Reinsurance News
Progressive records reinsurance recoverable in property business as May cat losses hit $722m
14th June 2024
Property and auto-focused insurance group, Progressive, has reported significant, net catastrophe losses of $722.1 million for the month of May, leading the firm to record a reinsurance recoverable of $95.1 million in its property segment under its per occurrence reinsurance arrangements. The more than $722 million of net catastrophe losses for ... Read the full article
MS Reinsurance appoints Swiss Re’s Miguel Marin as Head of Data
14th June 2024
Global reinsurer, MS Reinsurance, has announced the appointment of Miguel Marin as the new Head of Data, effective immediately. Based out of Zurich, Germany, Marin will report to Chief Information and Data Officer, Benedikt Schmid, who commented: "As a reinsurer, data is the backbone of our risk assessment and decision-making processes. ... Read the full article
Global trends & promising outlook for MGA & MGU revenues in 2023: Insuramore
14th June 2024
Managing General Agents (MGAs), Managing General Underwriters (MGUs), and cover-holder groups have amassed approximately USD 23.9 billion in revenues worldwide in 2023, according to a recent report by industry analysis firm Insuramore. The bulk of this revenue, ranging between 70% and 75%, stemmed from direct commercial P&C insurance, while the remaining ... Read the full article
Davies enhances risk services in North America as Afirm brand retires
14th June 2024
Davies, a provider of professional services and technology for insurance and regulated markets, has announced two senior leadership appointments and the rebranding of Afirm, known for its premium audit, loss control inspection, and risk mitigation services. Afirm will now operate under the Davies name as part of its expansion in the ... Read the full article
Insured losses in Germany from Central Europe floods could hit $3.2bn: Moody’s RMS
14th June 2024
Estimated insured losses in Germany from the Central Europe Floods will likely fall within the range of €2 billion to €3 billion (US$2.1 billion to US$3.2 billion), Moody’s RMS Event Response has stated. Heavy and persistent rainfall fell across central European areas between May 28, and June 3, with major flooding ... Read the full article
SCOR’s Léger & Lloyd’s Neal to lead Insurance Europe’s RAB
14th June 2024
SCOR's CEO Thierry Léger and Lloyd’s CEO John Neal have been appointed chair and vice-chair of Insurance Europe’s Reinsurance Advisory Board (RAB) respectively. Thierry Léger takes over from Gen Re’s Charlie Shamieh, who has held the RAB chairmanship since June 2023. A well-known figure in the reinsurance industry, Léger has 25 years ... Read the full article
Aventum names MS Amlin’s Uden Head of Learning & Development
14th June 2024
International re/insurance group Aventum has appointed a new Head of Learning & Development, Jeff Uden. In his new role, Uden will work collaboratively with the wider HR team across all aspects of Aventum’s holistic talent strategy including appraisals and engagement, growth and development, culture and performance, training academy and apprenticeships. With over ... Read the full article
UK cyber insurance market becomes increasingly “buyer-friendly”, Marsh
14th June 2024
The UK cyber insurance market has become increasingly “buyer-friendly”, with an abundance of capacity and intense competition among insurers driving rate decreases, according to Marsh's Q1 2024 cyber insurance report. At the same time, generative AI (GenAI) continues to be a rapidly evolving risk, with its impact on cybersecurity under scrutiny ... Read the full article
Ascendent Re sees Q1 net income increase as assets grow over $100m
14th June 2024
Cayman Islands-based annuity reinsurer Ascendant Re has revealed that its Q1 2024 net income was $18.06 million, up considerably compared to Q4 2023's figure of $6.66 million. Meanwhile, Ascendant Re's total assets increased by $18.05 million in Q1 2024 to $112.27 million. At the same time, the firm's net book value per ... Read the full article
Trisura Group reveals new senior management team
14th June 2024
Trisura Group Ltd, a specialty insurance provider operating in surety, risk solutions, and corporate insurance, announces several senior management appointments across the organisation. Richard Grant, who has been with Trisura Canada since its inception, has been appointed Chief Underwriting Officer. Initially leading the Corporate Insurance practice and most recently serving as ... Read the full article
Dynamic Re partners with Tokio Marine HCC to enhance Financial Lines solutions
14th June 2024
Dynamic Reinsurance (Dynamic Re) recently announced a business synergy agreement with Tokio Marine HCC – Financial Lines to collaborate on joint opportunities within Financial Lines. Dynamic Re, an underwriting agency based in the United States, provides property facultative and treaty reinsurance to brokers and insurance companies in Latin America and the ... Read the full article
AM Best revises Florida Family Insurance Company outlook to stable
14th June 2024
AM Best has revised the outlooks of Florida Family Insurance Company and its subsidiary, Florida Family Home Insurance Company, from negative to stable, a move that reflects improvement in its operating performance due to more strict underwriting guidelines. Together, Florida Family Insurance Company and Florida Family Home Insurance Company, make up ... Read the full article
Malaysian Re and Pacific Life Re extend MoU on sustainable retakaful solutions
14th June 2024
Malaysian Re and Pacific Life Re Limited, Singapore Branch have signed an extension of their Memorandum of Understanding (MoU) on providing sustainable retakaful solutions to Takaful Operators. This collaboration was first established in 2019, and since then, Malaysian Re's Retakaful Division (MRRD) has worked with Pacific Life Re to provide ... Read the full article
Markel names Jamie Carsey as Chief Claims Officer, US & Bermuda
14th June 2024
Markel, the insurance operations within the Markel Group Inc., has appointed Jamie Carsey as Chief Claims Officer to oversee US and Bermuda claims operations within the company's Specialty division. Carsey joined Markel in 2017 and has since held various positions within the insurer, most recently as Senior Managing Director, Claims – ... Read the full article
AM Best expects Asian Re’s underwriting and operating performance to improve
14th June 2024
AM Best, a global credit rating agency for the insurance sector, has reaffirmed Asian Reinsurance Corporation (Asian Re), a regional non-life reinsurer, with a Financial Strength Rating of B+ (Good) and a Long-Term Issuer Credit Rating of “bbb-” (Good), both with a positive outlook. AM Best expects that Asian Re’s execution ... Read the full article
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