Reinsurance News
RSA Insurance welcomes Indhira Mani as Chief Data Officer
30th May 2024
Global insurance provider RSA Insurance has announced the appointment of Indhira Mani to the role of Chief Data Officer. Reporting to Ollie Holden, Chief Information Officer at RSA Insurance, Mani will play a key role in leveraging data as a differentiator across the business, RSA highlighted. Mani brings to her new role ... Read the full article
HDI Global reports improved CoR for Q1’24 as insurance revenue rises
30th May 2024
Industrial insurer HDI Global SE, part of the Talanx Group, has reported a first quarter 2024 combined ratio of 91.8%, an improvement of 1.4 percentage points year-over-year. The insurer's insurance revenue rose by 13% in Q1 2024, or 14% after adjustment for currency effects, reported at €2.3 billion compared to Q1 ... Read the full article
Stephen Frank named VP of the Global Federation of Insurance Associations
30th May 2024
The Global Federation of Insurance Associations has announced the election of a new Vice President, Stephen Frank, president and CEO of the Canadian Life and Health Insurance Association (CLHIA). Frank has worked in the financial services sector for over two decades and has led the CLHIA since 2017, having joined the ... Read the full article
Miller acquires Madrid-based commercial re/insurance broker Bruzon
30th May 2024
Independent specialist insurance and reinsurance broker, Miller, has acquired Madrid-based commercial re/insurance broker Bruzon Correduría de Seguros y Reaseguros S.A. and Bruzon Services S.A. (Bruzon), subject to regulatory approval, with the deal expected to complete later this year. This is Miller’s second Continental European acquisition transaction as it continues the expansion ... Read the full article
US severe weather losses projected to be nearly $20bn by end of May, BMS’ Siffert
30th May 2024
A new severe weather update from BMS shows that insurance losses have soared, surpassing $10 billion, and are projected to reach nearly $20 billion by the end of May, warns Andrew Siffert, Senior Meteorologist at BMS. Last month, BMS issued a warning to the insurance industry, telling industry figures to ... Read the full article
Moody’s downgrades American Family’s IFS with stable outlook
30th May 2024
Moody's Ratings (Moody's) has downgraded the insurance financial strength (IFS) rating of American Family Mutual Insurance Company from A1 to A2, assigning a stable outlook for the company and its subsidiaries. Additionally, Moody’s downgraded the senior unsecured notes rating of AmFam Holdings, a subsidiary of American Family Insurance Mutual Holding Company, ... Read the full article
Strong demand for reinsurance at midyear renewals as pricing moderates: Fitch
30th May 2024
Fitch Ratings has observed that reinsurance demand was strong at the midyear 2024 renewals, particularly for higher catastrophe layers, as Florida property writers are seeking more protection with insured values increasing from inflation and exposure growth. According to the rating agency's most recent report on the matter, increased demand at the ... Read the full article
AXA’s Frédéric de Courtois elected President of Insurance Europe
30th May 2024
Frédéric de Courtois, Deputy Chief Executive Officer of AXA Group, has been elected President of Insurance Europe after receiving unanimous support. de Courtois succeeds Andreas Brandstetter, the Chairman & CEO of the UNIQA Insurance Group, to lead the Federation of European re/insurance associations over the next three years. While delivering his speech ... Read the full article
Gallagher Re partners with CSU for advanced tropical cyclone research
30th May 2024
Gallagher Re has announced a new partnership with Colorado State University (CSU) to research tropical cyclone activity and trends, aiming to address challenges faced by the insurance and reinsurance industries and beyond. This partnership will also advance efforts in mitigation, adaptation, and resilience. Notably, CSU is the first academic institution to ... Read the full article
Helios reports solid 2023 results driven by “outstanding” Lloyd’s market conditions
30th May 2024
In its full year 2023 financial results, Helios Underwriting has revealed it achieved a total comprehensive profit of £29.9 million, up from a loss of £0.1 million in 2022, while its capacity portfolio combined ratio improved to 86%. Helios explained that it has positioned itself to "maximise growth opportunities" by doubling ... Read the full article
UK insurers urged to optimise AI for enhanced customer experience: Altus Consulting
30th May 2024
Digital processes are increasingly integrated into the insurance customer journey, with more than half of leading UK insurers implementing AI chatbots to streamline customer operations, according to Altus Consulting’s ‘Digital Bar’ report. The report also reveals that over 98% of insurers offer the ability to purchase their products through digital channels. Despite ... Read the full article
Pool Re and insurtech Optalitix partner to implement treaty & claims management system
30th May 2024
Specialist data analytics solutions provider, Optalitix has partnered with British terrorism reinsurer Pool Re to implement a new, end-to-end treaty and claims management system with full auditability and enhanced reporting. Pool Re is the insurance industry’s mutual for reinsuring terrorism risk in the UK and an arm’s length body of HM ... Read the full article
Amwins adds residential flood coverage to its online marketplace
30th May 2024
Amwins, a global distributor of specialty insurance products and services, has added residential flood coverage to its online marketplace, Amwins InstantQuote. Amwins IQ gives retail agents with choice and flexible coverage options, aiming to create a one-stop shop for flood risks. It provides instant quote-to-bind capability from multiple carriers while allowing ... Read the full article
Actuarial Risk Management hires Bruner as Senior Consulting Actuary
30th May 2024
Actuarial Risk Management Ltd. (ARM) has appointed Lincoln Financial Group's Ryan Bruner as Senior Consulting Actuary. Overall, he brings a deep degree of experience in valuation for annuity and life products, with strong expertise in particular around Statutory and Generally Accepted Accounting Principles (GAAP), including Principle-Based Reserving methods and GAAP ... Read the full article
Cyber underwriter Corvus expands coverage limits and services
30th May 2024
Corvus Insurance has revealed the expansion of its underwriting appetite and its cyber services for policyholders. For its Smart Cyber Insurance product, which covers primary and excess policies, Corvus has now reportedly doubled its limit offering to $10 million for aggregate covered losses and raised the annual revenue to $5 billion ... Read the full article
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