Reinsurance News
ICA welcomes NSW budget’s major investments in resilience and flood protection
18th June 2024
The Insurance Council of Australia (ICA), the representative body for the Australian insurance industry, praised the New South Wales (NSW) Government's 2024-25 budget for its significant resilience funding, aimed at improving community protection and insurance affordability. Andrew Hall, CEO, Insurance Council of Australia, commented: "Today’s budget announcements are important investments in ... Read the full article
Lloyd’s names Diana Santin General Representative for Italy
18th June 2024
Lloyd’s Europe has announced the appointment of Diana Santin as the new General Representative for Italy, pending regulatory approval. According to the announcement, Nicoletta Andreotti, who has been serving as General Representative ad interim, will stay in the role until regulatory approval has been obtained for Santin. In addition to her new ... Read the full article
Kita and Wilder Carbon reveal “first ever” policy for buffer pool of carbon credits
18th June 2024
Specialist carbon insurance company, Kita, and UK-based carbon standard, Wilder Carbon, have announced a "first ever" insurance policy for a buffer pool, with capacity provided by specialist (re)insurer, Chaucer. According to Wilder Carbon, the buffer is a central pool of carbon credits to which each project developer is required to contribute ... Read the full article
TIH names Chris Grady EVP and Head of Strategy and Corporate Development
18th June 2024
US insurance brokerage TIH has appointed Chris Grady as Executive Vice President and Head of Strategy and Corporate Development, effective June 17. An experienced executive in the insurance industry with a strong track record in strategic planning, corporate development and M&A, Grady has been tasked with leading TIH’s strategic planning, merger ... Read the full article
Insurers continue to face capital challenges: Aon
18th June 2024
Aon, a global insurance and reinsurance broking group, has released its latest capital poll, highlighting the capital challenges and growth prospects for insurers. The challenges faced in 2023 significantly reduced the financial buffers that many insurers previously benefitted, leading to a heightened focus on capital management and diverse funding sources. Despite robust ... Read the full article
SanlamAllianz appoints Nakesh Dussee as Fac Underwriter for Francophone market
18th June 2024
SanlamAllianz, a Pan-African non-banking financial services company formed jointly by Sanlam and Allianz, has recently appointed Nakesh Dussee as Facultative Reinsurance Underwriter, Property & Engineering for the Francophone market. Vashish Reetoo, Executive Head of Facultative at SanlamAllianz, expressed his enthusiasm for Dussee’s appointment, stating, “Nakesh brings a wealth of experience ... Read the full article
Extreme heat triggers combined insurance loss of income policy pay out to over 46k women in India
18th June 2024
Thousands of low-income women based in India are receiving assistance to deal with the economic and health effects of the extreme heat temperatures that are currently gripping the country. From what we understand, extreme heat temperatures in India triggered insurance and cash payments in 22 districts across the states of Rajasthan, ... Read the full article
Consilium hires Wallace to lead new Credit and Political Risk solutions
18th June 2024
Consilium, the global speciality re/insurance broking business of the Aventum Group, has entered the Credit and Political Risk insurance market, adding a “much needed choice” at a time when its clients face heightened political and economic uncertainty. Its new Credit and Political Risk specialty will cover the full range of client ... Read the full article
Fitch upgrades German non-life insurance sector outlook to ‘improving’
18th June 2024
Fitch Ratings, a financial analysis firm operating out of Frankfurt and London, recently announced a notable change in its evaluation of the German non-life insurance sector. The outlook has been elevated from 'neutral' to 'improving,' driven by expectations of heightened profitability fuelled by robustly increasing premium rates. Despite some European counterparts, recent ... Read the full article
Aon unveils new platform for motor fleet operators
18th June 2024
Global insurance and reinsurance broker Aon, has launched a new platform to help motor fleet operators understand where risk is within their fleet. The new platform, which is called Fleet Risk Intelligence, aims to reduce accidents, improve operations and reduce costs. According to the broker, the platform provides actionable insights to fleet operators ... Read the full article
Addy and Conroy to lead ANV’s newly launched US Transactional Risk Insurance program
18th June 2024
Barcelona-headquartered specialty risks managing general agent (MGA) ANV Global Services, Inc. has launched its Transactional Risk Insurance (TRI) program in the United States. Colin Addy and Greg Conroy will lead the program as Co-Heads of ANV US TRI. ANV’s US TRI will initially underwrite Representations and Warranties Insurance (RWI) on behalf of ... Read the full article
Asian Re achieves 76% increase in net profit in 2023 fiscal year
18th June 2024
Asian Reinsurance Corporation (Asian Re), a regional non-life reinsurer, has reported a substantial 76% rise in net profit to USD 3.21 million for the fiscal year 2023, marking a significant milestone in its financial performance. Underwriting and operating performance metrics are expected to improve in the intermediate term as Asian Re ... Read the full article
GRiP partners with JBA Risk Management to enhance flood risk intelligence in Africa
18th June 2024
GRiP has partnered with JBA Risk Management to offer customers access to the latest flood risk intelligence across Africa. This collaboration will provide insurers using GRiP's platform with valuable flood risk insights to enhance their underwriting for both personal and commercial insurance. Users of GRiP’s platform will gain access to data on ... Read the full article
Global reinsurers’ ROE to remain meaningfully above cost of capital: Artex
18th June 2024
Given recent rate increases and reinvestment rates, it is likely that global reinsurers’ underlying return on equity (ROE) will continue to trend upwards and remain meaningfully above the cost of capital, according to a recent Artex report. Artex's report noted that global reinsurers saw a significant improvement in underwriting profitability and ... Read the full article
Canopius appoints Chris Getty as new cyber underwriter
18th June 2024
Canopius Group, a global specialty and property and casualty (re)insurer, has announced the immediate appointment of Chris Getty as Cyber and Technology Underwriter. Getty will enhance Canopius’ cyber and technology capabilities and will report directly to Mike Shen, Head of Cyber & Technology for the London Market. Shen added: “Chris is a ... Read the full article
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