Reinsurance News
CRC Group strengthens team with three new hires
16th July 2024
CRC Group, a wholesale specialty insurance distributor in North America, has announced the appointments of three new professionals to its team. These additions are part of CRC Group's strategic expansion effort to enhance support for retail agency clients nationwide. Firstly, the company has announced that David An has joined CRC Group’s Los ... Read the full article
FERMA Policy Manifesto proposes enhancements for EU resilience and competitiveness
16th July 2024
FERMA, the Federation of European Risk Management Associations, has published its EU Policy Manifesto, outlining its priorities for policymakers in EU Institutions for the upcoming 2024-2029 mandate and explains how the Federation can support these initiatives. Typhaine Beaupérin, CEO, FERMA stated: “We will use our Manifesto to provide a robust basis ... Read the full article
Greensmith to lead Kaufman’s International portfolio
16th July 2024
H.W. Kaufman Group, a privately held, global insurance organisation, has announced the appointment of Paul Greensmith as Chief Executive Officer for H.W. Kaufman Group London. Joining the company in October, Greensmith will be responsible for Kaufman’s operations across the U.K., Europe, South America and the Middle East. He will report to Kaufman ... Read the full article
Organisations to benefit from Artex newly launched Vermont Protected Cell Company
15th July 2024
Artex, Gallagher's wholly-owned subsidiary for alternative risk and capital, has launched its first Vermont Protected Cell Company (PCC), to provide organisations of all sizes and industries with an alternative platform to support their risk transfer needs. Artex Axcell PCC (Vermont), Inc. was formed in April 2024 to provide companies the ability ... Read the full article
AIG names Melissa Twiningdavis Executive Vice President, Chief Administrative Officer
15th July 2024
Global insurer American International Group (AIG) has appointed Melissa Twiningdavis as Executive Vice President (EVP), Chief Administrative Officer, effective September 1st, 2024, reporting to Peter Zaffino, Chairman and Chief Executive Officer (CEO). Twiningdavis is based in New York and is responsible for global administrative services, including global sourcing and procurement, real ... Read the full article
Softening airline insurance market benefits buyers in Q2’24: Gallagher Specialty
15th July 2024
Gallagher Specialty’s Plane Talking Q2 2024 report highlights that excess capacity and heightened competition are driving a softening of rates, creating a more competitive pricing environment that benefits airline insurance buyers. This surplus capacity stems from increased rates in recent years coupled with lower average claims, intensifying competition and a focus ... Read the full article
Swiss Re’s Kanga Ahn joins Topsail Re as VP of Underwriting
15th July 2024
Cayman Islands-based reinsurer Topsail Re has hired industry veteran Kanga Ahn as Vice President of Underwriting. In her new role, Ahn's main responsibilities will include underwriting, marketing and account management. She holds a deep degree of expertise in the treaty reinsurance industry, having worked across the sector for nearly 20 years. She joins ... Read the full article
Bermuda re/insurers with strong to very strong ratings and ample capital: Fitch
15th July 2024
Global ratings agency Fitch recently reported strong to very strong Insurer Financial Strength (IFS) ratings for Bermuda and U.S. insurers and reinsurers. Arch received an ‘AA-’, RenaissanceRe an ‘A+’, and both SiriusPoint and Hamilton an ‘A–’, all with Stable Outlooks. These high ratings are attributed to the companies' solid capital positions, which ... Read the full article
SCOR appoints AIG’s Helen Croft as Head of UK & Ireland, Life & Health
15th July 2024
French reinsurer SCOR has announced the appointment of Helen Croft as its new Head of UK & Ireland, Life & Health. In her new role, Croft will oversee the underwriting of life reinsurance for SCOR clients across the UK and Ireland region. Gavin Maguire, Head of UK & Ireland, Life & Health ... Read the full article
As the BMA tightens regulations, Bermuda continues to attract global re/insurers: BILTIR
15th July 2024
Bermuda has successfully continued to attract global re/insurers as the Bermuda Monetary Authority (BMA) continues to introduce significant new requirements to regulate the market in its jurisdiction, a move that has had a very significant financial impact on the island's life and long-term sector, according to BILTIR’s CEO Suzanne Williams-Charles. In ... Read the full article
Incline P&C Group bolsters senior leadership team with two appointments
15th July 2024
Incline P&C Group, an insurance program market firm, has bolstered its senior leadership team by appointing Scott Galiardo as the Chief Actuary and Chief Underwriting Officer (CUO) for Commercial & Specialty Lines and Tony Urban as the Chief Development Officer. Chris McClellan, President, and Chief Executive Officer, Incline P&C Group, commented, ... Read the full article
Madigan becomes AXA XL CUO for Environmental, Middle Market in the Americas
15th July 2024
AXA XL, the property & casualty (P&C) and specialty risk division of global insurer AXA, has announced the appointment of Joseph Madigan as Chief Underwriting Officer for its North American Environmental Insurance business for Middle Market. Madigan will be based in AXA XL’s Exton, Pennsylvania, office and report to Matthew Waters, ... Read the full article
UK Motor Insurance faces uphill battle amidst rising costs and future profitability: EY
15th July 2024
The UK motor insurance market faced its most challenging year since 2011, recording a loss-making Net Combined Ratio (NCR) of 112.8% in 2023, but with declining inflation and rising premiums a return to profitability is foreseen, according to Ernst & Young (EY), a professional services firm. This followed a lackluster 2022, ... Read the full article
Mosaic Insurance restructures roles across underwriting and operational teams
15th July 2024
Global specialty insurer, Mosaic Insurance, has announced a restructure of roles across its underwriting and operational teams, in a move that is anticipated to drive growth within its agency business, effective immediately. This includes, Liam Jones becoming Agency CEO, where he will oversee strategic vision, growth, profitability, and operational excellence of ... Read the full article
Guy Carpenter launches new parametric flood re/insurance mechanism, GC FloodShield
15th July 2024
Guy Carpenter is launching a new parametric flood re/insurance mechanism that provides customised flood coverage based on hazard footprints obtained in near real-time. According to Guy Carpenter, GC FloodShield boasts a broad application available to insurers, reinsurers, corporations and public entities globally. As mentioned, GC FloodShield is also customisable, reportedly offering a ... Read the full article
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