Reinsurance News
Insurance Europe outlines key priorities for Capital Market Union
3rd June 2024
Insurance Europe, the association representing insurance and reinsurance companies, emphasises that the Capital Market Union (CMU) should aim to increase retail investment, diversify funding sources for EU businesses, and foster an environment conducive to innovation, competition, and growth within EU companies. The CMU, initiated a decade ago, seeks to create a ... Read the full article
CFC Canada adds Kelly McGuinness to its team
3rd June 2024
CFC Canada is welcoming seasoned insurance professional Kelly McGuinness as Cyber, Tech and Professional Liability Development Leader. McGuinness will be based in CFC’s first office on the ground in Canada, based in Toronto, and will be working closely with new CEO of CFC Canada, Kate Della Mora. She will also be working ... Read the full article
GIC Re posts underwriting loss in fiscal full year, CR deteriorates to 111.8%
3rd June 2024
GIC Re, the Indian public sector reinsurer, has posted an underwriting loss of ₹4,006.56 crore for the fiscal year ended 31st March 2024 (FY24), compared to the ₹2,341.37 crore loss from the prior year. At the same time, the firm also posted a combined ratio of 111.8%, representing a deterioration of ... Read the full article
CoreLogic reports 32.7 million homes at risk ahead of active hurricane season
31st May 2024
Ahead of the 2024 Atlantic Hurricane Season, CoreLogic, a provider of property information and analytics, has released its 2024 Hurricane Risk Report to help insurers and risk managers prepare for the upcoming season. The report reveals that over 32.7 million homes from Texas to Maine are at risk of moderate to ... Read the full article
2024 to be a positive financial year for Vienna Insurance Group
31st May 2024
Following a successful 2023 financial year, the Vienna Insurance Group (VIG) predicts 2024 will also be a very positive year, with the Group aiming to achieve profit before taxes of up to €875 million. Hartwig Löger, Chairman of the Managing Board, spoke about this positive outlook during the Group’s Annual General ... Read the full article
Marsh McLennan Agency announces acquisition of Perkins Insurance Agencies
31st May 2024
Marsh McLennan Agency, a subsidiary of Marsh, has acquired Perkins Insurance Agencies, an Abilene, Texas-based independent agency. Established in 1977, Perkins provides commercial property and casualty (P&C) and personal lines coverage to West Texas-based organisations, non-profits, and families, with specialised expertise in the oil and gas, trucking, farm and ranch, and ... Read the full article
AM Best downgrades ratings of Farm Bureau Mutual Insurance Company of Arkansas
31st May 2024
Credit rating agency AM Best has downgraded the credit ratings of Farm Bureau Mutual Insurance Company of Arkansas, Inc. (FBMICA), a regional insurer, due to severe weather-related losses. The Financial Strength Rating dropped from B+ (Good) to B (Fair) and the Long-Term Issuer Credit Rating from “bbb-” (Good) to “bb” (Fair), ... Read the full article
Sompo appoints Swiss Re’s Tewes as Head of Risk Control CE Commercial P&C Insurance
31st May 2024
Sompo, a global provider of commercial and consumer property, casualty, and specialty re/insurance, has appointed Malwine Tewes to the newly established role of Head of Risk Control for its Continental Europe (CE) Commercial Property and Casualty (P&C) insurance business. In her new role, Tewes will report directly to Ralph Brand, President ... Read the full article
Universal secures combined $2.4bn reinsurance tower for 2024-2025
31st May 2024
Universal Insurance Holdings, Inc. has announced the completion of its combined 2024-2025 reinsurance program, effective June 1, 2024, for its subsidiaries Universal Property & Casualty Insurance Company (UPCIC) and American Platinum Property and Casualty Insurance Company, which provides $2.4 billion of coverage. The duo have set the top of their combined ... Read the full article
Automated EHR Summarizer, an effective & efficient tool for life insurance underwriting: Munich Re
31st May 2024
In a recent interview with Reinsurance News, June Quah, Vice President, Integrated Analytics, Munich Re North America Life, discussed the reinsurance giant's newest digital solution, Automated EHR Summarizer which is set to ensure efficient and accurate use of Electronic Health Record (EHR) data for automated and programmatic life insurance underwriting. Read the full article
Core Specialty adds ex-Goldman Sachs veteran Sally Pope Davis to its Board
31st May 2024
Core Specialty Insurance Holdings, and subsidiaries, have announced the addition of Sally Pope Davis to its Board of Directors, effective immediately. Jeff Consolino, Core Specialty’s Founder, President, and Chief Executive Officer, said, "We have come to know Sally during her time at Goldman Sachs Asset Management where, during her tenure, she ... Read the full article
AIG is selling an additional 30 million of Corebridge shares
31st May 2024
Global insurer, American International Group (AIG) has launched a secondary offering of Corebridge Financial common stock, priced at $29.20 per share. The insurer has offered 30 million existing shares of common stock, out of approximately 608 million total shares of common stock outstanding of Corebridge Financial. These correspond to approximately $876 million ... Read the full article
QBE NA partners with DUAL’s Catalytic Risk Managers on Builders Risk Program
31st May 2024
QBE North America, part of the global insurer, has announced a new program partnership with Catalytic Risk Managers & Insurance Agency, LLC, a division of DUAL North America, Inc. Both organisations will work together on the Builders Risk program, which has been established to offer builders risk coverage on a non-admitted ... Read the full article
Moody’s enhances risk management with TomTom’s precise location data
31st May 2024
Moody’s has selected TomTom’s global location data to enhance the accuracy and relevance of geocoding analyses across various workflows in its risk management solutions. This data will be integrated into Moody’s Insurance Geocoder, combining TomTom’s highly accurate location data with Moody’s modelling capabilities. This integration will provide organisations in the insurance, ... Read the full article
McGill and Partners adds Cabot Lyman to US Property team
31st May 2024
Insurance and reinsurance broker McGill and Partners has announced the appointment of Cabot Lyman as Partner in its US Property team. “The addition of Cabot to the team strengthens our highly differentiated value proposition that enables us to deliver market-leading global placement expertise and capabilities for both our clients and distribution ... Read the full article
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