Reinsurance News
Flood to lead Aon’s commercial risk property team in North America
15th May 2024
Global re/insurance broker Aon has announced the promotion of Vincent Flood as the firm’s new commercial risk property leader for North America. He succeeds Rick Miller, who was practice leader before his passing in April. Based in New York, Flood leads the design and implementation of complex global risk transfer programs, including ... Read the full article
Allianz reports 6.8% rise in operating profit for Q1’24 to €4bn, driven by P&C
15th May 2024
Allianz Group, a global insurer and asset manager, has reported an increase in operating profit of almost 7% to €4 billion for the first quarter of 2024, up from last year's €3.7 billion, driven by the firm’s property and casualty business, supported by good results in the asset management and ... Read the full article
Conduit Re sees reinsurance revenue climb 35.1% in Q1 to $181.1m
15th May 2024
Conduit Holdings Limited, the ultimate parent company of Bermuda-based reinsurer Conduit Re, has reported reinsurance revenue of $181.1 million in Q1 2024, marking a 35.1% increase over Q1 of 2023. Of this revenue figure, Conduit's Property segment made up $98.8 million, its Casualty segment $48.3 million, and its Specialty segment $34 ... Read the full article
Large Dutch insurers maintain sound credit profiles in 2023: Fitch
15th May 2024
2023 results have shown that large Dutch insurers maintained a very strong level of regulatory capitalisation, according to Fitch Ratings analysts. Large insurers in the European country demonstrated very strong solvency in the period, with the health sector having the weakest overall solvency levels. This, according to Fitch, reflects health insurers’ practice ... Read the full article
ICA welcomes additional funding for disaster preparedness
15th May 2024
The Insurance Council of Australia (ICA) has announced that it has welcomed additional 2023-24 Budget funding to improve the country's resilience against natural disasters. This includes funding to improve the National Emergency Management Agency’s ability to support Australians before, during and following disasters, and to the Department of Social Services to ... Read the full article
UK customers’ view of insurance industry shifts with claims: Guidewire
15th May 2024
The latest edition of Guidewire's annual insurance customer attitudes study reveals a shifting view among UK customers toward the insurance industry, particularly when it comes to making claims. Titled ‘The Insurance Engagement Gap and its Impact on Perception and Innovation’, the report focuses on how factors such as the cost-of-living crisis, ... Read the full article
Q2’24 to see hardening Auto rates while Cyber experience softening: CAC Specialty
15th May 2024
The overall trend for Auto Liability and Umbrella & Excess for the second quarter of 2024 is a hardening market with rates forecasted to go up to 15%, while markets like cyber are softening with rates going down to 0%, according to CAC Specialty. The insurance broker’s report on the State ... Read the full article
Aon reports persisting protection gap for intangible assets
15th May 2024
Aon, a global insurance and reinsurance broker, highlights that a significant protection gap persists for intangible assets such as artificial intelligence (AI), cyber, and intellectual property (IP). According to findings from Aon’s recent report, only 19% of intangible assets are insured, whereas its 60% for tangible assets. However, the likelihood of ... Read the full article
MGU SageSure launches Expanded Markets surplus lines dwelling fire product
15th May 2024
SageSure, one of the largest managing general underwriters (MGU) focused on catastrophe-exposed markets, has launched its first Expanded Markets surplus lines dwelling fire product for primary, secondary, tenanted, and seasonal homes. The latest Expanded Markets offering is now available in four coastal US states: Louisiana, New Jersey, South Carolina, and Texas, ... Read the full article
McGill names Prasse as Partner in its Financial Lines and Special Risks team
14th May 2024
McGill and Partners has appointed Sidney Prasse as Partner in its Financial Lines and Special Risks team. Prasse has over 6 years of experience in the insurance industry, having joined the firm in February 2023 as an Associate focusing on cyber and E&O. Before joining McGill and Partners, Prasse worked at JLT ... Read the full article
Florida Citizens expects uplift in ROL as Board approves $5.5bn in coverage for 2024
14th May 2024
At a recently held Board of Governors meeting, Jennifer Montero, Chief Financial Officer (CFO) of Florida's Citizens Property Insurance Corporation, said that the insurer of last resort is expecting a slightly higher rate on line as the Board approved staff to secure $5.5 billion in reinsurance and risk transfer for ... Read the full article
WTW collaborates with academic researchers to quantify security impacts of climate change
14th May 2024
WTW has unveiled a new collaboration between its WTW Research Network (WRN), and two academic researchers, designed to support the brokers advisory services on key security aspects of climate change, which are often seen as being overlooked, and rarely quantified. This includes: the geopolitical implications of climate-related migration, resource conflict and ... Read the full article
Mosaic Insurance bolsters global transactional tax-liability team with two key hires
14th May 2024
Specialty insurer Mosaic Insurance has bolstered its global transactional tax-liability team by appointing two tax-risk specialists: Camille Zabukovec and Roktim Kaushik. Zabukovec joined Mosaic's London office as a Assistant Vice President, Tax Underwriter, supporting the transactional team on tax risks in jurisdictions outside North America. Overall, she brings a solid level of ... Read the full article
Insurance Europe urges EC to deliver on Solvency II deal
14th May 2024
Insurance Europe has written a letter to the European Commission (EC) calling for the technical negotiations of the EU’s Solvency II review to stay aligned with the political agreement and EU goals on climate change, financing the green and digital transitions, the Capital Markets Union and increasing competitiveness. The letter was ... Read the full article
F&G Annuities & Life names John Currier as President
14th May 2024
F&G Annuities & Life, Inc. (F&G), has appointed John Currier as President, where he will maintain his reporting line to CEO Chris Blunt while overseeing the Retail Markets business unit alongside his new role. Before becoming President of F&G, Currier held the role of President of Retail Markets starting in February ... Read the full article
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