Reinsurance News
D&O and cyber insurance premiums beginning to level off: BRP Group
19th April 2024
After several years of significant increases in insurance costs, followed by weighty decreases over the past 18 months, organisations are beginning to see a leveling off in premiums for both Directors & Officers (D&O) and cyber insurance, according to BRP Group, Inc. The independent insurance distribution firm recently released its third ... Read the full article
The Clear Group appoints Mandy Hunt as MGA Managing Director
19th April 2024
Insurance broker The Clear Group has appointed Mandy Hunt as the Managing Director of its MGA business, subject to regulatory approval. Hunt joins the main Clear Group operating board, and brings significant experience from several leadership roles in major insurance businesses, across broking and underwriting. She was formerly the Chief Underwriting Officer ... Read the full article
Loss underestimation a pressing issue, warns Gallagher Re
19th April 2024
Gallagher Re's Q1'24 Natural Catastrophe and Climate Report underscores the critical need for the insurance industry to evaluate unexpected factors that extend event loss behaviour, while also addressing the growing challenge of social inflation. The report identifies event loss underestimation as the most pressing issue, with complexities in loss development varying ... Read the full article
DARAG to acquire Cayman Islands re/insurance captive
19th April 2024
Legacy acquirer DARAG Insurance Guernsey Limited (DIGL) has announced it is to acquire a Cayman Islands-based re/insurance captive. The firm has signed a sale and purchase agreement (SPA) for a re/insurance captive from a very large multinational corporate that possesses long tail UK employers’ liability (EL) exposure. According to the announcement, DIGL ... Read the full article
Pauline Morley joins AXIS as Head of E&O in the US
19th April 2024
Bermuda-based insurer and reinsurer AXIS Capital Holdings Limited has announced the appointment of Pauline Morley as Head of E&O in the US, effective immediately. In her new role, Morley will be in charge of leading the growth and advancement of the AXIS offering in the professional liability market, aligned with the ... Read the full article
P&C underwriters sceptical of AI despite trailblazer benefits: Capgemini
19th April 2024
Findings from the recent report by the Capgemini Research Institute highlight that although 62% of insurance executives recognize the positive impact of AI/ML on underwriting quality and fraud reduction, many P&C underwriters remain sceptical about automated recommendations from predictive analytics tools. The report underscores the increasing demands from policyholders for affordability, ... Read the full article
Allianz appoints Alex Ktenidis as director of digital trading and Allianz Legal Protection
19th April 2024
Allianz Commercial has announced the promotion of Alex Ktenidis to the senior role of director of digital trading and Allianz Legal Protection (ALP). In his new capacity, Ktenidis will lead the profitable growth of Allianz’s digital trading and legal protection businesses. Nadia Côté, Managing Director at Allianz Commercial, expressed her enthusiasm for ... Read the full article
Blue Ocean Re appoints Chad Smith as Chief Accounting Officer
19th April 2024
Blue Ocean Reinsurance Group, a newly established managing general agent (MGA) platform, has announced the appointment of Chad Smith to the position of Chief Accounting Officer. In this capacity, Smith will oversee Blue Ocean Re's accounting function and offer expert guidance and advice to clients. Graham Mackay, President and Chief Financial Officer ... Read the full article
Spike in renewal rate change for all segments except workers’ comp in Q1’24: Ivans Index
19th April 2024
Ivans, a division of Applied Systems, has released the Q1 2024 results from the Ivans Index, showing a spike in premium renewal rate change for all major commercial lines of business except Workers’ Compensation, year over year. The average premium renewal rate for commercial auto in Q1 2024 averaged 9.09%, an ... Read the full article
Optio Group names Goodhew as INED
19th April 2024
Speciality managing general agent (MGA) Optio Group has announced the appointment of Heather Goodhew as an independent non-executive director (INED). Having held senior positions in re/insurance for over three decades, Goodhew brings a wealth of operational and risk experience to Optio and her new role. She currently serves as an INED for ... Read the full article
ARC & Partners preparing to respond to one of the worst droughts seen in Southern Africa
19th April 2024
The southern African region is currently facing one of the worst droughts it has seen in decades, with millions said to be facing extreme food insecurity and water shortages, amidst a growing climate crisis, fuelled by the El Niño weather phenomenon. A recent meeting took place between Reena Ghelani, UN Assistant ... Read the full article
Jensten obtains £170m funding boost for 2024 growth
19th April 2024
UK broker and underwriter Jensten has secured over £170 million in new borrowing facilities over the past six months, cementing the firm’s commitment to advancing its growth plans throughout 2024 and beyond. Ultimately, this £170 million funding boost, lays the groundwork for a series of upcoming strategic acquisitions and organic growth ... Read the full article
Reinsurance market stable as signs point to better conditions for cedents at June 1: Doyle, MMC
18th April 2024
John Doyle, President and CEO of broking group Marsh McLennan (MMC), said earlier today that reinsurance market conditions remain stable, and that early signs suggest a better environment for cedents at the June 1 Florida catastrophe risk renewals. Speaking during the MMC first quarter 2024 earnings call, Doyle and Dean Klisura, ... Read the full article
Generali reveals new organizational structure
18th April 2024
The Board of Directors of Generali, chaired by Andrea Sironi, has approved a new organizational structure to reflect its main activities proposed by Philippe Donnet, Group Chief Executive Officer. Effective June 1st 2024, the Generali Group will operate as a diversified financial group focused on two main businesses, namely Insurance and ... Read the full article
McGill names Suroiwal Partner in its Treaty Reinsurance team
18th April 2024
McGill and Partners has appointed Abhishek Suroiwal as Partner in its Treaty Reinsurance team. Suroiwal joined McGill and Partners in 2022 as an Associate focusing on AI, data science and data engineering. Before this, he worked as a Data Scientist at AXA UK, where he designed and developed machine learning models using ... Read the full article
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