Reinsurance News
Personal and commercial insurer World acquires Exchange Underwriters
15th December 2023
Insurance brokerage, World Insurance Associates, has announced the acquisition of Exchange Underwriters, Inc., based in Washington County, Pennsylvania. Founded in 1955, Exchange Underwriters was started by Blair C. Ferguson providing personal and commercial lines insurance exclusively in the Washington County area. Richard Boyer, the current President, assumed ownership in 1992 and the ... Read the full article
Verisk’s PCS adds SRCC data measuring to Global Terror product risk
15th December 2023
PCS, a business unit of Verisk, has announced the expansion of its Global Terror Index to include SRCC (Strikes, Riots, Civil Commotions, and Civil Unrest) to help enhance the understanding and management of political violence risks in the re/insurance market. The SRCC enhancement will also provide robust data to assess and ... Read the full article
McKenzie Intelligence extends provision of geospatial intelligence for Lloyd’s market
15th December 2023
McKenzie Intelligence Services (MIS) and London Market Operations & Strategic Sourcing (LIMOSS), with support from the Lloyd’s Market Association (LMA), have agreed to extend the provision of geospatial intelligence for Lloyd’s market for 2024. MIS is a geospatial intelligence provider for the global insurance industry that has equipped the Lloyd’s market ... Read the full article
Zurich appoints Swiss Re’s Claudia Cordioli as Group CFO
15th December 2023
Global insurer Zurich Insurance Group has appointed Claudia Cordioli as the Group's Chief Financial Officer (CFO) and member of the Executive Committee, effective from March 1st, 2024, subject to regulatory approval. Cordioli will take over from George Quinn who has served as Group CFO for the last decade and has decided ... Read the full article
PERILS releases initial industry loss estimate of €1.9bn from storm Ciarán
15th December 2023
Zurich-domiciled catastrophe insurance data provider, PERILS, has disclosed an initial industry loss estimate for extratropical windstorm Ciarán, also known as Emir of €1.889 billion. The storm affected France, Belgium, the United Kingdom, and the Netherlands from the 1st-2nd November 2023, with damaging wind gusts. The resulting industry losses were typical for ... Read the full article
Munich Re lifts profit target to €5bn for 2024
15th December 2023
One of the world's largest reinsurers, Munich Re, has announced a new net profit target of €5 billion for 2024, as well as Group revenue of €59 billion, and an improved return on investment to above 2.8%. In announcing its Q3 2023 results back in November, Munich Re said that ... Read the full article
Bermuda’s insurance industry dominates financial landscape with over $1.6 trillion in assets
15th December 2023
As of December 31, 2022, Bermuda's total insurance assets accounted for US$1,634 billion, which is 83.7% of the total financial services sector assets, Bermuda's Coordinated Portfolio Investment Survey (CPIS) for the year 2022 by the Bermuda Monetary Authority (BMA) revealed. This revelation underscores the pivotal role played by the insurance sector ... Read the full article
W. R. Berkley appoints J. Daniel Asahl as President of Continental Western Group
15th December 2023
Insurance holding company W. R. Berkley Corporation has appointed J. Daniel Asahl as the President of Continental Western Group (CWG), a Berkley insurance subsidiary, effective immediately. Asahl succeeds Melodee Saunders, who was named Interim President of CWG in early 2023. She served as President of Midwest Employers Casualty from 2001 to 2013 ... Read the full article
Mercury General appoints Victor Joseph as President and COO
15th December 2023
Mercury General Corporation has appointed Victor Joseph as the President and Chief Operating Officer (COO), effective January 1st, 2024, reporting to Gabriel Tirador, Mercury's Chief Executive Officer. Tirador, added, "This announcement exemplifies Mercury's continued progress in building our leadership structure and vision for the future of the Company. "Victor has been a ... Read the full article
Casper Specialty UK adds Nick Kirk as a Senior FI Underwriter
15th December 2023
Casper Specialty UK Limited, the specialist casualty-focused MGA, has hired Nick Kirk from Munich Re Syndicate, as its Senior FI Underwriter. Launched in early 2023, Casper is looking to continue its first-year expansion and deliver on its significant long-term growth aspirations. Casper operates as an independent sister entity of Miller, the independent ... Read the full article
Record cat bond issuance in 2023 signals stability in transfer of peak risks: Swiss Re
14th December 2023
In a year marked by unprecedented challenges, the catastrophe bond (cat bond) market has reached a historic high, with issuance hitting a staggering USD 15 billion in 2023, according to Swiss Re Institute. This surge not only reflects attractive conditions for investors but also underscores the increasing demand for transferring peak ... Read the full article
UK pledges ~$10m in additional funding to Africa’s Disaster Risk Financing Programme
14th December 2023
The United Kingdom’s Minister of State for International Development and Africa, Andrew Mitchell, alongside the UK’s Foreign, Commonwealth and Development Office has announced nearly $10 million in additional funding to the African Development Bank’s programme assisting African countries to strengthen resilience and enhance their response to climate shocks. The development follows ... Read the full article
Cytora teams with Relativity6 to speed up commercial quotes
14th December 2023
Digital risk processing platform, Cytora, and Relativity6, a provider of industry classification modelling, have entered into a partnership which will enable Relativity6's models to be used to enhance the underwriting process within Cytora. From what we understand, the integration will provide commercial insurance underwriters with a way to process more commercial ... Read the full article
Florida building codes reducing hurricane loss potential: Lockton Re
14th December 2023
A new report from reinsurance broker Lockton Re has highlighted how building codes in Florida are seen as a significant factor in reducing the potential insurance industry loss from hurricanes. Improvements in recent years have seen modelled loss estimates drop, the broker said. A new report recently released from the company showcases ... Read the full article
WTW to acquire Italian MGA AIMUW
14th December 2023
Global insurance and reinsurance broker WTW has signed a definitive agreement to acquire AIMUW, a specialist Managing General Agent in Italy. The deal is expected to be completed in January 2024, although the terms of the transaction are not disclosed. The deal reflects WTW’s strategy to invest in high-performing businesses and ... Read the full article
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