Reinsurance News
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
Allianz develops parametric solution to support Colombian farmers battling climate change
26th June 2024
Allianz Colombia has developed a new product, based on a parametric insurance policy, that would help protect the country’s farmers livelihood as well as access to credit to strengthen their financial resilience. The parametric insurance policy would be triggered by predetermined parameters, in this case rainfall levels that endanger crops, either ... Read the full article
Oneglobal Broking appoints Andrew Ko as Executive Director, Hong Kong
26th June 2024
Oneglobal Broking, an independent Lloyd's broker backed by JC Flowers, has appointed Andrew Ko as the Executive Director for Hong Kong, effective 18th June 2024. Ko is a key appointment according to Oneglobal as the company continues to expand its presence across Asia. In his new role, Ko will oversee the ... Read the full article
India’s GST Council exempts reinsurance and coinsurance from taxation
26th June 2024
India's 53rd GST Council meeting has announced a decision that reinsurance commissions and co-insurance premiums will no longer be considered taxable services, providing significant relief to the insurance and reinsurance industry. Last year, several top insurance companies reportedly received tax notices for allegedly failing to pay relevant taxes from July ... Read the full article
GFIA warns IAIS ‘disproportionate’ focus on climate risks could overshadow other risk drivers faced by insurers
26th June 2024
The Global Federation of Insurance Associations (GFIA) warns against a ‘disproportionate’ focus on climate risks in its response to a consultation by the International Association of Insurance Supervisors (IAIS) on the supervision of climate risks in the insurance sector. GFIA is concerned about the proposed changes to the Insurance Core Principles ... Read the full article
Chubb remains the largest writer of cyber insurance: AM Best
25th June 2024
Global insurer Chubb remains the largest writer of cyber insurance in the US, with direct premiums written (DPW) in 2023 amounting to roughly $574 million, according to AM Best. Our table of the top 20 cyber insurers by premiums written in 2023, is based on research data ... Read the full article
Former Fortitude Re CEO Bracken named Zurich NA CFO
25th June 2024
Zurich North America has hired insurance executive James Bracken as Chief Financial Officer, succeeding Peter Hirs, who is set to return to Zurich Insurance Group in Switzerland as Group Head of Mergers & Acquisitions. As Zurich North America CFO, Bracken will be tasked with overseeing Actuarial, Financial Accounting and Reporting (FAR), ... Read the full article
inDrive teams up with MIC Global for driver accident and medical coverage
25th June 2024
MIC Global (MIC), a provider of comprehensive embedded micro insurance solutions, is teaming up with inDrive, an international platform specialising in mobility and urban services, as well as local insurers. Their goal is to introduce advanced micro insurance options to inDrive drivers and passengers globally, starting in Latin America. These offerings will ... Read the full article
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