Reinsurance News
PERILS raises Turkey earthquakes insured loss estimate to $6.2bn
6th February 2024
Zurich-based catastrophe insurance data provider PERILS AG has updated its insured property market loss estimate for the Kahramanmaras Earthquake Sequence to TRY 117.0 billion, which is approximately $6.2 billion at February 2023 exchange rates. This new loss figure compares to the previous PERILS estimates of TRY 92.8 billion in August ... Read the full article
Marsh names Lorraine Stack as Risk Management Leader, Europe
6th February 2024
Marsh, the insurance broker and risk advising arm of Marsh McLennan, has appointed Lorraine Stack as the Risk Management Leader, Europe, effective immediately. Stack's remit in the new role at Marsh will include responsibility for the portfolio of its largest European clients, supporting them in managing their risk and insurance programmes. She ... Read the full article
Artificial Labs closes £8m Series A+ funding round
6th February 2024
Algorithmic underwriting insurtech, Artificial Labs has raised £8 million in a Series A+ funding round that was led by Augmentum Fintech, with participation from existing investors MS&AD Ventures and FOMCAP IV. From what we understand, Artificial Labs will use the funding to drive growth and continue its rapid expansion across the ... Read the full article
Howden sees organic growth of 13% as FY23 revenue hits £2.4bn
6th February 2024
Global re/insurance broker, Howden Group Holdings, has announced organic growth of 13%, and a 33% rise in revenue to £2.44 billion for the year ended September 30, 2023. Organic growth of 13% is lower than the previous year of 19%, while revenue increased from the £1.84 billion reported for 2022, as ... Read the full article
KatRisk appoints Roger Arnemann to its board of directors
6th February 2024
KatRisk LLC, a catastrophe modelling company founded in 2012, has appointed Roger Arnemann to its board of directors. Arnemann is currently an Executive in Residence at Scale Venture Partners, having previously served as General Manager of Guidewire Analytics. At Guidewire, Arnemann was responsible for building products and driving analytic partnerships, InsurTech investments, ... Read the full article
RiverStone International completes acquisition of Catalina Insurance Ireland
6th February 2024
RiverStone International, the largest provider of legacy solutions in the Lloyd’s market, has completed the acquisition of Catalina Insurance Ireland, an Irish insurance company regulated by the Central Bank of Ireland. RiverStone first announced the acquisition in September of 2023, receiving regulatory approval in January 2024 and officially closing the ... Read the full article
Tysers hires senior brokers to expand MEA and Asia operations
6th February 2024
Specialist insurance broker Tysers has hired Jayees Ibrahim and Elias Nohra in Dubai to expand its Property & Casualty, Construction and Engineering services to clients in the Middle East and Africa (MEA) and Asia. Ibrahim joins Tysers from Aon Re, where he reportedly placed complex risks for clients in MEA and ... Read the full article
Coalition names Laura Stewart UK Claims Leader
6th February 2024
Active cyber insurance provider Coalition, has announced the appointment of Laura Stewart as its first UK Claims Leader, a London-based role. “Coalition’s Active Insurance is a unique solution that helps clients before, during, and after a cyber event. I am delighted to join Coalition at such an exciting time and look ... Read the full article
SCOR grows P&C portfolio 13.6% at Jan reinsurance renewals
6th February 2024
Global reinsurer SCOR saw a rise in estimated gross premium income (EGPI) of 13.6% for P&C business at the January 1st, 2024, reinsurance renewals, above the average Forward 2026 strategic plan assumptions. SCOR notes that in line with its Forward 2026 strategic plan announced in September 2023, the reinsurer grew ... Read the full article
Hanoi Re posts 12% increase in revenue in FY23 results
6th February 2024
Hanoi Reinsurance Joint Stock Corporation (Hanoi Re) has posted a 12% increase in revenue to VND2,990 billion (US$122.8 million) for the full-year 2023, representing a 3% increase from 2022, and a 35% increase in pre-tax profit to VND256 billion. At the same time, Hanoi Re’s total revenue for 2023 is estimated ... Read the full article
WTW names Anthony Borgman as Head of Affinity Great Britain to drive growth
6th February 2024
Global advisory, broking and solutions company WTW, has announced the appointment of Anthony Borgman to the newly created role of Head of Affinity Great Britain. This strategic move marks a significant step in the expansion of WTW's Global Affinity business, following the recent appointment of Paul Lubbers as the US Head ... Read the full article
Gallagher Bassett appoints Manan Sagar as UK CEO
6th February 2024
Gallagher Bassett, the provider of risk and claims management services and a wholly owned subsidiary of Arthur J. Gallagher & Co., has appointed Manan Sagar as Chief Executive Officer (CEO) in the UK. Most recently, Sagar was the Global Head of Insurance at Genesys for more than two years. Here, he ... Read the full article
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
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