Reinsurance News
Higher interest rates transforming life insurance growth and profitability: Swiss Re
28th May 2024
Higher interest rates worldwide are reportedly transforming the outlook for life insurance growth and profitability, with a new high anticipated for US fixed annuity sales this year after record sales in 2022 and 2023, as per a new Swiss Re Institute report. Jérôme Jean Haegeli, Swiss Re's Group Chief Economist, commented, ... Read the full article
Barber named Senior Liability Treaty Underwriter for Blenheim Syndicate 5886
28th May 2024
Blenheim Underwriting has announced the appointment of a new Senior Liability Treaty Underwriter for Syndicate 5886, David Barber, who aims to build a portfolio of niche liability classes, written via long-standing delegated authority/ reinsurance relationships. Barber joins Blenheim Syndicate 5886 following four years at Fortegra, and prior to that spent 25 ... Read the full article
Synthetic data key to future success in London specialty insurance: Earnix
28th May 2024
Earnix, a provider of AI-based SaaS solutions, highlights the crucial role synthetic data will play in the future success of the specialty London insurance market in a recent report. According to Gartner, the use of synthetic data in commercial applications is just beginning to gain traction, accounting for only 1% of ... Read the full article
RGA reinsures JPY 100bn life block for Anshin Life
28th May 2024
Reinsurance Group of America, Incorporated (RGA), a global life and health reinsurance company, has reached an agreement with Tokio Marine & Nichido Life Insurance Co., Ltd. (Anshin Life) to reinsure an approximately JPY 100 billion paid-up block of whole life policies through coinsurance. Gaston Nossiter, Senior Vice President, Head of Asia ... Read the full article
Marsh McLennan launches AI-powered solution to enhance supply chain risk management
28th May 2024
Marsh McLennan, a global re/insurance broker, has launched Sentrisk, an AI-powered platform with integrated advisory services that aims to redesign the way businesses manage global supply chain risk. Sentrisk enables clients to map supply chains comprehensively, identify gaps, and build resiliency under threat from increasing geopolitical tensions, food production and logistics ... Read the full article
Vital role of re/insurance in mitigating AI risks in health sector: Swiss Re
28th May 2024
In response to Swiss Re Institute’s recent report revealing the health sector's increased vulnerability to AI-related threats, Pravina Ladva, Group Chief Digital & Technology Officer at Swiss Re, highlights the critical role of re/insurance in mitigating these risks and fostering the digital trust essential for maximising the benefits of emerging ... Read the full article
Euclid Program Managers launches new offering for marine cargo
28th May 2024
Euclid Program Managers, a family of insurance program managers, has launched Euclid Marine, LLC, a program manager committed to delivering comprehensive marine cargo and stock throughput coverage for North America. Euclid Marine will be led by industry veteran underwriters, Brian Pullen and Jason Gomez, as managing principals. John N. Colis, President and ... Read the full article
Swiss Re’s US economic outlook: normalisation continues
24th May 2024
Through the second quarter, strong consumer fundamentals boost GDP forecasts, but persistent inflation prompts revisions, while anticipated interest rate adjustments reflect a cautious approach by policymakers, as noted by global reinsurer Swiss Re. The US economy's normalisation continues into Q2, reports the firm. Strong consumer fundamentals have led to an increase ... Read the full article
Climate change adaptation and transition to net zero present huge growth opportunities for insurers: Aon
24th May 2024
Aon’s Strategy and Technology Group (STG) has identified more than $20bn in potential premium growth by 2030 related to environmental megatrends, and has highlighted the importance of understanding the climate risks and opportunities to help clients through prevention and mitigation. Insurers have a crucial role to play in helping individuals, businesses ... Read the full article
Marco Capital reports pre-tax profit for 2023 but motor claims dent technical result
24th May 2024
Marco Capital Holdings Limited, a European provider of legacy solutions to the non-life insurance and reinsurance market, has reported a pre-tax profit of $51.4 million for the full year 2023, an improvement from the loss of $18.8 million seen a year earlier, although the firm has still reported a technical ... Read the full article
May US SCS events to drive billions in insured losses: Aon
24th May 2024
The recent series of severe convective storm systems that hit the southern and eastern United States from May 16-22 are expected to cause economic and insured losses amounting to billions of USD, according to Aon’s weekly catastrophe report. Aon reported that on May 16-17, a derecho system formed over central Texas ... Read the full article
World Insurance Associates hires Woosley as EVP, Head of National Practice Groups
24th May 2024
Insurance brokerage, World Insurance Associates, has hired 20-year industry veteran Thaddeus Woosley as its new executive vice president, head of national practice groups. In his new role, Woosley is expected to support the continued growth of the brokerage's niche industry practice groups. This includes the development of new products and capabilities within ... Read the full article
Business interruption poses major threat to food and drink companies: WTW
24th May 2024
According to the 2024 Global Food and Beverage Risk Outlook published by WTW, a global advisory, broking, and solutions company, nearly half (48 percent) of food and drink companies identified business interruption as the biggest internal risk to their success. This was closely followed by supply chain risk, cited by 40 ... Read the full article
Peter Scott becomes Broker Insights new CEO, Fraser Edmond named President
24th May 2024
Broker Insights announces the appointment of Peter Scott as Chief Executive Officer(CEO), taking over the role of Fraser Edmond who has been named President, as the company gets ready to accelerate its UK and US expansion. Scott will start his new CEO role following six months of working in an advisory ... Read the full article
Holistic approach needed for rising natural catastrophe risks: Brahin, Swiss Re
24th May 2024
Philippe Brahin, Head Americas for Public Sector Solutions at Swiss Re, emphasises the need for a holistic approach to managing increasing natural catastrophe risks in order to enhance the accessibility and affordability of insurance. The Swiss Re Institute's latest report highlights that natural catastrophes in 2023 caused $280 billion in economic ... Read the full article
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