Reinsurance News
No significant rate movements in US P&C as insurers remain comfortable: Novatae
4th July 2024
With the composite rate for US P&C insurance increasing slightly from 3.9% in Q1 to 4.36% in Q2, Richard Kerr, CEO of Novatae Risk Group, noted that "there was no significant movement in rates for any coverage or industry group" given that insurers are comfortable with pricing. Kerr's comments come as ... Read the full article
Howden Re appoints Shireen Gammoh as MD, Legacy & Structured Reinsurance
4th July 2024
Howden Re, the reinsurance broking arm of Howden Group Holdings, has announced the appointment of Shireen Gammoh as Managing Director (MD) within the Legacy and Structured Reinsurance team. Gammoh will join Howden Re on July 17th and will be based in Bermuda. Seth Ruff, Managing Director and Head of Legacy & Structured ... Read the full article
Clive Magnus named Active Underwriter of CNA Hardy Syndicate 382
4th July 2024
CNA Hardy, a provider of specialist insurance solutions for commercial businesses, has announced the appointment of Clive Magnus as Active Underwriter for the firm’s Lloyd’s Syndicate 382. Magnus will succeed Carl Day, who has resigned after serving as Active Underwriter of CNA Hardy Syndicate 382 for nine years. Jalil Rehman, Chief Executive ... Read the full article
Michèle Horner appointed Country Manager for France & Monaco, Beazley
4th July 2024
Specialist insurer, Beazley, has appointed industry veteran Michèle Horner as Country Manager for France and Monaco, where she will be based in Paris, effective immediately. In the role, Horner will be expected to focus on developing Beazley's business in France, while also retaining her current role within the Distribution Team as ... Read the full article
CCRIF SPC makes full payout to Guatemala under excess rainfall policy
4th July 2024
CCRIF SPC reportedly made a payout on July 1st of $6,376,184 to the Government of Guatemala following heavy rains from June 13th to 19th. According to CCRIF, this payout represents the Government of Guatemala’s full payout under its excess rainfall (XSR) policy, meaning that the policy has reached its coverage limit. The ... Read the full article
Lucas Prahl named President of Berkley Human Services
4th July 2024
W. R. Berkley Corporation, a property and casualty re/insurer, has announced the appointment of Lucas Prahl as President of Berkley Human Services, a Berkley company. Prahl succeeds Roger Nulton, who has been named Chairman of the business after serving as President for nearly a decade. Nulton will continue to support Prahl ... Read the full article
Hurricane Beryl losses likely to be within reinsurance sector’s risk appetite: AM Best
4th July 2024
Although it will be some time before the overall losses and impacts from Hurricane Beryl are understood, John McGlynn, a senior financial analyst at AM Best, expects losses to the reinsurance industry to be within risk appetite and contained in their earnings. At the same time, McGlynn warns that cost pressures ... Read the full article
Increased competition and capacity at mid-year cyber renewals: Aon
4th July 2024
Mid-year cyber renewals have signalled further improvements for buyers, with plenty of capacity and increased competition leading to positive outcomes for most insurers, according to insurance and reinsurance broker Aon. After a period of rapid price increases in 2021 and 2022, the cyber insurance market continues to see new capacity, resulting ... Read the full article
Way.com and CURE Auto Insurance initiative to help save millions in catastrophic hurricane damage
4th July 2024
CURE Auto Insurance and Way.com partner to protect customers' cars from damage due to hurricanes and tropical storms as these can cause millions in damage. A white glove service, the initiative Catastrophe Loss Mitigation program, will notify customers in projected impact zones of severe hurricane and flooding events, in advance of ... Read the full article
Selective Insurance appoints Kate Sampson to Board of Directors
4th July 2024
Selective Insurance Group, Inc. has appointed Kate Sampson to its Board of Directors, effective July 1st, 2024, taking the number of members on the Board to 13, before expected retirements. Sampson is an industry veteran with over 25 years of experience in financial, operational, and management roles. She began her career ... Read the full article
Charles Taylor announces acquisition of M3 Aviation Services
4th July 2024
Charles Taylor, a provider of international adjustment services and technology solutions for the global insurance market, has announced the acquisition of M3 Aviation Services, effective June 27, 2024. Renowned for its expertise in handling aviation claims across various aircraft types, categories, and market sectors, Charles Taylor serves a wide range of ... Read the full article
L&G completes £21m buy-in with Leprosy Mission Central Pension Scheme
4th July 2024
Legal & General Assurance Society Limited has completed a £21 million buy-in with The Leprosy Mission Central Pension Scheme, insuring the benefits of 197 retirees and 88 deferred members. The Scheme has reportedly been a client of Legal & General Investment Management (LGIM) for six years, which has helped facilitate a ... Read the full article
Kairos appoints David Chew as Director of Satellite Solutions
4th July 2024
Kairos Risk Solutions, a Singapore-based boutique insurance solutions consultancy, has recently announced the appointment of David Chew as Director, Satellite Solutions. In his new role, Chew will collaborate closely with Andre Siregar, CTO, Casmond Lim, COO, and Board Member Ng Teck Wee on upcoming projects. Additionally, he will serve as Kairos’ ... Read the full article
AI to have biggest impact in risk modelling & analysis for re/insurers, poll suggests
3rd July 2024
According to a recent poll from Reinsurance News, artificial intelligence (AI) is anticipated to have the least impact in customer service, whilst nearly half of industry respondents believe that AI will have the biggest impact in risk modelling & analysis. Hundreds of people from across the insurance and reinsurance industry responded to ... Read the full article
Risk assessments could help reduce claims for Asian marine businesses: QBE
3rd July 2024
By conducting risk assessments insurers can help businesses in the Asian marine industry to understand their existing operations and ways in which they can reduce claims as they navigate a sector full of challenges, QBE analysts state. The marine sector has a significant presence in Asia. In 2023, it contributed a ... Read the full article
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