Reinsurance News
Dhara Patel promoted to President & Deputy CEO of Davies’ NA business
25th July 2024
Davies, the specialist in professional services and technology, has promoted Dhara Patel to the newly created role of President and Deputy CEO of its North American business. Patel's promotion comes as Davies has announced a new go-to-market structure in North America under CEO, Matt Button, following a period of significant growth. As ... Read the full article
GuideOne Insurance promotes Troy Spoonemore to Chief Underwriting & Risk Officer
25th July 2024
GuideOne Insurance Company, a provider of property and casualty insurance and risk management solutions, has promoted Troy Spoonemore to the position of Chief Underwriting & Risk Officer. In his new role, Spoonemore will direct GuideOne’s underwriting efforts, ensure strategic alignment with the company’s vision and goals, and oversee the risk management ... Read the full article
S&P affirms SCOR’s ‘A+’ ratings with stable outlook despite L&H profit warning
24th July 2024
Despite profit warning and a drop in capitalisation, S&P Global Ratings has affirmed its 'A+' long-term insurer financial strength and issuer credit ratings on SCOR SE and related core subsidiaries. The outlook remains stable. The rating agency restated its expectations on capital and earnings as a result of SCOR’s decision to ... Read the full article
Acrisure appoints NYSE’s John Tuttle as President
24th July 2024
Global insurance and reinsurance broking group Acrisure has appointed John Tuttle, currently Vice Chairman of the New York Stock Exchange (NYSE), as its new President, effective September 1st, 2024. Tuttle will relocate to Grand Rapids and report to Greg Williams, Co-Founder, Chairman and Chief Executive Officer of Acrisure. According to the brokerage, ... Read the full article
Carriers exposed to large enterprises most likely to face losses from IT outage: Parametrix CEO
24th July 2024
Insurance carriers that have greater exposure to large enterprises are more likely to face the brunt of the losses stemming from the CrowdStrike linked IT outage, says Parametrix Insurance CEO, Jonathan Hatzor. According to the organisation, the event is expected to withdraw an insured loss range of $540 million to ... Read the full article
Bridgehaven boosts capacity for OneAdvent MGA Criterion through new agreement
24th July 2024
OneAdvent, a platform specialising in MGA services, has announced a new partnership between one of its Managing General Agents (MGAs) and the hybrid fronting insurer Bridgehaven Specialty UK Ltd. This collaboration will enable Bridgehaven to offer A-rated capacity for underwriting waste management and recycling risks. It represents the first such partnership for ... Read the full article
Mosaic Insurance names Toby Smith as Americas CEO
24th July 2024
Global specialty insurer Mosaic Insurance has named Toby Smith as Americas Chief Executive Officer (CEO), effective immediately, based in New York. As part of the firm's leadership team, Smith will be tasked with spearheading market engagement and profitable growth across the US, Canada, and the wider Americas region. Additionally, he will direct ... Read the full article
SRG to acquire specialist P&C MGA Trilogy Underwriting
24th July 2024
Specialist Risk Group (SRG) has agreed to acquire Trilogy Underwriting, marking the second company to join its underwriting pillar, MX, in 2024. Formed in 2013 and Led by Managing Director Chris Blackwell, Trilogy Underwriting specialises in property and casualty business, supporting a select panel of wholesale and retail brokers across the ... Read the full article
Insurance resilience up in 2023 amid worldwide recognition for increased protection: Swiss Re
24th July 2024
In 2023, insurance resilience either increased or was stable across the natural catastrophe, crop, health, and mortality perils tracked by Swiss Re's Resilience Index. According to the firm, this reflected a general focus on the shock-absorbing role of insurance for households, farms, and businesses. "In 2023, we saw signs of individuals and ... Read the full article
Limited reinsurance supply and high nat cats is affecting insurance pricing: Berenberg
24th July 2024
The high costs of natural catastrophes from secondary perils in H1 2024 highlights the burden has shifted from reinsurers to primary insurers, but despite this, losses are still expected to be within each insurer’s budget, according to Berenberg. In the second quarter of 2024, insurers Allianz, AXA, Generali, Talanx and Zurich ... Read the full article
LMA and IUA introduce new resource to standardise sustainability data collection
24th July 2024
The Lloyd’s Market Association (LMA) and the International Underwriting Association (IUA) have launched Sustainability Data Standard, a new resource to help standardise the way in which underwriters ask clients about their sustainability data. With this new resource, the IUA and LMA hope to streamline the often lengthy task for insureds of ... Read the full article
Cyber insurance GDPW values over $15.7bn in 2023, Insuramore
24th July 2024
According to Insuramore's global rankings, cyber insurance gross direct premiums written (GDPW) valued at just over USD 15.7 billion in 2023, rising towards more than USD 16 billion if captive insurers are also included too. In a statement, Insuramore said, that with regards to the competitive structure of the market, this ... Read the full article
Optio Group expands into Europe with major acquisition
24th July 2024
Optio Group, a specialty Managing General Agent (MGA), has announced the acquisition of Den Hartigh Beheer & Exploitatie B.V., a Netherlands and Brussels-based MGA specialising in B2B insurance solutions. Established in 1916, Den Hartigh offers a variety of property and casualty insurance products. This includes coverage for land-based equipment, marine assets, and ... Read the full article
Flat commercial insurance rates in Q2 halt 26-quarter increase trend: Marsh
24th July 2024
Global commercial insurance rates were reportedly flat in Q2 of 2024, down from a 1% increase in Q1, ending the 26 consecutive quarter streak of increasing rates, as per Marsh's Global Insurance Market Index. According to Marsh, Q2 of 2024 marks the first time in nearly seven years that the global ... Read the full article
CrowdStrike outage insured losses to range from $540m to $1.08bn, says Parametrix
24th July 2024
The CrowdStrike linked IT global outage is estimated to have an insured loss range of $540 million to $1.08 billion, according to Parametrix, a provider of cloud monitoring, modeling, and insurance services. For those who need a reminder, the outage, which took place on July 19, was caused by a security ... Read the full article
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