Reinsurance News
AXA XL and Oversea Insurance Agency launch new Marine Artisans product
20th December 2023
AXA XL has announced it is partnering with Oversea Insurance Agency, an EPIC company, to provide specialised Marine General Liability insurance coverage for Marine Artisans in the U.S. As per AXA XL's description, Marine Artisans are contractors who specialise in various areas of boat construction, maintenance, and repair including fibreglass repair, ... Read the full article
Aon set to acquire middle-market P&C broker NFP
20th December 2023
Aon, the global re/insurance broker, has signed a definitive agreement to acquire NFP, a middle-market property and casualty broker, benefits consultant, wealth manager and retirement plan advisor, from funds affiliated with NFP's main capital sponsor - Madison Dearborn Partners (MDP), and funds affiliated with HPS Investment Partners. Under the terms of ... Read the full article
QBE Re hires Swiss Re’s Guarnori as Head of Underwriting Oversight
20th December 2023
QBE Re, the reinsurance arm of QBE Insurance Group, has hired Swiss Re's Andrew Guarnori as Head of Underwriting Oversight. At the same time, the company has also promoted Ashish (Ash) Ahluwalia to Global Head of Performance & Portfolio Analytics. Both appointments follow Mark Jackaman’s appointment as General Manager, London, which ... Read the full article
Challenges expected for UK specialty re/insurers in 2024 despite strong 2023: EY
20th December 2023
As 2024 draws closer, Martina Neary, UK Insurance Leader at EY, has suggested the UK’s specialty insurance market will face a host of challenges in the year, including increasing weather events, sustained inflation and cost pressures, and increasing geopolitical uncertainty. According to Neary, UK specialty insurance and reinsurance firms performed well ... Read the full article
GRS’ Kramer to retire, Humphrey to succeed as CEO of CCS unit
20th December 2023
Global Risk Solutions, Inc., (GRS), a provider of property & casualty (P&C) claims adjusting and environmental risk management solutions, has announced the retirement of William “Bill” Kramer as Chief Executive Officer of the company's Complex Claims Solutions USA business unit (CCS). At the same time, GRS has named Adam Humphrey as ... Read the full article
HCI’s TypTap assumes $30m of in-force premium from Citizens
20th December 2023
HCI has announced that its majority-owned subsidiary, TypTap Insurance Company, has successfully assumed approximately $30 million of in-force premium from Citizens Property Insurance Corporation, Florida’s state-backed insurance company. The assumption, effective from December 19, 2023, is based upon an approval in October 2023 by the Florida Office of Insurance Regulation. ... Read the full article
NN Group gets €13bn longevity risk transfer with Prudential and Swiss Re
20th December 2023
NN Group through its subsidiary NN Life has completed two transactions to transfer the full longevity risk associated with approximately €13 billion of pension liabilities in the Netherlands, to Prudential Insurance Company of America (Prudential) and global reinsurer Swiss Re. The transactions cover the longevity risk of approximately 300 thousand policies, ... Read the full article
Aspen appoints Michael Tate as Inland Marine – Head of Product & Underwriting
20th December 2023
Aspen Insurance Holdings Limited (Aspen) has announced the appointment of Michael Tate as Inland Marine – Head of Product & Underwriting. Tate assumed his role on December 18, and will be based in Chicago, the company said. Prior to joining Aspen, Tate served as the Chief Underwriting Officer at Berkley Fire ... Read the full article
Generative AI will “continue to be the unknown risk in 2024”, Beazley’s Bantick
20th December 2023
As generative AI continues to grow and expand across the re/insurance sector, the technology's use for both good and ill will "continue to be the unknown risk in 2024", Paul Bantick, Group Head of Cyber Risks at global specialist insurer Beazley, has said. On the back of this rapidly developing technology, ... Read the full article
Keystone Agency Partners apoints Patrick Kinney as CEO
20th December 2023
Insurance broker Keystone Agency Partners has appointed Patrick Kinney as its new Chief Executive Officer (CEO). Effective immediately, Kinney will work to further advance the company's accomplishments as it enters its fourth year of operations. Since April 2023, Kinney has served as the President the firm. During his tenure, he implemented ... Read the full article
WTW appoints Tyson Stevenson as MD, Real Estate Sales Management, CRB
20th December 2023
WTW, the global advisory, broking, and solutions company, has appointed Tyson Stevenson as the Managing Director of Real Estate Sales Management within its Corporate Risk and Broking (CRB) business in North America. Stevenson will be based in San Francisco and report directly to James Martuscelli, who leads the Real Estate, Hospitality, ... Read the full article
FBS Re goes live with Eurobase’s reinsurance platform Synergy2
20th December 2023
Eurobase, an international software and services provider of re/insurance solutions, has announced that Nigerian-domiciled reinsurer, FBS Re, has gone live with its end-to-end reinsurance platform, Synergy2. With this development, Eurobase maintains its 100% successful implementation record. Operating in both life and non-life sectors, this accomplishment further reiterates Eurobase’s steadfast dedication and ability ... Read the full article
Brown & Brown’s Absence Service appoints new President & COO
20th December 2023
Brown & Brown, Inc., global insurance brokerage firm’s subsidiary Brown & Brown Absence Services Group, has made two key executive appointments, naming Gina Schreiber as President and Sean Sullivan as Chief Operating Officer (COO). The two appointments signify a pivotal moment in the company's growth strategy, and both will continue to ... Read the full article
EU Council & Parliament reach provisional agreement on new Solvency II rules
19th December 2023
The Council of the European Union (EU) and the Parliament have come to a provisional agreement on amendments to the Solvency II directive, which they say will "boost the role" of the re/insurance sector and make it a more resilient and prepared industry for the benefit of policyholders. After a review ... Read the full article
ABI provides update on ongoing efforts to establish fire safety reinsurance facility
19th December 2023
The Association of British Insurers (ABI) has issued an update on its progress in developing a Fire Safety Reinsurance Facility aimed at supporting leaseholders facing financial and emotional strain due to unsafe cladding and fire safety issues in multi-occupancy buildings. The facility, designed by McGill and Partners, seeks to restore market ... Read the full article
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