Reinsurance News
Demex Group’s Chief Scientist to lead Industry Advisory Board of Center for the research of convective storms
26th September 2024
Stephen Bennett, Demex Group's Chief Scientist, a risk analytics and intelligence company offering reinsurance solutions for severe convective storms, is to lead the Industry Advisory Board for a new Cooperative Center for Interdisciplinary Research on Convective Storms. The Center - proposed by Northern Illinois University and the University of Wisconsin-Madison, along ... Read the full article
Tokio Marine Kiln and Marsh partner to introduce exclusive insurance facility for ports and terminals
25th September 2024
Tokio Marine Kiln (TMK), an insurer in special risks underwriting, and Marsh, an insurance broker and risk management expert, have jointly announced the launch of an exclusive insurance facility for ports and terminals, providing protection against business interruptions stemming from trade disruptions. The new offering, described as the first of its ... Read the full article
Brown & Brown adds Neal and Abate to its senior leadership & retail segment teams
25th September 2024
Brown & Brown, Inc., the insurance brokerage firm, has appointed Mike Neal and Mark Abate to its senior leadership team and the retail segment senior leadership team. Neal will serve as the Executive Vice President within Brown & Brown’s Retail segment and President of Brown & Brown Dealer Services, the firm’s ... Read the full article
AM Best outlook on Peru’s insurance market remains stable
25th September 2024
Credit rating agency AM Best has maintained a stable outlook on Peru’s insurance industry despite the growing perception of risk related to political instability in the country. According to the Best's Market Segment Report titled "Market Segment Outlook: Peru Insurance," Peru's insurance industry has been resilient in the face of political ... Read the full article
Diversification across EU insurance market provides downside protection: Goldman Sachs
25th September 2024
Analysts at Goldman Sachs have reported that the European multi-lines represent c.60% of the market cap under the company's coverage and offer diversification of earnings both geographically and by line of business. "In a macro environment where policy rates are expected to decline, with 10-year yields still broadly stable while GS ... Read the full article
Concert establishes risk retention platform with Katarina Scamborova as President
25th September 2024
Concert Group Holdings (Concert), a privately owned insurance holding company, has announced the establishment of its new risk retention platform, Harmony Re, appointing Katarina Scamborova as President and forming a board of directors. Scamborova, who played a key role in establishing Harmony Re, will report to John Hendrickson, CEO of Concert. Harmony ... Read the full article
WTW new China Client Division for North America to be led by Jie Yan
25th September 2024
WTW is expanding its presence and broadening offerings focused on the Chinese market with its newly launched China Client Division within Corporate Risk and Broking, North America (CRB NA). The new China Client Division, to be led by Jie Yan, is part of the broader Asia Risk Division, established in December ... Read the full article
IBC urges gov action as summer weather events in Canada drive insured losses of CAD 7bn+
25th September 2024
Citing initial estimates from Catastrophe Indices and Quantification Inc. (CatIQ), which place the combined insured loss of four catastrophe weather events this summer in Canada at more than CAD 7 billion, the Insurance Bureau of Canada (IBC) has called on governments to collaborate on reducing disaster risk. In just July and ... Read the full article
Essent Guaranty closes $363.4m mortgage reinsurance transaction
25th September 2024
Essent Group's wholly-owned subsidiary, Essent Guaranty, has obtained $363.4 million of fully collateralized excess of loss reinsurance coverage on mortgage insurance policies written in July 2023 through to July 2024 from Radnor Re 2024-1 Ltd., a newly formed Bermuda special purpose insurer. Radnor Re 2024-1 Ltd. reportedly funded its reinsurance obligations ... Read the full article
Chedid Capital names Illingworth NonExec Director at Milestone Risk Solutions Ltd
25th September 2024
Chedid Capital, an investment group in the insurance and reinsurance industry, has appointed James Illingworth as an Independent NonExecutive Director at Milestone Risk Solutions Ltd in the United Kingdom and a Strategic Committee Member at Momentum Insurance. Chedid took control of Milestone Risk Solutions via its acquisition of UK-based Trilogy ... Read the full article
Hong Kong’s new capital framework to strengthen enterprise risk management: AM Best
25th September 2024
A new report from AM Best, a credit rating agency, suggests that Hong Kong's upcoming risk-based capital regulatory framework will enhance enterprise risk management (ERM) practices for (re)insurers operating in the region. The Best’s Special Report provides detailed analysis on the risk-based framework implemented on July 1, 2024, replacing the previous ... Read the full article
Benefits of reciprocal exchanges can also create challenges, says KBRA
25th September 2024
Reciprocal exchanges appear to be in favour following the launch of a notable amount of start-ups in recent years, however, according to a new report from KBRA, the full-service credit rating agency, certain benefits with the ventures can also create a series of challenges. Analysts noted that mutual companies and reciprocal ... Read the full article
Helene expected to make landfall as a major hurricane on Florida Big Bend
25th September 2024
The latest forecast from the National Hurricane Centre (NHC) is for Tropical Storm Helene to make landfall on the Big Bend region of the Florida panhandle as a major Category 3 or higher hurricane, but as ever, there's potential for the track to change as the storm approaches land, which ... Read the full article
Sub-Saharan Africa reinsurers resilient amid challenging risk environment: AM Best
25th September 2024
Several factors, including high commodity prices, volatile inflation, and deteriorating macroeconomic conditions, have challenged the financial strength of sub-Saharan Africa (SSA) reinsurers; however, AM Best highlights their resilience and sustained profitability despite these pressures. In a recent report, AM Best analysts underscore the tough economic environment across SSA. Inflationary pressures, worsened ... Read the full article
Thomas Russell named Head of ANZ Wholesale for Price Forbes Asia
25th September 2024
Global specialty broker Price Forbes has appointed Thomas Russell to the newly created role of Director, Head of Australian and New Zealand (ANZ) Wholesale for Price Forbes Asia. Based in Singapore, Russell will be reporting to Phil Johnson, CEO of Price Forbes Asia Pacific (APAC), who commented: “Australia and New Zealand ... Read the full article
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