Reinsurance News
Swiss Re calls for industry focus on European catastrophe loss creep issue
5th June 2024
Swiss Re has proposed an industry focus on the issue of loss creep after natural catastrophe events in Europe, calling it an industry-wide phenomenon, which shows the "pressing need" for a more precise reserve setting after nat cat events. The reinsurance giant explained that achieving this requires up-to-date valuations of what ... Read the full article
SEADRIF selects Gallagher Re as its reinsurance broker and risk advisor
5th June 2024
Global reinsurance broking and advisory firm Gallagher Re has been selected to provide reinsurance broking and risk advisory services to SEADRIF Insurance Company. According to SEADRIF, this appointment includes the placement of reinsurance in international markets and the provision of strategic advisory services for product improvements and business development. Ellen Yong, Chief ... Read the full article
Kathleen Winters joins The Hartford’s board of directors
5th June 2024
Property and casualty insurer, The Hartford has announced the appointment of Kathleen Winters to the company’s board of directors, effective July 1, 2024. Winters will serve on the board’s Finance, Investment and Risk Management Committee as well as the Audit Committee. The insurer also announced that Edmund Reese, who was recently ... Read the full article
MGA Crux launches with DA Strategy support
5th June 2024
Crux Risk Services, a Managing General Agent (MGA) focused on delegated authority underwriting in the Terrorism insurance sector, has been approved by Lloyd’s as a Coverholder. With support by MGA accelerator DA Strategy, Crux was co-founded by Graham Elliott (CEO), formerly of Azur Underwriting, Mike O’Connor (CUO), Rob Dimsey (non-Exec Chairman) ... Read the full article
Guidewire sees Q3 2024 total revenue increase 16% to $240.7m
5th June 2024
Guidewire has revealed that total revenue for Q3 of the fiscal year 2024 was $240.7 million, an increase of 16% from the same quarter in 2023. Guidewire also disclosed that its subscription and support revenue was $138 million in Q3 of 2024, an increase of 28% from the corresponding previous year ... Read the full article
Fairfax Financial names Gobinath Athappan its new Chairman & CEO of Asia
5th June 2024
Canadian financial holding company, Fairfax Financial Holdings Limited has appointed Gobinath Athappan as its new Chairman and Chief Executive Officer of Fairfax Asia. He will also reportedly be appointed Chairman of Singapore Re after regulatory approval. The firm stated that Athappan has done an outstanding job during his 23 year tenure with ... Read the full article
ClimateWise collabs with Howden & MS Amlin on nature-related financial use cases
5th June 2024
ClimateWise, which is part of the Cambridge Institute for Sustainability Leadership (CISL), in collaboration with two of its members, Howden, the global insurance intermediary group, and MS Amlin, Lloyd's global insurer and reinsurer, have developed nature-related financial opportunity use cases. In alignment with the Kunming-Montreal Global Biodiversity Framework (GBF), the financial ... Read the full article
Chubb to acquire Melbourne-domiciled MGA Catalyst Aviation Insurance
5th June 2024
Global insurer Chubb has entered into a definitive agreement to acquire Catalyst Aviation Insurance, a Melbourne-domiciled managing general agent (MGA) specialising in general aviation insurance for the Australian market. The transaction is expected to be completed on or about the end of June and is subject to regulatory and other closing ... Read the full article
Bloomberg Intelligence warns insurers of black swan risk from solar space storms
5th June 2024
Bloomberg Intelligence, a research division of the financial media company Bloomberg LP, warns that major space storms could surpass the financial impact of events like Hurricane Katrina, with disruptions to radio communications, power grids, spacecraft, and satellite navigation, as the current solar cycle peaks in 2025. On May 10, the space ... Read the full article
Toka Tū Ake EQC renews record reinsurance program of $9.2bn
5th June 2024
EQC Toka Tū Ake, or New Zealand’s Earthquake Commission (EQC) in a record move has secured a whopping reinsurance tower of $9.2 billion from 1st June 2024 to protect homeowners from the impact of natural hazards, helping to ensure home insurance remains affordable in the country. The renewal includes $225 million ... Read the full article
Cyber risk viewed as top concern by mid-market leaders: Marsh McLennan Agency
5th June 2024
Mid-market business leaders in the US view cyber, economic, and regulatory risks as the biggest threats to their operations in 2024, according to a new report by Marsh McLennan Agency. The report reveals that 75% of businesses are highly concerned about cybersecurity and data privacy risks, partly due to their increasing ... Read the full article
Charles Taylor names Clay Humphries Exec VP of US P&C
5th June 2024
Charles Taylor, a global provider of professional services and technology solutions to the global insurance industry, has announced the appointment of Clay Humphries as Executive Vice President of Property and Casualty in the United States. In his new role, Humphries will oversee the growth and operational management of Charles Taylor’s property ... Read the full article
AdvantageGo announces ecosystem alliance with Expleo
5th June 2024
AdvantageGo, a provider of commercial insurance and reinsurance software and part of Coforge, has announced a strategic alliance with Expleo, an engineering, quality assurance, and digital consulting company. This new partnership focuses on implementing and assuring the delivery of independent testing strategies for Blueprint Two, Lloyd's digital transformation initiative. Expleo's services will ... Read the full article
Yoann Chassot named Head of Data & AI, EU and Americas, Synpulse
5th June 2024
Synpulse, a management consultancy specialising in the financial services industry, has hired Yoann Chassot as the new Head of Data and AI within the firm's Europe and Americas region. A renowned figure within the industry, Chassot joins Synpulse following a six year tenure at Palantir, where he most recently served as ... Read the full article
Neptune positioned to write over $100bn in insurance with increased capacity for 2024 hurricane season
4th June 2024
Us private flood insurer Neptune Flood has secured over $300 million of premium capacity for the 2024 hurricane season, which is predicted to be more intense compared to other years. The increased capacity positions the company to write over $100 billion in insurance and protect up to 100,000 additional homes and ... Read the full article
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