Reinsurance News
Addy and Conroy to lead ANV’s newly launched US Transactional Risk Insurance program
18th June 2024
Barcelona-headquartered specialty risks managing general agent (MGA) ANV Global Services, Inc. has launched its Transactional Risk Insurance (TRI) program in the United States. Colin Addy and Greg Conroy will lead the program as Co-Heads of ANV US TRI. ANV’s US TRI will initially underwrite Representations and Warranties Insurance (RWI) on behalf of ... Read the full article
Asian Re achieves 76% increase in net profit in 2023 fiscal year
18th June 2024
Asian Reinsurance Corporation (Asian Re), a regional non-life reinsurer, has reported a substantial 76% rise in net profit to USD 3.21 million for the fiscal year 2023, marking a significant milestone in its financial performance. Underwriting and operating performance metrics are expected to improve in the intermediate term as Asian Re ... Read the full article
GRiP partners with JBA Risk Management to enhance flood risk intelligence in Africa
18th June 2024
GRiP has partnered with JBA Risk Management to offer customers access to the latest flood risk intelligence across Africa. This collaboration will provide insurers using GRiP's platform with valuable flood risk insights to enhance their underwriting for both personal and commercial insurance. Users of GRiP’s platform will gain access to data on ... Read the full article
Global reinsurers’ ROE to remain meaningfully above cost of capital: Artex
18th June 2024
Given recent rate increases and reinvestment rates, it is likely that global reinsurers’ underlying return on equity (ROE) will continue to trend upwards and remain meaningfully above the cost of capital, according to a recent Artex report. Artex's report noted that global reinsurers saw a significant improvement in underwriting profitability and ... Read the full article
Canopius appoints Chris Getty as new cyber underwriter
18th June 2024
Canopius Group, a global specialty and property and casualty (re)insurer, has announced the immediate appointment of Chris Getty as Cyber and Technology Underwriter. Getty will enhance Canopius’ cyber and technology capabilities and will report directly to Mike Shen, Head of Cyber & Technology for the London Market. Shen added: “Chris is a ... Read the full article
UK life insurance market sees positive growth amid emerging risks: AM Best
18th June 2024
Credit rating agency AM Best maintains a stable outlook for the UK life insurance segment, highlighting strong growth in pension risk transfers and the positive impact of higher interest rates on investment yields. Pension-related products continue to drive substantial growth in the UK's life insurance segment. These products are projected to ... Read the full article
Scott Sykes to lead Amphitrite’s newly launched cargo division
18th June 2024
Amphitrite Underwriting London, a marine specialist managing general agent (MGA), has announced the appointment of Scott Sykes as Head of its newly formed Cargo Division, which has recently secured capacity from Lloyd’s. Sykes, who has over 35 years of experience in Lloyd’s and international markets. He spent the last 14 years ... Read the full article
Intensified regulatory scrutiny on EU life insurers potentially hitting profits: Moody’s
17th June 2024
Moody's, a credit rating agency, has released a report emphasising intensified regulatory scrutiny on European Union life insurers to ensure their products deliver "value for money," potentially impacting profitability and operational strategies, particularly for unit-linked and hybrid products. Since 2018, reports from the European Insurance and Occupational Pensions Authority (EIOPA) have ... Read the full article
WTW names Len Graziano Casualty Strategy & Execution Leader for CRB NA
17th June 2024
Global advisory, broking, and solutions firm WTW has appointed Len Graziano as Casualty Strategy and Execution Leader within Corporate Risk and Broking, North America (CRB NA). Graziano joins WTW from Aon, where he led the Excess Casualty practice, managing a team of brokers focused on casualty risk solutions for clients. In his ... Read the full article
June US SCS flooding spurs anticipation of hundreds of millions in insured losses: Aon
17th June 2024
Aon, a professional services firm providing risk, retirement, and health solutions, has released a weekly catastrophe report showing that since June 11, Southern Florida has faced substantial financial losses due to prolonged and excessive rainfall and severe convective storms (SCS). This has led to significant flash flooding and expected economic and ... Read the full article
Allianz appoints Vanessa Maxwell as Global Head of Cyber & Financial Lines
17th June 2024
Allianz Commercial has recently announced the appointment of industry veteran Vanessa Maxwell as Global Head of Cyber, alongside her current role as Global Head of Financial Lines. In this dual capacity, Maxwell will report directly to Shanil Williams, Chief Underwriting Officer at Allianz Commercial. She will oversee Cyber and Financial Lines as ... Read the full article
KMC & TSA enter into program administration agreement
17th June 2024
Knight Management Company (KMC) has agreed to provide paper to write reclamation, commercial, and contract surety to Triangle Surety Agency (TSA) and provide access to KnightBrook Insurance Company (KBIC) paper. Triangle Surety will act as the program administrator for the program which aims to approximately double the amount of business First ... Read the full article
Cécile Paillard named Generali Group Chief Transformation Officer
17th June 2024
Italy-headquartered insurer Generali has announced the appointment of Cécile Paillard as Group Chief Transformation Officer, effective as of September 2, 2024. Also joining the Group Management Committee (GMC), Paillard will be directly reporting to the General Manager, Marco Sesana. As Group Chief Transformation Officer, Paillard will be responsible for accelerating the company’s ... Read the full article
Proactive risk management key for 2024: Gallagher
17th June 2024
(Re)insurance broking group Gallagher's new report highlights the necessity for businesses and communities to adopt proactive risk management strategies, in light of global uncertainties in 2024. The year is marked by the potential for civil unrest, terrorism, and political violence due to upcoming elections worldwide. In the UK, environmental activism has caused ... Read the full article
Rokstone hires Amato to launch Global Sports Personal Accident portfolio
17th June 2024
Speciality re/insurance MGA Rokstone, which is part of the Aventum Group, has hired 35-year underwriting veteran Graham Amato to launch a new Global Sports Personal Accident portfolio. Launching with A-rated capacity, Rokstone is set to deliver tailored, Lloyd’s-approved wordings for a wide variety of sports including motorsport, golf, tennis, football, as ... Read the full article
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