Reinsurance News
Ardonagh acquires Mediass and Mansutti S.r.l. to expand European presence
10th June 2024
Ardonagh Italia, a subsidiary of The Ardonagh Group, has finalised its acquisition of both Mediass S.p.A. and Mansutti S.r.l as previously announced. Mediass, founded in 1996 and based in Pescara, serves over 120,000 customers. It provides insurance brokerage services to public enterprises, SMEs, large corporations, and retail clients. In ... Read the full article
Mike Hall joins Fiducia to support UK & European marine cargo, freight and fine art facilities
10th June 2024
Fiducia, a specialty insurance managing general agent (MGA) has announced the appointment of a new senior development underwriter, Mike Hall, to its marine cargo, freight liability and fine art and specie facilities to support UK and European brokers. Joining from Zurich Insurance, Hall brings to his new role 26 years of ... Read the full article
Catastrophe losses may raise rates, reduce homeowner protection: S&P
10th June 2024
As insured catastrophe losses surge, potentially leading to higher rates and diminished homeowner protection, S&P Global Ratings, a provider of credit ratings and research, examines the challenges facing property/casualty insurers. In their recent report, S&P highlight how recent data shows that insured catastrophe losses in the US have soared to over ... Read the full article
Miller expands into Japanese market with senior appointment
10th June 2024
Miller, an independent specialist insurance and reinsurance broker, has appointed industry veteran Tokinori Kono as Head of Non-Marine Broking for its Japanese business, Lead Insurance Services Limited (Lead). This appointment follows Miller’s acquisition of Lead in 2022 and highlights the company’s commitment to expanding its presence in the Japanese market through ... Read the full article
AM Best revises Worldwide Re’s outlook to positive
10th June 2024
Global credit ratings agency AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” (Good) of Worldwide Reinsurance Limited (Worldwide Re) (Trinidad and Tobago). From what we understand, the ratings reflect Worldwide Re’s balance sheet ... Read the full article
Industry veteran Steve Hearn joins AUL board as Non-Exec Director
10th June 2024
Atrium, a specialist insurer at Lloyd's of London, has announced the appointment of Steve Hearn as Non-Executive Director to the Atrium Underwriters Limited board (AUL), subject to regulatory approval. He will be taking over the position from Stephen Riley, who will retire from the board after nine years of valuable service. A ... Read the full article
German Insurance Association expects recent flooding to cost insurers around €2bn
10th June 2024
The German Insurance Association (GDV) reported last week that torrential rains and flooding in Bavaria and Baden-Württemberg, between May 31st and June 4th, is expected to result in insured losses of around €2 billion (USD 2.15bn). The floods damaged homes, businesses, infrastructure, and farmland across parts of southern Germany, prompting the ... Read the full article
AmTrust welcomes legal specialists to Canadian team
10th June 2024
Headquartered in New York, AmTrust Financial Services, Inc., an insurance holding company, warmly welcomes seasoned legal expense specialists Kevin Le Messurier-Girling and Victoria Girling to its international team, enhancing its presence in Canada and bolstering efforts to advance within the legal expenses sector. “We are excited to welcome Kevin and Victoria ... Read the full article
Shipping losses hit historic low amid rising risks: Allianz review
10th June 2024
Allianz Commercial’s annual Safety and Shipping Review reveals a historic low in shipping losses despite escalating risks from geopolitical tensions and climate change. In 2023, the global count of large ships lost dropped significantly to 26, down over a third from the previous year's total of 41. Over the past decade, ... Read the full article
Rachael Dugan joins Cover Whale as General Counsel & Corporate Secretary
10th June 2024
Insurtech, Cover Whale Insurance Solutions, Inc., has hired Rachael Dugan as the company's first General Counsel & Corporate Secretary, where she will report directly to Chief Executive Officer (CEO), Dan Abrahamsen. In the role, she is expected to lead all legal, compliance, corporate governance and regulatory affairs matters for the company. In ... Read the full article
Managing the rising risks of SRCC: Pande, Swiss Re
10th June 2024
According to Mohit Pande, Chief Underwriting Officer of Property at Swiss Re, the impacts of Strikes, Riots, and Civil Commotion (SRCC) are at an all-time high, underscoring the urgent need for effective risk management and mitigation strategies within the re/insurance industry. Pande states, “From the French riots in 2023 to the ... Read the full article
Tremblay to lead WTW’s ICT Canada P&C practice
10th June 2024
WTW, a global advisory, broking, and solutions company, has named Jean-Francois Tremblay as the head of the Property & Casualty (P&C) practice within Canada for the Insurance Consulting and Technology (ICT) division. Tremblay has extensive experience in various technical, operational, and strategic capacities, including pricing, product management, underwriting, and risk ... Read the full article
Just’s DB business reaches milestone of 400 transactions
10th June 2024
Just Group’s defined benefit (DB) business has completed 400 bulk annuity transactions, reaching a milestone since entering the market in 2012. The life insurer launched with the vision of using the Group’s underwriting expertise and innovation credentials to deliver compelling solutions to trustees demanding the best support and outcomes for scheme ... Read the full article
AM Best revises global reinsurance industry outlook to positive
9th June 2024
Rating agency AM Best has revised its sector outlook for the global reinsurance industry from stable to positive, citing an expectation of robust reinsurer profit margins and saying it expects underwriting discipline will be maintained. This is the first time AM Best's outlook for the global reinsurance market has been positive ... Read the full article
Third-party capital to remain relevant for reinsurers to reduce increased nat cat risk: S&P
7th June 2024
Third-party capital is expected to continue growing and to remain an important way for reinsurers to reduce natural catastrophe risk, according to S&P analysts. According to a recent S&P report the risk level of natural catastrophes - influenced by climate change, urbanisation, and inflation - is high, a trend that will ... Read the full article
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