Reinsurance News
Aviva completes £249m acquisition of Probitas
10th July 2024
Aviva has completed the acquisition of Probitas Holdings (Bermuda) Limited for a consideration of £249 million, marking the firm’s entry into the Lloyd’s market. If you recall, back in March, it was revealed that Aviva would acquire 100% of Probitas Holdings (Bermuda) Limited, the ultimate holding company of the Probitas ... Read the full article
Aon names Marguerita Silitonga as President Director, Reinsurance Solutions, Indonesia
10th July 2024
Global insurance and reinsurance broker Aon has appointed Marguerita Silitonga as President Director of Reinsurance Solutions in Indonesia, effective immediately, based in Jakarta. Silitonga will have a reporting line to Musa Adlan, Executive Director and Head of Reinsurance Solutions in South East Asia at the broker. In her new role, Silitonga ... Read the full article
MAPFRE RE names Estevez Chief of Tokyo Representative Office
10th July 2024
Global reinsurer MAPFRE RE has appointed Alberto Estevez Allegue as Chief Representative Officer of its Representative Office in Tokyo, Japan, effective 1 July 2024. Estevez began his MAPFRE career in 2012 at MAPFRE Asistencia’s MAPFRE Warranty Japan, where he served as Finance and Strategic Planning Manager for the APAC region, based ... Read the full article
Florida Citizens purchases just $3.564bn of reinsurance for 2024 risk transfer program
10th July 2024
Citizens Property Insurance Corporation, Florida’s property insurer of last resort, has confirmed that it bought a lot less reinsurance than the $5.5 billion target announced back in April, securing a "cost-efficient" risk transfer program of approximately $3.564 billion. Previously, the Board of Governors approved Citizens targeting total reinsurance coverage of ... Read the full article
James River enters into LPT and ADC reinsurance agreement with State National
10th July 2024
Bermuda-domiciled insurance holding company, James River Group Holdings, has announced that two of its principal subsidiaries have entered into a combined loss portfolio transfer (LPT) and adverse development cover (ADC) reinsurance agreement with State National Insurance Company, Inc. Under the terms of the agreement, State National is set to provide $160 ... Read the full article
Costero Brokers appoints Stephanie Bush to its Board
10th July 2024
Costero Brokers, a privately held London-based insurance brokerage, has appointed Stephanie Bush to its Board of Directors, emphasising the firm's commitment to assembling a diverse and seasoned board focused on progress. Bush has deep expertise in the insurance industry and her past roles demonstrate a great leadership acumen, having recently concluded ... Read the full article
Verisk unveils ISO Experience Index to better inform pricing decisions
10th July 2024
Verisk, the global data analytics and technology provider, has launched ISO Experience Index, a tool which is designed to modernise how actuaries in the insurance industry analyze risk patterns. According to the announcement, the tool will address the increasing volatility and scale of loss patterns seen across the industry. It's important to ... Read the full article
NEAM forms strategic partnership with Nassau Financial Group for private placements
10th July 2024
New England Asset Management, Inc. (NEAM), a provider of insurance investment solutions, announced a strategic partnership with Nassau Financial Group (Nassau), a diversified financial services firm. Through this collaboration NEAM will manage Nassau’s existing private placements portfolio, a move that will enhance the company's investment offerings by adding new private placements ... Read the full article
Chubb strengthens its global team with several executive appointments
10th July 2024
Property and casualty (P&C) insurer Chubb has announced a number of new appointments, including Paul McNamee’s as Executive Vice President, Chubb Group and President of Overseas General Insurance. With nearly three decades of insurance industry experience, McNamee, who is currently Senior Vice President, Chubb Group and Regional President of Asia Pacific, ... Read the full article
AI and climate change top priorities for insurance executives in 2024: IIS
10th July 2024
Artificial Intelligence (AI) and climate change have emerged as the top priorities for insurance executives worldwide, according to a survey by the International Insurance Society (IIS). The ILS 2024 Global Priorities Survey aimed to identify the most critical issues for industry leaders and gather insights to shape the agenda for stakeholders ... Read the full article
Hurricane Beryl losses to be very manageable for the re/insurance industry: Bowen, Gallagher Re
9th July 2024
Despite the possibility of hurricane Beryl being a billion-dollar economic loss for the United States, it is expected to be a very manageable storm for the re/insurance industry, Steve Bowen, Chief Science Officer at Gallagher Re has commented. Bowen has shared some thoughts on the potential loss impacts from Beryl in ... Read the full article
Davide Anselmo to succeed Angela Rebecchi as head of QBE Italy
9th July 2024
Global insurer QBE has announced that Davide Anselmo is joining from CNA Hardy as its new general manager for Italy, based in Milan, subject to regulatory approval. Anselmo takes over from Angela Rebecchi, who will be retiring this summer after leading QBE Italy for seven years, from September. He brings more than ... Read the full article
CCR Re’s ESG asset portfolio surpasses €1bn mark
9th July 2024
French reinsurer CCR Re has seen significant growth in its ESG asset portfolio, which has increased by 20% since 2022, reaching over €1 billion out of €3.6 billion in Assets Under Management (AUM). In its 2023 ESG Report, CCR Re attributes this robust growth to its commitment to sustainable and responsible ... Read the full article
Everest promotes Harry Townsend to Chief Ceded Reinsurance Officer
9th July 2024
Everest Insurance, the insurance arm of Bermuda-based re/insurer Everest Group, has promoted Harry Townsend to Chief Ceded Reinsurance Officer, leading the Ceded Re strategy for the global division. Townsend joined Everest in January 2024 as Head of Ceded Reinsurance, International. Before this, he worked at Liberty Mutual Insurance, serving as Global Reinsurance ... Read the full article
Jamaica’s CCRIF coverage for tropical cyclones triggered by hurricane Beryl
9th July 2024
Jamaica's Minister of Finance, Dr. Nigel Clarke, has revealed that the country's Tropical Cyclone policy with the Caribbean Catastrophe Risk Insurance Facility (CCRIF) has been triggered by Beryl, with a payment amount of $16.3 million. Clarke recently received the Preliminary Modelled Loss and Policy Payment Report from the CCRIF in respect ... Read the full article
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