Reinsurance News
Industry veteran Jacques Bonneau joins Brit Re Board
27th June 2024
Brit Ltd has appointed Jacques Bonneau to the Board of Brit Re as a Non-Executive Director, subject to regulatory approval. Brit noted that Bonneau will bring considerable experience, insight and relationships to the firm as it embarks on a strategic plan to expand its presence in Bermuda across property, casualty and ... Read the full article
Markel names Phil Schmidt as Chief Strategy Officer
27th June 2024
Markel, the insurance operations arm within the Markel Group Inc., has appointed Phil Schmidt as Chief Strategy Officer, effective immediately. Schmidt's remit in the role will include leading Markel's Global Strategy team, based in Bermuda. He's also responsible for engaging with major strategic initiatives and corporate development activities pursued across Markel ... Read the full article
Supercede raises $15m in Series A funding round
27th June 2024
Supercede, a reinsurance tech firm, has completed a $15 million Series A funding round, led by Alven with contributions from Mundi Ventures along with an existing investor roster that included Outward, Seedcamp, MMC Ventures, and AFG Partners. The funds, according to the firm, will be used to advance its mission to ... Read the full article
Surge in cyber insurance market fuelled by regulatory shifts and global tensions: Morningstar DBRS
27th June 2024
Morningstar DBRS, a global credit rating agency, emphasises that cyber insurance is rapidly growing and essential in the digital age, projected to soar to $40 billion by decade's end amidst rising cyber threats and stringent data regulations. Morningstar DBRS highlights that Cyber insurance is a relatively new type of insurance designed ... Read the full article
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
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