Reinsurance News
ACORD’s Global Insurance Stock Index shows robust reinsurance performance in Q2
12th July 2024
ACORD, the standards-setting body for the global insurance industry, has announced that its Global Insurance Stock Index outperformed the broader market for the second consecutive quarter in a row, delivering a return of 28.9% compared to the worldwide average of 17.3%. From what we understand, the growth was attributed towards a ... Read the full article
Chubb makes new appointments and reorganises its LatAm region
12th July 2024
Property and casualty (P&C) insurer Chubb has announced a number of new leadership appointments, including Ana Robic and Ben Rockwell as Senior Vice President, Chubb Group. Robic is the current Vice President, Chubb Group and Division President, North America Personal Risk Service. Rockwell, Vice President, Chubb Group and Division President, North ... Read the full article
XS Global bolsters presence in EMEA with launch of Dubai operations
12th July 2024
Managing general agent, XS Global, has established its presence in Dubai with the launch of its operating unit, XS Global (DIFC) Limited, led by Stephen Saunders. The MGA has stated this move is to strengthen its reinsurance capacity globally, as Dubai serves as a prime location for conducting business in Europe, ... Read the full article
Tyler Dickson named Global Head of Client Relations at Blackstone Credit & Insurance
12th July 2024
Blackstone Credit & Insurance (BXCI), a division of the global investment firm Blackstone, recently announced the appointment of Tyler Dickson, the former Global Head of Investment Banking and Vice Chair of Banking & International at Citi, as its Global Head of Client Relations. Dickson will manage BXCI’s Institutional Client Solutions team, ... Read the full article
Reinsurance sector can handle a large tail event: S&P’s Karakuyu
12th July 2024
During yesterday's S&P Global Ratings Insurance In Focus webinar, Ali Karakuyu, Director and Lead Analyst, stated that if a large tail, 1-in-200 year catastrophe event were to occur, the global reinsurance sector is well-prepared and would be able to manage it effectively. Responding to a question on the sector's preparedness for ... Read the full article
Ascot U.S. to enhance financial and accounting operations with Phinsys partnership
12th July 2024
Ascot U.S, a P&C re/insurer part of Ascot Group Limited., has partnered with Phinsys, a finance automation software provider for the re/insurance sector, to modernise its business technology landscape and enhance its financial and accounting operations. This partnership enabled Ascot U.S. to enhance operational efficiency, address regulatory demands, and remain at ... Read the full article
Socotra and Oka form partnership to enhance carbon market insurance solutions
12th July 2024
US carbon-credit insurance carrier Oka, and Socotra, a provider of modern policy administration systems, have formed a strategic partnership aimed at the carbon markets and scaling climate solutions. This partnership combines Oka's team and artificial intelligence (AI) with Socotra's technology to reduce the risks associated with carbon credits. Within 12 months, Oka ... Read the full article
Markel Canada launches specialised sports insurance product Markel Play
12th July 2024
Markel Canada, a division of London-domiciled casualty insurer Markel International, a subsidiary of Markel Group, has officially launched Markel Play, which will serve as a comprehensive insurance product tailored for the sports, fitness, and recreation sectors. The insurer has decades of specialty insurance experience and deep expertise in sports as this ... Read the full article
P&C premium growth showing some promise, may see profitability in 2025: Triple-I/Milliman
12th July 2024
Favourable first-quarter economic and underwriting results for property & casualty (P&C) insurance are reportedly in line with projections that the sector will see a small underwriting loss in 2024, but achieve profitability in 2025, according to a new forecasting report from Insurance Information Institute (Triple-I) and Milliman, a collaborating partner. The report also ... Read the full article
Toa Re sees FY 2024 net income increase to $97.4m
12th July 2024
Japanese reinsurance group Toa Re has reported that net income for the fiscal year ending March 2024 was 15.5 billion yen ($97.4 million), marking an increase of 13.1 billion yen ($82.3 million) compared to the previous fiscal year. Toa Re reported that its ordinary income for fiscal year 2024 decreased by ... Read the full article
Concert names Rawlins SVP, Property Underwriting and Program Management
12th July 2024
Concert Group Holdings, Inc., a privately owned insurance holding company, has announced the appointment of Charles Rawlins as Senior Vice President, Property Underwriting and Program Management. In his new role, Rawlins will be responsible for underwriting and program oversight on various programs, with a primary focus on growing a profitable book ... Read the full article
Origin Specialty acquires agricultural-focused MGU AIMS
12th July 2024
Origin Specialty Underwriters Agency, a partner company of Beyond Risk, has acquired Agricultural Insurance Management Services (AIMS), an agribusiness insurance-focused MGU. AIMS offers a variety of farm-related coverages, including homes, barns, farm equipment, auto, and liability. According to Origin Specialty, Clark Lindley founded AIMS to address the need for quality agribusiness insurance ... Read the full article
IUA names Dumbrell Chair of Legal and Regulatory Committee, announces two Deputies
12th July 2024
The International Underwriting Association (IUA), which represents companies in the London insurance market, has appointed Matthew Dumbrell, General Counsel for Generali's UK branch, as Chair of the IUA’s Legal and Regulatory Committee. This committee oversees changes in legal, regulatory, international trade, accounting, and taxation matters affecting the London Market. It coordinates ... Read the full article
U.S. MGA market exceeds $102bn in premium in 2023: Conning
12th July 2024
In a new report on the matter, Conning has revealed that the total U.S. Managing General Agents (MGA) market, including business written for the account of Lloyd's syndicates, exceeded $102 billion in direct premiums written in 2023. According to the firm's report, Managing General Agents: Ahead of the Pack, in 2023, ... Read the full article
Hurricane Beryl insured wind losses in Texas to be between $2.5bn and $3.5bn: CoreLogic
12th July 2024
Catastrophe risk modeller CoreLogic has updated its insurance industry loss estimate for the impacts of hurricane Beryl, putting the total for wind losses in Texas at between $2.5 billion and $3.5 billion. At the same time, CoreLogic has updated its estimate for insurable losses in the Caribbean, with $1 billion to ... Read the full article
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