Reinsurance News
American Coastal sees solid improvement in net income in Q4
5th March 2024
American Coastal Insurance Corporation (ACIC), the property and casualty insurance holding company, has reported a $14.3 million net income attributable to the firm for the fourth quarter of 2023, compared to a net loss of $296.8 million for the fourth quarter of 2022. ACIC confirmed that of this income, $17.1 million ... Read the full article
Specialty MGA UK appoints Duncan Urquhart Senior Underwriter for C&E
5th March 2024
Specialty MGA UK has expanded its global expertise with the appointment of Duncan Urquhart as Senior Underwriter for Construction and Engineering. Urquhart holds over four decades of experience, having spent most of his career in London, Hong Kong and Australia. In Asia, he led the Willis Towers Watson Construction Practice based in ... Read the full article
AM Best turns negative on US D&O insurance
5th March 2024
AM Best’s recent market segment report highlights the challenges facing the directors and officers liability insurance (D&O) sector in the US. The risks associated with D&O have significantly increased amid the ever-evolving business world, attributed to factors such as heightened competition, regulatory pressure, rising settlement costs, emerging technology risks, talent retention ... Read the full article
Everest Insurance Intl. hires Aviva’s Coghlin as Head of Fine Art and Specie
5th March 2024
Everest Insurance International, a division of Bermuda-based insurer and reinsurer Everest Group, Ltd., has hired Giles Coghlin as Head of Fine Art and Specie, where he will be based in London. He joins the firm following a two year tenure at Aviva, where he most recently served as Head of Fine ... Read the full article
Lockton Re appoints Brian Lewis to lead Cyber Practice in North America
5th March 2024
Lockton Re, the reinsurance arm of the privately held independent insurance broker, has appointed Brian Lewis as Senior Broker leading the Cyber Practice for North America, based in the firm's New York office. Lewis has deep expertise in cyber and has over two decades of insurance broking and underwriting experience. Most ... Read the full article
Miller posts record revenues of £240m in FY23
5th March 2024
Miller, the independent specialist re/insurance broker posted its results for the full-year 2023, which included record total revenues of £240 million, representing a 26% increase from 2022, driven by 19% organic growth and positive contribution from 2022 acquisitions. At the same time, the company also recorded total Gross Written Premium (GWP) ... Read the full article
Gallagher names Nick Harris CEO of its UK & Ireland Retail Division
5th March 2024
Gallagher has appointed Nick Harris as CEO of its UK & Ireland Retail Division, subject to regulatory approval. Harris joins Gallagher from Marsh, where he was CEO of its Pacific Division, a position he took up when the business purchased JLT in 2019. Before this, he spent several years in a ... Read the full article
Hiscox Re & ILS sees record profit of $221.4m in 2023, CoR drops to 69.8%
5th March 2024
Hiscox Re & ILS, the international reinsurance and insurance-linked securities (ILS) arm of the Hiscox Group, has revealed an undiscounted combined ratio of 69.8% for the full year 2023, and a record profit before tax of $221.4 million in "an active year for natural catastrophe losses". Hiscox Re & ILS also ... Read the full article
Juniper Re to launch in Bermuda with Chris Hayward as Head of Office
5th March 2024
Juniper Re, the reinsurance broking arm of BRP Group, has received approval in principal from the Bermuda Monetary Authority (BMA) to launch its Bermuda-domiciled subsidiary Juniper Re Bermuda, Ltd., which will be led by Chris Hayward as Head of Office. Juniper Re Bermuda will be licensed by the BMA as an ... Read the full article
CIAB Q4’23 P/C market report: premium increases decelerate amid rising client concerns
5th March 2024
In the Q4 2023 report by The Council of Insurance Agents & Brokers (CIAB) on the Commercial Property/Casualty Market, premium increases have persisted for the 25th consecutive quarter, but at a slower rate. The average increase across all accounts is 7%, down from 8.1% in the previous quarter. However, there's ... Read the full article
Aegon reports net loss for FY23, CEO up for re-election
5th March 2024
Life insurer and asset manager Aegon has announced its second half 2023 financial results, reporting a net result of €0 million, and a net loss of €199 million for the full-year. At the same time, the Netherlands-headquartered insurer revealed it is planning to re-elect CEO Lard Friese for a further four ... Read the full article
Aon hires Suzanne Hughes as Head of Credit Solutions, Ireland
5th March 2024
Re/insurance broker Aon has announced that Suzanne Hughes has joined the company as Head of Credit Solutions, Ireland. In the role, she will hold responsibility for leading Aon's Credit Solutions business and client strategy in Ireland, in close cooperation with the firm's central and international teams. She joins the broker with over ... Read the full article
Helios appoints Adhiraj Maitra as COO
5th March 2024
Helios, the investment vehicle which provides shareholders with a spread participation at Lloyd’s, has appointed Adhiraj Maitra to the newly created role of Chief Operating Officer (COO). Maitra joins Helios from Canopius where he served as Group Head of Sustainability. He reportedly holds 17 years of experience across a breadth of technical ... Read the full article
Allianz completes acquisition of Tua Assicurazioni from Generali
5th March 2024
Allianz, a leading insurer and asset manager, has completed the acquisition of Tua Assicurazioni S.p.A. from Assicurazioni Generali S.p.A., an Italian global insurance and asset management provider. The acquisition was announced in October 2023, and the transaction was completed at a consideration of €280 million. The transaction is in alignement with ... Read the full article
ARC payouts exceed $170m as parametric insurer celebrates 10th anniversary
4th March 2024
African Risk Capacity Limited (ARC Ltd.), the parametric insurer and financial affiliate of the ARC Group, has paid out over $170 million in claims to support vulnerable communities since its inception. Founded in 2014, ARC Ltd. celebrates its 10th year of establishment with the intent to help governments better respond to ... Read the full article
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