Reinsurance News
Swiss Re completes milestone in safety performance assessment of Luminar’s LiDAR & software driving system
26th April 2024
Reinsurance giant Swiss Re, as part of a partnership with automotive tech firm Luminar, has recently completed a milestone in the safety performance assessment of Luminar's LiDAR (Light Detection And Ranging) and software driving system. Last year, the two companies entered into a partnership to advance assisted driving and improve ... Read the full article
BHSI appoints Hart Humble to Head of Customer & Broker Engagement, South Central
26th April 2024
Berkshire Hathaway Specialty Insurance (BHSI), a property and casualty insurer (P&C), has announced the appointment of Hart Humble to the newly created position of Head of Customer & Broker Engagement for the South Central U.S. In her new role, Humble will focus on fostering and maintaining strong relationships with brokers and ... Read the full article
Omaha National acquires Sutter insurance, rebrands it as Omaha National Casualty
26th April 2024
Omaha National Group Inc., the tech-enabled provider of workers’ compensation insurance, has acquired Sutter Insurance Company, a California-domiciled insurer. Sutter has been renamed to Omaha National Casualty Company, owned by Omaha National which also owns Omaha National Insurance Company, domiciled in Nebraska. Reagan Pufall, Chief Executive Officer, said, "The acquisition of a ... Read the full article
Favourable P&C reinsurance environment to persist at mid-year renewals: Munich Re CEO
25th April 2024
Joachim Wenning, Chief Executive Officer (CEO) of Munich Re, is confident that the favourable market environment for property and casualty (P&C) reinsurers will continue throughout 2024, after a positive January 1st reinsurance renewal period. Addressing shareholders at Munich Re's Annual General Meeting (AGM), CEO and Chair of the Board, Wenning, described ... Read the full article
Marsh names Christophe Letondot as leader of new Global Alternative Risk Solutions practice
25th April 2024
Marsh, the insurance broking division of Marsh McLennan, has established a new unit which combines its expertise and strategy in parametrics, alternative risk transfer, captives, and complex risk under a single practice, called Global Alternative Risk Solutions. The new practice will be led by Christophe Letondot, an experienced financial services professional ... Read the full article
Donegal sees 6% increase in NPW, Q1 net income sits at $6m
25th April 2024
US primary holding company Donegal Group has reported a 6.0% increase in net premiums written (NPW) for the first quarter of 2024, reaching $251.4 million, compared to $237.3 million from the prior year quarter. The firm explained that the $14.1 million increase in NPW included Commercial Lines, which saw a $0.9 ... Read the full article
Great American forms dedicated embedded insurance team
25th April 2024
Great American Insurance Group has unveiled the formation of a dedicated embedded insurance team, which builds upon the company's 20 years of experience offering embedded insurance products, set to be led by Chris Banocy, Divisional Senior Vice President. According to the announcement, the newly formed group will assist in finding and ... Read the full article
Sapiens launches updated version of its reinsurance platform business
25th April 2024
Sapiens International Corporation, a global provider of software solutions for the insurance sector, has launched its latest version of Sapiens ReinsuranceMaster. According to the announcement, this latest version enhances operational efficiency, regulatory reporting, and strategic decision-making with robust business insights. Sapiens confirmed that this includes: automating global inter-company retrocession, facilitating US NAIC ... Read the full article
MAPFRE RE sees premiums grow 7% in Q1 reaching €2.2bn
25th April 2024
MAPFRE RE, the reinsurance arm of Madrid-headquartered insurer MAPFRE, has reported that premiums, which include the reinsurance and Global Risks businesses, are up 7% in the first quarter of 2024, reaching nearly €2.2 billion. At the same time, the combined ratio improved significantly in the year to 93.8% (-4.9 p.p.), which ... Read the full article
Forecasts indicate that US severe weather losses could run on par with 2023, BMS’s Siffert
25th April 2024
Insurance industry losses from US severe weather events have already surpassed $10 billion for this year, with the toll for many events still being calculated. However, forecasts for the coming days and weeks could wind up taking the toll on par with last year, warns Andrew Siffert, Senior Meteorologist at ... Read the full article
India approves three Russian insurers to provide marine cover after state-owned reinsurer backing: report
25th April 2024
Sources have told Reuters that Russian National Reinsurance, the country's state-owned reinsurer, has given financial backing to three insurers, enabling the Russian carriers to seek Indian approval to provide marine cover to tankers. The news comes as Russia looks to facilitate trade with India following Western sanctions related to its ongoing ... Read the full article
UNEP reveals new insurance net-zero forum as NZIA discontinued
25th April 2024
The Forum for Insurance Transition to Net Zero (FIT) has been announced by the United Nations Environment Programme (UNEP), which reportedly considers the experience gained with the Net-Zero Insurance Alliance (NZIA), which has been discontinued from today after suffering numerous issues and subsequent departures in 2023. FIT is a new UN-led ... Read the full article
Tokio Marine HCC to expand pricing capabilities with Akur8’s Core Platform Solution
25th April 2024
Tokio Marine HCC has selected Akur8’s Core Platform Solution to fuel innovation and to build high-performing pricing models, produce analytics and report with ease for powerful insights, and facilitate knowledge sharing across entities. Akur8 built its platform explicitly for insurers and designed it to enhance pricing processes by using proprietary machine-learning ... Read the full article
WTW reports Q1’24 organic revenue growth of 5%
25th April 2024
Global insurance broker WTW has announced 5% organic revenue growth to more than $2.34 billion for the first quarter of 2024, although Group net income fell by 6% year-on-year to $194 million. Alongside the slight dip in net income, WTW has reported Q1 2024 income from operations of $280 million, down ... Read the full article
Lockton announces two senior promotions in Crisis Management team
25th April 2024
Lockton, an independent insurance broker, has recently announced two senior promotions within its Crisis Management team: Helen Sandford as Head of Special Crime and Freddie Schlesinger as Head of Product Recall and Reputational Risk. In their new capacities, both Sandford and Schlesinger will report to Matt Humphries, Head of Crisis Management ... Read the full article
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