Reinsurance News
Marsh reports 30% increase in transactional risk claims in 2023
26th March 2024
Marsh, the insurance broker and risk advisor subsidiary of Marsh McLennan, has reported that despite the slowest annual period for US dealmaking in six years, its North America team successfully placed 1,046 transactional risk policies. The broker's clients in North America reported 240 transactional risk claims in 2023, representing a 30% ... Read the full article
Marsh unveils cyber group captive for clients seeking more insurance stability
25th March 2024
Marsh, an insurance broker, risk advisor and business of Marsh McLennan, has unveiled Edgware Re Ltd., a group captive insurance company that has been created for organisations "seeking more control and stability in their cyber insurance programs." Based in Bermuda, Edgware Re is a cyber-only group captive that will only transact ... Read the full article
Miller bolsters Onshore energy practice with senior appointments
25th March 2024
Specialist re/insurance broker Miller has bolstered its Onshore energy practice team with four appointments, naming Adam Barber-Murray to lead the team as Head of Onshore. In this new role, Barber-Murray will focus on midstream and downstream oil and gas, petrochemicals, power and renewables risks. He joins from Willis Towers Watson, where he spent ... Read the full article
Increasing demand for audit coverage of AI-related risks
25th March 2024
According to a survey conducted by Gartner, the rapid growth and usage of generative artificial intelligence (GenAI) has led to a significant surge in the demand for comprehensive audit coverage of AI-related risks. In August 2023, Gartner surveyed 102 chief audit executives (CAEs) to assess the importance of providing assurance across ... Read the full article
RSA appoints Tony Collman as Property Director for UK Specialty Lines
25th March 2024
Global insurance provider RSA Insurance has appointed Tony Collman as the Property Director in its UK Specialty Lines business, effective immediately. Collman has been leading the Property business on an interim basis since December 2023, after Neil Cryer departed the business. In his new role, Collman's remit will include responsibility for ... Read the full article
Chaucer enters weather insurance market with new parametric product
25th March 2024
Global specialty re/insurer Chaucer has entered into the weather insurance market with a new parametric weather product to cover non-damage business interruption. The new product aims to provide coverage for weather-related losses for weather events that fall outside a pre-established range of variables such as temperature, wind speed or precipitation. Chaucer has ... Read the full article
Manulife & RGA complete largest ever Canadian universal life reinsurance deal
25th March 2024
Manulife Financial Corporation has agreed to reinsure CAD 5.8 billion (USD 4.4 billion) of reserves of low ROE Canadian universal life block to RGA Life Reinsurance Company of Canada. RGA Life Reinsurance Company of Canada, a subsidiary of global life and health reinsurer RGA, and the Manufacturers Life Insurance Company, a ... Read the full article
US P&C industry records $21.2bn net underwriting loss in 2023: AM Best
25th March 2024
According to global credit rating agency AM Best, the US property & casualty (P&C) industry recorded a $21.2 billion net underwriting loss in 2023, which slightly improves upon the $24.9 billion loss recorded in the prior year. These preliminary results are detailed in a recent report released by Best. From what we ... Read the full article
Ageas decides against firm offer to acquire Direct Line after rejections
25th March 2024
Ageas SA/NV has stated that following the rejection of the two recent attempts to engage with the Board of Directors of Direct Line Insurance Group plc, it will not make an offer for the firm. Brussels-headquartered insurer Ageas was not able to identify additional elements based on publicly available information that ... Read the full article
Everest broadens Williamson’s role to steer global underwriting businesses
25th March 2024
Bermuda-based Everest Group has promoted Jim Williamson to lead its reinsurance and insurance businesses. Williamson currently serves as Everest’s EVP, Group Chief Operating Officer and Head of the Company’s Reinsurance Division, where he has reportedly delivered record results and profitability. In his expanded role, which includes head of the insurance division, Williamson ... Read the full article
B.P. Marsh completes sale of its entire shareholding in Paladin
25th March 2024
B.P. Marsh and Partners, the specialist private equity investor in early-stage financial services businesses, has completed the sale of its entire shareholding in Paladin Holdings Limited, the holding company of CBC UK Limited. B.P. Marsh has revealed it received a £42.1 million initial cash consideration from the disposal of its 43.8% ... Read the full article
Saudi Re names Ahmed Ali Al Jabr as Acting CEO
25th March 2024
Saudi Reinsurance Company (Saudi Re) has announced the appointment of Ahmed Al-Jabr as Acting Chief Executive Officer of the Company, effective April 1, 2024. The company’s board members greenlighted the appointment on March 15, 2024, while the insurance authority granted its approval on March 21. Al-Jabr, who has more than 25 years ... Read the full article
BMS expands Finpro division with three key hires
25th March 2024
Independent specialist re/insurance broker BMS has bolstered its financial and professional risks (Finpro) division by hiring Tom Spraggs, Richard Austwick, and Tom Woolcott, who will each join the division following the fulfilment of their contractual obligations. The trio will be based in London, where they will report to Drew Harvey, director ... Read the full article
IRDAI makes regulation changes to develop India’s reinsurance sector
25th March 2024
In a move aimed at fostering a conducive insurance regulatory environment and aiding the systematic development of the country's reinsurance sector, the Insurance Regulatory and Development Authority of India (IRDAI) has announced the approval of eight principle-based consolidated regulations. According to the IRDAI, these changes mark a significant milestone in regulatory ... Read the full article
Apollo announces Builders’ Risk Consortium in partnership with Munich Re Syndicate and TMHCCI
25th March 2024
Independent specialist re/insurer Apollo has partnered with Munich Re Syndicate Limited (MRSL) and Tokio Marine HCC International (TMHCCI) to lead its recently launched Lloyd’s Marine Builders’ Risk Consortium. Apollo’s new consortium, which went live earlier in 2024, builds on an established arrangement in which the re/insurer has partnered with MRSL since ... Read the full article
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