Reinsurance News
Ageas to acquire 10% of Taiping Pension’s enlarged share capital
20th May 2024
Ageas has announced that it has finalised an agreement with China Taiping Insurance Holdings (CITH), in order to subscribe to the capital increase of its wholly controlled subsidiary Taiping Pension Co., Ltd (TPP) for a total consideration of RMB 1,075 million (around €137 million). After closing of the transaction, Ageas will ... Read the full article
ZEP-RE expands Planet collaboration for drought insurance in Horn of Africa
20th May 2024
Today, a prominent provider of daily Earth data and insights, Planet Labs PBC, announced a contract renewal with ZEP-RE, an African reinsurance firm headquartered in Nairobi, Kenya. This renewed collaboration builds on a successful first year of partnership, using Planet's insurance solutions to enhance drought risk management in the Horn of ... Read the full article
Paragon Insurance & Ascot Group partner to deliver client solutions
20th May 2024
National multi-line managing general agent (MGA), Paragon Insurance Holdings LLC, has entered into a partnership with Ascot Group, which is set to leverage both of the organisations strengths and capacities. In its first program partnership, Ascot will support Paragon’s public entity casualty insurance program, Trident Public Risk Solutions (Trident). Ultimately, this collaboration ... Read the full article
Rising insurance premiums’ impact on US home prices: S&P
20th May 2024
The increasing frequency of climate-related events in the US is driving up insurance premiums in certain areas, but it's unclear how this affects home prices and affordability, prompting the need for further analysis, according to analysts at S&P Global Ratings. S&P highlights significant differences in home insurance costs, partly based on ... Read the full article
Howden acquires LatAm parametric insurance specialist MiCRO
20th May 2024
Howden has acquired MiCRO, a microinsurance specialist that designs and implements parametric insurance coverage for underserved populations in Latin America against natural catastrophes. MiCRO was founded by Mercy Corps and Fonkoze in the aftermath of the 2010 Haiti Earthquake and has since grown to operate in Guatemala, El Salvador, Colombia and ... Read the full article
Sompo Intl. reports stronger P&C combined ratio in FY’23 results
20th May 2024
Bermuda-based specialty re/insurer Sompo International Holdings has reported that the financial year 2023 combined ratio for commercial property & casualty (P&C) improved to 91.8% from 92.5%, driven by improved accident year loss ratios and lower catastrophe losses. The stronger combined ratio is reflected in a rise in underwriting income from $667.3 ... Read the full article
Arch Insurance International welcomes new Head for Third-Party Claims
20th May 2024
Laura Brahams ascends to Head of Third-Party Claims at Arch Insurance International following Barbara Rizzi’s elevation to Chief Claims Officer. Taking on her new position, Brahams will oversee various sectors including casualty, cyber, financial lines, healthcare, intangible assets, and professional liability. Operating from London, she will report directly to Rizzi, Chief ... Read the full article
MS Amlin’s 2023 net income rises £316m YoY as CoR drops to 89.5%
20th May 2024
MS Amlin has reported a 2023 net income of £509 million, marking an increase of £316 million from 2022, while its combined ratio fell 7.6 points to 89.5%. The firm noted that its improved net income in 2023 also included the positive impact of £75 million from recognising deferred tax assets ... Read the full article
Ocean Re appoints Neil Bramley as Global Head of Treaty Underwriting
20th May 2024
Ocean International Reinsurance Company Ltd. (Ocean Re) has appointed Neil Bramley as the Global Head of Treaty Underwriting, based out of London. Bramley is a market veteran with over 24 years of experience. Prior to this role, he served as a Specialty Account Executive at reinsurance broker, Gallagher Re for over ... Read the full article
Tokio Marine’s international business posts 99.8% rise in profit in FY23
20th May 2024
Tokio Marine Holdings' international business has reported a 99.8% increase in profits for 2023, at JPY 436.9 billion, which the company attributes towards a strong underwriting result, as well as investment income, and the reversal of the impact of COVID-19 in Taiwan. North America produced the strongest performance at JPY 359.9 billion, ... Read the full article
Brokerslink adds Alexandra Littlejohn to its Board
20th May 2024
Brokerslink has appointed Alexandra Littlejohn, the Executive Vice President and Managing Director at Alliant Retail Property & Casualty, to its Board of Directors. Littlejohn replaces Jamie Crystal as Alliant’s nominated member on the Brokerslink board. She is an industry veteran and brings over 36 years of experience having spent several years at ... Read the full article
There is plenty more to come for the Cyber ILS market: Norris, Gallagher Securities
20th May 2024
With Beazley securing an additional $160 million of reinsurance with its second 144A cyber catastrophe bond, PoleStar Re Ltd. (Series 2024-2), as we reported last Friday, Theo Norris, Head of Cyber ILS, Gallagher Securities, has said that there is "plenty more to come for the Cyber ILS market." Gallagher ... Read the full article
MS Reinsurance’s 2023 profit soars to $366m as CoR improves
20th May 2024
MS Reinsurance has revealed that against a backdrop of significant loss activity, continued inflation and geopolitical uncertainties, it still produced a net profit of $366 million for the full year 2023, much improved from a net loss of $50 million in 2022. Profits in 2023 were reportedly driven by favourable non-cat ... Read the full article
Rising death rates in England and Wales pose longevity risk for pension schemes
20th May 2024
In 2023, there was a notable increase in registered deaths in England and Wales, highlighting the emerging challenge of longevity volatility for pension schemes. Recent data from the Office for National Statistics (ONS) reveals that the number of registered deaths in England and Wales rose by 0.7% in 2023 compared to ... Read the full article
Concirrus appoints Ruth Polyblank as Director, Product Strategy
20th May 2024
Concirrus, a provider of insurance intelligence, has appointed Ruth Polyblank as the Director of Product Strategy. In her new role, Polyblank's remit will include spearheading Concirrus' product vision and innovation strategy. As an industry veteran with 24 years of experience, she will also be leveraging her deep understanding of technology and insurance ... Read the full article
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