Reinsurance News
Incline P&C Group bolsters senior leadership team with two appointments
15th July 2024
Incline P&C Group, an insurance program market firm, has bolstered its senior leadership team by appointing Scott Galiardo as the Chief Actuary and Chief Underwriting Officer (CUO) for Commercial & Specialty Lines and Tony Urban as the Chief Development Officer. Chris McClellan, President, and Chief Executive Officer, Incline P&C Group, commented, ... Read the full article
Madigan becomes AXA XL CUO for Environmental, Middle Market in the Americas
15th July 2024
AXA XL, the property & casualty (P&C) and specialty risk division of global insurer AXA, has announced the appointment of Joseph Madigan as Chief Underwriting Officer for its North American Environmental Insurance business for Middle Market. Madigan will be based in AXA XL’s Exton, Pennsylvania, office and report to Matthew Waters, ... Read the full article
UK Motor Insurance faces uphill battle amidst rising costs and future profitability: EY
15th July 2024
The UK motor insurance market faced its most challenging year since 2011, recording a loss-making Net Combined Ratio (NCR) of 112.8% in 2023, but with declining inflation and rising premiums a return to profitability is foreseen, according to Ernst & Young (EY), a professional services firm. This followed a lackluster 2022, ... Read the full article
Mosaic Insurance restructures roles across underwriting and operational teams
15th July 2024
Global specialty insurer, Mosaic Insurance, has announced a restructure of roles across its underwriting and operational teams, in a move that is anticipated to drive growth within its agency business, effective immediately. This includes, Liam Jones becoming Agency CEO, where he will oversee strategic vision, growth, profitability, and operational excellence of ... Read the full article
Guy Carpenter launches new parametric flood re/insurance mechanism, GC FloodShield
15th July 2024
Guy Carpenter is launching a new parametric flood re/insurance mechanism that provides customised flood coverage based on hazard footprints obtained in near real-time. According to Guy Carpenter, GC FloodShield boasts a broad application available to insurers, reinsurers, corporations and public entities globally. As mentioned, GC FloodShield is also customisable, reportedly offering a ... Read the full article
Resource constraints among challenged identified post IFRS17 implementation: PwC
15th July 2024
Most re/insurers have now started, or are about to start, the implementation of the IFRS17 Standard, a finance transformation and modernisation program, which has brought some benefits and challenges that are yet to be overcome, a recent PwC survey has revealed. Conducted between December 2023 and February 2024, the PwC’s survey ... Read the full article
TMK partners with Kita to provide Political Risk insurance for carbon credit projects
15th July 2024
Tokio Marine Kiln (TMK) has partnered with carbon credit insurance specialist Kita to provide Political Risk insurance for developers of/investors in, carbon credit projects. Led by Ed Parker, Head of Special Risks at TMK, the new product will reportedly insure project developers and their investors against risks such as confiscation, nationalisation, ... Read the full article
UK financial services leaders optimistic about growth under Labour: KPMG survey
15th July 2024
Two-thirds (67%) of financial services leaders are more optimistic about the sector’s growth under the new Labour government, according to KPMG’s latest UK Financial Services Sentiment Survey. This survey polled over 150 leaders in banking, insurance, asset and wealth management, and private equity. It found that 61% of leaders are also ... Read the full article
Peak Re promotes David Menezes to Chief Risk Officer
15th July 2024
Hong Kong-based global reinsurer Peak Re has appointed David Menezes as Chief Risk Officer, effective immediately. Menezes has served as the Deputy Chief Risk Officer at Peak Re since September 2022. Here, he has reportedly been instrumental in upholding Peak Re's high standards of risk management and oversight. Menezes' responsibilities include ensuring regulatory ... Read the full article
Texel welcomes du Toit and Jesensky to London team
15th July 2024
The Texel Group, a specialist credit and political risk insurance broker, has announced the appointment of Ivan Jesensky as its first digitisation broker and Michaela du Toit, who has joined as a broker. Based in London, Jesensky will be reporting to Simon Bessant, Head of Insurance and a Director at Texel. ... Read the full article
Lloyd’s insurers expected to be on track to achieve FY guidance: JP Morgan
15th July 2024
JP Morgan has estimated some changes for the Lloyd’s insurers ahead of the first half of 2024 (1H24) results, including the expectation that the companies are well on track to achieve their 2024 guidance. “We expect the Lloyd’s insurers to be well on track to achieve their FY guidance with 1H24 ... Read the full article
Japan’s life insurance sector revives while China faces yield challenges: Swiss Re
15th July 2024
Japan's life insurance industry is seeing a resurgence as the economy overcomes its "lost decades," according to a recent report by global reinsurer Swiss Re. In contrast, China's life insurers are now dealing with the same "negative spread" problem. Since 2020, investment yields in China's life insurance sector have fallen by ... Read the full article
The Institutes adds President & CEOs of W. R. Berkley & Hanover to Board of Trustees
15th July 2024
Re/insurance educator and research provider, The Institutes, has appointed W. Robert Berkley Jr., President and Chief Executive Officer (CEO) of W. R. Berkley Corporation (WRBC), and John C. Roche, President and CEO of The Hanover Insurance Group, as Chair and Vice Chair, respectively, to its Board of Trustees. Peter L. Miller, ... Read the full article
Duck Creek Technologies partners with Charlee.ai to improve claims management
15th July 2024
Charlee.ai, a provider of AI-based predictive analytic solutions, and Duck Creek Technologies, a provider of SaaS core systems for the insurance industry, have partnered to create a solution to enhance claims management processes. The collaboration will integrate Charlee.ai's advanced AI technology into Duck Creek Claims solution, which is a comprehensive claims ... Read the full article
Parametrix secures $50m parametric cloud outage coverage for US retail chain
12th July 2024
Earlier this week, Parametrix, a provider of cloud monitoring, modeling, and insurance services, successfully secured a $50 million parametric cloud outage coverage for a US retail chain. As announced by Parametrix's Chief Commercial Officer, Sharon Haran, this innovative coverage provides the client with protection against Amazon Web Services (AWS) outages during ... Read the full article
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