Reinsurance News
SiriusPoint names AXIS’ Inmaculada Gonzalez as Global Head of Ceded Reinsurance
23rd July 2024
SiriusPoint Ltd., a global specialty re/insurer, has appointed Inmaculada Gonzalez as Global Head of Ceded Reinsurance, effective August 19th, 2024. Gonzalez succeeds Habib Kattan, who will leave on December 31st, 2024, following a period of transition. Gonzalez will be based in New York and report to David Govrin, Group President and ... Read the full article
Floodbase launches national flood product to help relief and recovery in continental U.S.
23rd July 2024
Floodbase, a climate adaption technology company, has launched a rapid flood response data product covering flood events in continental U.S. which will be available starting 1st August, 2024. The service will provide a near-real-time flood hazard layer to government and commercial clients that conduct damage assessments or visualise impacts. It aims ... Read the full article
The Baldwin Group announces three executive hires to lead UCTS segment
23rd July 2024
The Baldwin Group, formerly known as BRP Group, has announced the appointment of three new executives to lead the MGA and non-MGA segments within the company's Underwriting, Capacity, and Technology Solutions (UCTS) Operating Group as it continues to grow. Firstly, Amy Carlisle has been named President of MGA Solutions at Millennial ... Read the full article
The Mutual Group names Coleman Johnson CUO
23rd July 2024
TMG Insurance Services, LLC (The Mutual Group), an integrated insurance operations platform serving the mutual industry, has announced the appointment of Coleman Johnson as Senior Vice President and Chief Underwriting Officer. In his new role, Johnson will lead the strategy, governance, and performance of underwriting functions for The Mutual Group, driving ... Read the full article
E&S property market remains positive in Q2’24: CRC
22nd July 2024
The latest edition of the REDY Index by CRC Group reveals that Q2 2024 continues the positive trends in the E&S property market observed over the past two quarters. These developments suggest a turnaround from the challenging market conditions witnessed in Q2’23. According to CRC Group, E&S property carriers now have increased ... Read the full article
ASU completes majority acquisition of Argo’s remaining surety business
22nd July 2024
Applied Surety Underwriters (ASU), a subsidiary of Applied Underwriters' United Risk Division, has completed its acquisition of the majority of Argo's remaining surety business. If you recall, back in April of 2024, it was confirmed that ASU would acquire the majority of Argo Surety group’s in-force coal, oil, gas, and ... Read the full article
CrowdStrike outage an opportunity for re/insurance market to react and improve: Aon
22nd July 2024
The July 19 global IT outage is an opportunity for the re/insurance market “to react by improving granularity on codifying policy information important for understanding portfolio accumulation risks stemming from certain coverage grants,” Aon analysts have stated. This in order to “allow more nuanced event loss estimation and accumulation scenario analysis” ... Read the full article
Sompo’s Joe Gilliland joins Gallagher’s US crisis management team
22nd July 2024
Gallagher has appointed Sompo International's Joe Gilliland as Executive Director within its US crisis management team. As Executive Director of the practice, Gilliland will work closely with Gallagher’s existing US team led by Bill Harrison, who is also an Executive Director, and will hold responsibility for driving Gallagher’s growth plans across ... Read the full article
CrowdStrike event may impact product lines beyond cyber insurance: Guy Carpenter
22nd July 2024
Experts at the reinsurance broking arm of Marsh McLennan (MMC), Guy Carpenter, have said that while business interruption losses will be in scope for re/insurers, the magnitude of last week's global IT outage suggests that lines of insurance beyond cyber risk might also be impacted. After a software update for CrowdStrike's ... Read the full article
Rising medical costs and state competition challenges stability in US WC insurance: Swiss Re
22nd July 2024
Despite a decade of strong profitability, Laure Forgeron, Chief Underwriting Officer for Casualty at Swiss Re, a global reinsurance company, highlights emerging risks such as rising medical costs and intense competition in states like California, urging insurers to adopt disciplined strategies alongside evolving market conditions to sustain long-term financial health. The ... Read the full article
Jesús Barbero named BHSI Head of Surety in Spain
22nd July 2024
Berkshire Hathaway Specialty Insurance Company (BHSI), the insurance arm of Warren Buffett's global re/insurance company, has entered the surety market in Spain. Jesús Barbero is to lead the new product line. Constanza Gállegos, Country Manager, BHSI in Spain, stated: "We are excited to lead BHSI’s entry into the European surety market. “By ... Read the full article
Allianz’s acquisition of Income Insurance unlikely to alter Singapore market, Fitch
22nd July 2024
Global insurer and asset manager Allianz's proposed acquisition of Singapore’s Income Insurance Limited "should not materially change the competitive landscape in Singapore’s insurance market," says Fitch Ratings. If you recall, Allianz Group, through its wholly owned subsidiary Allianz Europe B.V., recently announced its intention to acquire a 51% majority stake ... Read the full article
Aspen Insurance names Tony Bishop Chief Data & Analytics Officer
22nd July 2024
Aspen Insurance has appointed Tony Bishop as Chief Data & Analytics Officer, where he will be responsible for the firm's recently launched Data Labs and Architecture in addition to his current remit overseeing its Data and Analytics strategy. Bishop joined Aspen in 2022 as Head of Data & Analytics, and under ... Read the full article
Groupama issues €150 million Quercus Re DAC Cat bond
22nd July 2024
French mutual re/insurance company Groupama has issued a new Cat bond Aggregate to protect its climatic exposures in France, placed and structured by the Aon Securities team. The €150 million Quercus Re DAC Cat bond came into effect on July 19, its coverage has been designed to run across a ... Read the full article
Mass IT outage to accelerate interest in cat-focused reinsurance: Howden Re
22nd July 2024
While the financial implications of last week's significant IT outage, which was caused by an update to the CrowdStrike Falcon endpoint detection and response (EDR) tool, will take time to be understood, the event is expected to accelerate interest in cat-focused reinsurance programmes, according to Luke Foord-Kelcey, Global Head of ... Read the full article
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