Reinsurance News
Maksure Risk Solutions becomes a Lloyd’s registered broker
23rd April 2024
The specialist Lloyd’s insurance and reinsurance marketplace has granted Maksure Risk Solutions, an Afro-Global independent specialist re/insurance broker, Broker Status. As a Lloyd’s broker, Maksure now has direct access to a unique pool of underwriting expertise and capacity in the Lloyd's global marketplace. Commenting on the approval, Simba Makwembere; Managing Director at ... Read the full article
Munich Re posts quarterly profit of €2.1bn as P&C reinsurance CoR strengthens
23rd April 2024
Global reinsurer Munich Re has announced a preliminary net profit of €2.1 billion for the first quarter of 2024, as the firm highlights a better than expected operational performance across all lines of business. Munich Re will release its full Q1 2024 results on May 8th, but has today provided some ... Read the full article
UAE floods prompt concerns for local insurance sector: S&P
23rd April 2024
Following unprecedented rainfall and widespread flooding in the United Arab Emirates (UAE), concerns have arisen regarding the local insurance sector's capacity to handle the expected surge in motor and property damage claims, according to analysts at S&P Global Ratings. On April 15-16th, the UAE experienced the heaviest downpour since records began ... Read the full article
Steve Willett named Head of Development for Nexus Group
23rd April 2024
Specialty Managing General Agent Nexus Group has announced the appointment of Steve Willett as Head of Development. In his new role, Willett will mainly focus on expanding Nexus’ Financial Lines team’s global footprint and broking base, in addition to spearheading the Nexus Lloyd’s box offering. The executive brings significant experience in underwriting, ... Read the full article
RLI reports rise in net earnings and Q1’24 combined ratio of 78.5%
23rd April 2024
RLI Corp., a specialty insurer serving property, casualty and surety markets, has reported Q1 2024 net earnings of $127.9 million, compared to $98.8 million a year earlier. The insurer has announced underwriting income of $77.7 million on a combined ratio of 78.5% for the first quarter of 2024, compared to $67.9 ... Read the full article
Claims paid for New Year’s Day Japan earthquake rise to $492m: GIAJ
23rd April 2024
The General Insurance Association of Japan (GIAJ) has released new insurance claims data for the January 1st M7.5 earthquake that hit near the Noto Peninsula in Ishikawa prefecture, revealing that the claims paid total has risen by around 22% in a few weeks to approximately $492 million (JPY 74.44 billion). Read the full article
Arch Insurance Intl. names Kirsten Valder as Deputy CEO
23rd April 2024
Arch Insurance International, part of Bermuda based re/insurer Arch Capital Group Ltd., has appointed Kirsten Valder as its new Deputy Chief Executive Officer (CEO), effective immediately. Valder will be based in London and will continue to report to Hugh Sturgess, CEO of Arch Insurance International. Sturgess commented, "Kirsten has played a leading ... Read the full article
Macquarie Insurance gains Lloyd’s coverholder status
23rd April 2024
Macquarie Insurance Facility has expanded its insurance capabilities after gaining approval as a Lloyd’s coverholder, and has subsequently partnered with Mosaic Insurance to write Transactional Liability Insurance on a delegated authority basis. The new agreement gives Macquarie follow form binding authority on behalf of Mosaic Syndicates 1609 and 5399, enabling it ... Read the full article
WTW names Danielle Lombardo Chair of REHL Division, CRB NA
23rd April 2024
Global re/insurance broker WTW has announced the appointment of Danielle Lombardo as Chair, Real Estate, Hospitality, and Leisure (REHL) division, Corporate Risk and Broking (CRB) North America. With more than fifteen years of experience in the insurance industry focused exclusively on real estate, Lombardo aims to drive WTW’s initiatives to automate ... Read the full article
Urgent need for predictive data to mitigate growing risks of hailstorms in Colorado: Arturo
23rd April 2024
A new report by Arturo, a property intelligence company offering AI-based solutions to insurers, has emphasised the urgent need for predictive data and science-based measures to mitigate the growing risks of hailstorms on homes in Colorado, one of the most hail-prone states in the US. Arturo has published its report as ... Read the full article
Applied Underwriters’ United Risk Division hires Jay Cahill as CFO
23rd April 2024
United Risk Global, the international property and casualty insurance underwriting and distribution platform, and division of Applied Underwriters, has appointed Jay Cahill as Chief Financial Officer (CFO), effective May 1, 2024. The appointment was announced by the firm's Chief Executive Officer (CEO), Dan Malloy. Malloy commented: "We are growing quite rapidly ... Read the full article
Moody’s predicts strong growth in UK BPA market in 2024, boosting life insurers
22nd April 2024
Analysts at Moody’s Investors Service anticipate robust growth in the UK bulk purchase annuities (BPAs) market, projecting strong profits and capital gains for life insurers throughout 2024. Despite the influx of new capital, Moody’s predicts that the balance between supply and demand will remain favourable for current participants, resulting in a ... Read the full article
The Fidelis Partnership appoints new Head of Capacity and Ceded Reinsurance
22nd April 2024
The Fidelis Partnership, previously known as Fidelis MGU, has recently appointed Douglas Somerville as its new Head of Capacity and Ceded Reinsurance. Somerville brings 14 years of industry experience to his new role, offering a wealth of expertise. Before joining The Fidelis Partnership, Somerville spent over five years at reinsurance broker Howden ... Read the full article
Rising insurance costs, coverage changes prompt Florida & California homeowners to move: Redfin
22nd April 2024
A Redfin survey has found that nearly three-quarters (70.3%) of Florida homeowners and over half (51%) of California homeowners have seen a rise in insurance costs or change in coverage in the past year. The survey was fielded to 2,995 homeowners and renters in the United States. According to Redfin’s survey, insurance ... Read the full article
SCOR promotes Lily Song to Head of P&C China
22nd April 2024
French insurer and reinsurer SCOR has made Lily Song, previously the Chief Underwriting Officer (CUO) of China Reinsurance, the new Head of Property and Casualty (P&C) for China. Song took on her new Beijing, China based role in April 2024, having previously served as China Reinsurance CUO from January 2020 to ... Read the full article
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