Reinsurance News
Strategies for mitigating natural catastrophe risks: BaFin
26th June 2024
With climate change intensifying the frequency and severity of natural catastrophes, insurers and reinsurers are under increasing pressure to adapt and enhance their risk management strategies, prompting Germany's financial regulator BaFin to outline crucial options for risk reduction. BaFin emphasises two primary strategies for risk reduction: geographical diversification and product variety. ... Read the full article
Insurers must pay attention to heightened geopolitical risk, Broadstone
26th June 2024
Insurers can no longer avoid the need to explicitly quantify geopolitical risk in their pricing, modelling and risk management processes, says Broadstone, the independent pensions, employee benefits, investment and insurance consultancy. Broadstone's latest Insurance Risk Monitor states that the current decade is shaping up to be one of the most unprecedented ... Read the full article
Oceanview Secure Re launches in the Cayman Islands
26th June 2024
Oceanview Holdings Ltd., a provider of annuities and reinsurance solutions, has established its new subsidiary, Oceanview Secure Reinsurance Ltd., in the Cayman Islands. The new subsidiary has been awarded a Class D Insurer's license by the Cayman Islands Monetary Authority (CIMA). This strategic expansion strengthens Oceanview's ability to deliver innovative reinsurance solutions ... Read the full article
Consilium launches new cargo offering, Cooper appointed Senior Partner
26th June 2024
Consilium, the global speciality re/insurance broking business of the Aventum Group, has launched its new Lloyd’s-backed Cargo Stock Throughput offering, and has appointed Jack Cooper as Senior Partner. With a broad Cargo appetite, covering general, niche and complex Stock Throughput risks, Consilium aims to use its approach that combines global Speciality ... Read the full article
CEA names Tom Welsh as its new CEO
26th June 2024
The Governing Board of the California Earthquake Authority (CEA), California’s largest provider of residential earthquake insurance, has appointed Tom Welsh, currently the Chief Legal & Compliance Officer, as its new Chief Executive Officer (CEO), effective immediately. The CEA is governed by a five-member Governing Board comprised of voting members Governor Gavin ... Read the full article
UK midsize firms wary of cyber insurance: Coalition
26th June 2024
A study by Coalition, a cyber insurance provider, reveals that many IT security leaders in midsize UK businesses are wary of cyber insurance, with only one in five (19%) respondents reporting a positive experience with it. The survey, conducted earlier this year with 500 senior cybersecurity professionals from mid-sized UK firms, ... Read the full article
UIB Asia to enhance service offerings with four new executives
26th June 2024
United Insurance Brokers (UIB) Group has expanded its presence in Asia with the addition of four new professionals: Richard Oh, Saw Tong Nee, Rita Au and Tam Hui Von. This strategic move underscores the commitment of UIB Asia Reinsurance Brokers Pte Ltd to excellence and its ambition to deliver unparalleled service ... Read the full article
Lloyd’s syndicate performance improves in 2023 with reinsurance growing significantly: Howden Re
26th June 2024
There has been an improvement in Lloyd’s syndicate underwriting performance in 2023 throughout the majority of classes, with reinsurance "growing significantly", according to a topical report from Howden Re. According to the firm, property, reinsurance, marine, aviation and transport reported the largest premium growth over the last five years; experienced across ... Read the full article
This time the hard reinsurance market really is different: Shea, Gallagher Re
26th June 2024
In hard reinsurance markets of the past, a key feature has been an influx of capital from new entrants, but there's been a notable lack of start-ups during the current period of reinsurance market tightening, and there are some good reasons why this time really is different, according to Brian ... Read the full article
American Coastal announces five-year extension of MGA agreement with AmRisc
26th June 2024
American Coastal Insurance Corporation, the insurance holding company of American Coastal Insurance Company (AmCoastal) has announced that AmCoastal has entered into a five-year extension of its exclusive Managing Agency Contract (MGA Agreement) with AmRisc, LLC effective June 1, 2024, and expiring January 1, 2029, subject to regulatory approval. From what we ... Read the full article
Velocity Risk and LSU launch advanced Gulf hurricane forecast model
26th June 2024
Velocity Risk Underwriters has partnered with Louisiana State University (LSU) to develop the "Velocity Risk LSU Gulf Hurricane Outlook" model, the first of its kind to use daily data to predict US hurricane seasonal activity. The model utilises comprehensive daily data, aggregated into whole-season forecasts, and employs a sophisticated Random Forest ... Read the full article
AIG to sell its personal travel insurance & assistance business to Zurich
26th June 2024
Global insurer American International Group, Inc. (AIG) has entered into a definitive agreement with Zurich Insurance Group to sell the latter its global individual personal travel insurance and assistance business for $600 million in cash plus additional earn-out consideration. The sale is expected to close by the end of 2024, subject ... Read the full article
QBE promotes Højmark and Seul to Europe product managers for Cyber and ML/FI
26th June 2024
International insurer QBE has announced the appointment of Simon Højmark as Europe product manager for Cyber and Dr Patrick Seul as Europe product manager for Management Liability and Financial Institutions. Højmark has been with QBE for 13 years, having joined the company as finance controller before becoming assistant underwriter and then ... Read the full article
Phoenix Group exploring potential sale of its SunLife business
26th June 2024
The Board of Phoenix Group has revealed its intention to explore the potential sale of its SunLife Limited business. Following a strategic review, Phoenix has concluded that SunLife is "no longer core" to the delivery of its vision of becoming the UK's leading retirement savings and income business. The Board has thus ... Read the full article
Markel Group to acquire majority interest in Valor
26th June 2024
Global re/insurer Markel Group Inc. and Valor Environmental have entered into a definitive agreement for Markel Group to acquire a majority interest in Valor and its related operating companies. The transaction is subject to customary closing conditions and is expected to close in the second quarter of 2024. Additional terms of the ... Read the full article
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