Reinsurance News
Brown & Brown adds insurance veteran Stephen P. Hearn to board of directors
12th August 2024
Insurance brokerage firm, Brown & Brown has announced the appointment of Stephen P. Hearn to its board of directors. H. Palmer Proctor, Jr., Brown & Brown’s lead independent director and chair of the Nominating/Corporate Governance Committee of Brown & Brown’s board of directors, said: “Steve has established himself as a fixture ... Read the full article
Hiscox launches Google Cloud-backed GenAI underwriting model
12th August 2024
Global specialist insurer Hiscox has gone live with its Google Cloud-backed generative artificial intelligence (AI) underwriting model for sabotage and terrorism insurance quotes. Considered the London insurance market’s first underwriting model of its kind, the model was developed as a proof of concept in December 2023 in collaboration with Google ... Read the full article
ARC returns to profit in 2023 as product expansion continues
12th August 2024
African Risk Capacity (ARC) Ltd., the parametric insurer and financial affiliate of the ARC Group, has released its 2023 annual report, revealing a net profit of $13 million, a significant recovery from a $29 million loss over the past two years. According to the firm, the net profit was largely driven ... Read the full article
Aventum confirms development of AI underwriting assistant
12th August 2024
Aventum, an international insurance and reinsurance group, is investing in the development of an innovative AI Underwriting Assistant, following its inaugural Bear Cave Innovation Challenge. Every member of staff across Aventum was encouraged to pitch ideas for how to drive revenue growth, boost efficiency, improve the workplace, or achieve sustainability advantage. The ... Read the full article
The Mutual Group names Patrick Markowski SVP and COO
12th August 2024
TMG Insurance Services, LLC (The Mutual Group), an integrated insurance operations platform serving the mutual industry, has announced the appointment of Patrick Markowski as senior vice president and chief operating officer. AS COO, Markowski will lead strategic operations, technology, new member onboarding and integration, and optimization of the underwriting-focused platform at ... Read the full article
Florida’s Yaworsky affirms strengthening property market as Progressive commits
12th August 2024
As Florida's property insurance market improves on the back of reforms, Insurance Commissioner Michael Yaworsky has revealed that Progressive is committed to investing in the state, just days after Hurricane Debby’s landfall in the Big Bend area. The news follows announcements by State Farm and the most recent approval of the ... Read the full article
AM Best issues FSR and credit ratings for Martello Re
12th August 2024
AM Best, a credit rating agency, has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent) to Martello Re Limited, an insurance and reinsurance company based in Hamilton, Bermuda, the outlook for these ratings is stable. Martello Re’s robust balance sheet strength is ... Read the full article
VINARE reports 8.2% y-o-y revenue increase in H1’24
12th August 2024
Vietnam National Reinsurance Corporation (VINARE) has announced its financial results for the first half of 2024, reporting a total revenue of VND1,696 billion, around $68 million dollars, an 8.2% increase year-on-year and attaining 58.1% of the yearly target. The firm’s gross written premium amounted to VND1,607 billion, around $64 million, reflecting ... Read the full article
Howden acquires Help Me Compare Group (ActiveQuote)
12th August 2024
Howden, a global insurance intermediary group, has acquired UK health and life insurance broker, Help Me Compare Group Limited (ActiveQuote) and its subsidiaries (HMCGL), in a move that is set to bolster Howden's position across the health insurance broker market in the UK. Established in 2009 by Richard Theodossiades, HMCGL employs ... Read the full article
Retentions still holding, current P&C market sentiment to persist: Althoff, Hannover Re
12th August 2024
Sven Althoff, Member of the Executive Board for P&C at Hannover Re, said today that the global reinsurer is not expecting a change in P&C market sentiment despite another active period for catastrophe losses, notably from secondary perils. This morning, reinsurer Hannover Re announced a very strong set of results ... Read the full article
Rokstone strengthens leadership with key appointments
12th August 2024
Rokstone, a speciality re/insurance MGA and part of Aventum Group, has announced the appointments of Stuart Lee as Chief Actuary and Martin Thomas as Head of Underwriting Management. These appointments are expected to enhance decision-making and operational excellence across the business. In his new role, Lee will lead and build Rokstone’s dedicated ... Read the full article
Maiden Holdings posts $9.8m underwriting loss in Q2 2024
12th August 2024
Maiden Holdings has reported a $10.0 million net loss for the second quarter of 2024, compared to a net loss of $2.9 million from the second quarter of 2023. At the same time, the firm posted an underwriting loss of $9.8 million for Q2'24, compared to a $9.3 million underwriting loss ... Read the full article
QBE appoints Ed Rainsford as Chief Risk Officer, Australia Pacific
12th August 2024
Global insurer QBE has announced the appointment of Ed Rainsford as Chief Risk Officer for Australia Pacific. Rainsford has been with QBE Insurance for a decade, holding various senior roles. He joins the QBE Australia Pacific business from the QBE Group Risk and Compliance team where he served as Group Chief Compliance ... Read the full article
Aon report reveals cyber insurance shortage as AI risks intensify for EMEA companies
12th August 2024
Aon, a global professional services firm, has released its 2024 Intangible versus Tangible Risks Comparison Report, underscoring the need for businesses across Europe, the Middle East, and Africa (EMEA) to reassess their cyber insurance and intellectual property (IP) protection strategies. This addresses the growing risks linked to generative artificial intelligence (Gen ... Read the full article
Brona Magee to succeed Klaus Miller on the Executive Board of Hannover Re
12th August 2024
Global reinsurer Hannover Re’s Supervisory Board has appointed Brona Magee as a member of the Executive Board, effective January 1st, 2025. Magee succeeds Klaus Miller on the Executive Board, who will remain with the firm in an advisory role. Since April 2023, Magee has successfully overseen the firm's Business Center Life & ... Read the full article
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