Reinsurance News
Aditya V. Tibrewala named as CEO, Sompo Thailand
14th August 2024
Sompo, a global provider of commercial and consumer property, casualty, and specialty re/insurance, has appointed Aditya V. Tibrewala as Chief Executive Officer of Sompo Insurance (Thailand) PCL (Sompo Thailand), effective immediately. He will continue to report to Kenneth Reilly, Chief Executive Officer, Insurance, Asia Pacific. Tibrewala joined Sompo Asia Pacific (APAC) as ... Read the full article
Amwins launches flood insurance to protect US golf courses from revenue loss
14th August 2024
Amwins, a distributor of specialty insurance products and services, has launched the "Tees-to-Green" flood insurance programme in partnership with Floodbase and supported by highly-rated carriers. This programme is designed to cover US golf courses for revenue loss and repair costs due to flooding, addressing a critical gap in current flood insurance ... Read the full article
Conifer Holdings sees 57.5% decline in GWP in Q2’24
14th August 2024
In their results for the second quarter of 2024, Conifer Holdings has reported a 57.5% decrease in gross written premiums (GWP), falling to $19.0 million, compared to the $44.7 million figure from the second quarter of 2023. According to the firm, this decrease reflects the company's continued progress toward its goal ... Read the full article
Acrisure’s Eleven Network reveals its new leadership team
14th August 2024
Global insurance broker Acrisure has announced a new leadership team for the Eleven Network, its UK-based retail insurance broking network. Jeff Hobson has been appointed CEO of Eleven Network, joining from Burns & Wilcox, where he previously served as Northern Regional Director. Before that, he was Branch Manager at ACE Group. Simon ... Read the full article
Pacific Life Re bolsters APAC protection business
14th August 2024
Pacific Life Re, the global life and health reinsurer and wholly owned subsidiary of Pacific Life, has bolstered its protection business in Asia Pacific with senior appointments. Tyson Johnston, the current Managing Director of the Australian business and Head of Global Protection Strategy, has been promoted to Managing Director, Protection, Asia ... Read the full article
Allstate to sell Employer Voluntary Benefits arm to The Standard for $2bn
14th August 2024
US primary insurer Allstate has entered into a definitive agreement to sell its Employer Voluntary Benefits business to StanCorp Financial Group, Inc. (The Standard) for $2 billion in cash, adjusted for the closing balance sheet. The transaction is subject to customary closing conditions and approvals, expected to close in the first ... Read the full article
Reinsurers see strong profits in 2023 amid market reset & hard pricing: AM Best
14th August 2024
According to a new AM Best report, a strategic market reset by global reinsurers in 2023 has led to robust technical profits and a shift in industry dynamics. AM Best’s Market Segment Report, Strong Technical Profits Bolster Momentum for Global Reinsurers, observed that this reset included a "much-needed" shift away from high-frequency ... Read the full article
Aviva’s group operating profit hits £875m in H1 as GI premiums expand 15%
14th August 2024
Aviva has revealed that its group operating profit was £875 million in H1 of 2024, up 14% from the £765 million recorded in H1 of 2023. Meanwhile, Aviva's General Insurance premiums grew 15% in H1 to £6 billion, with UK&I up 18% and Canada up 10%. Strong pricing discipline and new business ... Read the full article
Accredited appoints SCOR’s Stuart McMurdo as President of UK & Europe
14th August 2024
Global program manager Accredited Insurance Program Management has appointed Stuart McMurdo as President of Accredited UK & Europe, effective October 1st, 2024. McMurdo will be based in London and report to William Spiegel, Chief Executive Officer (CEO) of Accredited. His appointment follows the hiring of Grace Meek as President of Accredited ... Read the full article
HDFC ERGO onboards Xceedance to implement Duck Creek’s SaaS solutions across India
14th August 2024
Xceedance, an insurance-focused consulting, technology and data provider, has become the strategic partner of HDFC ERGO General Insurance, a private-sector general insurance company based in India, to implement Duck Creek’s full suite of SaaS core insurance delivery solutions across India. The project involves implementing Duck Creek's comprehensive suite of cloud-native ... Read the full article
Sedgwick expands global marine offerings, appoints Adcock as Global Practice Leader
14th August 2024
Sedgwick, a global provider of technology-enabled risk, benefits and integrated business solutions, has announced the expansion of its global operations to support the sector's changing needs. As part of the expansion, the firm has appointed Ronnie Adcock, who has been with Sedgwick for over 25 years, to the role of Global ... Read the full article
Germany’s nat cat insurance coverage delayed due to political disagreement: AM Best
14th August 2024
According to an AM Best commentary, the debate over Germany’s compulsory natural catastrophe coverage is hindered by the absence of political agreement between federal states and the central government. AM Best's report titled, "Political Consensus the Missing Ingredient for German Natural Catastrophe Solution," highlights that, following the 2021 flooding in Southern ... Read the full article
Aviation premiums to hit 20-year high in 2024: Allianz
14th August 2024
As the aviation industry recovers in 2023 after a challenging period, analysis from Allianz Commercial’s Aviation Risk, Claims and Insurance Outlook suggests that nearly 63% of claims were due to collision or crash incidents. Of the 32,000 industry claims from 2019 to 2024, totalling around $15 billion, Allianz found that approximately ... Read the full article
Complexity rises as fronting market growth accelerates in 2024, says Conning
13th August 2024
The fronting market continues its strong growth into 2024 but is becoming increasingly complex, according to a recent report by Conning. This growth is driven by trends in the managing general agent (MGA) sector, rising demand for capacity, and robust excess and surplus (E&S) expansion. The fronting market benefits from strong backing ... Read the full article
Fathom & Aon’s Impact Forecasting to support Canada’s understanding of flood hazard
13th August 2024
Fathom, the flood risk intelligence organisation, part of reinsurance giant Swiss Re, and catastrophe model developer Aon's Impact Forecasting, have been granted a contract by Public Safety Canada, to enhance its understanding of flood hazard across Canada. This comes just a month after Toronto suffered significant damage and disruption from ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
