Reinsurance News
Canopius Re hires DeCouto & Morgan as CUO & CFO in Bermuda
1st May 2024
Global specialty lines re/insurer Canopius has bolstered its senior leadership team in Bermuda by hiring Jesse DeCouto as Chief Underwriting Officer (CUO) and Tonia Morgan as Chief Financial Officer (CFO) of Canopius Reinsurance Limited (Canopius Re). According to the announcement, Morgan takes up her new role on July 1, succeeding Teresa ... Read the full article
Consumer Watchdog opposes proposal for black-box models in wildfire risk prediction
1st May 2024
Consumer Watchdog opposes Californian Insurance Commissioner Ricardo Lara's proposal to allow insurance companies to use black-box catastrophe models and artificial intelligence (AI) for predicting catastrophic wildfire risks, citing concerns that this approach will increase home insurance rates without transparency or accountability. These concerns were voiced during Consumer Watchdog's testimony at the ... Read the full article
Erin Osborne named Head of U.S. Excess Casualty, Ascot
1st May 2024
Ascot Group, the global specialty insurance firm, has appointed Erin Osborne to the role of Head of U.S. Excess Casualty, where she will assume full management and leadership responsibility for the business unit. The role will also see her lead the strategic planning for future growth across the market segment. In the ... Read the full article
Rob Wendin to lead BMS’ newly launched global healthcare division
1st May 2024
Independent specialist re/insurance broker BMS has launched its new global healthcare division, set to be led by industry veteran Rob Wendin serving as managing director. According to the announcement, the new division will provide solutions and guidance to healthcare providers and their insurers, as well as access to BMS’ range of ... Read the full article
LMA unveils updated UK Consumer Wordings Guidance
1st May 2024
The Lloyd's Market Association (LMA) has launched its latest iteration of the UK Consumer Wordings Guidance. According to the announcement, this latest iteration is a comprehensive resource designed to aid LMA members in "effectively and clearly communicating insurance concepts to consumers." From what we understand, the updated guidance reflects recent regulatory changes, ... Read the full article
Insurance experts Myers and Conti join RYZE Claim Solutions Board
1st May 2024
RYZE Claim Solutions, a provider of claims services to insurance carriers and managing general agents, has announced the appointment of Stuart Myers and Christopher Conti, to its Board of Directors. Together, both executives - who are highly regarded experts in the insurance and investment industries - bring decades of leadership experience, ... Read the full article
Agile Syndicate 2427 gets permission to underwrite from Lloyd’s
1st May 2024
Agile Underwriting Services has received ‘Permission to Underwrite’ from Lloyd’s for its Agile Underwriting Services Syndicate 2427 (AUS 2427), the final regulatory approval required to commence its underwriting business. The new syndicate will reportedly commence underwriting in May, supporting Agile’s broker and MGA partners through traditional underwriting and with its digital ... Read the full article
Lemonade sees top line growth as loss ratio drops to 79%
1st May 2024
Lemonade, a digital insurance firm powered by AI, has reported a net loss in Q1 2024 of $47.3 million, marking an improvement of 28% on last year's figure, while its in-force premium (IFP) grew 22% year on year (YoY) to $794 million and gross loss ratio refined 8 points to ... Read the full article
Plover Parametrics unveils specialty brokerage
1st May 2024
Plover, the tech-enabled commercial insurance broker, has launched a new specialty brokerage designed to help brokers secure climate and emerging risk solutions. The company, which was founded in 2022, has also secured over $5 million in venture capital funding that is to be used to expand its brokerage team, invest in ... Read the full article
Compre Group appoints Rebecca Love as new Reinsurance Director
1st May 2024
Compre, an international legacy group, has announced the appointment of Rebecca Love to the position of Reinsurance Director. With 25 years of experience in the insurance and reinsurance industry, Love brings a wealth of expertise to her new role. Her areas of specialisation include Management, Business Relationship Management, Business Process Improvement, Training, ... Read the full article
SiriusPoint reports net income of $90.8m for Q1’24
1st May 2024
Bermuda-domiciled SiriusPoint Ltd., a global specialty re/insurer, has reported Q1 2024 net income of $90.8 million, with core income of $62.4 million, which includes underwriting income of $44.3 million and a combined ratio of 91.4%. The core combined ratio deteriorated from 80.5% in Q1 2023, as did the firm's reported combined ... Read the full article
RenRe’s underwriting income rises as Q1’24 premiums swell with 45% growth in property
1st May 2024
Bermudian RenaissanceRe Holdings Ltd. (RenRe) has reported underwriting income of $541 million with a combined ratio of 77.9% in its first quarter 2024 results, as the reinsurer's premiums swelled as a result of the renewal of business acquired in its takeover of Validus. RenRe explains that Q1 2024 was the first ... Read the full article
BPL appoints Lizzie Thomas as Director to strengthen global broking teams
1st May 2024
BPL has appointed industry veteran Lizzie Thomas as Director to strengthen its broking teams in Europe and the US. In her new role, Thomas will report to James Reynolds, Deputy CEO at BPL, and will collaborate with the company's major financial institution clients across Europe and the US, aligning with BPL's ... Read the full article
Enstar and SiriusPoint agree $400m LPT
1st May 2024
A wholly owned subsidiary of legacy specialist Enstar Group has agreed a $400 million loss portfolio transfer (LPT) with a subsidiary of Bermuda-based re/insurer SiriusPoint to reinsure a portfolio of Workers’ Compensation business covering underwriting years 2018 to 2023. Under the agreement, SiriusPoint will cede net reserves of roughly $400 million, ... Read the full article
DUAL launches new title insurance capability in Asia Pacific
1st May 2024
DUAL Australia is launching a new business line in the Asia Pacific region through its specialised title insurance team, DUAL Asset. Leading this initiative is Chris Hammond, Head of Asia Pacific for DUAL Asset. The focus areas include real estate transactions involving commercial properties in Australia, New Zealand, Hong Kong, and Singapore, ... Read the full article
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