Reinsurance News
Kin raises $15m in financing from new investor, Activate Capital
6th February 2024
Kin, the digital, direct-to-consumer home insurance organisation, has announced the closing of $15 million in financing from new investor Activate Capital, a growth-stage VC firm that is heavily focused on the sustainable, resilient transformation of the global economy. Kin noted that the investment was made at an increased valuation “greater than $1 ... Read the full article
Ardonagh Advisory acquires Scottish whole of market healthcare insurance broker
5th February 2024
Ardonagh Advisory has grown its presence in Scotland with the acquisition of Glasgow-based Solutions Healthcare Ltd, a whole of market healthcare insurance broker, serving commercial clients and individuals across the UK. The business offers advice on Private Medical Insurance and employee benefits including, life assurance, critical illness and business protection. It ... Read the full article
Organic growth drives portfolio expansion for CCR Re at Jan 1 reinsurance renewals
5th February 2024
CCR Re, the French reinsurer, took advantage of "slightly tougher reinsurance rates" at the January renewals as the firm wrote almost €840 million of premiums, an increase of 11% year-on year. The January 1st, 2024, reinsurance renewals accounts for roughly 65% of CCR Re's portfolio. The reinsurer notes that more than half ... Read the full article
Howden names David Shalders as Group COO
5th February 2024
David Shalders is set to join global insurance and reinsurance broking group Howden as its new Chief Operating Officer (COO) once his contractual obligations to his current employer have been discharged. Shalders will join Howden as an executive member of the Howden Group Board and will also join the Global Leadership ... Read the full article
Lloyd’s launches USD Enhanced Yield Liquidity Fund on investment platform
5th February 2024
Lloyd’s, the global insurance and reinsurance marketplace, has unveiled its inaugural public asset fund, the USD Enhanced Yield Liquidity Fund, available on the Lloyd’s Investment Platform. The fund aims to present an investment alternative to long-term strategic cash reserves at Lloyd’s, focusing on higher returns, optimal liquidity, and efficient Solvency II ... Read the full article
Didier Lechien named Head of Underwriting Performance & Reinsurance, Lloyd’s Europe
5th February 2024
Lloyd’s, the world’s oldest insurance and reinsurance marketplace, has appointed Didier Lechien as Head of Underwriting Performance and Reinsurance at Lloyd's Europe, based in Brussels. "I'm happy to communicate that the scope of my responsibilities at Lloyd's Europe is extended. As of now, I'll be managing the Underwriting Performance and Reinsurance. ... Read the full article
Rokstone appoints Travis Bowles as Head of Claims
5th February 2024
Aventum Group’s international insurance and reinsurance MGA, Rokstone, has appointed Travis Bowles, formerly of AXIS Capital, as its new Head of Claims. The MGA explains that this appointment supports its belief that a sophisticated and efficient claims function is vital to meeting the expectations of first division carriers and broker partners, ... Read the full article
CNA sees net income increase to $367m in Q4 2023
5th February 2024
Chicago-based insurer CNA Financial Corporation has published its financial results for the fourth quarter of 2023 reporting a net income of $367 million, a 54% increase compared to the $239 million in the prior year quarter. Net investment gains for the quarter were $5 million compared to net investment losses of ... Read the full article
The decision is in the data. How accounting is evolving in a Gen AI world
5th February 2024
In uncertain times, trustworthiness comes from accurate, actionable, and timely data. And data-driven insights can power a forward-looking approach to accounting, according to executives at BlackRock®. Especially for insurers, data is key, as it acts as the “raw material for competitive innovation, risk management, and decision-making power,” said Griff Norquist, U.S. ... Read the full article
Rob Neighbour to become BMS Energy Divisional Director
5th February 2024
Independent re/insurance broker BMS has announced the appointment of Rob Neighbour as Divisional Director, BMS Energy, a London-based role and report to Alex Collier, Director of Energy at BMS. According to the announcement, Neighbour will take over his new position following the completion of his contractual obligations at Alesco Risk Management ... Read the full article
Selective Insurance lifts property cat reinsurance limit to $1.1bn at Jan renewal
5th February 2024
Selective Insurance has disclosed that it successfully renewed its property catastrophe reinsurance program effective January 1 2024, going to market with a $1.1 billion limit in excess of a $100 million retention, compared to its expiring $915 million limit in excess of a $60 million retention. “While the expiring program had ... Read the full article
The Hartford ‘very pleased’ with January 1 reinsurance renewal outcome, says CFO
5th February 2024
U.S. primary insurer The Hartford is "very pleased" with the placements and terms and conditions for its core per occurrence and aggregate reinsurance treaties the company renewed at the January 1, 2024, reinsurance renewals. Alongside the release of its fourth quarter and full year 2023 financial results last week, property and ... Read the full article
WTW unveils parametric insurance protection for endangered South Pacific coral reef system
5th February 2024
Broker WTW, has launched a new parametric insurance policy that will help protect the coral reef system of the South Pacific Ocean’s volcano-formed Lau Group of islands, which is regarded as being one of the most vulnerable and isolated places on Earth. Located on the eastern side of the Fiji archipelago, ... Read the full article
Munich Re forms global parametric NatCat solutions team
5th February 2024
European reinsurer Munich Re has announced the formation of a global parametric team focusing on natural catastrophe risk transfer solutions, bringing together experienced colleagues from around the world. The market for parametric solutions is highly dynamic and still gaining pace. It complements traditional insurance by providing post-catastrophe liquidity and coverage for ... Read the full article
Q4 commercial insurance rates up 2%, 25th straight quarterly increase: Marsh
5th February 2024
Global commercial insurance rates increased by 2% in Q4 of 2023 (down from a 3% increase in Q3), marking the 25th consecutive quarter of rate increases, according to Marsh's Global Insurance Market Index. Marsh observed that rates were again "relatively consistent" across almost all regions in Q4, largely driven by a ... Read the full article
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