Reinsurance News
Risk-adjusted property-cat ROL 5% lower on average, indicating shifting market dynamics: Howden Re
30th May 2024
Moderated risk-adjusted property-catastrophe reinsurance pricing reflects shifting market dynamics at the June 1st reinsurance renewals, broker Howden Re has stated. According to Howden Re, risk-adjusted property-catastrophe reinsurance rates-on-line (ROL) were on average 5% lower at the June 1 2024 renewals, within a typical range of -7.5% to -2.5%. According to analysts, the ... Read the full article
Brian Flasinski becomes CEO, Gallagher Re North America, from June 1 2024
30th May 2024
Reinsurance broker Gallagher Re has announced that Brian Flasinski will take over as Chief Executive Officer (CEO) of the North America region from June 1st, 2024, succeeding Jim Bradshaw. Gallagher Re announced Flasinski's new role back in March, and also revealed that Bradshaw would transition to the role of Chairman, ... Read the full article
Baltimore bridge collapse could impact outlook of IG P&I Club’s reinsurers: NorthStandard
30th May 2024
Marine insurer NorthStandard has reported that the cargo vessel collision and subsequent collapse of the Francis Scott Key Bridge outside Baltimore in March 2024 has the potential to impact the outlook of the International Group of P&I Clubs (IG) reinsurers and those across the club’s other reinsurance programmes. For those unaware, ... Read the full article
RSA Insurance welcomes Indhira Mani as Chief Data Officer
30th May 2024
Global insurance provider RSA Insurance has announced the appointment of Indhira Mani to the role of Chief Data Officer. Reporting to Ollie Holden, Chief Information Officer at RSA Insurance, Mani will play a key role in leveraging data as a differentiator across the business, RSA highlighted. Mani brings to her new role ... Read the full article
HDI Global reports improved CoR for Q1’24 as insurance revenue rises
30th May 2024
Industrial insurer HDI Global SE, part of the Talanx Group, has reported a first quarter 2024 combined ratio of 91.8%, an improvement of 1.4 percentage points year-over-year. The insurer's insurance revenue rose by 13% in Q1 2024, or 14% after adjustment for currency effects, reported at €2.3 billion compared to Q1 ... Read the full article
Stephen Frank named VP of the Global Federation of Insurance Associations
30th May 2024
The Global Federation of Insurance Associations has announced the election of a new Vice President, Stephen Frank, president and CEO of the Canadian Life and Health Insurance Association (CLHIA). Frank has worked in the financial services sector for over two decades and has led the CLHIA since 2017, having joined the ... Read the full article
Miller acquires Madrid-based commercial re/insurance broker Bruzon
30th May 2024
Independent specialist insurance and reinsurance broker, Miller, has acquired Madrid-based commercial re/insurance broker Bruzon Correduría de Seguros y Reaseguros S.A. and Bruzon Services S.A. (Bruzon), subject to regulatory approval, with the deal expected to complete later this year. This is Miller’s second Continental European acquisition transaction as it continues the expansion ... Read the full article
US severe weather losses projected to be nearly $20bn by end of May, BMS’ Siffert
30th May 2024
A new severe weather update from BMS shows that insurance losses have soared, surpassing $10 billion, and are projected to reach nearly $20 billion by the end of May, warns Andrew Siffert, Senior Meteorologist at BMS. Last month, BMS issued a warning to the insurance industry, telling industry figures to ... Read the full article
Moody’s downgrades American Family’s IFS with stable outlook
30th May 2024
Moody's Ratings (Moody's) has downgraded the insurance financial strength (IFS) rating of American Family Mutual Insurance Company from A1 to A2, assigning a stable outlook for the company and its subsidiaries. Additionally, Moody’s downgraded the senior unsecured notes rating of AmFam Holdings, a subsidiary of American Family Insurance Mutual Holding Company, ... Read the full article
Strong demand for reinsurance at midyear renewals as pricing moderates: Fitch
30th May 2024
Fitch Ratings has observed that reinsurance demand was strong at the midyear 2024 renewals, particularly for higher catastrophe layers, as Florida property writers are seeking more protection with insured values increasing from inflation and exposure growth. According to the rating agency's most recent report on the matter, increased demand at the ... Read the full article
AXA’s Frédéric de Courtois elected President of Insurance Europe
30th May 2024
Frédéric de Courtois, Deputy Chief Executive Officer of AXA Group, has been elected President of Insurance Europe after receiving unanimous support. de Courtois succeeds Andreas Brandstetter, the Chairman & CEO of the UNIQA Insurance Group, to lead the Federation of European re/insurance associations over the next three years. While delivering his speech ... Read the full article
Gallagher Re partners with CSU for advanced tropical cyclone research
30th May 2024
Gallagher Re has announced a new partnership with Colorado State University (CSU) to research tropical cyclone activity and trends, aiming to address challenges faced by the insurance and reinsurance industries and beyond. This partnership will also advance efforts in mitigation, adaptation, and resilience. Notably, CSU is the first academic institution to ... Read the full article
Helios reports solid 2023 results driven by “outstanding” Lloyd’s market conditions
30th May 2024
In its full year 2023 financial results, Helios Underwriting has revealed it achieved a total comprehensive profit of £29.9 million, up from a loss of £0.1 million in 2022, while its capacity portfolio combined ratio improved to 86%. Helios explained that it has positioned itself to "maximise growth opportunities" by doubling ... Read the full article
UK insurers urged to optimise AI for enhanced customer experience: Altus Consulting
30th May 2024
Digital processes are increasingly integrated into the insurance customer journey, with more than half of leading UK insurers implementing AI chatbots to streamline customer operations, according to Altus Consulting’s ‘Digital Bar’ report. The report also reveals that over 98% of insurers offer the ability to purchase their products through digital channels. Despite ... Read the full article
Pool Re and insurtech Optalitix partner to implement treaty & claims management system
30th May 2024
Specialist data analytics solutions provider, Optalitix has partnered with British terrorism reinsurer Pool Re to implement a new, end-to-end treaty and claims management system with full auditability and enhanced reporting. Pool Re is the insurance industry’s mutual for reinsuring terrorism risk in the UK and an arm’s length body of HM ... Read the full article
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