Reinsurance News
GCube unveils $100m Lloyd’s consortium to support BESS sector
16th July 2024
GCube Insurance, an underwriter for renewable energy products, has launched a new consortium, comprised of six Lloyd's syndicates, in a move that is set to provide battery energy storage system (BESS) developers and asset owners worldwide with up to US $100 million of 'A-rated' insurance capacity. It's important to highlight, that ... Read the full article
Insurance industry has reached a new equilibrium: Swiss Re’s Jérôme Haegeli
16th July 2024
The resilience of the global economy to geopolitical tensions and the higher inflationary environment has set the scene for growth and better profitability across the insurance sector, according to global reinsurer Swiss Re's latest World Insurance sigma report. According to Swiss Re, in 2024, global gross domestic product (GDP) is expected ... Read the full article
Capco appoints Paul Riseborough as UK Managing Partner
16th July 2024
Capco, a management and technology consultancy focused on the financial services industry, has announced the appointment of Paul Riseborough as Managing Partner for its UK business. In his new role, Riseborough will be based in London and will join Capco’s global Senior Leadership Team. He brings over two decades of broad financial ... Read the full article
SCOR accelerates L&H reserving review after negative experience variance in Q1’24
16th July 2024
Following the negative experience variance in Q1 2024, French reinsurer SCOR has accelerated its annual L&H reserving assumptions review, and revealed that its Life & Health (L&H) insurance service result (ISR) in 2024 is now expected to be significantly less than the predicted €500 million outlined in its first quarter ... Read the full article
Hurricane Beryl US insured losses to fall between $2.5bn & $4.5bn: Moody’s RMS
16th July 2024
Moody’s RMS Event Response has estimated that U.S. insured losses from Hurricane Beryl will likely fall between $2.5 billion and $4.5 billion, encompassing damage from wind, storm surge, and precipitation-induced flooding. At the same time, according to the firm, losses to the National Flood Insurance Program (NFIP) from this event are ... Read the full article
CRC Group strengthens team with three new hires
16th July 2024
CRC Group, a wholesale specialty insurance distributor in North America, has announced the appointments of three new professionals to its team. These additions are part of CRC Group's strategic expansion effort to enhance support for retail agency clients nationwide. Firstly, the company has announced that David An has joined CRC Group’s Los ... Read the full article
FERMA Policy Manifesto proposes enhancements for EU resilience and competitiveness
16th July 2024
FERMA, the Federation of European Risk Management Associations, has published its EU Policy Manifesto, outlining its priorities for policymakers in EU Institutions for the upcoming 2024-2029 mandate and explains how the Federation can support these initiatives. Typhaine Beaupérin, CEO, FERMA stated: “We will use our Manifesto to provide a robust basis ... Read the full article
Greensmith to lead Kaufman’s International portfolio
16th July 2024
H.W. Kaufman Group, a privately held, global insurance organisation, has announced the appointment of Paul Greensmith as Chief Executive Officer for H.W. Kaufman Group London. Joining the company in October, Greensmith will be responsible for Kaufman’s operations across the U.K., Europe, South America and the Middle East. He will report to Kaufman ... Read the full article
Organisations to benefit from Artex newly launched Vermont Protected Cell Company
15th July 2024
Artex, Gallagher's wholly-owned subsidiary for alternative risk and capital, has launched its first Vermont Protected Cell Company (PCC), to provide organisations of all sizes and industries with an alternative platform to support their risk transfer needs. Artex Axcell PCC (Vermont), Inc. was formed in April 2024 to provide companies the ability ... Read the full article
AIG names Melissa Twiningdavis Executive Vice President, Chief Administrative Officer
15th July 2024
Global insurer American International Group (AIG) has appointed Melissa Twiningdavis as Executive Vice President (EVP), Chief Administrative Officer, effective September 1st, 2024, reporting to Peter Zaffino, Chairman and Chief Executive Officer (CEO). Twiningdavis is based in New York and is responsible for global administrative services, including global sourcing and procurement, real ... Read the full article
Softening airline insurance market benefits buyers in Q2’24: Gallagher Specialty
15th July 2024
Gallagher Specialty’s Plane Talking Q2 2024 report highlights that excess capacity and heightened competition are driving a softening of rates, creating a more competitive pricing environment that benefits airline insurance buyers. This surplus capacity stems from increased rates in recent years coupled with lower average claims, intensifying competition and a focus ... Read the full article
Swiss Re’s Kanga Ahn joins Topsail Re as VP of Underwriting
15th July 2024
Cayman Islands-based reinsurer Topsail Re has hired industry veteran Kanga Ahn as Vice President of Underwriting. In her new role, Ahn's main responsibilities will include underwriting, marketing and account management. She holds a deep degree of expertise in the treaty reinsurance industry, having worked across the sector for nearly 20 years. She joins ... Read the full article
Bermuda re/insurers with strong to very strong ratings and ample capital: Fitch
15th July 2024
Global ratings agency Fitch recently reported strong to very strong Insurer Financial Strength (IFS) ratings for Bermuda and U.S. insurers and reinsurers. Arch received an ‘AA-’, RenaissanceRe an ‘A+’, and both SiriusPoint and Hamilton an ‘A–’, all with Stable Outlooks. These high ratings are attributed to the companies' solid capital positions, which ... Read the full article
SCOR appoints AIG’s Helen Croft as Head of UK & Ireland, Life & Health
15th July 2024
French reinsurer SCOR has announced the appointment of Helen Croft as its new Head of UK & Ireland, Life & Health. In her new role, Croft will oversee the underwriting of life reinsurance for SCOR clients across the UK and Ireland region. Gavin Maguire, Head of UK & Ireland, Life & Health ... Read the full article
As the BMA tightens regulations, Bermuda continues to attract global re/insurers: BILTIR
15th July 2024
Bermuda has successfully continued to attract global re/insurers as the Bermuda Monetary Authority (BMA) continues to introduce significant new requirements to regulate the market in its jurisdiction, a move that has had a very significant financial impact on the island's life and long-term sector, according to BILTIR’s CEO Suzanne Williams-Charles. In ... Read the full article
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