Reinsurance News
The Connect Group introduces Stability Re, a new specialty reinsurer
24th July 2024
The Connect Group, an insurance and reinsurance organisation, has announced the creation of Stability Re, a specialty reinsurer, following the launch of Stability Risk in September 2023. Stability Risk is a London-based Managing General Agent (MGA) that enables Connect Underwriting Limited to prioritise its primary business sectors, such ... Read the full article
Chubb’s P&C underwriting results improve despite elevated cat losses
24th July 2024
Global property and casualty (P&C) insurer Chubb has reported Q2 2024 P&C underwriting income of $1.42 billion with a combined ratio of 86.8%, despite a rise in pre-tax catastrophe losses, net of reinsurance, to $580 million. In the second quarter of 2024, Chubb's P&C underwriting income increased 0.5% year-on-year as the ... Read the full article
Aon names Nick Moore as CEO of Bermuda
24th July 2024
Aon has appointed Nick Moore as Chief Executive Officer of Bermuda, where he will lead the firm's Bermuda Commercial Risk Solutions broking operations and have oversight over the Bermuda-based commercial risk claims team. Moore is an Aon veteran, having served the firm for nearly three decades in a variety of senior ... Read the full article
Alignment of the cost of capital and ROE good for insurers and beyond: Haegeli, Swiss Re
24th July 2024
The fact the cost of capital and the return on equity (ROE) are once again almost in synch is a positive development for the insurance industry and beyond, according to Jérôme Jean Haegeli, Chief Economist at reinsurance giant Swiss Re. As highlighted in Swiss Re's latest Sigma report, the uptick in ... Read the full article
Markel appoints Jennifer Devereaux as Executive Underwriting Officer for Casualty
24th July 2024
Markel, the insurance operations within Markel Group Inc., has appointed Jennifer Devereaux as Executive Underwriting Officer, Casualty, effective September 3rd, 2024. In her new role, Devereaux takes on oversight of Markel’s casualty suite of products within the company’s Specialty division. This includes primary casualty, excess and umbrella, environmental, energy, healthcare, life sciences, ... Read the full article
Claudette Monsier to lead MSIG USA Delegated Business
24th July 2024
MSIG USA, a insurance subsidiary under MSIG Holdings, has appointed industry veteran Claudette Monsier as the new Head Of Delegated Business. Bringing extensive experience to her new role, Monsier will oversee and manage all aspects of delegated business within the property and casualty insurance sector. She will also work closely with delegated ... Read the full article
Munich Re backs kWh Analytics’ wind proxy hedge product
24th July 2024
Global reinsurer Munich Re has been named as the capacity provider for a wind proxy hedge risk transfer product structured using a solution from kWh Analytics, for a 59MW, 14-turbine wind project in Maine. This innovative product was developed by a Greenbacker Capital Management-affiliated investment vehicle with expertise in sustainable infrastructure ... Read the full article
CII welcomes three new Board members
24th July 2024
The Chartered Insurance Institute, a professional body dedicated to building public trust in the insurance and financial planning profession, has announced the addition of three new members to its Group Board. Known as Engagement Board Members, each of them will have the responsibility to provide a membership perspective in discussions and ... Read the full article
U.S. L/A insurers increased allocations to commercial mortgage loan portfolios in 2023, AM Best
24th July 2024
A new report from global ratings agency AM Best shows that U.S. life/annuity (L/A) insurers continued to increase allocations to commercial mortgage loan portfolios in 2023, however, problem loans, which includes those 90 days delinquent, rose sharply. Best's report explains that life/annuity insurers expanded their allocations to mortgage loans last year ... Read the full article
CrowdStrike outage unlikely to materially impact re/insurer results: Fitch
23rd July 2024
Analysts at ratings agency Fitch Ratings have said that last week's mass global IT outage is not expected to have a material impact on the financial results of insurers and reinsurers, with preliminary market estimates of global insured losses in the mid-to high single digit billion USD range. While Fitch does ... Read the full article
WTW names Steven Torresan Head of M&A in its FINEX business for Asia Pacific & Africa
23rd July 2024
WTW, a global advisory, broking and solutions company, is strengthening its M&A practice in Asia Pacific within its Financial, Executive & Professional Risks business with the appointment of Steven Torresan. Torresan was named Head of M&A in WTW’s Financial & Executive Risks (FINEX) business, for Asia Pacific and Africa, a Sydney-based ... Read the full article
Applied Systems acquires AI insurance firm Planck
23rd July 2024
Applied Systems has acquired Planck, an AI-based data platform provider for commercial insurance. By leveraging AI capabilities, Applied explained that it aims to enhance the speed and quality of critical business processes, including marketing, sales, underwriting, renewals, servicing, and advisory services. "This acquisition will further expand opportunities to harness AI's value in ... Read the full article
Carbon Underwriting announces Lloyd’s approval for Syndicate 5757 launch
23rd July 2024
Carbon Underwriting Limited (Carbon), an independent managing general underwriter and Lloyd’s syndicate CBN 4747, has announced that Lloyd’s, the insurance and reinsurance market, has granted approval for the launch of Syndicate 5757, effective 1 January 2025. This marks a significant development as it introduces Carbon’s second syndicate at Lloyd’s, expanding its ... Read the full article
Vortex’s parametric rainfall cover triggered at PGA Tour Champions event
23rd July 2024
The DICK's Sporting Goods Open, PGA TOUR Champions Event received rain from June 21–June 23, triggering their parametric rainfall insurance policy with Vortex Weather Insurance, the data driven weather risk insurtech, which resulted in the tournament operator Broome County Community Charities, Inc., (BCCC) receiving payouts that helped with lost revenue ... Read the full article
CrowdStrike outage “a wake-up call” for world’s exposure around technology: W.R. Berkley CEO
23rd July 2024
The CrowdStrike outage is a wake-up call for the systemic exposure that exists around technology, but it will prove manageable for the insurance and reinsurance industry, W. Robert Berkley, Jr., President and CEO of W. R. Berkley stated as he shared some comments on the event. Caused by a security update ... Read the full article
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