Reinsurance News
Labuan IBFC aims to expand in reinsurance and beyond after strong growth in 2023: CEO Nuli
2nd July 2024
Labuan International Business and Financial Centre (Labuan IBFC), an Asian financial hub known for its insurance, reinsurance, Islamic finance, and digital business solutions, achieved significant growth in 2023, with continued expansion expected in 2024 due to its strong regulatory framework and creative strategies, according to Datuk Iskandar Mohd Nuli, Executive ... Read the full article
Cytora enhances underwriting capabilities with Autoaddress’ Address Capture
2nd July 2024
Cytora, a digital risk processing platform, brings fast, reliable, and secure address capture capabilities with the integration of Autoaddress' Address Capture into its underwriting productivity tool. Autoaddress delivers accurate address and geolocation data, which integrated with the Cytora platform will enable substantial operational efficiency and lead to better risk assessment as ... Read the full article
Allianz Trade and BPL enhance data sharing with API integration via Whitespace
2nd July 2024
Insurer Allianz Trade and credit and political risk insurance broker, BPL, have launched a collaboration to transform the way underwriters and brokers share enquiry data using Application Programming Interface (API) integration through the independent digital trading platform Whitespace, a Verisk business. Christophe White, Global Head, Specialty Credit, Allianz Trade, commented: “I ... Read the full article
Howden welcomes four new hires to its aviation division
2nd July 2024
Howden, a global insurance intermediary group, has appointed four new hires to its aviation division, including former Gallagher Partner Matthew Giddings, and hull war expert Mike Hart. As part of the Howden Aviation team, Hart is going to leverage his extensive knowledge and decades of industry experience to support the continued ... Read the full article
French insurers’ ratings remain stable amid ongoing political uncertainty: Fitch
2nd July 2024
Fitch Ratings, a financial analysis and credit rating agency, reports that the political uncertainty in France, stemming from President Emmanuel Macron's call for an early parliamentary election, has not impacted the ratings of French insurers. Although a potential increase in sovereign-related risks might challenge certain factors influencing insurers' ratings, most insurers ... Read the full article
MSCI and Moody’s partner to enhance ESG and sustainability solutions
2nd July 2024
Research provider MSCI and global ratings agency, Moody’s Corporation, have entered a strategic partnership aimed at enhancing transparency in ESG and sustainability and improving decision-making capabilities by leveraging each other's strengths. Under the agreement, MSCI will provide its ESG ratings and content, which evaluate how companies manage financially significant ESG risks ... Read the full article
Marsh McLennan appoints Sarah Triggs as UK Healthcare Industry Leader
2nd July 2024
Marsh McLennan, a global re/insurance broker, has appointed Sarah Triggs to the newly created role of Marsh McLennan UK Healthcare Industry Leader. Based in London, Triggs is expected to join the business in Q3 2024 and will have a reporting line to Charles Beresford-Davies, Marsh McLennan UK Industries Leader. Beresford-Davies commented on ... Read the full article
One80 introduces GeneBridge reinsurance product for gene therapy
2nd July 2024
One80 Intermediaries (One80), an insurance broker based in Boston, announced the launch of GeneBridge, an innovative product designed to reduce the financial burden of high-cost gene therapy claims. Matthew Power, President, One80, commented: “With the number of gene and cell therapies expected to double over the next two years, we saw ... Read the full article
Global reinsurer capital up 4% to new high of $695bn, reports Aon
1st July 2024
Analysis by insurance and reinsurance broking group Aon finds that global reinsurer capital increased by 4% during the first quarter of 2024 to a new high of $695 billion, with growth in both traditional and alternative capital. From the end of 2023 to the end of March 2024, global reinsurer capital ... Read the full article
Miller appoints Kazuhiko Shinkai as Head of Non-Marine Japan Strategy
1st July 2024
Miller, an independent specialist (re)insurance broker, has announced Kazuhiko Shinkai's appointment as Head of Miller Non-Marine Japan Strategy, enhancing their Japanese operations through Lead Insurance Services Limited. Starting on July 1, 2024, Shinkai will manage Miller's Japanese operations and lead the expansion of the non-marine sector locally. Japan is a key growth ... Read the full article
Hong Kong officially begins risk-based capital regime for insurers
1st July 2024
Hong Kong’s risk-based capital (RBC) regime for the insurance industry has officially come into operation as of July 1, 2024. This follows the enactment of the Insurance (Amendment) Ordinance 2023, along with related subsidiary legislation and new guidelines or revised guidelines by the Insurance Authority (IA) that tie in with the ... Read the full article
The Fidelis Partnership Syndicate 3123 begins writing at Lloyd’s
1st July 2024
The Fidelis Partnership and Fidelis Insurance Group have confirmed that Syndicate 3123 (The Fidelis Partnership Syndicate) has formally begun underwriting business at Lloyd’s. The Fidelis Partnership Syndicate was first announced in March of this year, in collaboration with Hampden Agencies, the largest provider of private capital to Lloyd’s. The Fidelis Partnership ... Read the full article
Ryan Specialty announces Tim Turner as new CEO as part of leadership succession plan
1st July 2024
Ryan Specialty Holdings, Inc., an international specialty insurer, has announced that its Board of Directors has unanimously approved a leadership succession plan to be implemented on October 1st, 2024. Under this plan, Patrick G. Ryan, the Founder, Chairman, and Chief Executive Officer (CEO), will transition to the role of Executive Chairman, ... Read the full article
iA Financial Group finalises $170m acquisition of Vericity
1st July 2024
J.C. Flowers & Co. LLC recently announced the successful sale of Vericity to iA American Holdings, a subsidiary of iA Financial Corporation. In October 2023, Vericity entered into a definitive merger agreement with iA American Holdings for an all-cash acquisition valued at approximately $170 million. Under this agreement, iA acquired all ... Read the full article
Gallagher Re finds Florida risk-adjusted rates flat to down 10% at mid-year renewals
1st July 2024
As per Gallagher Re's latest mid-year renewals report, market softening in Florida levelled off and firmed as capacity became less abundant closer to June 1, ultimately leaving risk-adjusted rates on most programs either flat or down by as much as 10%. The report found that programs which were completed in early ... Read the full article
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