Reinsurance News
Swiss Re appoints Anders Malmström to succeed John Dacey as Group CFO
31st July 2024
Global reinsurance giant Swiss Re has named Anders Malmström as its new Group Chief Financial Officer (CFO), effective April 1st, 2025, succeeding John Dacey, who retires from his executive role on March 31st, 2025. Dacey will continue to represent Swiss Re as a non-executive director on the boards of FWD and ... Read the full article
Italian insurers show resilience despite challenging environment, improving outlook: Morningstar DBRS
31st July 2024
According to a recent analysis by Morningstar DBRS, the Italian insurance sector has mostly overcome the challenges of the difficult operating environment it faced in 2023, and the current outlook is improving. Recently published data has shown that Italian insurers managed to report an improvement in profitability compared with the prior ... Read the full article
Saima Shaukat joins ReSource Pro as SVP, Retail Practice
31st July 2024
ReSource Pro, a provider of business process solutions for the insurance industry, has announced the appointment of Saima Shaukat as Senior Vice President, Retail Practice. Shaukat will leverage her deep technology and industry experience to provide strategic direction to drive the enhancement and customization of ReSource Pro's services tailored to the ... Read the full article
New Zealand insurance industry set to go through transformation period following NHI Act implementation
31st July 2024
New Zealand insurance carriers need to update their claims handling processes and ensure their staff are trained accordingly in order to adapt to the changes brought by the implementation of the Natural Hazards Insurance Act 2023 (NHI Act). Gallagher Bassett has prioritised training and upskilling its staff to ensure they are ... Read the full article
P&C reinsurance market will remain broadly where it is today: SCOR’s Conoscente
30th July 2024
For the foreseeable future, SCOR's Global P&C CEO, Jean-Paul Conoscente, expects the property and casualty (P&C) reinsurance market to remain broadly where it is today after the renewals of 2024, absent any major events. SCOR reported its second-quarter results today, including updates on the June and July 2024 reinsurance renewals. ... Read the full article
Number of re/insurance companies based at the DIFC grows 14% in H1’24
30th July 2024
The number of insurance and reinsurance companies based in the Dubai International Financial Centre (DIFC) has grown to 125 companies, up from 110, the centre has reported in its results for the first half of 2024. An international financial hub in the Middle East, Africa and South Asia (MEASA), Dubai-based DIFC ... Read the full article
ART specialist SRS Altitude announces partnership with Generali Global Corporate & Commercial
30th July 2024
European Managing General Underwriter (MGU) SRS Altitude, a specialist in Alternative Risk Transfer (ART), has partnered with Generali Global Corporate & Commercial for ART underwriting solutions. Through this partnership SRS aims to leverage Generali’s dedicated re/insurance capacity, global reach and technical excellence to originate, tailor, and provide a diverse range of ... Read the full article
Gradient AI raises $56.1m in Series C funding
30th July 2024
Gradient AI, the provider of proven artificial intelligence (AI) solutions for the insurance sector, has raised $56.1 million in Series C funding, in a round led by Centana Growth Partners, with participation from existing investors MassMutual Ventures, Sandbox Insurtech Ventures and Forte Ventures. Gradient AI will reportedly use the funds for ... Read the full article
Karma Wallet and Palomar jointly launch new card to help insurance claims
30th July 2024
Karma Wallet, a financial platform dedicated to sustainability and social impact, has strategically partnered up with Palomar, an innovative specialty insurer serving residential and commercial clients to launch Karma Wallet Card. The card aims to provide customers with the benefit of greater financial security through an innovative insurance coverage capability provided ... Read the full article
Poll predicts CrowdStrike IT outage losses could exceed $1bn for re/insurance industry
30th July 2024
The majority of respondents to a recent Reinsurance News poll believe the total re/insurance industry loss from the CrowdStrike-linked IT outage will surpass $1 billion, with 38% of voters anticipating that losses could exceed $1.5 billion. According to our poll, which compiled votes from a range of individuals within the re/insurance ... Read the full article
Renewable energy sector shows resilience and optimism in 2024 despite challenges: WTW
30th July 2024
Resilience and optimism is what has characterised the renewable energy sector, despite climate issues, supply chain disruption, casualty deterioration, social inflation and geopolitical conflicts, according to a recent report by WTW. However, overall profitability remains challenging due to variable results within energy classes, analysts warn. So far, 2024 is proving to be ... Read the full article
Swiss Re updates economic scenarios to navigate evolving risks for re/insurers
30th July 2024
Swiss Re’s latest US economic forecasts predict steady global GDP growth and decreasing inflation, but evolving risks could disrupt this outlook, prompting the firm to update its three alternative economic scenarios to reflect current global conditions and enhance the re/insurance industry’s preparedness. In a recent article, Hendre Garbers, Senior Economist at ... Read the full article
Interest in Louisiana is rising after property reforms, and there’s more to come: Insurance Commissioner Temple
30th July 2024
The successful passage of a package of bills designed to reform Louisiana’s property insurance market is a key step towards restoring confidence in the state, and according to Insurance Commissioner Tim Temple, there’s more to come. It was announced in May that Governor Jeff Landry and the State Capitol had ... Read the full article
Aviva and Greggs Pension Scheme finalise £100 million buy-in
30th July 2024
Greggs plc Pension Trustees Limited, the Trustee of the Greggs plc 1978 Retirement and Death Benefit Scheme, has completed a £100 million bulk annuity agreement with Aviva, an insurance and financial services provider, which covers most of the Scheme’s liabilities. To support this buy-in and improve the long-term security of member ... Read the full article
Oneglobal & Worldlink Specialty launch new US aviation liability insurance solution
30th July 2024
Worldlink Specialty has partnered with Oneglobal Broking to introduce "AeroPRO," a comprehensive professional liability insurance solution tailored for the US aviation and aerospace sector. AeroPRO, supported by Lloyd’s of London markets, offers extensive professional liability coverage, including protection against contractors’ pollution, technology errors and omissions, and privacy breaches. This solution is designed ... Read the full article
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