Reinsurance News
Ascot U.S. to enhance financial and accounting operations with Phinsys partnership
12th July 2024
Ascot U.S, a P&C re/insurer part of Ascot Group Limited., has partnered with Phinsys, a finance automation software provider for the re/insurance sector, to modernise its business technology landscape and enhance its financial and accounting operations. This partnership enabled Ascot U.S. to enhance operational efficiency, address regulatory demands, and remain at ... Read the full article
Socotra and Oka form partnership to enhance carbon market insurance solutions
12th July 2024
US carbon-credit insurance carrier Oka, and Socotra, a provider of modern policy administration systems, have formed a strategic partnership aimed at the carbon markets and scaling climate solutions. This partnership combines Oka's team and artificial intelligence (AI) with Socotra's technology to reduce the risks associated with carbon credits. Within 12 months, Oka ... Read the full article
Markel Canada launches specialised sports insurance product Markel Play
12th July 2024
Markel Canada, a division of London-domiciled casualty insurer Markel International, a subsidiary of Markel Group, has officially launched Markel Play, which will serve as a comprehensive insurance product tailored for the sports, fitness, and recreation sectors. The insurer has decades of specialty insurance experience and deep expertise in sports as this ... Read the full article
P&C premium growth showing some promise, may see profitability in 2025: Triple-I/Milliman
12th July 2024
Favourable first-quarter economic and underwriting results for property & casualty (P&C) insurance are reportedly in line with projections that the sector will see a small underwriting loss in 2024, but achieve profitability in 2025, according to a new forecasting report from Insurance Information Institute (Triple-I) and Milliman, a collaborating partner. The report also ... Read the full article
Toa Re sees FY 2024 net income increase to $97.4m
12th July 2024
Japanese reinsurance group Toa Re has reported that net income for the fiscal year ending March 2024 was 15.5 billion yen ($97.4 million), marking an increase of 13.1 billion yen ($82.3 million) compared to the previous fiscal year. Toa Re reported that its ordinary income for fiscal year 2024 decreased by ... Read the full article
Concert names Rawlins SVP, Property Underwriting and Program Management
12th July 2024
Concert Group Holdings, Inc., a privately owned insurance holding company, has announced the appointment of Charles Rawlins as Senior Vice President, Property Underwriting and Program Management. In his new role, Rawlins will be responsible for underwriting and program oversight on various programs, with a primary focus on growing a profitable book ... Read the full article
Origin Specialty acquires agricultural-focused MGU AIMS
12th July 2024
Origin Specialty Underwriters Agency, a partner company of Beyond Risk, has acquired Agricultural Insurance Management Services (AIMS), an agribusiness insurance-focused MGU. AIMS offers a variety of farm-related coverages, including homes, barns, farm equipment, auto, and liability. According to Origin Specialty, Clark Lindley founded AIMS to address the need for quality agribusiness insurance ... Read the full article
IUA names Dumbrell Chair of Legal and Regulatory Committee, announces two Deputies
12th July 2024
The International Underwriting Association (IUA), which represents companies in the London insurance market, has appointed Matthew Dumbrell, General Counsel for Generali's UK branch, as Chair of the IUA’s Legal and Regulatory Committee. This committee oversees changes in legal, regulatory, international trade, accounting, and taxation matters affecting the London Market. It coordinates ... Read the full article
U.S. MGA market exceeds $102bn in premium in 2023: Conning
12th July 2024
In a new report on the matter, Conning has revealed that the total U.S. Managing General Agents (MGA) market, including business written for the account of Lloyd's syndicates, exceeded $102 billion in direct premiums written in 2023. According to the firm's report, Managing General Agents: Ahead of the Pack, in 2023, ... Read the full article
Hurricane Beryl insured wind losses in Texas to be between $2.5bn and $3.5bn: CoreLogic
12th July 2024
Catastrophe risk modeller CoreLogic has updated its insurance industry loss estimate for the impacts of hurricane Beryl, putting the total for wind losses in Texas at between $2.5 billion and $3.5 billion. At the same time, CoreLogic has updated its estimate for insurable losses in the Caribbean, with $1 billion to ... Read the full article
Sompo appoints Bill Zhang as President of Consumer Lines for APAC
12th July 2024
Sompo, a global provider of commercial and consumer property, casualty, and specialty re/insurance, has announced the appointment of Bill Zhang as President, Consumer Lines, Asia Pacific (APAC). In his new role, Zhang will report directly to Kenneth Reilly, Chief Executive Officer of Insurance, APAC at Sompo. Zhang’s responsibilities include shaping the strategy ... Read the full article
Fintech industry shifts focus to profitability during growth challenges: BCG
12th July 2024
The fintech industry is poised for significant growth despite recent challenges, according to a recent report by Boston Consulting Group (BCG), a management consulting firm, and QED Investors, a venture capital firm specialising in fintech, titled Global Fintech 2024: Prudence, Profits, and Growth. Drawing insights from interviews with over 60 global ... Read the full article
Hagerty adds ex-Munich Re US CEO Anthony Kuczinski to its Board
12th July 2024
Specialty automotive insurer Hagerty, Inc. has appointed former Munich Reinsurance US Holdings (Munich Re US) Chief Executive Officer (CEO), Anthony J. Kuczinski, to its Board of Directors, effective immediately. Kuczinski is an industry veteran with a career spanning over 34 years at Munich Re, where he held various leadership positions, including ... Read the full article
AdvantageGo and FortifyData partner to enhance cyber risk analysis for underwriters
12th July 2024
AdvantageGo, a commercial re/insurance software provider and part of Coforge, has formed a strategic partnership with FortifyData, a cyber risk management solutions provider, aiming to enhance underwriters’ ability to analyse cyber risks. FortifyData’s platform identifies and evaluates cyber risks by directly assessing organisations. It provides a risk-based view of vulnerabilities and ... Read the full article
Tara Hill hires Richard Edsall as SVP
12th July 2024
Tara Hill Insurance Services, the newly launched Excess and Surplus (E&S) program administrator, has appointed renowned industry veteran, Richard Edsall as Senior Vice President. Most recently, Edsall served as SVP of commercial management liability at Argo Pro. In his new role, he is expected to be responsible for developing an E&S ... Read the full article
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