Reinsurance News
Reinsurance market stable as signs point to better conditions for cedents at June 1: Doyle, MMC
18th April 2024
John Doyle, President and CEO of broking group Marsh McLennan (MMC), said earlier today that reinsurance market conditions remain stable, and that early signs suggest a better environment for cedents at the June 1 Florida catastrophe risk renewals. Speaking during the MMC first quarter 2024 earnings call, Doyle and Dean Klisura, ... Read the full article
Generali reveals new organizational structure
18th April 2024
The Board of Directors of Generali, chaired by Andrea Sironi, has approved a new organizational structure to reflect its main activities proposed by Philippe Donnet, Group Chief Executive Officer. Effective June 1st 2024, the Generali Group will operate as a diversified financial group focused on two main businesses, namely Insurance and ... Read the full article
McGill names Suroiwal Partner in its Treaty Reinsurance team
18th April 2024
McGill and Partners has appointed Abhishek Suroiwal as Partner in its Treaty Reinsurance team. Suroiwal joined McGill and Partners in 2022 as an Associate focusing on AI, data science and data engineering. Before this, he worked as a Data Scientist at AXA UK, where he designed and developed machine learning models using ... Read the full article
Applied Underwriters to sell Centauri to Arbol subsidiary Lilypad Insurance
18th April 2024
Applied Underwriters has revealed its plan to sell Centauri Insurance to the newly formed Arbol subsidiary, Lilypad Insurance. The transaction is subject to regulatory approval and is anticipated to close within the next 45 days. As per Applied, Lilypad Insurance, consolidated with the Florida and Louisiana domiciled Centauri companies, will address the ... Read the full article
Allianz completes sale of stake in Allianz Saudi Fransi to ADNIC
18th April 2024
Allianz Group, a global insurer and asset manager, has announced the completion of the disposal of its 51% stake in Allianz Saudi Fransi to Abu Dhabi National Insurance Company (ADNIC), a multiline regional insurance provider ADNIC is based in the United Arab Emirates and listed on the Abu Dhabi Stock Exchange. The ... Read the full article
Allstate pegs total catastrophe losses for Q1 2024 at $731m
18th April 2024
U.S. primary insurer Allstate has estimated that total catastrophe losses for Q1 of 2024 were $731 million, pre-tax, much below the $1.69 billion recorded in Q1 of 2023. The firm also disclosed catastrophe losses for March 2024 of $328 million or $259 million, after-tax. As per Allstate, March catastrophe losses included ... Read the full article
Low penetration, extensive reinsurance suggests UAE flooding will be manageable for insurers: AM Best
18th April 2024
Analysis by AM Best discloses that low insurance penetration, coupled with extensive reinsurance cover, should keep the cost borne by United Arab Emirates (UAE) primary insurers at a manageable level after the recent extreme weather that caused severe flash flooding. Rating agency AM Best suggests the flash flooding has caused a ... Read the full article
S&P assesses insurers’ risks amid Middle East conflicts
18th April 2024
As Iran's attacks on Israel risk an escalation, and with the ongoing Israel-Hamas conflict expected to persist, risks to insurers remain, although, at present, insurers in Israel, the Gulf region, and Europe are not significantly affected, according to S&P Global Ratings. Currently, S&P believes foreign insurers’ exposure to Israel through insurance ... Read the full article
Guy Carpenter’s revenue rises to $1.1bn in Q1’24
18th April 2024
Guy Carpenter, the reinsurance broking arm of Marsh McLennan (MMC), recorded a 7% rise in revenue in the first quarter of 2024 to $1.1 billion, as MMC President and CEO, John Doyle, welcomes a "terrific start" to 2024 for the global broking group. The company's reinsurance arm sits within its Risk ... Read the full article
Chloe Gordge promoted to Markel’s Head of Terrorism in London
18th April 2024
Markel, the insurance operations within Markel Group Inc., has announced the promotion of Chloe Gordge to Head of Terrorism in London, effective immediately. In her new role, Gordge will lead the day-to-day running of Markel's London Terrorism portfolio. She will have responsibility for leading and implementing the team's underwriting strategy, ... Read the full article
MGA Rokstone launches free D&O Limit of Indemnity Calculator for brokers
18th April 2024
Speciality re/insurance managing general agent (MGA) Rokstone, which is part of the Aventum Group, has launched a free Directors & Officers (D&O) Limits of Indemnity (LOI) Calculator, designed to support brokers partners. The MGAs new tool tackles the current issue of accurately assessing appropriate limits of indemnity for D&O clients. It has ... Read the full article
PURE sees 2023 combined ratio improve, direct written premiums increase 14%
18th April 2024
High net worth insurance specialist PURE Insurance has revealed that its direct combined ratio for 2023 fell to 102.2%, an improvement compared to the last two years, mainly due to stricter underwriting guidelines, pricing enhancements, and management’s efforts to reduce operating costs. However, while the firm noted it is pleased to ... Read the full article
AEGIS London names new members of cyber team
18th April 2024
Lloyd’s insurer AEGIS London has announced the hire of a new underwriting team to focus on building a ‘profitable cyber portfolio’ and strengthen its position in the cyber market. Daniel Johnson has been appointed to the role of class underwriter for cyber and is joined by Lydia Lambert, who becomes cyber ... Read the full article
Convex achieves net profit as FY’23 combined ratio strengthens to 89.6%
18th April 2024
Convex Group, the international specialty insurer and reinsurer, has reported its first annual net profit since inception, announcing 2023 net income of $503.2 million, a significant improvement on the $142.2 million loss seen in 2022. The 2023 net income figure includes the establishment of a deferred tax asset of $67.7 million ... Read the full article
Munich Re bolsters P&C underwriting teams in APAC MEA with revised set-up
18th April 2024
Munich Re is to strengthen its P&C underwriting teams in Asia Pacific, Middle East & Africa (APAC MEA) with a revised set-up, which includes two regional divisions and personnel changes at the senior executive level. As Chief Executive, Hitesh Kotak will lead Munich Re's P&C business in Japan, India, Korea and ... Read the full article
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