Reinsurance News
Pro Global reports 12% revenue growth in FY23
7th February 2024
Pro Global has recorded 12% revenue growth for the full year 2023, marking the third consecutive year of double-digit revenue progression for the company. The year also saw the company acquire a specialist Robotic Process Automation (RPA) business (Propel Automation). According to Pro Global, the acquisition is set to further enable its ... Read the full article
Ensurise merges with Risk Cooperative to boost market presence
7th February 2024
Ensurise, LLC, the independent insurance brokerage, has merged with Risk Cooperative in a move that is set to strengthen it's market presence. The merger came into effect on December 19, 2023. Risk Cooperative, which was established in 2014, is comprised of a team of seasoned, certified risk managers and licensed insurance ... Read the full article
Canopius strengthens medical professional liability division with Minetti’s addition
7th February 2024
Specialty re/insurer Canopius Group has announced the appointment of Valentina Minetti as Head of Medical Professional Liability (MPL), effective immediately. Minetti brings to her new role nearly 30 years of healthcare lines and actuarial experience, joining from Coverys Syndicate 1975 where she most recently served as Active Underwriter. Prior to this, ... Read the full article
TMHCCI set to onboard employees from specialist MGA Lavaretus Underwriting
7th February 2024
Tokio Marine HCC International (TMHCCI) has reached an agreement with Marsh Specialty UK to take on certain employees of Lavaretus Underwriting, a specialist MGA and Lloyd’s coverholder focused on the shipping, power and energy sectors. Lavaretus reportedly underwrites a range of specialist products for the construction, operational and business interruption ... Read the full article
Cincinnati Financial posts net income of $1.84 billion in full-year results
7th February 2024
Insurer Cincinnati Financial Corporation has reported a full-year 2023 net income of $1.84 billion, compared with a net loss of $487 million in 2022. For Q4 alone, the firm posted a net income of $1.18 billion, compared with a net income of $1.01 billion for the same quarter of 2022. This came ... Read the full article
Lloyd’s partners with SAP to support economic resilience of Sherbro Island
7th February 2024
Lloyd’s, the world’s oldest insurance and reinsurance marketplace, has partnered with Sherbro Alliance Partners (SAP) to support economic resilience and growth opportunities on Sherbro Island, Sierra Leone. The partnership was cemented by the signing of a Memorandum of Understanding (MOU) at the Lloyd’s iconic headquarters in London. This signals Lloyd's intention ... Read the full article
Cyber exposures pose risk to re/insurers’ financial strength, require careful management: AM Best
7th February 2024
AM Best has warned in a new report that a growing cyber book could present a "material risk to a re/insurer’s financial strength" if it is not carefully managed and appropriately monitored. According to the rating agency, cyber is a line with high levels of product risk requiring expertise and knowledge, ... Read the full article
Aviva and TCS expand partnership to “transform” UK Life customer experience
7th February 2024
Tata Consultancy Services (TCS) has expanded its Aviva partnership with a new 15-year agreement to transform the insurer’s UK Life business and enhance customer experience leveraging the TCS BaNCSTM based platform. The partnership is to serve over 5.5 million Life and Pensions policies further enhancing TCS’ growth momentum in the UK According ... Read the full article
Hannover Re grows book by 6.9% at Jan 1 P&C reinsurance renewals
7th February 2024
German reinsurer Hannover Re has reported that it achieved an inflation and risk-adjusted price increase on renewed business of 2.3% in the 1 January 2024 treaty renewals in traditional property and casualty (P&C) reinsurance. Hannover Re suggests that the market environment for the renewals proved to be more stable than in ... Read the full article
Xenia names Steven Stennett as CEO
7th February 2024
Xenia Broking Group Limited (XBGL), a Brown & Brown group company, has announced the appointment of Steven Stennett as Chief Executive Officer (CEO), taking over the role from Tim Coles. Stennett brings to his new role over 25 years of experience in the trade credit insurance sector, holding leadership roles in ... Read the full article
SURE launches surplus lines homeowners insurance in California to address capacity gap
7th February 2024
SureChoice Underwriters Reciprocal Exchange (SURE), in partnership with SageSure, a managing general underwriter focused on catastrophe-exposed markets, has entered the Californian market with the launch of its surplus lines homeowners insurance. The new product addresses critical capacity gap amid a retrenching market - seven of the state’s largest insurers have restricted ... Read the full article
Golub Capital supports MRH Trowe’s growth strategy with unitranche facility
7th February 2024
Golub Capital, a leading credit asset management firm, has announced its role as Joint Lead Arranger on a unitranche facility to bolster the growth initiatives of German insurance broker MRH Trowe. The financing, structured as a delayed draw term loan, serves to facilitate both organic expansion and strategic acquisitions in line ... Read the full article
MEDVIDA Partners completes acquisition of Metrópolis’ life insurance portfolio
7th February 2024
MEDVIDA Partners, a Spanish insurer, has completed its acquisition of Metrópolis’ life insurance portfolio, representing the first transfer of life insurance savings with-profits portfolios between unrelated entities. According to the announcement, the solution implemented by MEDVIDA Partners results in an economically sound mechanism for both parties to transfer the portfolio. It also ... Read the full article
Hannover Re: 2023 operating result hit by “significantly higher” Q4 reserving
6th February 2024
Global reinsurance firm Hannover Re has warned that when it reports its full-year 2023 results, its operating result for the year will be impacted by a resiliency reserve that has been set "significantly higher" than forecast in the fourth-quarter. Hannover Re sets a property and casualty reinsurance resiliency reserve to balance ... Read the full article
There will be pressure on cat pricing at the April renewals: SCOR P&C CEO
6th February 2024
Jean-Paul Conoscente, the Chief Executive Officer (CEO) of property & casualty (P&C) at French reinsurer SCOR, has said that it is likely that there will be pressure on pricing catastrophe programmes for the April renewals. Speaking during a conference call earlier today, Conoscente explained that SCOR is expecting to see positive ... Read the full article
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