Reinsurance News
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
Arno Wijnands appointed Country Manager of Victor Netherlands
7th June 2024
Victor, a global managing general underwriter (MGU), has announced the appointment of industry veteran Arno Wijnands as the new country manager for Victor Netherlands. In his new role, Wijnands will report directly to Tim Carter, Global Chief Underwriting Officer at Victor. Carter expresses enthusiasm for Wijnands’ appointment, stating, “Arno's wealth of experience ... Read the full article
WTW and Guidewire collaborate to enhance underwriting and insurance pricing
7th June 2024
WTW, a global advisory, broking, and solutions company, has announced a new partnership with Guidewire, a provider of software solutions for the insurance industry. This collaboration will enable carriers to quickly integrate WTW and Guidewire’s cloud platforms, enhancing the sophistication and speed-to-market of pricing, rating, and underwriting. Will Murphy, Vice President, Global ... Read the full article
Guidewire appoints Shaji Sethu as SVP & MD of APAC
7th June 2024
Guidewire, a platform provider for property and casualty (P&C) re/insurers, has appointed Shaji Sethu as the Senior Vice President (SVP) and Managing Director of Guidewire Asia-Pacific (APAC). Sethu will report to John Mullen, President and Chief Revenue Officer. His remit will include leading the customer-facing Guidewire teams across APAC, including sales, ... Read the full article
W. R. Berkley and subsidiaries credit ratings revised to positive by AM Best
7th June 2024
AM Best has revised outlooks to positive for W.R. Berkley Corporation and its subsidiaries, which reflects its strong balance sheet and operating performance. The Long-Term Issuer Credit Rating (Long-Term ICR) and Long-Term Issue Ratings (Long-Term IRs) of W. R. Berkley Corporation have been affirmed to positive from stable, as well as ... Read the full article
Mike James appointed chair of Finseca’s board of directors: NFP
7th June 2024
NFP, a middle-market property and casualty broker, benefits consultant, wealth manager and retirement plan advisor, has announced that Mike James has been appointed as chair of Finseca's board of directors. Finseca is an organisation comprising top financial security professionals dedicated to promoting financial and retirement security for individuals, families, and businesses. James, ... Read the full article
The Baldwin Group unveils digital placement platform for cyber
7th June 2024
The Baldwin Group has unveiled Cyber Navigator – its Application Program Interface (API)-connected cyber insurance placement platform. According to the announcement, business insurance buyers will be able to complete a digital application to receive quotes within minutes. As well as this, the platform also provides a competitive cost analysis and comparison of terms ... Read the full article
South Africa extreme weather events continue to test insurers
7th June 2024
The recent severe weather events in South Africa's Southern and Eastern regions since June 1 continue to test insurers’ ability to adapt to climate change, according to S&P Global Ratings. Heavy rainfall and flooding in parts of the Eastern Cape, along with tornadoes in KwaZulu Natal, have caused loss of life ... Read the full article
David Kirk appointed Division President of Chubb Global Markets
7th June 2024
Chubb, a global property and casualty insurance company, has announced the appointment of David Kirk as Division President of Chubb Global Markets, which encompasses the company's London Market wholesale and specialty business, including its Lloyd's operations. Kirk currently serves as Head of Marine & Deputy Chief Underwriting Officer for the division. ... Read the full article
NexPhase’s investment in Insurance Systems Inc. to support growth and expansion
7th June 2024
Private equity firm NexPhase has invested in Insurance Systems Inc. (ISI), a Canada-based provider of enterprise software solutions to the P&C insurance industry, to support the company’s continued growth in its existing markets. The investment, which terms were not disclosed, will also help position ISI for expansion into adjacent markets and ... Read the full article
U.S. P&C industry sees $9.3bn underwriting gain in Q1, CR improves to 94.2%
7th June 2024
The U.S. property & casualty (P&C) industry recorded a $9.3 billion net underwriting gain in the first quarter of 2024, marking a substantial improvement from the $8.5 billion loss recorded in the prior year period, according to global ratings agency AM Best. The turnaround in the personal lines segment was a ... Read the full article
The Geneva Association appoints Lee Yuan Siong as Chairman
7th June 2024
The Geneva Association has revealed that Lee Yuan Siong, Group Chief Executive and President of AIA, was appointed Chairman of the organisation at its spring 2024 board meeting on 5 June, succeeding outgoing Chairman Christian Mumenthaler, CEO of Swiss Re. The Geneva Association’s spring 2024 board meeting came ahead of the ... Read the full article
Guidewire makes strategic investment in Indico Data
7th June 2024
Guidewire, a platform provider for property and casualty (P&C) re/insurers, has made a considerable investment towards a $19 million funding round for Indico Data, a firm which automates critical workflows for enterprises in document-intensives industries, including insurance and financial services. The company's latest funding round was led by .406 ventures, and ... Read the full article
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