Reinsurance News
Naturally moderated P&C price momentum to persist: Goldman Sachs
20th March 2024
According to analysts at Goldman Sachs, the moderating pricing momentum in the Property and Casualty (P&C) sector has persisted in the early months of the year and is expected to continue throughout 2024. Goldman comments, “Price momentum has naturally moderated after the strong increases in 2020-21.” In 2022, there was a price ... Read the full article
Mixed market outlook for cyber insurance in 2024: OAC
20th March 2024
Despite growth expected for cyber insurance in 2024, actuarial consultancy OAC - part of the Broadstone Group - predicts a mixed market outlook in the year as there are some areas of concern that could lead to a major loss event and have the potential for accumulation. According to ... Read the full article
Coterie secures $27m in new capital investment from Hiscox and others
20th March 2024
Coterie Insurance, an insurtech managing general agent (MGA), has recently secured $27 million in new capital investment from Hiscox, alongside various existing investors. Expressing gratitude for this investment, David McFarland, CEO of Coterie, states, "We're incredibly grateful for the recognition and belief in how we're reimagining the small commercial insurance space ... Read the full article
Holborn appoints Luke Kwiatkowski as new SVP and CFO
20th March 2024
Independent reinsurance broker, Holborn Corporation (Holborn), has recently announced the appointment of Luke Kwiatkowski to Senior Vice President (VP) and Chief Financial Officer (CFO). In his role as CFO, Kwiatkowski will oversee all financial aspects of the firm, including strategic financial planning, corporate accounting, financial reporting, and account services. He will report ... Read the full article
Clear Group’s revenue reaches £74.7m in latest results
20th March 2024
The Clear Group has posted its latest annual results to October 31, 2023, which showed strong growth through acquisition and underlying operating profit. According to the firm, revenue increased by 31.7%, reaching £74.7 million, compared to last year's £56.7 million, and EBITDA grew by 33.4%. During the year to October 31, 2023, ... Read the full article
Insurtech Carrot partners with LGI Indonesia to develop BBI solution
20th March 2024
Carrot General Insurance, a South Korean digital insurance company, has partnered with Lippo General Insurance (LGI), Indonesia to develop a Behaviour Based Insurance (BBI) solution. Drawing on its extensive data capabilities and experience, Carrot aims to create essential systems to support LGI's introduction of the BBI product in Indonesia. This involves developing ... Read the full article
The Hartford names Head of NE division sales & underwriting for middle & large commercial
20th March 2024
Property and casualty insurer, The Hartford, has named Matthew Massaro head of sales and underwriting for its Middle and Large Commercial Businesses’ Northeast Division. Massaro has been with the insurer for more than 25 years, most recently serving as Regional Vice President for the firm's Connecticut and Long Island, New York ... Read the full article
Cyber broker veteran Daniel Leahy appointed cyber practice co-leader, BMS
20th March 2024
Independent specialist re/insurance broker, BMS, has hired Daniel Leahy as cyber practice divisional director, where he will be based in London. BMS has confirmed that Leahy will co-lead the company's cyber practice alongside fellow divisional director Simon Meech, and he will also report to BMS cyber strategy director, Monica ... Read the full article
Fidelis MGU unveils rebranding amid solid 2023 performance
20th March 2024
Fidelis MGU, which will rebrand to "The Fidelis Partnership" on the 28th of March, has revealed gross written premium (GWP) grew by 19% to $3.6 billion in 2023, including 39% growth in its Specialty portfolio. According to the firm, GWP is comprised of 62% Specialty, 20% Bespoke and 18% Reinsurance. Fidelis also ... Read the full article
Ardonagh set to acquire Italian broker Mediass
20th March 2024
The Ardonagh Group has agreed to acquire Mediass, an independent Italian insurance broker. Based in Pescara and founded in 1996, Mediass serves more than 120,000 customers, providing insurance broker services to public enterprises, SMEs, large corporates, and retail clients. Mediass will be acquired by Ardonagh Italia, part of Ardonagh Global Partners, and ... Read the full article
United Risk launches new division to manage credit and political risks
20th March 2024
United Risk has recently launched Applied Credit Underwriters, a new division dedicated to managing global risks associated with credit, contracts, and politics. Leading this division is industry veteran Bernie de Haldevang, who steps into the role of CEO. This strategic move is a response to the growing demand for expertise in ... Read the full article
VIG Re’s 2023 GWP soar to €900m as CoR improves at 90.8%
20th March 2024
In its preliminary, unaudited results for the full year 2023, VIG Re has reported that gross written premiums grew by 13.7% to €900.7 million, driven by significant growth of the non-life treaty business across all segments. At the same time, VIG Re revealed that insurance service revenue for 2023 was €819.4 ... Read the full article
Solvency II review to enhance ratios and free capital, says Moody’s
20th March 2024
Analysts at Moody’s Investors Service provide insights into the Solvency II review, highlighting amendments intended to enhance solvency ratios and free up some capital. These modifications to Solvency II were enacted by EU authorities in December 2023 and are anticipated to be implemented by 2026. Alongside a proposal of a framework ... Read the full article
Spire Global partners with NVIDIA to revolutionise AI-driven weather prediction
20th March 2024
Spire Global, an international provider of space-based data and analytics, has partnered with NVIDIA to enhance AI-driven weather prediction, aiming to improve forecasting accuracy and mitigate the impact of extreme weather events. Michael Eilts, general manager of weather and climate at Spire, highlights, “As our world grapples with dynamic shifts in ... Read the full article
Specialty MGA UK names Contasta Head of Treaty, LatAm and the Caribbean
20th March 2024
Managing general agent (MGA) Specialty MGA UK continues to expand its presence in Latin America with the hire of Humberto Contasta as Head of Treaty, Latin America and the Caribbean. In his new role, based in Miami, Contasta will use his more than two decades of experience in the industry to ... Read the full article
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