Reinsurance News
Bloomberg reports UK insurance market upheaval with Allianz and AXA rate increases
27th June 2024
The insurance market in the UK is experiencing significant upheaval as Allianz and AXA, two global insurers, implement substantial rate hikes, according to a recent report by Bloomberg Intelligence (BI), a provider of financial analysis and research. Compared to other European markets, the price increases for personal lines in the UK ... Read the full article
IUA details plan to support adoption of London market digital services
27th June 2024
The International Underwriting Association (IUA), which represents companies in the London insurance market, has published the details of a dedicated company market support programme for adopting the new digital processing services in the London market. Last week, the target cutover date for switching to phase one of the single digital ... Read the full article
The Mutual Group appoints Brett Humphrey as SVP & CFO
27th June 2024
The Mutual Group, an integrated insurance operations platform serving the mutual industry, recently announced the appointment of Brett Humphrey as Senior Vice President (SVP) & Chief Financial Officer (CFO). Humphrey, who has nearly 20 years of leadership experience in global financial services, will lead high-performing finance organisations within The Mutual Group. In ... Read the full article
SLC Management unveils SLC Global Insurance Group
27th June 2024
SLC Management, the global institutional asset manager, has launched SLC Global Insurance Group, a dedicated team that will focus on servicing the complex needs of insurance organisations across the globe with bespoke investment solutions. Brett Lousararian, Senior Managing Director, Head of Strategic Client Relationships, SLC Management, commented on the launch: "Bringing ... Read the full article
Anuj Tyagi named as new CEO and Managing Director of HDFC ERGO
27th June 2024
HDFC ERGO General Insurance has recently announced that Anuj Tyagi will be the new Managing Director and Chief Executive Officer (CEO), effective July 1, 2024. Tyagi will be succeeding Ritesh Kumar, who served as the company’s Managing Director and CEO for 16 years. In a recent LinkedIn post, the firm stated, “We ... Read the full article
Re/insurance sector has to be ambitious amid expanding risk environment: Carnegie-Brown, Lloyd’s
26th June 2024
Speaking earlier today in London during Marsh McLennan's Rising Professionals’ Global Forum 2024 event, Bruce Carnegie-Brown, Chairman, Lloyd’s, distilling down on the scope of risk, said that "the greatest challenges of our time are climate change, evolving cyber and technology risks, geopolitics and political violence and financial risk." According to Carnegie-Brown, ... Read the full article
California FAIR Plan to add commercial policies starting July
26th June 2024
The California FAIR Plan Association, a consortium of all insurers licensed to provide property insurance in the state, will expand its clearinghouse to include commercial policies such as those for farms and condominiums, beginning July 1. This expansion follows the enactment of Senate Bill 505 (Rubio) in 2023, reflecting a concerted ... Read the full article
Zurich’s D’Urso to join RSA Risk Managed Property team
26th June 2024
Global insurance provider RSA Insurance has appointed Caroline D’Urso as Senior Underwriter in its Risk Managed Property team, part of its UK Specialty Lines business. The executive, who has over a decade of industry experience, will be based in London, starting her role on August 27. D’Urso will be responsible for underwriting ... Read the full article
Gallagher Re expects low-teens organic growth in Q2 amid sustained reinsurer discipline
26th June 2024
Speaking with analysts at KBW, Gallagher President, Thomas J. Gallagher, has anticipated low-teens reinsurance organic growth in Q2 of 2024, including sustained reinsurer discipline with property pricing slightly down but with rising aggregate demand heading into a potentially active hurricane season. In discussions between analysts at KBW and Gallagher executives at ... Read the full article
Strategies for mitigating natural catastrophe risks: BaFin
26th June 2024
With climate change intensifying the frequency and severity of natural catastrophes, insurers and reinsurers are under increasing pressure to adapt and enhance their risk management strategies, prompting Germany's financial regulator BaFin to outline crucial options for risk reduction. BaFin emphasises two primary strategies for risk reduction: geographical diversification and product variety. ... Read the full article
Insurers must pay attention to heightened geopolitical risk, Broadstone
26th June 2024
Insurers can no longer avoid the need to explicitly quantify geopolitical risk in their pricing, modelling and risk management processes, says Broadstone, the independent pensions, employee benefits, investment and insurance consultancy. Broadstone's latest Insurance Risk Monitor states that the current decade is shaping up to be one of the most unprecedented ... Read the full article
Oceanview Secure Re launches in the Cayman Islands
26th June 2024
Oceanview Holdings Ltd., a provider of annuities and reinsurance solutions, has established its new subsidiary, Oceanview Secure Reinsurance Ltd., in the Cayman Islands. The new subsidiary has been awarded a Class D Insurer's license by the Cayman Islands Monetary Authority (CIMA). This strategic expansion strengthens Oceanview's ability to deliver innovative reinsurance solutions ... Read the full article
Consilium launches new cargo offering, Cooper appointed Senior Partner
26th June 2024
Consilium, the global speciality re/insurance broking business of the Aventum Group, has launched its new Lloyd’s-backed Cargo Stock Throughput offering, and has appointed Jack Cooper as Senior Partner. With a broad Cargo appetite, covering general, niche and complex Stock Throughput risks, Consilium aims to use its approach that combines global Speciality ... Read the full article
CEA names Tom Welsh as its new CEO
26th June 2024
The Governing Board of the California Earthquake Authority (CEA), California’s largest provider of residential earthquake insurance, has appointed Tom Welsh, currently the Chief Legal & Compliance Officer, as its new Chief Executive Officer (CEO), effective immediately. The CEA is governed by a five-member Governing Board comprised of voting members Governor Gavin ... Read the full article
UK midsize firms wary of cyber insurance: Coalition
26th June 2024
A study by Coalition, a cyber insurance provider, reveals that many IT security leaders in midsize UK businesses are wary of cyber insurance, with only one in five (19%) respondents reporting a positive experience with it. The survey, conducted earlier this year with 500 senior cybersecurity professionals from mid-sized UK firms, ... Read the full article
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