Reinsurance News
Significant cat activity and casualty loss reserves to mark Q2 2024: JMP Securities
17th July 2024
Insurer results for the second quarter of 2024 are expected to be highlighted by an elevated level of catastrophes, ongoing concerns around casualty loss reserves, and negligible mark-to-market impacts on investment portfolios, JMP Securities has commented. This year’s second quarter has seen significant catastrophe activity, with severe convective storms (SCS) throughout ... Read the full article
Enstar EU promotes Crossley to CEO
17th July 2024
Enstar EU has promoted Nick Crossley to Chief Executive Officer (CEO), subject to regulatory and Board approvals. The executive will replace Paul Brockman, who has served as Interim CEO of Enstar EU since January 2024. However, it has been confirmed that Brockman will retain his position as Group Chief Operating Officer. Crossley has ... Read the full article
Oxbridge Re’s SurancePlus partners with Zoniqx on tokenized reinsurance contracts
17th July 2024
Cayman Islands-based reinsurer Oxbridge Re's Web3-focused subsidiary, SurancePlus Inc., has signed a partnership agreement with Zoniqx, a digital asset manager, designed to expand SurancePlus’ footprint as it aims to revolutionise the reinsurance industry by leveraging blockchain technology to tokenize reinsurance contracts. Oxbridge Re and its subsidiaries are engaged in tokenized Real-World ... Read the full article
Century acquisition grows EPIC’s employee benefits practice and P&C lines
17th July 2024
EPIC Insurance Brokers & Consultants has expanded its footprint in the Pacific Northwest region of the US with the acquisition of Oregon-based firm Century Insurance Group, LLC, a specialist in employee benefits and commercial and personal P&C solutions. Century will tap into EPIC’s specialised services and technology-driven insurance solutions, strengthening its ... Read the full article
CFC appoints Bryan Joseph and Oliver Corbett as Independent Non-Executive Directors
17th July 2024
CFC, an insurance provider specialising in emerging and cyber risks, has appointed Bryan Joseph and Oliver Corbett as Independent Non-Executive Directors to its Board. Louise O’Shea, Group Chief Executive Officer, CFC, commented, "Both Bryan and Oliver understand the challenges of taking thriving businesses forward to become truly global-spanning organisations, whilst preserving ... Read the full article
Rising US homeowners insurance costs driven by nat cat losses and inflation: Triple-I
17th July 2024
Homeowners insurance costs in the US have been on the rise since COVID, largely due to increased losses from natural catastrophes and persistent inflation, according to the Insurance Information Institute (Triple-I). Despite more frequent and intense extreme weather events in recent years, many Americans are moving to regions like the Southeast ... Read the full article
Poll suggests AI threats will drive the biggest cyber losses for re/insurers
17th July 2024
A recent poll from Reinsurance News suggests that AI-powered threats will drive the biggest losses across the cyber re/insurance market over the next two years. Hundreds of people from across the insurance and reinsurance industry responded to the poll. Of this, nearly half of respondents (45%) said that they expect AI-powered threats ... Read the full article
William Shaw becomes Texel Deputy CEO with Jonathan Crossfield as CFO
17th July 2024
The Texel Group, a specialist credit and political risk insurance broker, has announced a number of senior appointments, including William Shaw’s promotion to Deputy CEO. Based in London, Shaw was promoted to his new role from his Managing Director of Texel Asia PTE ltd (Texel Asia) position in Singapore. Taking over the ... Read the full article
S&P upgrades VIG rating to A+ with stable outlook
17th July 2024
S&P has awarded Vienna Insurance Group (VIG) an excellent "A+" rating with a stable outlook. This places VIG among the top-rated companies in the Austrian Traded Index. The Group’s reinsurance company, VIG Re, based in Prague, also received an "A+" rating with a stable outlook. S&P attributes this high rating to VIG's ... Read the full article
Michael Wyss becomes DUAL Swiss Managing Director
17th July 2024
DUAL Europe has announced the appointment of Michael Wyss as Managing Director of DUAL Swiss, bolstering the company’s leadership team as the business positions itself to grow its market share in Switzerland. DUAL Swiss’s primary lines of business include Engineering & Construction, Financial Lines, Cyber, Fine Art & Specie, and M&A. As ... Read the full article
Centerbridge & Gallatin sell up to 21.5% of Phoenix to Affinity and other investors
17th July 2024
International and Israeli investors have agreed to acquire up to 21.5% of Phoenix Group Holdings, an Israeli financial group, from investment firms Centerbridge Partners and Gallatin Point. The investment involves the sale of 4.95% of Phoenix shares to Affinity Partners, a global investment company headquartered in Miami. Additionally, approximately 6.5% of the ... Read the full article
Allianz to acquire majority stake in Singapore’s Income Insurance
17th July 2024
Allianz Group, a global insurer and asset manager, through its wholly owned subsidiary Allianz Europe B.V., has offered Singapore-domiciled insurer Income Insurance a pre-conditional voluntary cash general offer to acquire at least 51% of its shares. This strategic move will propel Allianz from the ninth to the fourth largest composite insurer ... Read the full article
WTW boosts international casualty team with three key hires
17th July 2024
Global insurance broker WTW has announced a series of major hires for its international casualty team, based in the firm's London office, part of the direct and facultative global line of business. Firstly, the company has appointed industry veteran Sam Barnes as a director, having previously held several broking roles at JLT ... Read the full article
Assurant expects $46m cat loss for Global Housing segment in Q2
17th July 2024
Assurant has revealed that it expects its Global Housing segment to record approximately $46 million pre-tax, or $36 million after-tax, of reportable catastrophes for Q2 of 2024. As per the firm, no single event is anticipated to exceed $15 million in pre-tax losses in Q2. Assurant explained that reportable catastrophe losses were ... Read the full article
WTW bolsters its Private Equity and Transaction Solutions, CRB NA team with new hires
17th July 2024
WTW, an advisory, broking, and solutions firm, has appointed Aartie Manansingh as Head of the Private Equity and Transaction Solutions Industry Group within Corporate Risk and Broking, North America (CRB NA). Jorgen Andersson and Peter Galla will serve as Deputy Heads of the Division. This strategic leadership team has been established ... Read the full article
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