Reinsurance News
Urgent need for predictive data to mitigate growing risks of hailstorms in Colorado: Arturo
23rd April 2024
A new report by Arturo, a property intelligence company offering AI-based solutions to insurers, has emphasised the urgent need for predictive data and science-based measures to mitigate the growing risks of hailstorms on homes in Colorado, one of the most hail-prone states in the US. Arturo has published its report as ... Read the full article
Applied Underwriters’ United Risk Division hires Jay Cahill as CFO
23rd April 2024
United Risk Global, the international property and casualty insurance underwriting and distribution platform, and division of Applied Underwriters, has appointed Jay Cahill as Chief Financial Officer (CFO), effective May 1, 2024. The appointment was announced by the firm's Chief Executive Officer (CEO), Dan Malloy. Malloy commented: "We are growing quite rapidly ... Read the full article
Moody’s predicts strong growth in UK BPA market in 2024, boosting life insurers
22nd April 2024
Analysts at Moody’s Investors Service anticipate robust growth in the UK bulk purchase annuities (BPAs) market, projecting strong profits and capital gains for life insurers throughout 2024. Despite the influx of new capital, Moody’s predicts that the balance between supply and demand will remain favourable for current participants, resulting in a ... Read the full article
The Fidelis Partnership appoints new Head of Capacity and Ceded Reinsurance
22nd April 2024
The Fidelis Partnership, previously known as Fidelis MGU, has recently appointed Douglas Somerville as its new Head of Capacity and Ceded Reinsurance. Somerville brings 14 years of industry experience to his new role, offering a wealth of expertise. Before joining The Fidelis Partnership, Somerville spent over five years at reinsurance broker Howden ... Read the full article
Rising insurance costs, coverage changes prompt Florida & California homeowners to move: Redfin
22nd April 2024
A Redfin survey has found that nearly three-quarters (70.3%) of Florida homeowners and over half (51%) of California homeowners have seen a rise in insurance costs or change in coverage in the past year. The survey was fielded to 2,995 homeowners and renters in the United States. According to Redfin’s survey, insurance ... Read the full article
SCOR promotes Lily Song to Head of P&C China
22nd April 2024
French insurer and reinsurer SCOR has made Lily Song, previously the Chief Underwriting Officer (CUO) of China Reinsurance, the new Head of Property and Casualty (P&C) for China. Song took on her new Beijing, China based role in April 2024, having previously served as China Reinsurance CUO from January 2020 to ... Read the full article
Arthur J. Gallagher expands capabilities with Louisiana-based acquisition
22nd April 2024
Re/insurance broker Arthur J. Gallagher & Co. has announced the acquisition of Louisiana-based Fontenelle & Goodreau Insurance, LLC. in an undisclosed transaction. Fontenelle & Goodreau Insurance offers commercial property & casualty coverages specialising in large apartment accounts in the Louisiana market with capabilities nationwide. According to the announcement, Charles Fontenelle and his ... Read the full article
Mulberri and Acronis partner to provide embedded cyber insurance for US SMBs
22nd April 2024
Mulberri, an AI-driven insurance platform, and Acronis, a provider of cyber security and data protection solutions, have partnered to provide cyber insurance to US-based small & medium-sized businesses customers. Through this partnership, Acronis customers can opt-in for Mulberri’s embedded Cyber Insurance directly through the Acronis platform. It also enables Acronis and Mulberri ... Read the full article
AIG announces retirement of David McElroy
22nd April 2024
American International Group, Inc. (AIG), a global insurer, has announced that David McElroy will retire from the group effective May 1st, 2024. The company has confirmed that McElroy and AIG have agreed to accelerate his retirement date for personal reasons and will remain available to the Company. Peter Zaffino, Chairman & Chief ... Read the full article
Aon names Hogg Regional MD, EMEA for Captive and Insurance Management
22nd April 2024
Global insurance and reinsurance brokerage Aon has announced the appointment of David Hogg as the new Regional Managing Director, Europe, Middle East, and Africa (EMEA), for Captive and Insurance Management. Hogg, who has 32 years of experience in the captive industry, has been with Aon since 2008, when he joined as ... Read the full article
Swiss Re enhances Life Guide with AI underwriting assistant
22nd April 2024
Swiss Re has introduced an upgraded version of Life Guide, now featuring Swiss Re Life Guide Scout, a Generative AI-powered underwriting assistant aimed at enhancing efficiency and quality in underwriting. Life Guide, Swiss Re’s manual for Life & Health (L&H) underwriting, serves to provide clients with insights into current and future ... Read the full article
Groupama posts premium income of €17.0bn in 2023, net income stands at €510m
22nd April 2024
French insurer Groupama has posted it's annual results for 2023, which includes a net income of €510 million, and a economic operating income of €627 million, despite an elevated climate-related claims charge (€1.3 billion before reinsurance). At 31 December 2023, the company's combined premium income stood at €17.0 billion, representing a ... Read the full article
MNK Group expands LatAm business with Costa Rica-based insurer acquisition
22nd April 2024
MNK Group, through its holding company Specialty Management UK, is strengthening and expanding its re/insurance businesses in Central America and the LatAm region with the acquisition of Oceánica de Seguros S.A., an insurer based in Costa Rica. With this acquisition, which has been confirmed with Costa Rica’s supervisory authority the Superintendencia ... Read the full article
PERILS raises industry loss estimate for Babet-Aline floods and storms to €691m
22nd April 2024
PERILS, the Zurich-based catastrophe insurance data provider, has disclosed its third industry loss estimate for the floods and storms caused by low-pressure systems Babet (Viktor) and Aline (Wolfgang) over the British Isles and northwestern Europe in October 2023, increasing it to €691 million. PERILS’ previous loss estimates was €683 million, ... Read the full article
Echo Re appoints Pablo Iparraguirre as Senior Underwriter LatAm & Caribbean
22nd April 2024
Echo Reinsurance Limited (Echo Re), a Swiss-based reinsurer, has recently appointed Pablo Andres Lugo Iparraguirre as its new Senior Underwriter for Latin America (LatAm) & Caribbean. Bringing over 18 years of underwriting experience, particularly within the Caribbean market, Iparraguirre adds a wealth of expertise to Echo Re. Prior to joining Echo Re, ... Read the full article
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