Reinsurance News
Galway Holdings names Frank Mammaro as CFO
20th August 2024
Galway Holdings, a diversified broker and insurance distribution platform, has appointed Frank Mammaro as Chief Financial Officer (CFO), based in Jersey City. The appointment follows the reshuffling of the leadership team in February 2024, as Jennings and Denton took over as Chief Executive Officers and established Galway Retail Services and ... Read the full article
Improving metabolic health could reduce cancer claims in L&H, says Swiss Re
19th August 2024
Improving lifestyle and metabolic health has significant potential to reduce cancer-related claims in Life & Health (L&H) insurance within a few years, according to Tobias Schiergens and John Schoonbee of Swiss Re. Schiergens, the Senior Global Medical Officer, CUO L&H Reinsurance, and Schoonbee, the Global Chief Medical Officer, note that cancer ... Read the full article
Skyward Specialty launches Aviation Program
19th August 2024
Property & casualty insurer Skyward Specialty has announced that it is launching an aviation program in partnership with Acceleration Aviation Underwriters. According to the announcement, the partnership between the two firms introduces a program that extends coverage to commercial and general aviation aircraft, fixed based operators, flight schools, public and private ... Read the full article
Aon launches D&O Risk Analyzer for US brokers
19th August 2024
Global re/insurance broker Aon has unveiled its Directors and Officers (D&O) Risk Analyzer, a new digital offering designed to enable risk managers and brokers to better assess executive risks and tailor more impactful insurance programs. Part of a growing suite of new offerings, the new application will allow risk managers of ... Read the full article
Swiss Re CEO Andreas Berger joins IDF Steering Committee
19th August 2024
The Insurance Development Forum (IDF), a public-private partnership led by the re/insurance industry and supported by the UN, has welcomed Andreas Berger, Group CEO of Swiss Re, as the newest member of its Steering Committee. Swiss Re has been at the forefront of the IDF's innovative efforts, leveraging its extensive expertise ... Read the full article
Life and P&C lines see diverging trends: Morgan Stanley
19th August 2024
Diverging trends continue for Life and P&C insurance so far, with the former seeing earnings exceeding expectations while the latter experiences growth that underperformed expectations, according to Morgan Stanley. In a recent update regarding the state of the Life and P&C industry, Morgan Stanley analysts stated that Personal lines maintain their ... Read the full article
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
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