Reinsurance News
Swiss Re enhances Life Guide with AI underwriting assistant
22nd April 2024
Swiss Re has introduced an upgraded version of Life Guide, now featuring Swiss Re Life Guide Scout, a Generative AI-powered underwriting assistant aimed at enhancing efficiency and quality in underwriting. Life Guide, Swiss Re’s manual for Life & Health (L&H) underwriting, serves to provide clients with insights into current and future ... Read the full article
Groupama posts premium income of €17.0bn in 2023, net income stands at €510m
22nd April 2024
French insurer Groupama has posted it's annual results for 2023, which includes a net income of €510 million, and a economic operating income of €627 million, despite an elevated climate-related claims charge (€1.3 billion before reinsurance). At 31 December 2023, the company's combined premium income stood at €17.0 billion, representing a ... Read the full article
MNK Group expands LatAm business with Costa Rica-based insurer acquisition
22nd April 2024
MNK Group, through its holding company Specialty Management UK, is strengthening and expanding its re/insurance businesses in Central America and the LatAm region with the acquisition of Oceánica de Seguros S.A., an insurer based in Costa Rica. With this acquisition, which has been confirmed with Costa Rica’s supervisory authority the Superintendencia ... Read the full article
PERILS raises industry loss estimate for Babet-Aline floods and storms to €691m
22nd April 2024
PERILS, the Zurich-based catastrophe insurance data provider, has disclosed its third industry loss estimate for the floods and storms caused by low-pressure systems Babet (Viktor) and Aline (Wolfgang) over the British Isles and northwestern Europe in October 2023, increasing it to €691 million. PERILS’ previous loss estimates was €683 million, ... Read the full article
Echo Re appoints Pablo Iparraguirre as Senior Underwriter LatAm & Caribbean
22nd April 2024
Echo Reinsurance Limited (Echo Re), a Swiss-based reinsurer, has recently appointed Pablo Andres Lugo Iparraguirre as its new Senior Underwriter for Latin America (LatAm) & Caribbean. Bringing over 18 years of underwriting experience, particularly within the Caribbean market, Iparraguirre adds a wealth of expertise to Echo Re. Prior to joining Echo Re, ... Read the full article
AM Best places credit ratings of GeoVera Insurance Group members under review
22nd April 2024
Global credit rating agency AM Best has placed under review with developing implications the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a” (Excellent) of the members of GeoVera Insurance Group (GeoVera), which operate under an intercompany reinsurance agreement. Best has confirmed that ... Read the full article
FM Global President and CEO Roberts appointed Chair of the Board
22nd April 2024
Commercial property insurer FM Global has appointed Malcolm C. Roberts, the firm's current President and Chief Executive Officer (CEO), as Chair of the company's Board of Directors. The appointment is effective immediately, with Roberts succeeding Thomas A. Lawson, former President and CEO of FM Global, who has served as chair since ... Read the full article
AM Best revises London market insurance segment outlook to positive
22nd April 2024
Rating agency AM Best has revised its outlook for the London market insurance segment to positive from stable, driven by an expected strong pricing environment for most business lines to support good underwriting profitability. AM Best also highlights the positive momentum of US excess and surplus (E&S) lines, and an improved ... Read the full article
SSP Broker appoints Christian Wright as new Head of Market Development
22nd April 2024
SSP Broker has appointed Christian Wright as its new Head of Market Development, where he will drive the company's future growth plans. In his new role, Wright will focus on strengthening relationships with brokers, ensuring they have optimal insurance software to manage customers and policies seamlessly. Martyn Mathews, Managing Director of SSP ... Read the full article
Accelerated underwriting streamlining insurance processes: Lane, Swiss Re
22nd April 2024
Jeremy Lane, Head of US Mortality Services at Swiss Re, underscores the increasing significance of Accelerated Underwriting (AUW) for insurance companies by enabling them to leverage technology for faster decision-making and quote delivery, thereby streamlining processes. Lane highlights the ongoing transformation in the insurance industry, driven by efforts to improve the ... Read the full article
Insurers in Slovakia to implement Intermap’s flood risk solution for insurance applications
22nd April 2024
KBC Slovakia and UNIQA Slovakia have signed multiyear subscriptions to Intermap Technologies’ Aquarius RMA software and the latest generation of flood risk solutions for Slovakia. Intermap is a provider of geospatial intelligence solutions, focusing on the creation and analysis of 3D terrain data to produce high-resolution thematic models. ČSOB Poisťovňa and ČSOB ... Read the full article
Fitch anticipates surge in UK life insurers’ bulk annuity sales and funded re
22nd April 2024
Fitch Ratings anticipates UK life insurers’ bulk annuity volumes to continue rising in 2024, surpassing £60 billion, with funded reinsurance (funded re) becoming increasingly prevalent. In 2023, bulk annuity sales reached a record high of nearly £50 billion, reflecting a remarkable increase of over £20 billion compared to 2022. Fitch explains, “Demand ... Read the full article
Chubb promotes Scheffler to COO for PRS and Graham Mid-Atlantic Region Executive Officer
22nd April 2024
Global insurer Chubb has announced the promotion of two insurance industry veterans, Melissa Scheffler and Bryce Graham, to new roles in North America, both effective April 29, 2024. Scheffler, who currently serves as Regional Executive Officer for the Mid-Atlantic region, has been appointed Chief Operating Officer of Personal Risk Services (PRS). In ... Read the full article
Cyber insurers and distributors to benefit from Zywave’s new quoting platform
22nd April 2024
Insurtech provider Zywave has launched Cyber Quoting, the latest addition to its comprehensive portfolio of quoting and proposal solutions. The centralised quoting platform seamlessly connects global cyber insurers with US distribution partners through a simplified and transparent data collection process that provides key insights into coverage submission and selection. Eric Rentsch, Zywave's ... Read the full article
Southwest Asia, UAE storms & floods to drive hundreds of millions in losses: Aon
19th April 2024
Heavy rainfall, storms, and widespread flooding hit Southwestern Asia, notably the United Arab Emirates (UAE), between April 8-17, causing significant economic and insured losses estimated to potentially reach into the hundreds of millions of USD, according to Aon’s weekly cat report. The UAE’s National Center for Meteorology recorded a record-breaking 24-hour ... Read the full article
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