Reinsurance News
Howden expands in the Netherlands through acquisition of VLC & Partners
19th December 2023
Global insurance group, Howden, has announced the acquisition of VLC & Partners Holding B.V. (VLC), one of the largest independent insurance brokers operating in the Netherlands. Once completed, the acquisition will help enable Howden to scale its existing operations in the strategically important Dutch market, which is hailed as being ... Read the full article
Riihiluoma named new SVP, Head of Specialty Reinsurance at Hamilton Re
19th December 2023
Hamilton Insurance Group has appointed Peter Riihiluoma as Senior Vice President, Head of Specialty Reinsurance at Hamilton Re, the firm's Bermuda-based insurance and reinsurance underwriting platform. Riihiluoma, who replaces Richard Sammons in the role, is set to begin his tenure on January 1, 2024. He will report to Hamilton Re Chief ... Read the full article
Munich Re Automation Solutions launches SARA Interview Screens
19th December 2023
Munich Re Automation Solutions Ltd, a provider of automated underwriting and analytics solutions to the life insurance industry, has unveiled an addition to its arsenal with the launch of the Interview Screens module for its automated underwriting point-of-sale solution, SARA. The SARA Interview Screens module, designed to be lightweight and flexible, ... Read the full article
Underwriting discipline to remain in threshold driven market: Rajeh, Arch Worldwide Re
19th December 2023
After a broad reassessment of the cost of risk, a focus on underwriting discipline is expected to persist at the upcoming renewals and beyond, in what’s expected to be a good market for both primary insurers and reinsurers, according to Maamoun Rajeh, Chairman and Chief Executive Officer (CEO), Arch Worldwide ... Read the full article
Specialty MGA UK boosts LATAM presence by naming Navarro Senior VP
19th December 2023
Specialty MGA UK has bolstered its presence in Latin America with the appointment of Victor Navarro as Senior Vice President. Navarro, a seasoned professional with three decades of experience, will lead Specialty MGA's property, energy, and engineering portfolios in the Latin American and Caribbean regions from the company's Miami office. Navarro's extensive ... Read the full article
Hiscox appoints Raymond Oral Chief Technology Officer in the US
19th December 2023
Specialist insurer Hiscox has appointed Raymond Oral as Chief Technology Officer in the US. According to the firm, Oral will report to Kevin Kerridge, Chief Executive Officer of Hiscox USA, as well as Chris Loake, Chief Information Officer of Hiscox Group. Oral will serve on both the Hiscox US Leadership Team and ... Read the full article
A&E loss reserves remain steady, decline in incurred losses noted: AM Best
19th December 2023
In its recent Market Segment Report, AM Best has maintained its estimate for ultimate net asbestos losses at $100 billion, with environmental losses holding steady at $46 billion as of year-end 2022 data. The report, titled "Asbestos & Environmental Loss Reserves Declined Along with Incurred Losses," reveals that the industry has ... Read the full article
Berkshire (BHSI) promotes Jeff Jubera to Head of Surety Claims
19th December 2023
Berkshire Hathaway Specialty Insurance (BHSI) has promoted Jeff Jubera as the Head of Surety Claims. Jubera, previously serving as the Vice President, Surety Claims, at BHSI, has been promoted to this leadership role due to his outstanding contributions and expertise in the field. Under Jubera's management, the claims team at BHSI has ... Read the full article
Duck Creek enhances Reinsurance Cloud Platform with Lloyd’s integration for global insurance carriers
19th December 2023
Duck Creek Technologies, a provider of intelligent solutions in the property and casualty (P&C) and general insurance sectors, has announced a significant enhancement to its Reinsurance Cloud Platform. The company has integrated support for Lloyd’s Outwards Reinsurance Scheme (LORS), a key component of Lloyd’s of London's requirements for its member organisations. This ... Read the full article
Beazley anticipates major shifts in property insurance landscape for 2024
19th December 2023
In a forward-looking statement, Richard Montminy, the Global Head of Property Risks at Beazley, a prominent global specialist insurer, has forecasted significant changes in the property insurance sector as we enter 2024. Montminy emphasises a paradigm shift as "secondary" perils such as hail, tornadoes, floods, and wildfires are swiftly evolving into ... Read the full article
Allianz issues €250m European windstorm catastrophe bond
19th December 2023
Insurance giant Allianz has returned to the catastrophe bond market for the first time in over a decade with a new deal which will provide it with a multi-year risk transfer capacity of €250 million to protect against European windstorms. According to Allianz, this reinsurance agreement with Blue Sky Re DAC, ... Read the full article
ARMD and Sparta Insurance Services launch UK tradespeople product
19th December 2023
Operating as an MGA, InsurTech ARMD has partnered with Sparta Insurance Services to launch a new insurance product that provides 24/7 protection for tradespeople’s tools. ARMD explained that for decades, tradespeople in the UK have been "underserved and under-protected", with 83% of them having no tool insurance and a van reportedly ... Read the full article
Brian Costanzo succeeds Teri Gendron as Markel Group CFO
19th December 2023
Markel Group Inc. has appointed Brian Costanzo, currently the Chief Financial Officer (CFO) of its insurance business, as the Group CFO, effective today. Costanzo takes over from Teri Gendron, who will leave the company on December 31st, 2023. Costanzo retains his role as CFO of the insurance business, Markel. In this combined ... Read the full article
AM Best maintains Negative outlook on German non-life insurance segment
19th December 2023
Global credit ratings agency AM Best has confirmed that it is maintaining it's Negative outlook for the German non-life insurance segment, citing subdued growth prospects on an inflation-adjusted basis, as well as persistent claims inflation and a competitive environment affecting underwriting profitability. The agency also cited natural catastrophe losses, which are ... Read the full article
Fleur Rochester named President of London FOIL
19th December 2023
Fleur Rochester, a Partner at Kennedys law firm, has assumed the role of President at the London Forum of Insurance Lawyers (London FOIL). The appointment comes at a crucial time, as the industry grapples with a myriad of challenges stemming from geopolitical tensions, global economic uncertainties, regulatory changes, and the ongoing ... Read the full article
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