Reinsurance News
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
Sompo appoints Bill Zhang as President of Consumer Lines for APAC
12th July 2024
Sompo, a global provider of commercial and consumer property, casualty, and specialty re/insurance, has announced the appointment of Bill Zhang as President, Consumer Lines, Asia Pacific (APAC). In his new role, Zhang will report directly to Kenneth Reilly, Chief Executive Officer of Insurance, APAC at Sompo. Zhang’s responsibilities include shaping the strategy ... Read the full article
Fintech industry shifts focus to profitability during growth challenges: BCG
12th July 2024
The fintech industry is poised for significant growth despite recent challenges, according to a recent report by Boston Consulting Group (BCG), a management consulting firm, and QED Investors, a venture capital firm specialising in fintech, titled Global Fintech 2024: Prudence, Profits, and Growth. Drawing insights from interviews with over 60 global ... Read the full article
Hagerty adds ex-Munich Re US CEO Anthony Kuczinski to its Board
12th July 2024
Specialty automotive insurer Hagerty, Inc. has appointed former Munich Reinsurance US Holdings (Munich Re US) Chief Executive Officer (CEO), Anthony J. Kuczinski, to its Board of Directors, effective immediately. Kuczinski is an industry veteran with a career spanning over 34 years at Munich Re, where he held various leadership positions, including ... Read the full article
AdvantageGo and FortifyData partner to enhance cyber risk analysis for underwriters
12th July 2024
AdvantageGo, a commercial re/insurance software provider and part of Coforge, has formed a strategic partnership with FortifyData, a cyber risk management solutions provider, aiming to enhance underwriters’ ability to analyse cyber risks. FortifyData’s platform identifies and evaluates cyber risks by directly assessing organisations. It provides a risk-based view of vulnerabilities and ... Read the full article
Tara Hill hires Richard Edsall as SVP
12th July 2024
Tara Hill Insurance Services, the newly launched Excess and Surplus (E&S) program administrator, has appointed renowned industry veteran, Richard Edsall as Senior Vice President. Most recently, Edsall served as SVP of commercial management liability at Argo Pro. In his new role, he is expected to be responsible for developing an E&S ... Read the full article
Global Parametrics and One Acre Fund deliver parametric solution for Zambia and Malawi farmers
12th July 2024
One Acre Fund and Global Parametrics, a CelsiusPro Group company, have partnered to provide financial protection for smallholder farmers in Zambia and Malawi against the financial strain of losing their crop due to drought. Using data collected and verified by One Acre Fund from individual farmers, the companies developed a water-balance ... Read the full article
Global M&A activity gains momentum in 2024 amid regional challenges: WTW
11th July 2024
Global mergers and acquisitions (M&A) activity continues to build on the positive momentum seen at the beginning of 2024, with the second quarter's completed deals surpassing those of the same period last year, WTW's Quarterly Deal Performance Monitor (QDPM) reports. In collaboration with the M&A Research Centre at Bayes Business School, ... Read the full article
Chedid Re hires industry veteran Vandendael as Independent Non-Exec Director
11th July 2024
Chedid Re has hired industry veteran, Vincent Vandendael, as an Independent Non-Executive Director. If you recall, Vandendael recently joined MJM Holdings' Supervisory Board. Overall, Vandendael brings over 30 years of industry expertise towards Chedid Re. He previously served as CEO of Everest Global Markets and its Lloyd’s Syndicate 2786, as well as ... Read the full article
Aspen Data Labs launches to enhance digital and AI capabilities
11th July 2024
Aspen Insurance Holdings Limited, a provider of insurance and reinsurance solutions, has launched Aspen Data Labs, a new platform designed to advance its digital capabilities and enhance its focus on data and artificial intelligence (AI). Aspen Data Labs will facilitate collaboration among employees and partners on data science and AI projects ... Read the full article
Vantage names Leanne Berry Chief Distribution Officer
11th July 2024
Vantage Group Holdings has appointed Leanne Berry as Chief Distribution Officer, effective immediately. In the new role, Berry will reportedly oversee all aspects of Vantage's specialty insurance distribution strategy to support its sustained growth trajectory. She will additionally be responsible for building greater market awareness, strengthening key partner and client relationships, and ... Read the full article
Pool Re to streamline finance and investment processes with Clearwater partnership
11th July 2024
Clearwater, a provider of SaaS-based investment management, accounting, reporting, and analytics solutions, has partnered with Pool Re, Britain's government-backed terrorism reinsurer, to support its investment accounting and reporting process. With this partnership, the UK reinsurer aims to transition from using a custodian-based model to Clearwater's single instance, multi-tenant platform to streamline ... Read the full article
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