Reinsurance News
WTW reveals enhanced investment management insurance solution, IMI Plus
3rd July 2024
Global advisory, broking, and solutions company WTW has revealed the introduction of IMI Plus, an enhanced investment management insurance solution designed to meet the needs of all kinds of asset managers, including wealth managers, hedge funds, private equity firms and real estate strategies. As per WTW, IMI Plus ensures "thorough and ... Read the full article
Korean Re London welcomes David Sungjin Kim as new CEO
3rd July 2024
David Sungjin Kim has become the new Chief Executive Officer of Korean Re London, a position he will hold while also maintaining his role as Director of Korean Re Underwriting Limited (KRUL). Korean Re London is a wholly owned subsidiary of Seoul based reinsurer Korean Re. The executive has been with Korean ... Read the full article
American Integrity reduces its rates by 6.9%
3rd July 2024
Florida domiciled property insurer, American Integrity Insurance, has significantly reduced its rates by 6.9%, benefiting more than 55,000 customers. At the same time, the insurer has revealed that nearly 215,000 homeowners can now enjoy stable rates, with no increases following the annual filing set for mid-July 2024. This rate reduction directly results ... Read the full article
AXA XL names Kathleen Ziegler as COO, Americas Insurance
3rd July 2024
AXA XL, the property & casualty (P&C) and specialty risk division of global insurer AXA, has appointed Kathleen Ziegler as the new Chief Operating Officer (COO) for Americas Insurance business, reporting to Lucy Pilko, Chief Executive Officer, AXA XL, Americas. In her new role, Ziegler's remit includes overseeing and managing the ... Read the full article
Howden expands French presence through AGEO acquisition
3rd July 2024
Global insurance intermediary group Howden has reached an agreement to acquire the AGEO brokerage group, an independent Employee Benefits insurance broker headquartered in Paris. Founded in 1984 by Eric and Maryse Oziebala, AGEO specialises in Employee Benefits, health insurance, policy administration and claims management platform, Retirement & Pensions services and boutique ... Read the full article
Beazley names Sam Franks Country Manager for UK & Ireland
3rd July 2024
Specialist insurer Beazley has announced the appointment of Sam Franks as Country Manager, UK & Ireland, effective immediately. In his new role, based in Birmingham, Franks will focus on the development of Beazley’s UK and Irish regional business outside the Lloyd’s market. At the same time, he will also retain his current ... Read the full article
Reinsurers maintain healthy appetite & stable capacity for US Casualty at July 1: Gallagher Re
3rd July 2024
A new report from Gallagher Re has observed that reinsurers overall maintained a healthy appetite and stable capacity for US Casualty lines at the July 1 renewals. Commenting on the US general third party liability segment of the casualty insurance space, Gallagher Re noted that loss trends remain elevated, and as ... Read the full article
Edward F. McCormack to become CEO of RT Specialty
3rd July 2024
Ryan Specialty Holdings, the international specialty insurance firm, has made a number of executive leadership team promotions for Ryan Turner Specialty (RT Specialty), the company's wholesale brokerage division, effective October 1, 2024. Among these promotions, Edward F. McCormack will become Chief Executive Officer of RT Specialty. McCormack has served as President of RT ... Read the full article
Arthur J. Gallagher & Co. acquires California-based Cornerstone
3rd July 2024
Re/insurance broker Arthur J. Gallagher & Co. has acquired California-based Cornerstone Commercial & Personal Insurance Services, Inc. (Cornerstone) in an undisclosed transaction. Cornerstone has been serving both commercial and personal clients, particularly in San Bernardino and Riverside counties in California. The agency’s specialisation in commercial real estate, construction, and homeowners associations is ... Read the full article
Relation Insurance Services acquires York Insurance in Maryland
3rd July 2024
Insurance brokerage, Relation Insurance Services, has acquired the assets of York Insurance Services, Inc. (York). The transaction went into effect on May 31, 2024. Terms of the transaction were not disclosed. Based in Forest Hill, Maryland, York offers a full range of insurance products including auto, personal and business insurance. “Joining Relation enables us ... Read the full article
Howden Re Japan launches, broker partners with Keystone ILS Capital
3rd July 2024
Howden, a global insurance intermediary group, has entered the Japanese market with the launch of Howden Re Japan, and also announced a new insurance-linked securities (ILS) partnership with Keystone ILS Capital, a boutique consultancy focused on catalysing more active use of ILS in Japan. With Kentaro Tada as Chief Executive ... Read the full article
BHSI expands into Nordic market with new office and key appointments
3rd July 2024
Berkshire Hathaway Specialty Insurance (BHSI) has recently expanded into the Nordic countries with a new office opening in Stockholm, Sweden. The Nordic office will offer services in Executive & Professional Lines, General Property, Energy, and Construction. Andreas Krause, Head of DACH at BHSI, said, “Launching BHSI in the Nordics is an exciting ... Read the full article
Zapata Computing and KPMG UK collaborate to create risk and operational modeling
3rd July 2024
Industrial generative AI company, Zapata Computing Holdings Inc., and KPMG UK, an audit, tax, and advisory services firm, have completed a successful client project to streamline the compliance models of an international insurance firm. By leveraging Zapata’s analytics, optimization, and generative AI capabilities, the project aims to transform the client’s risk, ... Read the full article
Paul named LSM Head of Client & Broker Distribution, Europe
3rd July 2024
Liberty Specialty Markets (LSM), a division of the Liberty Mutual group, has hired a new Head of Client & Broker Distribution, Continental Europe, Karine Paul, who will take over her role with immediate effect. In her new role, Paul has a wide remit across Continental Europe. She will be responsible for ... Read the full article
US P/C industry saw $22bn underwriting loss in 2023: AM Best
2nd July 2024
AM Best reports that the US Property/Casualty (P/C) insurance industry faced another year of underwriting losses surpassing $20 billion in 2023, at $21.7 billion, largely driven by unprofitable private passenger auto and homeowners/farm owners market segments. Together, these sectors incurred a combined net underwriting loss of $32.8 billion in 2023, showing ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
