Reinsurance News
Arch MI completes acquisition of RMIC Companies
4th June 2024
Arch U.S. MI Holdings Inc. (Arch MI), a wholly owned subsidiary of Arch Capital Group Ltd., has completed it's acquisition of RMIC Companies, Inc. (RMIC) and its subsidiaries that together comprise the run-off mortgage insurance business of Old Republic International Corporation. If you recall, the transaction was first announced in November ... Read the full article
Great American collaborates with APU to enhance its marine cargo program
4th June 2024
Great American Insurance Group’s Ocean Marine division has partnered with Amwins Program Underwriters (APU), part of Amwins’ Underwriting division, to provide comprehensive coverage solutions through its marine cargo and stock throughput program. According to Great American, the relationship with APU will additionally provide it with access to new distribution and revenue ... Read the full article
Barnett Waddingham appoints Kim Durniat as Head of Insurance & Longevity Consulting
4th June 2024
Barnett Waddingham (BW) has announced the appointment of Kim Durniat as new Business Area Leader for its Insurance and Longevity consulting team. Durniat will succeed Scott Eason, who BW recently appointed as one of its new Managing Partners. In her new role, Durniat will be responsible for strengthening BW’s client-focused strategy in ... Read the full article
AXA XL reorganizes insurance operation in the Americas
4th June 2024
AXA XL, the property & casualty (P&C) and specialty risk division of global insurer AXA, has reshuffled its insurance underwriting operations in the Americas, aligning under three business segments: Large Commercial, Mid-Market and Professional. Lucy Pilko, Chief Executive Officer, Americas, AXA XL, commented, "After taking a close look at our structure, ... Read the full article
Swiss Re names Camara Head of P&C Re, Northern, Central & Eastern Europe
4th June 2024
Leopoldo Camara has been appointed Head of Property & Casualty Reinsurance for Swiss Re's business in Northern, Central and Eastern Europe (NCEE) and Country President Germany, effective 1 August 2024. Camara joined Swiss Re in 2005 and has since worked in functions across the firm, including Group Finance, Group Risk Management ... Read the full article
Core Specialty completes acquisition of American Surety Company
4th June 2024
Property and casualty (P&C) insurer Core Specialty has completed its acquisition of American Surety Company (ASC) and Underwriters Surety, Inc. If you recall, the acquisition was first announced in November 2023. The completed acquisition establishes Core Specialty’s 17th specialty business unit, adding to the Bond, Credit & Guarantee subsegment, and also ... Read the full article
Celeste Newson and Keeley Patten join Kova Professions
4th June 2024
Kova Professions (Kova), a managing general agent (MGA) specialising in Professional Indemnity (PI) insurance, has announced the senior appointments of Celeste Newson as Head of Professional Indemnity and Keeley Patten as Senior Underwriter. Kova is a newly established UK MGA led by CEO Kate Albert, offering PI insurance solutions to mid-market ... Read the full article
2023 marks record year for Compre with best results in its 30-year history
4th June 2024
Bermuda-domiciled international specialty reinsurer Compre has revealed that 2023 was the strongest year in its history, with gross insurance reserves under management growing by 112% YoY to $1.6 billion, driven by newly acquired reserves of over $1 billion. Elsewhere in its full-year 2023 results, Compre disclosed that invested assets stood at ... Read the full article
IRB (Re) reports improved net income and combined ratio
4th June 2024
Brazilian reinsurer IRB (Re) has announced its first quarter of 2024 financial result, reporting an improved net income of around USD 15 million (R$ 79.1mn) as well as an underwriting profit of around USD 23 million (R$ 122.4mn), and a combined ratio of 99%. In the same period last year, the ... Read the full article
The rise of private credit in life insurers’ investment strategies: Moodys
3rd June 2024
The growing use of private credit by life insurers to optimise investment portfolios and align asset allocation with product liabilities is garnering heightened attention from regulators globally, including those highlighted in a recent report by financial research firm, Moody's. However, the regulation of insurers' investments often varies significantly by jurisdiction. In their ... Read the full article
Itasca MGA supports Virgin Atlantic with delivering its final A350-1000 aircraft
3rd June 2024
Itasca MGA Limited, a specialist aviation-focused managing general agent (MGA) has supported Virgin Atlantic for an insurance-backed financing solution for delivering its final A350-1000 aircraft. The MGA stated that the policy underwritten by the company has helped enable the airline to acquire and finance the new fuel-efficient A350-1000 aircraft efficiently. This in ... Read the full article
Sentry expands into marine cargo with Falvey Insurance Group partnership
3rd June 2024
Sentry Insurance, one of the largest mutual insurance groups in the United States, has partnered with Falvey Insurance Group to offer admitted and non-admitted cargo capacity to Falvey’s broker partners. Falvey is a niche leading managing general agent (MGA) offering several property and casualty solutions focused on the supply chain and ... Read the full article
Inari to launch advanced underwriting workbench product
3rd June 2024
Inari, a technology solution provider for global insurance and reinsurance companies, has announced the upcoming launch of its new underwriting workbench product. This workbench is tailored to assist underwriters in handling the entire lifecycle of insurance submissions, both before and after binding. Key features of this product include assistance with negotiation, quoting, ... Read the full article
Erickson joins Duck Creek as General Manager of APAC
3rd June 2024
Duck Creek Technologies, a provider of SaaS-delivered software to the property and casualty (P&C) arena, has announced the appointment of Christian Erickson as General Manager of APAC (Asia-Pacific). In his new role, Erickson will oversee a new phase of investment in the region and further strengthen the deep relationships with existing ... Read the full article
AM Best upgrades MS Transverse Insurance Group’s ratings
3rd June 2024
AM Best has upgraded the Long-Term Issuer Credit Ratings to “a+” (Excellent) and affirmed the Financial Strength Rating of A (Excellent) of MS Transverse Specialty Insurance Company, MS Transverse Insurance Company and TRM Specialty Insurance Company, collectively referred to as MS Transverse Insurance Group (MS Transverse). According to AM Best, the ... Read the full article
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