Reinsurance News
RAA and NOAA sign agreement to enhance severe weather risk assessment and communication
16th July 2024
The Reinsurance Association of America (RAA), a trade association representing property and casualty reinsurers, and the National Oceanic and Atmospheric Administration (NOAA), an US federal agency focused on the conditions of the oceans, major waterways, and the atmosphere, signed a memorandum of understanding (MOU). This agreement initiates their collaboration to assess ... Read the full article
Insurtech funding in LatAm falls to historic low at $26m in H124
16th July 2024
Insurtech funding in Latin America (LatAm) fell to a historic low of $26 million during the first half of 2024, marking a 78% decline from the same period in 2023. Looking at the period between July 2023 - June 2024, inclusively, the total rose to $43 million, marking the lowest figure ... Read the full article
West P&I appoints Katy Shearer as Chief Risk Officer to strengthen risk management
16th July 2024
West P&I, an insurance provider for the global maritime and offshore industries, has announced the appointment of Katy Shearer as Chief Risk Officer, adding her role to the Management Board of Directors. This decision highlights Shearer’s significant contributions to the business and underscores the company’s focus on the increasingly complex risk ... Read the full article
Jamaica to receive additional $10.3m from CCRIF after excess rainfall policy triggered
16th July 2024
Jamaica’s Minister of Finance, Dr. Nigel Clarke, has revealed that the country’s Excess Rainfall Policy with the Caribbean Catastrophe Risk Insurance Facility (CCRIF) has been triggered following Hurricane Beryl, providing Jamaica with an additional $10.3 million of relief. This amount is in addition to the $16.3 million announced last week, ... Read the full article
GIC Re to implement SAP Fioneer’s technology to meet IFRS17 requirements
16th July 2024
In order to adopt the International Financial Reporting Standard 17 (IFRS17) by the official target date India's General Insurance Corporation (GIC Re) has chosen to implement SAP Fioneer’s Financial Products Subledger (FPSL) for Insurance solution offering. IFRS17 was introduced by the International Accounting Standards Board (IASB) and mandates significant changes in ... Read the full article
Markel names Rob Cole its Chief Actuarial Officer
16th July 2024
Markel, the insurance arm of Markel Group Inc., has appointed Rob Cole as the Chief Actuarial Officer. Cole will succeed Ron Herrig, who will be retiring at the end of 2024 after a successful 28-year career with Markel. Brian Costanzo, Chief Financial Officer, Markel, commented, "We are grateful for Ron's many contributions ... Read the full article
Fleming files lawsuit against James River and executives concerning JRG Re purchase
16th July 2024
Fleming Intermediate Holdings has reportedly filed a lawsuit for securities fraud, common-law fraud, and breach of contract in federal court against James River Group and its CEO and CFO concerning Fleming’s purchase of JRG Re from James River for approximately $300 million. For some background on this story, James River ... Read the full article
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
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