Reinsurance News
Marsh hires Koen van Leuven as Marine Broking Director, Netherlands
14th March 2024
Marsh, an insurance broker, risk advisor and business of Marsh McLennan, has appointed Koen van Leuven as the Marine Broking Director, Marsh Netherlands. Based in Rotterdam, van Leuven is anticipated to join Marsh in the summer of 2024 and will report to Ivo Wansink, Specialty and Placement Leader, Marsh Netherlands, and ... Read the full article
Cyber attack/data breaches hailed as top business risk for firms in India: Aon
14th March 2024
Cyber attack/data breaches have been identified as the top business risk for organisations across India, according to data from re/insurance broker Aon. The broker recently announced the results of its 2023 Global Risk Management Survey, which gathered data from almost 3,000 risk managers, c-suite leaders, treasurers, talent professionals and other executives ... Read the full article
ICA Board appoints Lloyd’s Tracey Bryan as Non-Executive Director
14th March 2024
The Board of the Insurance Council of Australia (ICA) has appointed incoming Lloyd’s General Representative in Australia Tracey Bryan as a non-executive director. Bryan succeeds Chris Mackinnon, who joined the ICA Board in 2017. She will hold the dual role of Lloyd’s General Representative in Australia and Lloyd’s Head of Regulatory ... Read the full article
One good year not sufficient to earn back trust of capital: Lloyd’s CFO
14th March 2024
Lloyd’s CFO Burkhard Keese has noted that despite stellar underwriting conditions in 2023, very little fresh capital flowed into the insurance market, with many promising capital-raising initiatives having to be abandoned, highlighting the need for the industry to focus more on investor needs. Keese's comments stem from Lloyd’s Q1 2024 Market ... Read the full article
At-Bay names new Chief Marketing Officer
14th March 2024
Cyber insurance provider At-Bay has announced the appointment of Martina Trucco as its Chief Marketing Officer. Trucco brings nearly two decades of strategic brand, product marketing, and communications experience to her new role. She joined At-Bay in September 2022, since then, she has overseen the company’s emergence as the leading innovator of ... Read the full article
AXA Climate partners with Reask on parametric windstorm insurance
14th March 2024
AXA Climate, the climate risk insurance broker, has strategically partnered with Reask, a provider of climate risk modeling solutions, to leverage its Metryc product to offer advanced parametric windstorm insurance solutions. The partnership leverages the Metryc product to offer parametric solutions based on precise location-level wind speed data following tropical cyclone ... Read the full article
Oneglobal adopts digital trading platform Whitespace in UK office
14th March 2024
Oneglobal, the independent Lloyd's broker backed by JC Flowers, has over 90% of its UK teams now placing business through the Whitespace platform, the fully digital e-trading platform. Whitespace is owned by Verisk, an important technology partner of Oneglobal and sits at the core of its placing strategy. This digital approach, ... Read the full article
Maiden Holdings posts $20.8m net loss in Q4
14th March 2024
Maiden Holdings Ltd., has posted it's results for the fourth quarter of 2023, which includes a net loss of $20.8 million, compared to a net income of $36.2 million from the prior year period. The firm posted lower underwriting loss of $21.1 million in the fourth quarter, compared to an underwriting ... Read the full article
Fitch predicts highest net combined ratio for German non-life
14th March 2024
Fitch Ratings raises its baseline assumption for German insured catastrophe losses as it forecasts a 99% net combined ratio for 2023 and 2024 for the non-life sector in the country, the worst in recent times. Yet the sector outlook remains neutral, Fitch notes, due to easing claims inflation, rising premium rates ... Read the full article
VIG reports double-digit premium growth and strong increase in profit for FY’23
14th March 2024
Vienna Insurance Group, an insurer in the Central and Eastern European region, has reported double-digit premium growth and a solid increase in profit during a particularly successful financial year 2023. Gross written premiums (GPW) hit €13.8 billion, a 10% increase on 2022, with profit before taxes of approximately €773 million, a ... Read the full article
ARC welcomes insurance specialists Kasinga and Amarquaye to its Board
13th March 2024
African Risk Capacity (ARC) Limited has announced the appointment of two new non-executive directors to its Board, Susan Kasinga and Helen Amarquaye, who bring specialised technical experience in finance and insurance with them. With over three decades of experience in the financial industry, Kasinga has expertise in raising capital through debt ... Read the full article
Global Indemnity Group sees big net income improvement in FY23
13th March 2024
Global Indemnity Group, LLC (GBLI) has posted its results for the full-year 2023, which includes a substantial performance in net income, as it reached $25.0 million compared to a net loss of $1.3 million for the corresponding period in 2022. At the same time, adjusted operating income per share was $1.96 ... Read the full article
Direct Line rejects improved possible offer by Ageas
13th March 2024
Ageas has submitted an improved possible offer to the Board of Directors of Direct Line to acquire the entire issued and to be issued share capital of the insurer, but the company's Board has again rejected the offer and expressed confidence in its standalone prospects. Brussels headquartered insurer Ageas confirmed ... Read the full article
Fire safety reinsurance facility established by McGill and Partners finalised
13th March 2024
A new initiative has been set up which aims to help improve the availability of insurance for higher-risk buildings awaiting work to fix fire safety issues. The Fire Safety Reinsurance Facility will help to increase insurance market competition to cover properties affected by combustible cladding and other fire safety issues. From what ... Read the full article
AEGIS London sees £206mn profit in 2023 with improved combined ratio
13th March 2024
AEGIS London, Lloyd’s Syndicate 1225, a subsidiary of AEGIS, has released its 2023 financial results, reporting an improved combined ratio of 79.4% and a 112% profit increase. For the year ending 31 December 2023, the Syndicate’s combined ratio improved 4.4% on 2022’s ratio of 83.8%. As part of its 2023 full year ... Read the full article
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