Reinsurance News
Anthony Lamb promoted to Global Underwriting Manager, Marine, AXA XL
16th September 2024
AXA XL, the property & casualty (P&C) and specialty risk division of global insurer AXA, has promoted Anthony Lamb to Global Underwriting Manager, Marine, as part of the firm's Global Chief Underwriting Office. An experienced veteran across the sector, Lamb has been with AXA XL for over a decade working within ... Read the full article
KCC estimates Hurricane Francine privately insured loss at close to $1.5bn
16th September 2024
Privately insured losses from Hurricane Francine have been initially estimated as close to $1.5 billion, according to catastrophe risk modelling specialist Karen Clark & Company (KCC). Hurricane Francine, a Category 2 storm with sustained maximum winds of 100 miles per hour, made landfall near Terrebonne Parish, Louisiana on September 7th. Based on ... Read the full article
Ryan Specialty completes Ethos Specialty’s P&C MGUs acquisition from Ascot
16th September 2024
Specialty insurance firm Ryan Specialty has completed the acquisition of Ethos Specialty Insurance’s P&C managing general underwriters (MGUs) From Ascot Group Limited. Ryan Specialty had signed a definitive agreement to acquire these MGUs back in September. Upon completion of the acquisition, Ethos P&C, established in 2017 by Ascot Group, will be ... Read the full article
Everest expands LatAm presence with new branch in Bogotá, Columbia
16th September 2024
Everest Insurance International has announced the launch of its new office in Bogotá, Colombia: Everest Compañía de Seguros Generales Colombia S.A., following regulatory approval from the Superintendencia Financiera de Colombia. This launch marks a key step in Everest's strategic expansion across Latin America (LatAm), coming shortly after its recent opening ... Read the full article
Lillelund to takeover as CEO of Allianz Global Corporate & Specialty in early 2025
16th September 2024
Allianz has revealed that Thomas Lillelund will be joining Allianz Global Corporate & Specialty SE (AGCS) as CEO in early 2025. He will also reportedly assume leadership of Allianz Commercial, Allianz Group’s integrated global model for serving the Commercial Property & Casualty insurance segment (Mid Corporate, Large Corporate and Specialty customers). Lillelund ... Read the full article
Amphitrite Underwriting London now an approved Lloyd’s of London coverholder
16th September 2024
Amphitrite Underwriting London, a marine specialist managing general agent (MGA), has received its final approval from Lloyd’s of London to become an approved coverholder. The MGA stated that securing the coverholder status represents a significant milestone in its growth trajectory toward strategic diversification. Konstantinos Tampakakis, Chief Executive Officer of Amphitrite, stated, “This ... Read the full article
Liberty Mutual Re hires Manja Kollmann from Generali Germany as COO
16th September 2024
Liberty Mutual Reinsurance (LM Re), the reinsurance arm of Boston headquartered Liberty Mutual Insurance Group, has hired Manja Kollmann from Generali Germany as its new Chief Operating Officer (COO), based in London. In her new role, Kollmann has a dual reporting line to Sue Figueredo Cook, COO, Global Risk Solutions (GRS), ... Read the full article
LMA launches market-wide consultation on new CBAA model wording
16th September 2024
The Lloyd's Market Association (LMA) has launched a market-wide consultation on the new Computable Binding Authority Agreement (CBAA) model wording, developed with support from Lloyd’s, LIIBA, MGAA, and the IUA. The draft CBAA model wording is the result of months of work by experts from the London delegated authority (DA) community ... Read the full article
Akur8 raises $120m to fuel its next-gen actuarial platform growth
16th September 2024
Akur8, a machine learning-powered insurance pricing and reserving platform, has secured $120 million in series C funding which will significantly bolster the company’s capacity to broaden its product portfolio and drive its expansion within global markets. With this latest funding round, Akur8 brings its total raised investment to $180 million. Launched in ... Read the full article
Reinsurers remain “positively disposed” towards most specialty lines: KBW
16th September 2024
Following meetings with executives at the recently held 2024 Rendez-Vous de Septembre (RVS) in Monte Carlo, analysts at KBW have reported that reinsurers remain positively disposed toward most specialty lines, which primarily reflects the rate adequacy achieved in the aftermath of Russia’s invasion of Ukraine. Analysts also noted that reinsurers remain ... Read the full article
Calls for property reinsurance price reductions ‘asymmetric’, Munich Re CEO tells the FT
16th September 2024
In an interview with the Financial Times (FT), Joachim Wenning, CEO of global reinsurer Munich Re, described calls for property reinsurance rate cuts as "asymmetric", suggesting that reinsurers will hold firm ahead of the 1.1 2025 renewals as the market continues to catch up on the poor returns achieved during ... Read the full article
Long-term COVID effects may lead to elevated mortality in US & UK: Swiss Re
16th September 2024
If the ongoing impact of COVID-19 is not curtailed, excess mortality rates in the general population may remain up to 3% higher than pre-pandemic levels in the US and 2.5% in the UK by 2033, as per a report from the Swiss Re Institute. According to the report, typically, all-cause excess ... Read the full article
AXA XL names Caponigro Head of Reinsurance Capital Management
16th September 2024
AXA XL, the property & casualty (P&C) and specialty risk division of global insurer AXA, has announced the appointment of Chris Caponigro as Head of Reinsurance Capital Management. For over a decade, AXA XL has been an active participant in the alternative capital market, leveraging its expertise in alternative reinsurance capital ... Read the full article
Hurricane Debby caused $2.5bn in insured damage in Quebec: CatIQ
16th September 2024
According to initial estimates from Catastrophe Indices and Quantification Inc. (CatIQ), the remnants of Hurricane Debby, which hit southern Quebec on August 9-10, caused nearly $2.5 billion in insured damage, making it the costliest event in Quebec’s history. Johanne Lamanque, Vice-President, Quebec at Insurance Bureau of Canada (IBC), stated, “The record-breaking ... Read the full article
Maria Borrego named CUO of DUAL Europe as regional expansion continues
16th September 2024
DUAL Europe has appointed Maria Borrego as Chief Underwriting Officer, reporting to Olaf Jonda, CEO of DUAL Europe. Based in Spain, Borrego will reportedly play a pivotal role in driving underwriting excellence for DUAL’s European clients. According to the firm, this appointment reinforces its commitment to delivering top-tier underwriting standards as it ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
