Reinsurance News
Standardisation of ESG metrics key for re/insurance industry to drive change: Chaucer
30th January 2024
The standardisation of environmental, social, and corporate governance (ESG) metrics across the re/insurance industry is key, as it would help insurers to make more informed decisions, according to Chaucer analysts. An industry-wide standard would further improve the quality of ESG disclosures by insured, experts also highlighted at the re/insurer’s Sustainability Forum ... Read the full article
Zurich NA reshuffles Direct Markets and Crop leadership as Santivasi departs
30th January 2024
Zurich North America has appointed Jason Meador, currently Head of Zurich's crop insurance business, Rural Community Insurance Services (RCIS), to lead the Direct Markets business. The appointment is effective February 1st, 2024, and he will continue to report to Kristof Terryn, Chief Executive Officer, Zurich North America as a member ... Read the full article
The market is gradually progressing towards adequacy and normalising: CEO, AXA XL Re
29th January 2024
Reflecting on the 1/1 2024 renewals, AXA XL Reinsurance's Chief Executive Officer (CEO), Renaud Guidée says that the market is "gradually progressing towards adequacy and normalising." In a report posted by the organisation, he explained that it is extremely important that the industry is getting back to a clearer and more ... Read the full article
Insurers urge European Commission to introduce EU legislation on vehicle data
29th January 2024
Insurance Europe has reported that the region's insurance industry, along with nine other European associations representing independent automotive service providers and consumers, have called on the European Commission’s President, Ursula von der Leyen, to urgently deliver vital EU legislation on access to vehicle data. The group emphasised that after seven years ... Read the full article
SRS agrees to acquire Robus Group from The Ardonagh Group
29th January 2024
Independent insurance company manager Strategic Risk Solutions (SRS), has announced the acquisition of Robus Group from The Ardonagh Group, subject to regulatory approval. Robus operates from Guernsey and Gibraltar and provides professional management services to captive insurers, open market insurers and reinsurers, insurance intermediaries, MGAs, ILS fund managers, and other corporate ... Read the full article
HCI Group targets increased operational and capital flexibility
29th January 2024
Florida-domiciled insurtech, HCI Group, Inc., along with its majority-owned subsidiary, TypTap Insurance Group, Inc., will be modifying its relationship with Centerbridge Partners L.P. as it eyes greater operational and capital flexibility to better position the company for future growth opportunities. One of the strategic steps taken by the company includes the ... Read the full article
Mike Baker named Chief Client Officer of Howden Asia
29th January 2024
Howden, the global insurance group, has named Mike Baker as the Chief Client Officer of Howden Asia, with immediate effect, based in Singapore and reporting to Goh Chye Huat, Chief Executive Officer, Howden Asia. Baker’s remit in the new role is to further develop Howden's large client proposition in the region, ... Read the full article
SecuRisk ensures the availability of reliable data for risk assessment & pricing: WRMS
29th January 2024
In April 2023, Weather Risk Management Services (WRMS), the agriculture and climate risk management firm, launched SecuRisk, a digital-first global parametric insurance marketplace, that aims to address the gaps and challenges in emerging economies regarding insurance coverage. During a recent interview with Reinsurance News, Anuj Kumbhat, Co-Founder & CEO of ... Read the full article
Fortegra launches initial public offering
29th January 2024
Global specialty insurer and a subsidiary of Tiptree Inc., The Fortegra Group, Inc., has announced the launch of Fortegra's initial public offering. According to the announcement, Fortegra has filed a registration statement on Form S-1 with the Securities and Exchange Commission to offer 18,000,000 shares of its common stock to the ... Read the full article
Windstorms Isha and Jocelyn to cause hundreds of millions of EUR in losses across Europe: Aon
29th January 2024
Despite the storms' impacts being labeled as moderate compared to initial projections, the economic losses from Windstorms Isha and Jocelyn are anticipated to climb into the hundreds of millions of euros, according to Aon’s latest weekly cat report released on January 26, 2024. Following substantial wind-related losses caused by earlier storms ... Read the full article
62% of US insurers willing to take more investment risk in 2024: Conning survey
29th January 2024
62% of US insurers have said that they are willing to take more investment risk in 2024, even with concerns rising in regards to election year politics, fiscal/monetary policy, persistent inflation and volatility, according to a recent survey sponsored by insurance asset management firm Conning. According to the survey, risk expectations ... Read the full article
Ardonagh’s MDS appoints Álvaro Mengotti as executive board member
29th January 2024
Álvaro Mengotti has joined the MDS Group, part of The Ardonagh Group, as an executive board member, an appointment that will help accelerate the Group’s Spain and Latin American expansion according to the announcement. At MDS Group Mengotti will work closely with Group CEO José Manuel Fonseca, Group CFO José Diogo ... Read the full article
AM Best upgrades AIG and its P/C insurance subsidiaries’ ratings to “Excellent”
29th January 2024
In a recent development, AM Best has upgraded the Long-Term Issuer Credit Ratings (Long-Term ICRs) of American International Group, Inc. (AIG) and its property/casualty (P/C) insurance subsidiaries to "a+" (Excellent) from "a" (Excellent). The Financial Strength Rating (FSR) of A (Excellent) for AIG PC has also been affirmed. Additionally, the Long-Term ... Read the full article
Disasters in 2023 highlight need for proactive approach to risk mitigation: WTW
29th January 2024
According to the latest edition of WTW's Natural Catastrophe Review, the numerous unanticipated disasters recorded in 2023 have highlighted the need for a "proactive approach" to risk identification, mitigation and adaptation. "In a world increasingly shaped by ageing infrastructure, climate change and urban growth into risk-prone areas, we are now facing ... Read the full article
Suncorp reports total nat cat costs in H1’24 of $568m
29th January 2024
Australian primary insurer Suncorp anticipates the total cost of natural hazard events for H1 2024 to be approximately $568 million, which consists of six significant events during the period. Suncorp's natural hazard allowance for FY24 is $1.36 billion, so the insurer has used less than 50% of its budget at the ... Read the full article
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