Reinsurance News
QCC report forecasts doubling of global cyber insurance market by 2030
30th April 2024
As per the QualRisk Cyber Insurance Center (QCC) 2024 Global Market Report (GMR), the international cyber insurance market is expected to double by 2030. Daniel Kasper, CEO of QCC, noted that while the US has been the major driver of cyber insurance premiums in the past decade, the bulk of the ... Read the full article
Consilium appoints Aon’s Lucy Moore as Head of Technical & Operations, Delegated Risk
30th April 2024
Consilium, the global speciality re/insurance broking arm of the Aventum Group, has appointed Lucy Moore as the Head of Technical and Operations within its Delegated Risk Solutions division. In her new position, Moore’s remit will include mainly supporting Consilium’s MGA clients by utilising her expertise in complex placements, strong market relationships ... Read the full article
Technology is key amid a volatile market, regulatory and accounting changes: Clearwater’s Wenzhe Sheng
30th April 2024
As Clearwater Analytics works towards revolutionising the world of investing, we spoke with Senior Product Manager for EMEA Prudential Regulations, Wenzhe Sheng, about regulatory and technology trends in the insurance industry amid a volatile investment market environment. Founded in 2004, Clearwater Analytics is a SaaS, full lifecycle investment management solution which ... Read the full article
Aspen realises dip in operating income for Q1 as CoR increases
30th April 2024
In its Q1 2024 results, Aspen Insurance Holdings has revealed an operating income of $103 million, driven by an 86.3% adjusted combined ratio, down marginally from last year's $108 million and adjusted combined ratio of 82.7%. Gross written premiums in Q1 of 2024 were up at $1.23 billion, while net written ... Read the full article
Heritage finalises 2024-25 catastrophe reinsurance program
30th April 2024
Heritage Insurance Holdings has announced the completion of the full placement of its 2024-2025 catastrophe excess-of-loss reinsurance program for its insurance subsidiaries: Heritage Property Casualty Insurance Company, Narragansett Bay Insurance Company, and Zephyr Insurance Company. The total cost of the program is approximately $422.3 million. Last year's $70 million of ... Read the full article
Gallagher Re appoints Hiscox’s Louise Marling as UK COO
30th April 2024
Louise Marling has been named as the successor to Gina Butterworth and will take over as reinsurance broker Gallagher Re's UK Chief Operating Officer (COO), subject to regulatory approvals. It was announced yesterday that Butterworth has been promoted to Global Transformation Director at Gallagher Re. She will be replaced by Marling, ... Read the full article
Everest reports Q1’24 combined ratio of 88.8% amid record underwriting income
30th April 2024
Bermuda-based insurer and reinsurer, Everest Group, Ltd., has reported a Q1 2024 combined ratio of 88.8%, as pre-tax underwriting income reached a record $409 million for the firm, up on the $273 million seen in the prior year period. The re/insurer's gross premiums written (GWP) for Q1 2024 was $4.4 billion, ... Read the full article
MS Amlin hires Catherine Healy as Head of Property & Crisis Management Claims
30th April 2024
Lloyd's global insurer and reinsurer MS Amlin has hired Catherine Healy from HDI Global Specialty as Head of Property & Crisis Management Claims. In her new role, Healy assumes responsibility for the management and oversight of claims for commercial property, property binders, transportation, and crisis management. She will be based in London ... Read the full article
Arch sees Q1 2024 net income hit $1.1bn, CoR improves to 78.8%
30th April 2024
Arch Capital Group has reported Q1 2024 net income available to its common shareholders of $1.1 billion, marking an increase of $395 million compared to the same quarter of 2023. After-tax operating income in Q1 2024 also improved, reaching $933 million, compared to $654 million in the same quarter of the ... Read the full article
Broker Newfront adds Katherine August-deWilde to its Board
30th April 2024
Tech-driven insurance brokerage Newfront has added Katherine August-deWild, who has been an investor and advisor to the company for the last six years, to its Board of Directors. August-deWild brings three decades of financial services industry experience to the Board. She co-led First Republic Bank through its formative and growth years between ... Read the full article
WTW makes senior appointment in FIPS division of CRB NA
30th April 2024
WTW, a global re/insurance broker, has appointed Alex deLaricheliere as the Strategy and Execution Leader and Banking Subvertical Leader within the Financial Institutions and Professional Services (FIPS) industry division of Corporate Risk and Broking, North America (CRB NA). In the new role, deLaricheliere will report to and closely work with Brad ... Read the full article
Coalition report highlights growing need for enhanced email security
30th April 2024
According to findings from Coalition, an active cyber insurance provider, more than half (56%) of all cyber insurance claims in 2023 stemmed from either funds transfer fraud (FTF) or business email compromise (BEC), underscoring the importance of email security as a key component of effective cyber risk management. These insights are ... Read the full article
Chedid Capital completes full acquisition of Groupe Ascoma
30th April 2024
Chedid Capital now holds 100% of Groupe Ascoma by acquiring the remaining 20% share from the Husson Family, reinforcing its position in Africa’s insurance brokerage market. This finalises a process that began in September 2020 when Chedid Capital announced its intention to acquire Ascoma, culminating in an 80% stake acquisition ... Read the full article
Loadsure enters European freight insurance markets
30th April 2024
Insurtech managing general agent (MGA), Loadsure, has officially entered the European market, which the firm hopes will build on its success in North America. The MGA will initially focus on the Benelux region, Germany, France, Denmark, Norway, Finland, and Sweden. Additionally, Ben Brough has joined the firm as Director of Europe, ... Read the full article
QBE appoints Nicola Schroder as Group Head of Sustainability
30th April 2024
Australian insurer QBE Insurance Group Limited has appointed Nicola Schroder as the new Group Head of Sustainability, effective immediately. In this role, Schroder's remit will include continuing to drive QBE’s Sustainability Strategy across its three key focus areas. Additionally, Schroder is responsible for sustainability governance, strategy implementation, human rights, and modern slavery ... Read the full article
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