Reinsurance News
India’s GST Council exempts reinsurance and coinsurance from taxation
26th June 2024
India's 53rd GST Council meeting has announced a decision that reinsurance commissions and co-insurance premiums will no longer be considered taxable services, providing significant relief to the insurance and reinsurance industry. Last year, several top insurance companies reportedly received tax notices for allegedly failing to pay relevant taxes from July ... Read the full article
GFIA warns IAIS ‘disproportionate’ focus on climate risks could overshadow other risk drivers faced by insurers
26th June 2024
The Global Federation of Insurance Associations (GFIA) warns against a ‘disproportionate’ focus on climate risks in its response to a consultation by the International Association of Insurance Supervisors (IAIS) on the supervision of climate risks in the insurance sector. GFIA is concerned about the proposed changes to the Insurance Core Principles ... Read the full article
Chubb remains the largest writer of cyber insurance: AM Best
25th June 2024
Global insurer Chubb remains the largest writer of cyber insurance in the US, with direct premiums written (DPW) in 2023 amounting to roughly $574 million, according to AM Best. Our table of the top 20 cyber insurers by premiums written in 2023, is based on research data ... Read the full article
Former Fortitude Re CEO Bracken named Zurich NA CFO
25th June 2024
Zurich North America has hired insurance executive James Bracken as Chief Financial Officer, succeeding Peter Hirs, who is set to return to Zurich Insurance Group in Switzerland as Group Head of Mergers & Acquisitions. As Zurich North America CFO, Bracken will be tasked with overseeing Actuarial, Financial Accounting and Reporting (FAR), ... Read the full article
inDrive teams up with MIC Global for driver accident and medical coverage
25th June 2024
MIC Global (MIC), a provider of comprehensive embedded micro insurance solutions, is teaming up with inDrive, an international platform specialising in mobility and urban services, as well as local insurers. Their goal is to introduce advanced micro insurance options to inDrive drivers and passengers globally, starting in Latin America. These offerings will ... Read the full article
Hamilton Global Specialty appoints Niamh O’Brien as new Chief Actuary
25th June 2024
Hamilton Global Specialty, an underwriting platform of Hamilton Insurance Group, has recently announced the appointment of Niamh O’Brien as Chief Actuary. In her new role, O’Brien will report directly to Wilfred Chin, who was recently promoted to Group Chief Actuary at Hamilton Group. Alex Baker, Group Chief Risk Officer at Hamilton Insurance ... Read the full article
Swiss Re’s US P&C outlook remains favourable following best Q1 in over 15 years
25th June 2024
After consistently weak sector results for almost two years, the US P&C insurance industry registered its best opening quarter underwriting result in over 15 years in 2024, according to a new report from Swiss Re. The re/insurer observed that strong premium gains and easing claims cost inflation contributed to a combined ... Read the full article
Lockton sees 15% rise in revenue as its reinsurance arm achieves impressive growth in FY24
25th June 2024
Lockton, Inc., the independent and privately held insurance brokerage, has reported global revenue of $3.55 billion for its fiscal year to April 30th, 2024, supported by solid growth at its reinsurance arm, Lockton Re. Overall, Lockton saw a 15% rise in global revenue from the $3.09 billion seen in the prior ... Read the full article
Bionic underwriting enhances business agility and enables faster decision-making: Earnix
25th June 2024
As the re/insurance sector continues to evolve with technology, the underwriting process has seen considerable changes made in recent years, with the term bionic underwriting slowly making headwinds across the industry. Bionic underwriting leverages generative artificial intelligence (GenAI), large language models (LLMs) and machine learning (ML) to automate labour-intensive tasks across ... Read the full article
Northern Re partners with Jaffa for asset management
25th June 2024
Northern Re, a reinsurance firm focused on long-tail casualty business, has announced an asset management partnership with Jaffa Capital Management, LLC, an insurance and reinsurance investment manager. Through this partnership Northern will have access to Jaffa’s expertise in fixed income, guided by investing and insurance veterans Mark Zarkhin and Nathan Lord, ... Read the full article
James Robinson Joins Bermuda Board of CatX
25th June 2024
CatX, the digital marketplace that connects re/insurers and brokers with alternative capital, has appointed James Robinson to its Bermuda Board of Directors, who brings over two decades of experience in insurance, reinsurance, finance, and technology. A key figure across the industry, Robinson is known for being the founder of insurance software ... Read the full article
Gallagher’s Artex acquires ICSR
25th June 2024
Artex Risk Solutions, the captive service provider and alternative risk transfer solutions subsidiary of insurance and reinsurance broker, Arthur J. Gallagher & Co., has acquired Implement Compliance Solutions & Resources Limited (ICSR). ICSR, based in London, specialises in providing consulting and support services related to compliance, governance, risk, and operations primarily ... Read the full article
Cytora partners with e2Value to give commercial underwriters new insights into risks
25th June 2024
Cytora, a digital risk processing platform, has entered into a partnership with a provider of property valuation solutions, e2Value, to give commercial underwriters new insights into risks by integrating e2Value’s data directly into Cytora’s risk processing platform. The integration will enable commercial, agricultural, and residential property insurance underwriters to instantly gain ... Read the full article
SRG to acquire specialist schemes broker SISL
25th June 2024
Insurance industry intermediary, Specialist Risk Group (SRG), has agreed to acquire specialist schemes broker, Strategic Insurance Services Limited (SISL), subject to regulatory approval. Based in West Sussex, UK, SISL was established in 1997 and provides a number of deeply specialist schemes with established relationships with insurers, brokers and financial services clients ... Read the full article
COGITANDA partners with Everest and IQUW to expand cyber offering
25th June 2024
European cyber-insurance specialist COGITANDA has partnered with insurance giant, Everest and specialty re/insurer Lloyd’s Syndicate, IQUW to develop and expand its cyber product offering to clients with annual revenues of up to €250 million in Germany and Austria. Previously, COGITANDA's offerings were tailored to businesses with turnover of up to €100 ... Read the full article
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