Reinsurance News
Munich Re teams up with EvolutionIQ
7th June 2022
EvolutionIQ and Munich Re are teaming up to expand the use of AI-based claims guidance in relation to disability insurance carriers across the US. The agreement between the two firms, announced in a press statement, says that Munich Re will offer disability insurers in the U.S. and Canada direct access to ... Read the full article
Hippo names McCathron CEO, Wand to serve as Executive Chairman
7th June 2022
Home insurer, Hippo has announced that it has appointed Richard McCathron as Chief Executive Officer (CEO). Since February 2017, McCathron has served on Hippo’s board of directors and as the company’s President. At the same time, Hippo has announced that Founder and prior CEO, Assaf Wand, has become Executive Chairman of the ... Read the full article
DARAG appoints Rob Samuel as new group COO
7th June 2022
DARAG has appointed Rob Samuel to be its new group COO. Samuel is joining from Curotech Specialty, a start-up MGA focused on underwriting North American specialty E&S business. Tom Booth, group CEO of DARAG, said: “Rob’s broad industry experience and excellent understanding of the requirements for a 21st century COO will be ... Read the full article
WTW enhances Climate Diagnostic tool
7th June 2022
Insurance and reinsurance brokerage WTW has enhanced the capabilities of its Climate Diagnostic tool. The tool, originally launched in April last year, will now allow clients to generate tailored, instantaneous, and in-depth TCFD reports using their own collected data. Andy Smyth, head of GB risk and analytics, WTW, said: “Climate change ... Read the full article
SiriusPoint makes senior appointments in Patrick Charles and Darryl Siry
7th June 2022
SiriusPoint has appointed Patrick Charles and Darryl Siry to new positions within the company. A release from the firm said it had appointed Charles to the role of global head of property and casualty insurance and services, while Siry has joined the executive leadership team alongside his current CTO role. Charles ... Read the full article
Level of preparedness for IFRS 17 in MENA varies: AM Best
7th June 2022
According to a new report from AM Best, the level of preparedness in the Middle East and North Africa (MENA) for IFRS 17 varies significantly by country and by insurer, ahead of the standards effective date of January 1st, 2023. While several countries within the MENA region continue to report under ... Read the full article
Loadsure launches new Cargo Plus product
7th June 2022
MGA Loadsure has launched Cargo Plus, its new smart annual cargo product. According to the firm, the new offering is an annualized ocean cargo product that will deliver the financial convenience of a pay-as-you-go policy with the assurance that annual cover provides. This follows it receiving $11m in MMC-led funding ... Read the full article
Jesse DeCouto promoted to CUO of Validus Re
7th June 2022
Validus Re, the Bermuda headquartered reinsurance underwriting arm of AIG, has a new Chief Underwriting Officer (CUO) in Jesse DeCouto, according to a company memo seen by Reinsurance News. DeCouto, who most recently served as Executive Vice President, Head of Specialty and Credit at Validus Re, will also continue to lead ... Read the full article
Surefire Cyber launches, receives $10m in funding
7th June 2022
Forgepoint Capital, a venture capital firm that focuses on cybersecurity investments, is pumping $10mn in Series A funding into Surefire Cyber - an early stage start-up incident response company, created to help cyber insurers, brokers, law firms, and the organizations they support to better manage major cyber events. With the rising ... Read the full article
Akur8 & Duck Creek to offer fully integrated SaaS platform for P&C carriers
7th June 2022
AI-driven pricing insurance company, Akur8, has announced that it has partnered with Duck Creek Technologies – a leading provider of software-as-a-service (SaaS) insurance core systems. The partnership between the two companies will offer property & casualty (P&C) insurance carriers a fully integrated SaaS platform that will streamline and empower insurers’ rate-making ... Read the full article
Investment firm Aquarian takes majority stake in Somerset Re
6th June 2022
New York domiciled investment firm, Aquarian Holdings, has said in a statement that it has agreed to purchase a controlling interest in Bermuda-based reinsurer, Somerset Reinsurance, from shareholders. Terms of the transaction were not disclosed, and it's understood that the deal is expected to close in the third quarter of this ... Read the full article
Hard times to continue in Florida, says AM Best
6th June 2022
Property insurers in Florida will continue to face hardships in the near future, despite legislative reform, says AM Best. The firm said in a new commentary that the recent $2bn reinsurance program created for insurers to help insulate themselves from risk does not apply to secondary perils, or events less severe ... Read the full article
Kin enhances 2022 reinsurance program
6th June 2022
Kin Insurance has announced that Kin Interinsurance network, its reciprocal insurance carrier, has finalised its reinsurance program for the period of June 1, 2022 through May 31, 2023. The upgraded reinsurance program - which will apply to all states and policies within the Kin Interinsurance Network - offers 160 year first-event ... Read the full article
People’s Trust Insurance Company completes reinsurance renewal
6th June 2022
People’s Trust Insurance Company, a Florida property and casualty insurance company, has fully placed its 2022-2023 catastrophe excess-of-loss reinsurance program. The company assured that its program for the coming year will meet all requirements from the state and rating agencies. “We are very pleased to announce the completion of our placement prior ... Read the full article
BMS Re names Jennifer Nodes Managing Director, US Deputy Counsel
6th June 2022
BMS Re, the specialist reinsurance arm of BMS, has appointed Jennifer Nodes as Managing Director, US deputy general counsel. Based in Minneapolis, Nodes joins the executive team and will report to President and CEO of BMS Re, Pete Chandler. Nodes previously worked as a principal at Jackson Lewis P.C., where she regularly advised employers ... Read the full article