Reinsurance News
AXA XL promotes Peter Ukstins to lead Construction Risk Engineering, Americas
26th September 2024
AXA XL, the property & casualty (P&C) and specialty risk division of global insurer AXA, has announced the promotion of Peter Ukstins to lead its Construction Risk Engineering team in the Americas. Donna Nadeau, Head of Large Commercial at AXA XL, stated, "Our Construction risk engineering capabilities are an essential asset ... Read the full article
Lloyd’s and the World Bank Group target increased guarantee issuance
26th September 2024
Lloyd's, the specialist insurance and reinsurance marketplace, has partnered with the World Bank Group's Multilateral Investment Guarantee Agency (MIGA) in an effort to boost annual guarantee issuance to $20 billion by 2030. For this initiative to be successful, collaboration with reinsurers will be vital, and the cover provided by the Lloyd's ... Read the full article
Sompo expands UK presence with marine insurance proposition
26th September 2024
Sompo, a global provider of commercial and consumer property and casualty re/insurance, has launched a new national marine insurance proposition for the United Kingdom. This new policy will allow the insurer, for the first time, to write Marine Cargo, and Transport & Logistics policies across the regions, in addition to London. Aimed ... Read the full article
Monarch E&S Insurance & Obsidian Insurance enhance Knight Protector
26th September 2024
Monarch E&S Insurance Services, a Specialty Program Group LLC subsidiary, in partnership with Obsidian Insurance Holdings, an insurance holding company, to launch an enhanced and exclusive personal umbrella policy, the Knight Protector. This collaboration aims to redefine personal liability insurance by offering unparalleled coverage limits and protection for individuals, families, and ... Read the full article
Applied Underwriters’ leaders attribute market gains to top talent and executive advancement
26th September 2024
Applied Underwriters, a provider of insurance solutions, has recently experienced growth, strong underwriting results, and expanded market presence. According to the company’s leaders, these achievements are due to strategic hiring of high performers and advancements within the executive team. Notable recent appointments in specialty areas like surety, healthcare, and aviation, particularly within ... Read the full article
Demex Group’s Chief Scientist to lead Industry Advisory Board of Center for the research of convective storms
26th September 2024
Stephen Bennett, Demex Group's Chief Scientist, a risk analytics and intelligence company offering reinsurance solutions for severe convective storms, is to lead the Industry Advisory Board for a new Cooperative Center for Interdisciplinary Research on Convective Storms. The Center - proposed by Northern Illinois University and the University of Wisconsin-Madison, along ... Read the full article
Tokio Marine Kiln and Marsh partner to introduce exclusive insurance facility for ports and terminals
25th September 2024
Tokio Marine Kiln (TMK), an insurer in special risks underwriting, and Marsh, an insurance broker and risk management expert, have jointly announced the launch of an exclusive insurance facility for ports and terminals, providing protection against business interruptions stemming from trade disruptions. The new offering, described as the first of its ... Read the full article
Brown & Brown adds Neal and Abate to its senior leadership & retail segment teams
25th September 2024
Brown & Brown, Inc., the insurance brokerage firm, has appointed Mike Neal and Mark Abate to its senior leadership team and the retail segment senior leadership team. Neal will serve as the Executive Vice President within Brown & Brown’s Retail segment and President of Brown & Brown Dealer Services, the firm’s ... Read the full article
AM Best outlook on Peru’s insurance market remains stable
25th September 2024
Credit rating agency AM Best has maintained a stable outlook on Peru’s insurance industry despite the growing perception of risk related to political instability in the country. According to the Best's Market Segment Report titled "Market Segment Outlook: Peru Insurance," Peru's insurance industry has been resilient in the face of political ... Read the full article
Diversification across EU insurance market provides downside protection: Goldman Sachs
25th September 2024
Analysts at Goldman Sachs have reported that the European multi-lines represent c.60% of the market cap under the company's coverage and offer diversification of earnings both geographically and by line of business. "In a macro environment where policy rates are expected to decline, with 10-year yields still broadly stable while GS ... Read the full article
Concert establishes risk retention platform with Katarina Scamborova as President
25th September 2024
Concert Group Holdings (Concert), a privately owned insurance holding company, has announced the establishment of its new risk retention platform, Harmony Re, appointing Katarina Scamborova as President and forming a board of directors. Scamborova, who played a key role in establishing Harmony Re, will report to John Hendrickson, CEO of Concert. Harmony ... Read the full article
WTW new China Client Division for North America to be led by Jie Yan
25th September 2024
WTW is expanding its presence and broadening offerings focused on the Chinese market with its newly launched China Client Division within Corporate Risk and Broking, North America (CRB NA). The new China Client Division, to be led by Jie Yan, is part of the broader Asia Risk Division, established in December ... Read the full article
IBC urges gov action as summer weather events in Canada drive insured losses of CAD 7bn+
25th September 2024
Citing initial estimates from Catastrophe Indices and Quantification Inc. (CatIQ), which place the combined insured loss of four catastrophe weather events this summer in Canada at more than CAD 7 billion, the Insurance Bureau of Canada (IBC) has called on governments to collaborate on reducing disaster risk. In just July and ... Read the full article
Essent Guaranty closes $363.4m mortgage reinsurance transaction
25th September 2024
Essent Group's wholly-owned subsidiary, Essent Guaranty, has obtained $363.4 million of fully collateralized excess of loss reinsurance coverage on mortgage insurance policies written in July 2023 through to July 2024 from Radnor Re 2024-1 Ltd., a newly formed Bermuda special purpose insurer. Radnor Re 2024-1 Ltd. reportedly funded its reinsurance obligations ... Read the full article
Chedid Capital names Illingworth NonExec Director at Milestone Risk Solutions Ltd
25th September 2024
Chedid Capital, an investment group in the insurance and reinsurance industry, has appointed James Illingworth as an Independent NonExecutive Director at Milestone Risk Solutions Ltd in the United Kingdom and a Strategic Committee Member at Momentum Insurance. Chedid took control of Milestone Risk Solutions via its acquisition of UK-based Trilogy ... Read the full article
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