Reinsurance News
High number of cargo claims anticipated from stuck vessels following Baltimore bridge collapse
17th April 2024
The build-up of stuck vessels following the Francis Scott Key Bridge collapse will likely give rise to substantial cargo claims, according to Nick Evans, Insurwave’s Head of Product. For those in need of a refresher, on March 26th 2024, the container ship “Dali” reportedly lost power before passing under the major ... Read the full article
Ageas Re to further diversify portfolio with opportunities in Casualty space
17th April 2024
Following the response Ageas Re received from the market in its inaugural year of operation, the company is now looking to expand its portfolio with opportunities in the Casualty space. Ageas stated: “As a key engine for future growth Ageas Re remains set on becoming a full-service reinsurer in the long ... Read the full article
ICEYE raises oversubscribed $93 million growth funding round
17th April 2024
ICEYE, the global provider of satellite-powered disaster management solutions, has signed a definitive agreement for an oversubscribed $93 million growth funding round, led by Solidium Oy. The firm aims to use the funds raised to further accelerate investment in “the world’s largest constellation of SAR satellites and expand the company’s portfolio ... Read the full article
European insurers’ CFOs maintain cautious profit optimism amid challenges: Moody’s
17th April 2024
Moody’s Investors Service analysts highlight that chief financial officers (CFOs) from leading European insurers maintain a cautious sense of optimism regarding profitability, despite facing challenges such as sluggish economic growth and increased competition. According to Moody’s report, the three primary concerns for CFOs in 2024 are sluggish economic growth, financial market ... Read the full article
Travelers starts 2024 with strong Q1 reporting net income of $1.123bn
17th April 2024
Primary insurance group Travelers has published its first quarter 2024 financial results, reporting 16% growth in net income despite an elevated level of catastrophe losses compared to the prior year quarter. The insurer saw its net income rise to $1.123 billion in Q1 2024, a figure that compares to the $975 ... Read the full article
CFC acquires Australian MGA Solution Underwriting
17th April 2024
Specialist insurance provider, CFC, has agreed to acquire Australian managing general agent (MGA), Solution Underwriting, in a move that is set to expand the company's footprint in Australia. Headquartered in Melbourne, with offices located in Sydney, Brisbane and Perth, Solution is a specialist insurance underwriter that particularly focuses on financial lines ... Read the full article
Global Shield boosts climate resilience in Pacific Islands with €10m contribution
17th April 2024
The Global Shield against Climate Risks has supported climate-vulnerable communities of Pacific Island Countries (PICs) through a €10 million contribution by the German Ministry for Economic Cooperation and Development (BMZ), dedicated to the Pacific Catastrophe Risk Insurance Company (PCRIC). This support is provided through the Global Shield Solutions Platform (GSSP), a ... Read the full article
AIG’s David Ho joins Everest Insurance Intl. as Head of Financial Lines, Asia
17th April 2024
Everest Insurance International, a division of Bermuda-based insurer and reinsurer, Everest Group, Ltd. has hired American International Group's (AIG) David Ho as Head of Financial Lines, Asia. Overall, Ho brings over 25 years of financial lines underwriting and management experience towards his new role. Previously, he spent 20 years working at AIG, ... Read the full article
Fiona Kiernan joins Swiss Re’s Life and Health Continental Europe team
17th April 2024
Swiss Re is welcoming Fiona Kiernan to its Life & Heath Continental Europe team as the new Regional Head of Underwriting and Claims, effective July, 2024. In her new role, based in Zurich, Kiernan will be responsible for the development of the Life and Health Underwriting and Claims initiatives in close ... Read the full article
Covéa’s 2023 net income improves amid positive reinsurance developments
17th April 2024
Covéa has reported a net income of €1.48 billion in 2023, up from €896 million in 2022, mainly driven by its reinsurance result, which was bolstered by the full-year integration of PartnerRe. Covéa's net income from reinsurance activities in 2023 was €1.08 billion, up from €857 million in the previous year. ... Read the full article
Cytora and DynaRisk announce partnership to improve cyber risk
17th April 2024
Digital risk processing platform Cytora has partnered with cybersecurity company DynaRisk to help insurers understand and reduce cyber risk. Through this partnership insurers will be able to use DynaRisk’s suite of cyber risk assessment data on Cytora’s platform. This will allow underwriters to immediately be able to take into account a host ... Read the full article
Fleming acquires JRG Re
17th April 2024
Fleming Insurance Holdings has confirmed its agreement to acquire JRG Reinsurance Company Ltd. from James River Group Holdings, Ltd. at the previously agreed upon terms, after the Supreme Court, New York County, Commercial Division issued an order directing Fleming Intermediate Holdings to complete the transaction. James River announced its ... Read the full article
US convective storm activity drives global Q1 insured losses of $20bn: Gallagher Re
17th April 2024
Gallagher Re has estimated that global insured losses from natural catastrophes in Q1 of 2024 were $20 billion, heavily driven by severe convective storm (SCS) activity in the US. According to the global reinsurance broker's Natural Catastrophe & Climate Report, from which all this information was derived, insured losses in Q1 ... Read the full article
SPG names Jennifer Spindler Chief Product Officer for the US market
17th April 2024
Specialty Program Group LLC (SPG), an operator of specialty insurance brokerage, underwriting and consulting facilities, has appointed Jennifer Spindler as Chief Product Officer in the US. In her new role, based in New Jersey, Spindler will be in charge of leading the design and construction of new insurance products and capabilities ... Read the full article
Berkshire (BHSI) appoints Louis du Ché as Country Manager, France
17th April 2024
Berkshire Hathaway Specialty Insurance (BHSI) has recently appointed Louis du Ché to the additional role of Country Manager for France, alongside his current position as Country Manager, Belgium. Alessandro Cerase, Head of Europe at BHSI, remarks, “Louis has been instrumental in establishing our stellar team and growing our presence in Belgium.” Cerase ... Read the full article
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