Reinsurance News

We share the same DNA with our new shareholders: CCR Re’s Montador

21st September 2023

French reinsurance company CCR Re was acquired by a consortium comprised of SMABTP and MACSF earlier this year, a deal which is positive for all parties and a good fit for the reinsurer, according to Deputy Chief Executive Officer (CEO), Laurent Montador. The two French mutual insurers, SMABTP, which specialises in ... Read the full article

BOXX Insurance to offer cyber protection education services through NSU partnership

21st September 2023

BOXX Insurance, an insuretch that combines cyber insurance and security, has announced a partnership with Nova Southeastern University (NSU) and its Alan B. Levan | NSU Broward Center of Innovation. According to the announcement, through this collaboration, BOXX will offer cyber protection education services and cyber insurance services to Levan Center's ... Read the full article

MGA Nirvana launches European W&I binder, headed by Thomas Mannsdorfer

21st September 2023

Nirvana, a newly launched Media, Tech and Cyber MGA, has launched its new European SME Warranty & Indemnity (W&I) binder, led by mergers & acquisitions (M&A) underwriting expert, Thomas Mannsdorfer. According to the announcement, the team has a total available line size of €20 million, in partnership with a select ... Read the full article

January renewals likely to be orderly: JMP Securities

21st September 2023

With the property hard market firmly intact, the upcoming January 1st renewal is set to be much more orderly than last year, said JMP Securities analysts as they share their comments following the RVS 2023 in Monte Carlo. “Overall, we see the upcoming renewal as being highly orderly, with price movements ... Read the full article

Cyberattacks on MGM and Caesars send ripples through industries: Guy Carpenter

21st September 2023

The recent cyberattacks on gaming and hospitality giants MGM Resorts International and Caesars Entertainment have sent shockwaves through the cybersecurity and insurance industries. Guy Carpenter's Cyber Center of Excellence has issued a Cyber Event Analysis briefing shedding light on these incidents and their implications. One of the key takeaways from the analysis ... Read the full article

Conduit Re teams with hyperexponential for price decision intelligence

21st September 2023

Bermuda-based global reinsurer Conduit Re, has selected pricing decision intelligence (PDI) leader hyperexponential’s hx Renew platform to achieve end-to-end underwriting. Using the PDI platform, Conduit Re is now able to rapidly develop and iterate its pricing models and rating landscape. The reinsurer currently leverages hx Renew to price approximately 85% of its ... Read the full article

L&G agrees £340m buy-in with Cable and Wireless Superannuation Fund

21st September 2023

Legal & General Assurance Society Limited has agreed a c.£340 million buy-in with the Cable and Wireless Superannuation Fund, securing the benefits of around 1,800 retirees and deferred members. According to Legal & General, the sponsoring company, Cable and Wireless Limited, is part of Liberty Latin America, a provider of telecommunications ... Read the full article

Rising climate risk calls for industry and government collaboration: Moody’s

21st September 2023

In a recent report, Moody's has underscored the increasing physical climate risk and its implications for the insurance and reinsurance industries. The report highlights that the rising frequency and severity of destructive weather events are driving up underwriting risk, adding a layer of complexity to risk management strategies. One of the key ... Read the full article

Lloyd’s yet to demonstrate same zeal for rate adequacy in casualty book: Tiernan

21st September 2023

"As a market, we have not yet demonstrated the same zeal for rate adequacy in the casualty book as we've seen in property, this is particularly true for US general liability, where rate is barely keeping up with inflation, despite the continuing deterioration of the 2014-2018 years of account," suggests ... Read the full article

QBE names Julie Wood as CEO of North America unit

21st September 2023

Global insurer QBE Insurance Group has confirmed the appointment of Julie Wood as Chief Executive Officer (CEO) of the company's North American division, a role she has held on an interim basis since August. Wood joined QBE Insurance in January of this year as Group Head of Distribution. She takes over ... Read the full article

CCRIF provides Caribbean water utilities with access to parametric insurance

21st September 2023

CCRIF SPC has established the Caribbean Water Utility Insurance Collective (CWUIC) as a segregated portfolio, enabling water utilities in the Caribbean to access parametric insurance for financial protection against extreme weather events. CCRIF is a multi-country, multi-peril risk pool providing parametric insurance to 19 Caribbean governments, 4 Central American governments, and ... Read the full article

Tony Hay, President & CUO of Arch Insurance Bermuda to retire

21st September 2023

Specialty Casualty, Executive Assurance and Professional Liability insurance firm, Arch Insurance (Bermuda), has announced that Tony Hay will step down from his role as President and Chief Underwriting Officer (CUO) at the end of the year. Hay has served as President and CUO since 2018, and will retire after over two ... Read the full article

Arthur J. Gallagher acquires Eastern Insurance Group

21st September 2023

The global insurance brokerage, risk management and consulting services firm, Arthur J. Gallagher & Co., has signed a definitive agreement to acquire Eastern Insurance Group, LLC (Eastern Insurance), a subsidiary of Eastern Bank. Massachusetts-based Eastern Insurance offers comprehensive commercial property and casualty and personal lines products, as well as employee benefits ... Read the full article

Polo Digital launches to support digitisation of London insurance market

21st September 2023

Lloyd’s and London Market insurance services provider, PoloWorks, has launched Polo Digital, a new digital market offering designed to support Blueprint 2 and the digitisation of the London market. Polo, the trading name of both Polo Managing Agency (PMA) and Polo Commercial Insurance Services (PCIS), explained that the new service will ... Read the full article

Somers Group appoints John Patin as first CIO

21st September 2023

Global specialty property and casualty insurer and reinsurer, Somers Group Holdings Ltd., has announced the appointment of John Patin IV as its first Chief Investment Officer (CIO). In the role, Patin assumes responsibility for overseeing Somers’ overall investment strategy and directing investment managers. He brings two decades of experience managing investments for ... Read the full article