, EverPeak Insurance connects businesses with insurance carriers to ensure they obtain the right workers’ compensation coverage. The Minerva Suite will provide EverPeak with ... Read the full article
Sompo invests in Palantir’s AI solutions to drive digital transformation
23rd August 2024
Sompo, a subsidiary of the company responsible for the insurance and reinsurance operations of Sompo Holdings Group outside of Japan, has announced its partnership with Palantir Technologies Inc., a vendor of artificial intelligence (AI) systems. With this initiative, Sompo will leverage Palantir’s data integration and AI solution - which the insurer ... Read the full article
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