Reinsurance News
Toka Tū Ake EQC renews record reinsurance program of $9.2bn
5th June 2024
EQC Toka Tū Ake, or New Zealand’s Earthquake Commission (EQC) in a record move has secured a whopping reinsurance tower of $9.2 billion from 1st June 2024 to protect homeowners from the impact of natural hazards, helping to ensure home insurance remains affordable in the country. The renewal includes $225 million ... Read the full article
Cyber risk viewed as top concern by mid-market leaders: Marsh McLennan Agency
5th June 2024
Mid-market business leaders in the US view cyber, economic, and regulatory risks as the biggest threats to their operations in 2024, according to a new report by Marsh McLennan Agency. The report reveals that 75% of businesses are highly concerned about cybersecurity and data privacy risks, partly due to their increasing ... Read the full article
Charles Taylor names Clay Humphries Exec VP of US P&C
5th June 2024
Charles Taylor, a global provider of professional services and technology solutions to the global insurance industry, has announced the appointment of Clay Humphries as Executive Vice President of Property and Casualty in the United States. In his new role, Humphries will oversee the growth and operational management of Charles Taylor’s property ... Read the full article
AdvantageGo announces ecosystem alliance with Expleo
5th June 2024
AdvantageGo, a provider of commercial insurance and reinsurance software and part of Coforge, has announced a strategic alliance with Expleo, an engineering, quality assurance, and digital consulting company. This new partnership focuses on implementing and assuring the delivery of independent testing strategies for Blueprint Two, Lloyd's digital transformation initiative. Expleo's services will ... Read the full article
Yoann Chassot named Head of Data & AI, EU and Americas, Synpulse
5th June 2024
Synpulse, a management consultancy specialising in the financial services industry, has hired Yoann Chassot as the new Head of Data and AI within the firm's Europe and Americas region. A renowned figure within the industry, Chassot joins Synpulse following a six year tenure at Palantir, where he most recently served as ... Read the full article
Neptune positioned to write over $100bn in insurance with increased capacity for 2024 hurricane season
4th June 2024
Us private flood insurer Neptune Flood has secured over $300 million of premium capacity for the 2024 hurricane season, which is predicted to be more intense compared to other years. The increased capacity positions the company to write over $100 billion in insurance and protect up to 100,000 additional homes and ... Read the full article
ClimateWise updates reporting framework to aid insurers in evolving disclosure environment
4th June 2024
ClimateWise, a global insurance industry collaboration part of the Cambridge Institute for Sustainability Leadership (CISL), has updated its reporting framework Principles to "help insurers prepare for an evolving disclosure environment". ClimateWise's Principles reportedly guide its members' contributions to addressing climate change while annually benchmarking their activities. According to the group, the updated ... Read the full article
Ratings on Fairfax’s re/insurance subs upgraded on revised criteria
4th June 2024
S&P Global Ratings has upgraded Fairfax Financial Holding and its re/insurance subsidiaries, which include Odyssey Re and Allied World amongst others, on revised criteria and assigned a positive outlook. The agency raised its long-term issuer credit rating on Fairfax Financial Holdings to 'BBB+' from 'BBB'. The long-term issuer credit and financial ... Read the full article
Howden, Allianz Trade, and Saudi EXIM partner to boost Saudi trade and growth
4th June 2024
Howden, Allianz Trade, and Saudi EXIM bank have signed an Initial Framework Agreement to bolster Saudi Arabia’s economic growth and facilitate international trade. As part of the initial agreement, facilitated by Howden, Allianz Trade and Saudi EXIM Bank will collaborate to provide dedicated non-payment insurance for international exporters and banks. This ... Read the full article
Consilium expands team in Cayman with Mighty’s appointment
4th June 2024
International re/insurance broker Consilium, part of the Aventum Group, has announced the appointment of Rori-Leigh Mighty as Partner for its Cayman office. She will be reporting to Yaremis Hydes, Managing Partner in Consilium Cayman, who joins the business from Aon. Mighty is joining Consilium with close to two decades of P&C broking ... Read the full article
Nassau Financial Group and Golub Capital forge strategic partnership
4th June 2024
Nassau Financial Group, an insurance and financial services firm, and Golub Capital, a credit asset management firm, have announced the signing of a definitive agreement to form a strategic partnership. As part of this agreement, Golub Capital will invest $200 million in minority non-voting common equity in Nassau, becoming the largest ... Read the full article
Record investment income for US P&C insurers in 2023: AM Best
4th June 2024
In 2023, net investment income for the US property/casualty insurance sector reached a record $73.9 billion, boosted by higher interest rates, according to a new report by AM Best, a credit rating agency for the insurance industry. The Best's Special Report, “US P/C Insurers Achieve Record Investment Income in 2023,” reveals ... Read the full article
Edmund Reese to serve as Aon’s next CFO
4th June 2024
Global professional services firm Aon has revealed that Edmund Reese will serve as its executive vice president and chief financial officer (CFO) from July 29, 2024. According to Aon, Reese will join the firm on July 1 to succeed Christa Davies, who will certify second-quarter 2024 results and then become ... Read the full article
New regulatory measures for Funded Re to enhance resilience of insurers: S&P
4th June 2024
S&P Global Ratings has observed that the introduction of new measures covering funded reinsurance (Funded Re) by the U.K. and Bermudian regulators will enhance the resilience of insurers. As per a new report by S&P, record surplus positions at defined benefit pension schemes have allowed many companies to reduce their pension ... Read the full article
Stephanie Ogden appointed as new CEO of HDI Global UK & Ireland
4th June 2024
Industrial insurer HDI Global has announced the appointment of Stephanie Ogden as the new CEO of HDI Global UK & Ireland, effective 1 September 2024. Ogden will succeed Richard Taylor, who is retiring at the end of the year and will transition to a consultancy role within the company. Taylor commented, “It ... Read the full article
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