Reinsurance News
Concirrus introduces new general aviation insurance market offering
3rd June 2024
Concirrus has launched Quest Aviation, an offering for the general aviation insurance market that reportedly increases efficiency for underwriters while addressing heightened regulatory demands and complexity. According to Concirrus, up to 40% of an aviation underwriter's time is consumed by non-value-adding tasks, such as manual data entry and paperwork. "Freeing up this ... Read the full article
WTW launches SaaS tool Climate Quantified to better assess nat cat risks
3rd June 2024
WTW, a global advisory, broking, and solutions company, has unveiled Climate Quantified, a new technology set to help quantify the financial impact of climate change with "unprecedented precision". By analysing the interactions between climate risk factors and their impact on business models, including physical risks, supply chain vulnerabilities and regulatory changes, ... Read the full article
Broadstone unveils Insurance, Regulatory & Risk Advisory division
3rd June 2024
Broadstone, the independent pensions, employee benefits, investment and insurance consultancy, has launched its standalone Insurance, Regulatory & Risk Advisory division. According to the announcement, this proposition will service the life and non-life insurance sector including Lloyds and the London market, in addition to redress solutions and credit risk, financial modelling and ... Read the full article
Casper Specialty UK appoints Jacob Blomfield as Head of Operations
3rd June 2024
Casper Specialty UK Limited (Casper), a specialist casualty-focused managing general agent (MGA), has announced the appointment of Jacob Blomfield as Head of Operations. In his new role, Blomfield will be responsible for enhancing Casper’s operational infrastructure, with a focus on improving how the company captures, stores, and uses data. Simon Sykes, Chief ... Read the full article
Apollo launches first captive syndicate under revised model at Lloyd’s
3rd June 2024
Apollo Syndicate Management has reportedly launched the "first captive syndicate of the modern era" at Lloyd’s in partnership with a major global client. As per Apollo, this is the latest development in its mission to grow its extensive market offering and leading managing agency services. "The launch signals the start of Lloyd’s ... Read the full article
Hamilton appoints Bradley E. Cooper to its Board as Shareholder Director
3rd June 2024
Bermuda-domiciled specialty re/insurer Hamilton Insurance Group, Ltd. has appointed Bradley E. Cooper to its Board of Directors as a Shareholder Director by Hopkins Holdings, LLC., effective June 1st, 2024. Cooper, who replaces Antonio Ursano in the role, is a Managing Partner of Capital Z Partners, a private equity fund focused on ... Read the full article
AIG’s CEO sees substantial growth opportunities in the E&S market
3rd June 2024
AIG's Chairman and CEO, Peter Zaffino, highlighted the company's strategic focus on the rapidly expanding Excess & Surplus (E&S) insurance market, which he sees as a significant avenue for growth. Zaffino emphasised the remarkable growth trajectory of the E&S market, which has surged from $34 billion in 2003-2004 to an impressive ... Read the full article
Insurance Europe outlines key priorities for Capital Market Union
3rd June 2024
Insurance Europe, the association representing insurance and reinsurance companies, emphasises that the Capital Market Union (CMU) should aim to increase retail investment, diversify funding sources for EU businesses, and foster an environment conducive to innovation, competition, and growth within EU companies. The CMU, initiated a decade ago, seeks to create a ... Read the full article
CFC Canada adds Kelly McGuinness to its team
3rd June 2024
CFC Canada is welcoming seasoned insurance professional Kelly McGuinness as Cyber, Tech and Professional Liability Development Leader. McGuinness will be based in CFC’s first office on the ground in Canada, based in Toronto, and will be working closely with new CEO of CFC Canada, Kate Della Mora. She will also be working ... Read the full article
GIC Re posts underwriting loss in fiscal full year, CR deteriorates to 111.8%
3rd June 2024
GIC Re, the Indian public sector reinsurer, has posted an underwriting loss of ₹4,006.56 crore for the fiscal year ended 31st March 2024 (FY24), compared to the ₹2,341.37 crore loss from the prior year. At the same time, the firm also posted a combined ratio of 111.8%, representing a deterioration of ... Read the full article
CoreLogic reports 32.7 million homes at risk ahead of active hurricane season
31st May 2024
Ahead of the 2024 Atlantic Hurricane Season, CoreLogic, a provider of property information and analytics, has released its 2024 Hurricane Risk Report to help insurers and risk managers prepare for the upcoming season. The report reveals that over 32.7 million homes from Texas to Maine are at risk of moderate to ... Read the full article
2024 to be a positive financial year for Vienna Insurance Group
31st May 2024
Following a successful 2023 financial year, the Vienna Insurance Group (VIG) predicts 2024 will also be a very positive year, with the Group aiming to achieve profit before taxes of up to €875 million. Hartwig Löger, Chairman of the Managing Board, spoke about this positive outlook during the Group’s Annual General ... Read the full article
Marsh McLennan Agency announces acquisition of Perkins Insurance Agencies
31st May 2024
Marsh McLennan Agency, a subsidiary of Marsh, has acquired Perkins Insurance Agencies, an Abilene, Texas-based independent agency. Established in 1977, Perkins provides commercial property and casualty (P&C) and personal lines coverage to West Texas-based organisations, non-profits, and families, with specialised expertise in the oil and gas, trucking, farm and ranch, and ... Read the full article
AM Best downgrades ratings of Farm Bureau Mutual Insurance Company of Arkansas
31st May 2024
Credit rating agency AM Best has downgraded the credit ratings of Farm Bureau Mutual Insurance Company of Arkansas, Inc. (FBMICA), a regional insurer, due to severe weather-related losses. The Financial Strength Rating dropped from B+ (Good) to B (Fair) and the Long-Term Issuer Credit Rating from “bbb-” (Good) to “bb” (Fair), ... Read the full article
Sompo appoints Swiss Re’s Tewes as Head of Risk Control CE Commercial P&C Insurance
31st May 2024
Sompo, a global provider of commercial and consumer property, casualty, and specialty re/insurance, has appointed Malwine Tewes to the newly established role of Head of Risk Control for its Continental Europe (CE) Commercial Property and Casualty (P&C) insurance business. In her new role, Tewes will report directly to Ralph Brand, President ... Read the full article
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