Reinsurance News
Fidelis names Aoife Woulfe Head of Underwriting, Ireland
23rd May 2024
Global re/insurance company Fidelis Insurance Group has announced the appointment of Aoife Woulfe to the role of Head of Underwriting, Ireland. She will be based in Dublin and report to Group Chief Underwriting Officer, Ian Houston. Woulfe joins Fidelis after ten years at Tokio Marine Kiln (TMK), where she most recently served ... Read the full article
Aviva increases general insurance premiums by 16% to £2.7bn in strong Q1
23rd May 2024
In their results for the first quarter of 2024, Aviva has posted general insurance premiums of £2.7 billion, representing an increase of 16% from the prior year quarter. Growth was heavily driven by both the UK & Ireland and Canada, with strong rates, new business, and customer retention. UK general insurance premiums ... Read the full article
Heritage secures 3.3% rate decrease for its Florida homeowners business
23rd May 2024
Super-regional property and casualty insurance holding company, Heritage Insurance Holdings, has announced a 3.3% rate decrease approval by the Florida Office of Insurance Regulation for its Florida homeowner's (HO3) business. This rate reduction is a result of positive changes in Florida's laws, including the elimination of one-way attorney fees and other ... Read the full article
July election to catalyse positive regulatory change in UK insurance industry: J.P. Morgan
23rd May 2024
Analysts at J.P. Morgan highlight a potential positive of the July general election in the UK, stating that it could accelerate positive regulatory change that could ultimately support the country's insurance industry. Although neither manifesto commitment from the two parties states any major change or immediate impact on UK insurers ... Read the full article
Bowhead Specialty reveals pricing of upsized IPO, proceeds expected to be $128m
23rd May 2024
Bowhead Specialty, a provider of casualty and professional liability products, has revealed the pricing of its upsized initial public offering (IPO) of 7,529,412 shares of its common stock at a public offering price of $17.00 per share. Earlier this month, Bowhead announced the launch of its IPO of 6,666,667 shares ... Read the full article
WTW names Alex Rosati as Head of Claims Asia, CRB
23rd May 2024
Global re/insurance broker WTW has appointed Alex Rosati as the Head of Claims Asia for its Corporate Risk & Broking (CRB) business, effective August 1st, 2024. Rosati will succeed Neil Thomas who retired earlier this year. Rosati will be based in Singapore, and report directly to Luke Ware, Head of CRB ... Read the full article
Gallagher Re bolsters Japan operation with new CEO and Chairman
23rd May 2024
Gallagher Re Japan has revealed significant senior leadership changes, naming George Sherriff as the new CEO, while Tsuyoshi “Travis” Noguchi has been appointed Chairman. Currently leading the Global Client proposition across Asia Pacific from Singapore, Sherriff will reportedly continue to provide oversight to this offering after transitioning into the role of ... Read the full article
Florida property cat reinsurance rates expected to be flat to down at June 1: KBW
23rd May 2024
As per analysts from KBW, most of the re/insurance executives that the firm met in this week’s Bermuda Tour expect the Florida-heavy June 1 property catastrophe reinsurance renewals to reflect overall y/y risk-adjusted rate changes in the “flat to down 5%” range. KBW's analysts noted that several executives reported modest improvement ... Read the full article
Catastrophe bond market breaking records in 2024: Artemis
23rd May 2024
Catastrophe bond and related insurance-linked securities (ILS) issuance has already broken the first-half year record at $10.9 billion, beating the previous high set in H1 2023 by around $600 million, with June issuance still to complete and add to the total, according to Artemis' data. Catastrophe bond issuance has been ... Read the full article
Nascent adds Francis and Ranasinghe to senior leadership team
23rd May 2024
Bermuda-domiciled, tech-driven insurance management and reinsurance transform organisation, Nascent Group, has added two industry veterans, Yulanda Francis and Shehan Ranasinghe, to its senior leadership team. These strategic hires are aligned with the firm's commitment to bolstering its servicing capabilities. Founded in early 2023, Nascent Group leverages innovative technology to bring transparency and ... Read the full article
Gordon Browne to rejoin AIG as Global Head of Specialty
23rd May 2024
Gordon Browne has been appointed Global Head of Specialty at American International Group (AIG), effective June 11, 2024, reporting to Jon Hancock, Executive Vice President and Chief Executive Officer, International Insurance. He will also serve on the International Insurance leadership team. Browne rejoins AIG from Allianz, where he served as Global Head ... Read the full article
PCRIC and WTW launch parametric quake cover for Papua New Guinea submarine cable network
23rd May 2024
The Pacific Catastrophe Risk Insurance Company (PCRIC) alongside broker WTW have designed a parametric insurance policy to help protect PNG DataCo., a Papua New Guinea (PNG) operator, from the financial impact of earthquake damage. The parametric insurance policy will provide rapid payouts following earthquakes that are expected to result in damage ... Read the full article
IUA welcomes PRA’s decision to halt FSCS alterations in UK
23rd May 2024
The International Underwriting Association has expressed approval for a recent decision to halt proposed alterations in the Financial Services Compensation Scheme (FSCS). The Prudential Regulation Authority (PRA) had entertained the idea of expanding the scheme's coverage by redefining the term 'small business'. The IUA contended that such action would significantly alter the ... Read the full article
Munich Re Automation Solutions’ underwriting solution goes live with Brazilian life insurer
23rd May 2024
Munich Re Automation Solutions Ltd, a provider of automated underwriting and analytics solutions to the life insurance industry, has announced that its SARA risk assessment solution is now live with Brazilian life insurance firm, MAG Mongeral Aegon. SARA is a state-of-the-art digital underwriting solution, deployed at point-of-sale, which MAG will use ... Read the full article
Arturo names Juan Pujadas to Board of Directors
23rd May 2024
Juan Pujadas, an advisor at Blumberg Capital where he supports fintech portfolio companies such as EarnUp and Field Materials, has joined the Board of Arturo, the property intelligence company that delivers portfolio-wide underwriting, risk, claims and catastrophe-driven event insights. “I am honoured to serve on Arturo’s Board of Directors,” stated Pujadas. ... Read the full article
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