Reinsurance News
ICEYE to help CDC explore flood impacts on public health and safety
4th April 2024
ICEYE, the global provider of satellite-powered disaster management solutions, has signed a new contract with the Centers for Disease Control and Prevention (CDC) to provide it with access to ICEYE Flood Insights for events across the US and its territories. As per the agreement, ICEYE will deliver these incited to teams ... Read the full article
Juniper Re partners with Canopy Weather for advanced storm response analytics
4th April 2024
Juniper Re, the reinsurance broking arm of BRP Group, has partnered with Canopy Weather to offer customised severe storm event response analytics to Juniper Re clients. Severe weather occurrences such as tornadoes, hailstorms, and strong winds can cause significant damage to properties. Canopy utilises advanced technology and expertise to promptly provide ... Read the full article
CCR Re adds Maxime Krumholz as a non-life underwriter
4th April 2024
French reinsurer CCR Re has appointed Maxime Krumholz as a Non-Life Underwriter, where he will join the Northern Europe and the Central & Eastern Europe Non-Life teams within the firm's Underwriting Department. Most recently, Krumholz served as a Treaty Casualty Underwriter for Munich Re in Germany. Prior to that, he has served ... Read the full article
PIC concludes £870mn full buy-in of De Beers UK Pension Scheme
4th April 2024
Specialist insurer Pension Insurance Corporation plc (PIC), has completed an £870 million full buy-in of the De Beers UK Pension Scheme. The bulk annuity transaction for the scheme, which is sponsored by diamond company De Beers UK, has fully secured the pensions of 1,464 current pensioners and 473 deferred members. De Beers ... Read the full article
Ascot names Charles Craigs Managing Principal, Bermuda Third-Party Capital
4th April 2024
Ascot Group has appointed Charles Craigs as Managing Principal overseeing the firm's Third-Party Capital initiatives in Bermuda. Craigs holds experience across management, underwriting, capital, and operations functions, and joins Ascot from Canopius Re, where he spent 15 years in executive leadership roles in the company’s London and Bermuda offices. He most recently ... Read the full article
Canopius hires AIG’s Soon Keen Lee as CEO of APAC and MENA
4th April 2024
Global specialty and P&C insurer and reinsurer, Canopius Group, has hired Soon Keen Lee as Chief Executive Officer (CEO) of Asia Pacific (APAC) and Middle East & North Africa (MENA), reporting to Canopius Group CEO Neil Robertson. The appointment, which sees Lee join the Canopius Group Leadership Team, remains subject to ... Read the full article
Prudential Financial closes transaction with Somerset Re
4th April 2024
US insurance and investment firm, Prudential Financial, Inc. has successfully completed a major reinsurance transaction with Somerset Re involving a portion of its guaranteed universal life insurance block. The transaction, previously announced in July 2023, includes $12.5 billion of reserves backing Prudential’s guaranteed universal life policies issued by Pruco Life ... Read the full article
Joe Morello appointed Arch Int. EVP, Head of E&S Property
4th April 2024
Arch Insurance Group Inc., has announced the promotion of Joe Morello to the role of Executive Vice President, Head of E&S Property. Prior to his appointment, Morello, who has over three decades of experience, served as SVP E&S Property at Arch Insurance for over two years. He had joined the company following ... Read the full article
Howden bolsters presence in France with acquisition of brokerage group, OFRACAR
4th April 2024
Global re/insurance broker Howden has entered into an agreement to acquire OFRACAR, an independent brokerage group headquartered in Rouen. Established in 1964 by Jean-Pierre Lecomte, OFRACAR is a broker based in Normandy, that specialises in property & casualty, employee benefit, motor fleet and transport. The company consists of 84 staff in offices ... Read the full article
Manulife & RGA close largest ever Canadian universal life reinsurance deal
4th April 2024
Manulife Financial Corporation has successfully closed the previously announced transaction to reinsure a low ROE Canadian Universal Life block with RGA Life Reinsurance Company of Canada. If you recall, the transaction was announced last month, with Manulife agreeing to reinsure CAD 5.8 billion (USD 4.4 billion) of reserves of ... Read the full article
Tokio Marine HCC – CPLG strengthens leadership team with key appointments
4th April 2024
Tokio Marine HCC – Cyber & Professional Lines Group (CPLG) has announced three key appointments to its leadership team, aimed at strengthening its position in the dynamic cyber and professional lines insurance market. Patrick Gallic has been named Head of Emerging Markets. In this role, he will focus on exploring new ... Read the full article
Jensten acquires specialist insurance broker Henry Seymour & Co
4th April 2024
UK broker and underwriter Jensten has announced the acquisition of Henry Seymour & Co., a deal that will enhance its capacity to offer specialist products to clients with niche requirements. Henry Seymour & Co is a specialist insurance broker catering to the unique needs of salons, clinics, gyms, spas, and mobile ... Read the full article
Fitch expects European commercial insurers’ margins to peak in 2024
3rd April 2024
According to analysts at Fitch Ratings, major European commercial insurers will likely see their underwriting margins peak in 2024, followed by a gradual weakening. Throughout 2023, these insurers continued to enhance the profitability of their business, benefiting from a prolonged period of rising prices in the market. Analysts explain, “prices in commercial ... Read the full article
Klaus Wilkens named president and CEO of Munich Re Canada
3rd April 2024
Munich Re has announced the appointment of Klaus Wilkens as the new president and CEO for Munich Reinsurance Company of Canada and Temple Insurance Company, the reinsurer’s agency affiliate in the country. An experienced leader with a strong mix of market facing strengths, people leadership skills, and technical underwriting skills, Wilkens ... Read the full article
Moody’s RMS and Augment Risk partner on parametric risk transfer market
3rd April 2024
Moody’s RMS, the global catastrophe risk modeling and solutions company, has strategically collaborated with innovative reinsurance brokerage firm Augment Risk, to develop the market for parametric risk transfer. The collaboration aims to serve a range of clients including large corporates with captives, Lloyd’s syndicates, and insurance-linked securities (ILS) funds who are ... Read the full article
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