Reinsurance News
Ardonagh Advisory acquires RiskSTOP to expand technological capabilities
11th December 2023
Ardonagh Advisory has acquired insurance technology and risk management services company RiskSTOP. Based Poundbury, Dorchester, RiskSTOP was founded in 2000, and provides risk management surveys and ancillary services to the UK insurer and broking communities. Ardonagh explained that RiskSTOP will continue to be led by its current Managing Director, Danny Lillington, alongside ... Read the full article
Aspen confirms potential IPO in 2024
11th December 2023
Bermuda-based insurer and reinsurer, Aspen Insurance Holdings Limited, has confirmed that it is mulling an initial public offering (IPO) of its ordinary shares in 2024, subject to satisfactory market conditions. The announcement from Aspen confirms a previous report by the Financial Times that Aspen has been working with bankers for some ... Read the full article
QBE Re names Ashish Ahluwalia as Global Head of Performance & Portfolio Analytics
11th December 2023
QBE Re, the reinsurance arm of QBE Insurance Group, has appointed Ashish Ahluwalia as its new Global Head of Performance and Portfolio Analytics. In this new role, Ahluwalia will act as a strategic advisor to support portfolio construction and capital deployment. Ahluwalia has previously worked with QBE's actuarial team, as the Head ... Read the full article
LIIBA adds three new board members
11th December 2023
The London & International Insurance Brokers’ Association (LIIBA) has appointed Gina Butterworth, Chief Operating Officer of Gallagher Re UK, Margarita Hutley, Director, Iris Insurance Brokers, and Holly Shepherd, Managing Director of Shepherd Compello to its Board. Christopher Croft, LIIBA’s Chief Executive Officer, commented, "Gina, Margarita and Holly are very welcomes additions ... Read the full article
Optimistic trends and tech priorities for APAC insurers in 2024: Clearwater Analytics
11th December 2023
Clearwater Analytics, a leading provider of SaaS-based investment management, accounting, reporting, and analytics solutions, has released its 2024 Hong Kong & Singapore Insurance Industry Outlook report highlighting several key trends and insights that are set to shape the insurance landscape in the Asia-Pacific region in the coming year. The survey, conducted ... Read the full article
US wildfires still remain a major threat as frequency decreases: Triple-I
11th December 2023
According to the Insurance Information Institute (Triple-I), the potential insured losses resulting from US wildfires are growing even as their frequency decreases because close to 99 million Americans reside in the wildland urban interface (WUI). The WUI is the zone of transition between unoccupied and developed land, where structures and human ... Read the full article
ABI welcomes three new members to its Board
11th December 2023
The Association of British Insurers (ABI) has announced the appointment of three new members to its Board, including Amanda Blanc, Group CEO of Aviva, with immediate effect. Alongside Blanc, Clive Bolton, CEO, M&G Life Insurance, and Tara Foley, CEO, Axa UK & Ireland, also join the Board. The ABI Board provides the ... Read the full article
Guidewire shrinks net loss, increases revenues for fiscal Q1
11th December 2023
Guidewire Software, a platform provider for property and casualty re/insurers, has reported a net loss of $27.1 million for the first quarter of fiscal year 2024, compared with $69.3 million for the same period in the previous fiscal year. Similarly, the company’s loss from operations saw a loss of $33.8 million ... Read the full article
U.S. P/C industry saw $32bn underwriting loss in 9M 2023: AM Best
8th December 2023
The U.S. property/casualty (P/C) insurance sector grappled with a challenging nine-month period in 2023, posting a staggering $32.2 billion net underwriting loss, according to a report by AM Best. This represents a $7.6 billion deterioration compared to the same period in the prior year. AM Best's data, compiled from companies whose interim ... Read the full article
MS Amlin appoints Clare Constable as Chief Claims Officer
8th December 2023
Lloyd’s global re/insurer MS Amlin has appointed Clare Constable to the newly created role of Chief Claims Officer, reporting to Andrew Carrier, Chief Executive Officer (CEO). The appointment is effective from January 1st, 2024, subject to regulatory approval. This promotion is part of a drive to create a joined-up Claims and Underwriting ... Read the full article
UK gov announces £20 million disaster risk financing package at COP28
8th December 2023
Announced by Andrew Mitchell, International Development and Africa Minister at COP28, the almost £20 million funding package is part of a £100 million pledge made by the UK government at the annual climate conference in Dubai. The £100 million in funding aims to support some of the most climate-vulnerable countries to ... Read the full article
AM Best revises Korean Re’s Long-term ICR outlook to positive
8th December 2023
AM Best has revised the outlook to positive from stable for the Long-Term Issuer Credit Rating (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term ICR of “a” (Excellent) of Korean Reinsurance Company (KRE). According to AM Best, the ratings reflect KRE’s balance sheet strength, ... Read the full article
Global P&C insurers face mounting challenges in cat risk management: Moody’s
8th December 2023
According to a recent report by Moody's, the Property & Casualty (P&C) insurance sector is witnessing a shift as primary insurers retain more risk following the raising of attachment points by reinsurers looking to reduce frequency losses to offset years of poor returns. Historically, primary perils like hurricanes and earthquakes have ... Read the full article
Athene raises $600 million to grow insurance business
8th December 2023
Financial services company Athene Holding Ltd. has confirmed plans to sell $600 million of 5.875% senior unsecured notes due 2034, the proceeds of which will be used to expand its insurance operation. The offering is expected to close on December 12th, 2023, subject to satisfaction of customary closing conditions. The company intends ... Read the full article
Applying GenAI can improve loss ratios and interaction across the market: Planck’s Tsur
8th December 2023
As GenerativeAI (GenAI) continues to expand across the insurance and reinsurance sector, Elad Tsur, Co-Founder and CEO of Planck, explained during a recent interview with Reinsurance News how the technology can play a key advantage in helping to reduce loss ratios and bring more competitive rates to end customers. In terms ... Read the full article
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