Reinsurance News
Ocean Re appoints Neil Bramley as Global Head of Treaty Underwriting
20th May 2024
Ocean International Reinsurance Company Ltd. (Ocean Re) has appointed Neil Bramley as the Global Head of Treaty Underwriting, based out of London. Bramley is a market veteran with over 24 years of experience. Prior to this role, he served as a Specialty Account Executive at reinsurance broker, Gallagher Re for over ... Read the full article
Tokio Marine’s international business posts 99.8% rise in profit in FY23
20th May 2024
Tokio Marine Holdings' international business has reported a 99.8% increase in profits for 2023, at JPY 436.9 billion, which the company attributes towards a strong underwriting result, as well as investment income, and the reversal of the impact of COVID-19 in Taiwan. North America produced the strongest performance at JPY 359.9 billion, ... Read the full article
Brokerslink adds Alexandra Littlejohn to its Board
20th May 2024
Brokerslink has appointed Alexandra Littlejohn, the Executive Vice President and Managing Director at Alliant Retail Property & Casualty, to its Board of Directors. Littlejohn replaces Jamie Crystal as Alliant’s nominated member on the Brokerslink board. She is an industry veteran and brings over 36 years of experience having spent several years at ... Read the full article
There is plenty more to come for the Cyber ILS market: Norris, Gallagher Securities
20th May 2024
With Beazley securing an additional $160 million of reinsurance with its second 144A cyber catastrophe bond, PoleStar Re Ltd. (Series 2024-2), as we reported last Friday, Theo Norris, Head of Cyber ILS, Gallagher Securities, has said that there is "plenty more to come for the Cyber ILS market." Gallagher ... Read the full article
MS Reinsurance’s 2023 profit soars to $366m as CoR improves
20th May 2024
MS Reinsurance has revealed that against a backdrop of significant loss activity, continued inflation and geopolitical uncertainties, it still produced a net profit of $366 million for the full year 2023, much improved from a net loss of $50 million in 2022. Profits in 2023 were reportedly driven by favourable non-cat ... Read the full article
Rising death rates in England and Wales pose longevity risk for pension schemes
20th May 2024
In 2023, there was a notable increase in registered deaths in England and Wales, highlighting the emerging challenge of longevity volatility for pension schemes. Recent data from the Office for National Statistics (ONS) reveals that the number of registered deaths in England and Wales rose by 0.7% in 2023 compared to ... Read the full article
Concirrus appoints Ruth Polyblank as Director, Product Strategy
20th May 2024
Concirrus, a provider of insurance intelligence, has appointed Ruth Polyblank as the Director of Product Strategy. In her new role, Polyblank's remit will include spearheading Concirrus' product vision and innovation strategy. As an industry veteran with 24 years of experience, she will also be leveraging her deep understanding of technology and insurance ... Read the full article
Innovation key if London Market is to maintain its primacy: LMG
20th May 2024
Caroline Wagstaff, CEO of the London Market Group (LMG), has observed that if London is to remain the place where the world brings its risks, action must be taken at both a firm and market level to make specialty insurance a destination career for young people. Wagstaff's comments come as part ... Read the full article
UK to be Europe’s most attractive spot for financial services investment in 2023: EY
20th May 2024
The UK has accelerated its lead as the most attractive destination for financial services investment foreign direct investment (FDI) into financial services over other European markets, according to EY’s latest Attractiveness Survey for Financial Services. Having attracted 108 financial services projects in 2023 – an increase from 76 projects in 2022 ... Read the full article
Hamilton Insurance rating outlook revised to positive by AM Best
20th May 2024
Bermuda domiciled re/insurer, Hamilton Insurance Group, Ltd., has received a revised outlook for its credit ratings from AM Best from stable to positive. The ratings agency has also upgraded the Financial Strength Rating to “A” (Excellent) from “A-” (Excellent) and the Long-Term Issuer Credit Ratings of “a” (Excellent) from “a-” (Excellent) ... Read the full article
Applied Systems & Bravo Networks to support client money management in Applied Epic
20th May 2024
Applied Systems Europe has announced an expanded partnership with Bravo Networks in order to support client money management for Applied Epic brokers. According to the announcement, the partnership has enabled Applied Systems to complete architecture enhancements that deliver new reporting functions and compliance assurances, ultimately allowing Bravo Networks to support brokers ... Read the full article
Farmers Insurance to resume California commercial multi-peril business from August
20th May 2024
Farmers Insurance has plans to resume accepting new business commercial multi-peril applications for auto service & repair, habitational, manufacturing, real estate and wholesale distribution policies in California, effective August 1st, 2024. This decision follows the insurer's recent decision to lift its temporary moratorium on writing new commercial automobile insurance policies in ... Read the full article
Earnix and Exavalu to bring rating flexibility and modernise pricing with partnership
20th May 2024
Earnix, a provider of AI-based SaaS solutions, has partnered with Exavalu, an insurance digital advisory and system integration consulting firm, to help property and casualty (P&C) insurance carriers modernise pricing and rating flexibility. In a turbulent insurance market, where traditional pricing models are inflexible and antiquated, this partnership aims to combine ... Read the full article
US health insurers see revenue growth but margins face pressure in 2024: AM Best
20th May 2024
In 2023, publicly traded health insurance companies in the US experienced continued growth, with total GAAP revenue increasing by 10.4% to $1.07 trillion. However, a new report from AM Best suggests that future profitability may face challenges as government programme returns to normal levels. Titled "Revenue Grows but Margins Are Pressured ... Read the full article
Brazil floods: rising toll and mounting economic losses, says Aon
17th May 2024
Following recent floods in the Brazilian state of Rio Grande do Sul, the region grapples with escalating casualties and significant financial repercussions. According to insurance and reinsurance broker Aon's weekly cat report released on May 15, national authorities have confirmed that the total economic losses now surpass BRL9 billion ($1.75 billion). Meteorological ... Read the full article
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