Reinsurance News
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
$168bn in fees & commissions earned from insurance broking activity in 2023, Insuramore
4th June 2024
The value of the worldwide market for insurance broking in terms of fees and commissions earned was around $168 billion in 2023, considerably up from around $151 billion in 2022, according to Insuramore a provider of marketing services focusing on the insurance sector. This increase is equivalent to a growth rate ... Read the full article
Juniper Re to utilise Reask’s hurricane risk data
4th June 2024
Juniper Re, the reinsurance broking arm and indirect subsidiary of The Baldwin Group, has collaborated with Reask, a climate and catastrophe risk assessor, on the delivery of pre- and post-landfall hurricane wind speeds and precipitation forecast data to Juniper Re clients. According to Juniper Re, despite recent advancements, translating information like ... Read the full article
Arch Insurance International appoints Aon’s Ketan Motwani as UK COO
4th June 2024
Arch Insurance International, part of Bermuda-based re/insurer Arch Capital Group Ltd., has announced the appointment of Ketan Motwani as UK Chief Operating Officer (COO). In his new role, Motwani will directly report to Hugh Sturgess, Chief Executive Officer at Arch Insurance International. He will work closely with the larger Arch senior ... Read the full article
Sompo launches technology insurance product for UK middle market clients
4th June 2024
Sompo International has announced the launch of a new insurance product for technology business, aimed at middle market clients in the United Kingdom. Created with modular wording and flexible approach, the package includes coverages comprising Property, Casualty, Professional Indemnity (PI) and Cyber. All covers are optional and customised to each client’s unique ... Read the full article
Arch MI completes acquisition of RMIC Companies
4th June 2024
Arch U.S. MI Holdings Inc. (Arch MI), a wholly owned subsidiary of Arch Capital Group Ltd., has completed it's acquisition of RMIC Companies, Inc. (RMIC) and its subsidiaries that together comprise the run-off mortgage insurance business of Old Republic International Corporation. If you recall, the transaction was first announced in November ... Read the full article
Great American collaborates with APU to enhance its marine cargo program
4th June 2024
Great American Insurance Group’s Ocean Marine division has partnered with Amwins Program Underwriters (APU), part of Amwins’ Underwriting division, to provide comprehensive coverage solutions through its marine cargo and stock throughput program. According to Great American, the relationship with APU will additionally provide it with access to new distribution and revenue ... Read the full article
Barnett Waddingham appoints Kim Durniat as Head of Insurance & Longevity Consulting
4th June 2024
Barnett Waddingham (BW) has announced the appointment of Kim Durniat as new Business Area Leader for its Insurance and Longevity consulting team. Durniat will succeed Scott Eason, who BW recently appointed as one of its new Managing Partners. In her new role, Durniat will be responsible for strengthening BW’s client-focused strategy in ... Read the full article
AXA XL reorganizes insurance operation in the Americas
4th June 2024
AXA XL, the property & casualty (P&C) and specialty risk division of global insurer AXA, has reshuffled its insurance underwriting operations in the Americas, aligning under three business segments: Large Commercial, Mid-Market and Professional. Lucy Pilko, Chief Executive Officer, Americas, AXA XL, commented, "After taking a close look at our structure, ... Read the full article
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