Reinsurance News
Euclid Program Managers launches new offering for marine cargo
28th May 2024
Euclid Program Managers, a family of insurance program managers, has launched Euclid Marine, LLC, a program manager committed to delivering comprehensive marine cargo and stock throughput coverage for North America. Euclid Marine will be led by industry veteran underwriters, Brian Pullen and Jason Gomez, as managing principals. John N. Colis, President and ... Read the full article
Swiss Re’s US economic outlook: normalisation continues
24th May 2024
Through the second quarter, strong consumer fundamentals boost GDP forecasts, but persistent inflation prompts revisions, while anticipated interest rate adjustments reflect a cautious approach by policymakers, as noted by global reinsurer Swiss Re. The US economy's normalisation continues into Q2, reports the firm. Strong consumer fundamentals have led to an increase ... Read the full article
Climate change adaptation and transition to net zero present huge growth opportunities for insurers: Aon
24th May 2024
Aon’s Strategy and Technology Group (STG) has identified more than $20bn in potential premium growth by 2030 related to environmental megatrends, and has highlighted the importance of understanding the climate risks and opportunities to help clients through prevention and mitigation. Insurers have a crucial role to play in helping individuals, businesses ... Read the full article
Marco Capital reports pre-tax profit for 2023 but motor claims dent technical result
24th May 2024
Marco Capital Holdings Limited, a European provider of legacy solutions to the non-life insurance and reinsurance market, has reported a pre-tax profit of $51.4 million for the full year 2023, an improvement from the loss of $18.8 million seen a year earlier, although the firm has still reported a technical ... Read the full article
May US SCS events to drive billions in insured losses: Aon
24th May 2024
The recent series of severe convective storm systems that hit the southern and eastern United States from May 16-22 are expected to cause economic and insured losses amounting to billions of USD, according to Aon’s weekly catastrophe report. Aon reported that on May 16-17, a derecho system formed over central Texas ... Read the full article
World Insurance Associates hires Woosley as EVP, Head of National Practice Groups
24th May 2024
Insurance brokerage, World Insurance Associates, has hired 20-year industry veteran Thaddeus Woosley as its new executive vice president, head of national practice groups. In his new role, Woosley is expected to support the continued growth of the brokerage's niche industry practice groups. This includes the development of new products and capabilities within ... Read the full article
Business interruption poses major threat to food and drink companies: WTW
24th May 2024
According to the 2024 Global Food and Beverage Risk Outlook published by WTW, a global advisory, broking, and solutions company, nearly half (48 percent) of food and drink companies identified business interruption as the biggest internal risk to their success. This was closely followed by supply chain risk, cited by 40 ... Read the full article
Peter Scott becomes Broker Insights new CEO, Fraser Edmond named President
24th May 2024
Broker Insights announces the appointment of Peter Scott as Chief Executive Officer(CEO), taking over the role of Fraser Edmond who has been named President, as the company gets ready to accelerate its UK and US expansion. Scott will start his new CEO role following six months of working in an advisory ... Read the full article
Holistic approach needed for rising natural catastrophe risks: Brahin, Swiss Re
24th May 2024
Philippe Brahin, Head Americas for Public Sector Solutions at Swiss Re, emphasises the need for a holistic approach to managing increasing natural catastrophe risks in order to enhance the accessibility and affordability of insurance. The Swiss Re Institute's latest report highlights that natural catastrophes in 2023 caused $280 billion in economic ... Read the full article
Bermuda’s Women in Reinsurance welcomes new board members
24th May 2024
Women in Reinsurance (WiRe), an organisation dedicated to promoting the professional development of women working in Bermuda's reinsurance market, has announced a series of appointments to its board of directors. The company has added Natasha Scotland Courcy, CEO and General Counsel of Athene Bermuda to its board, as well as former ... Read the full article
French aviation insurance broker joins Brokerslink network
24th May 2024
Global broking business, Brokerslink, has added a new specialist affiliate, Air Courtage Assurances, to its network. Air Courtage Assurances is a French brokerage firm that manages exclusively aviation-related risks and operates in France, Switzerland and the United Kingdom, Air Courtage provides insurance solutions for over 30,000 pilots and across multiple aviation sectors, ... Read the full article
Coaction Specialty names former Ascot Re CEO Berger as Chairman
24th May 2024
Coaction Specialty Insurance Group, a privately-owned, specialty P&C insurer, has named former Ascot Re executive, John Berger as Chairman of the Board, effective immediately. Berger replaces previous Chairman Stan Galanski, who has held the position since August of 2021. Jonathan Ritz, Chief Executive Officer (CEO), Coaction, commented, “I am pleased to welcome ... Read the full article
Lockton appoints Brendan Fitzpatrick as new VP, Cyber Risk Consultant
24th May 2024
Lockton, an independent insurance broker, has appointed Brendan Fitzpatrick as Vice President (VP), Cyber Risk Consultant, to strengthen its Cyber & Technology Practice. In his new role, Fitzpatrick will assist Lockton's clients in understanding and enhancing their risk posture amidst the ever-evolving cyber and privacy threat landscape. Michelle Faylo, U.S. Cyber & ... Read the full article
US PRT market sees largest opening quarter on record: Legal & General
24th May 2024
As per Legal & General's Pension Risk Transfer (PRT) Monitor, 2024 has started strong for the US PRT market, with Q1 closing at an estimated $15 billion, the largest opening quarter on record. According to the firm, Q1 2024 significantly outperformed the previous record of $6.3 billion, which was set in ... Read the full article
Industry veteran Wingett joins Specialty MGA UK as Senior Underwriter for Agriculture
24th May 2024
Managing general agent (MGA) Specialty MGA UK has expanded its expertise with the appointment of 40-year industry veteran, Jonathan Wingett, as Senior Underwriter for Agriculture. Wingett is a renowned reinsurance underwriter and broker who has spent large parts of his career working across Asia, including Japan, Singapore and Malaysia. During his time ... Read the full article
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