Reinsurance News
Euro area inflation expected to temporarily fall below 2% in 2024: Swiss Re Institute
20th March 2024
Swiss Re Institute has revealed insights into the inflation trends within the Euro area, anticipating a return to the 2% mark, consistent with expectations of economic normalisation. According to a recent analysis, authored by By ... Read the full article
Corebridge Financial names Deborah Leone as an Independent Director
20th March 2024
American multinational financial services company, Corebridge Financial, Inc., has announced that its Board of Directors elected Deborah Leone as an Independent Director on March 5th, 2024. Peter Zaffino, Chairman of the Board of Directors, Corebridge Financial commented, "We are very pleased to add someone with Deb’s broad experience and background to ... Read the full article
Strong pricing levels for reinsurance propelled ILS market in 2023: AM Best
19th March 2024
According to rating agency AM Best, the strong pricing levels for reinsurance capital was one factor that helped generate a record-breaking year for the insurance-linked securities (ILS) market in 2023. Throughout last year, reinsurance pricing rose in numerous business lines, and notably in property catastrophe, which is where much of the ... Read the full article
Sompo appoints Allen CUO of its Global Markets Commercial P&C business
19th March 2024
Sompo has appointed Richard “Rick” Allen as Chief Underwriting Officer for its Global Markets Commercial P&C insurance business. In the new role, Allen will reportedly work closely with the commercial P&C insurance chief underwriting officers across the UK, Continental Europe, Asia Pacific, Turkey and Brazil, simultaneously "ensuring congruence" with Sompo’s overall ... Read the full article
MS Amlin names Martin Burke as permanent CUO
19th March 2024
MS Amlin, the Lloyd's global insurer and reinsurer, has announced that Martin Burke has been appointed as Chief Underwriting Officer (CUO) on a permanent basis. Burke took up the role as interim CUO in October last year, having previously served in several senior roles since joining the business in 2012. Over the course ... Read the full article
LIIBA clarifies FCA’s territorial scope
19th March 2024
London and International Insurance Brokers’ Association (LIIBA), the representative body for London market insurance brokers, has confirmed with its members that the Financial Conduct Authority’s (FCA) conduct rules do not apply to distribution services carried out outside the United Kingdom. LIIBA shared an email from the FCA that provides written confirmation ... Read the full article
Risk Strategies acquires NA operations of H.W. International B.V.
19th March 2024
Risk Strategies, an international specialty insurance brokerage and risk management firm, has acquired Hugh Wood Inc. (US) and Hugh Wood Canada Limited, the US and Canadian operating entities of global insurance holding company, H.W. International B.V (HWI B.V.). Terms of the deal were not disclosed. Based in New York City, Hugh Wood Inc. provides ... Read the full article
Aon promotes Erich Lowe to Property Leader, Greater New York
19th March 2024
Global re/insurance broker Aon has promoted Erich Lowe to the role of Property Leader for Greater New York, effective immediately. Lowe will report to Brian Simons, Eastern & Southern Region Property Leader and Managing Director for Aon. Simons commented on the promotion, "Erich's embrace of Aon’s analytics strategy is helping a diverse ... Read the full article
Re/insurer ratings across EMEA showing early signs of stabilising: AM Best
19th March 2024
Re/insurer ratings across Europe, the Middle East and Africa (EMEA) have begun to stabilise following difficult market conditions in 2022, according to credit ratings agency AM Best. In a recent report released by the firm, Best notes that despite the uncertain global geopolitical environment, there has been a general stabilisation of ... Read the full article
Lockton announces three new additions to leadership team in India
19th March 2024
Independent insurance broker Lockton has strengthened its business growth in the Indian market with the appointment of three new members, Mukul Bhatia, Irfan Shirwani, and Prasanna Hunur. Bhatia, who has over two decades of experience in insurance distribution, channel management, and business development, has been appointed Managing Director of Lockton in ... Read the full article
Lloyd’s teams with UNCDF to run parametric insurance training in climate vulnerable countries
19th March 2024
Lloyd’s, the world’s oldest insurance and reinsurance marketplace, and the United Nations Capital Development Fund (UNCDF) are set to run parametric insurance training in climate vulnerable countries. According to the announcement, Lloyd's has progressed a partnership with the UNCDF and the Sustainable Markets Initiative’s Insurance Task Force with the delivery of ... Read the full article
High business confidence builds on optimistic outlook for Q2 2024: KPMG UK
19th March 2024
Business leaders in the financial services sector feel optimistic about business growth for the second quarter of 2024 (April-June), with 79% of insurance executives citing confidence about the coming quarter. Research from KPMG UK revealed that 88% of senior executives are confident when it comes to overall business growth in Q2, ... Read the full article
CFC enters carbon insurance market with new product
19th March 2024
Specialist insurance provider CFC has announced its entry into the carbon insurance market with the launch of a "groundbreaking" new product. CFC’s new Carbon Delivery Insurance is reportedly the first to cover both the physical and political risks faced by businesses purchasing voluntary carbon credits on a forward basis. According to CFC, ... Read the full article
Cytora adds former PartnerRe CEO Emmanuel Clarke to global advisory board
19th March 2024
Digital risk processing platform, Cytora has expanded its global advisory with the appointment of Emmanuel Clarke, the former President and Chief Executive Officer (CEO) of Bermuda-based reinsurer PartnerRe. Clarke is an industry veteran with leadership roles across property and casualty (P&C) and specialty lines as well as building out a global ... Read the full article
New research shows UK SMEs are leaving themselves open to cyber threats: Cowbell
19th March 2024
A recent survey commissioned by Cowbell has revealed that the UK's small and medium-sized enterprises (SMEs) lack implementation of best practice cybercrime protocols and are severely unprepared to react to an incident, with only 19% having a recommended cyber incident response plan (IRP) in place. This comes as advancements within AI ... Read the full article
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