Reinsurance News
WTW adds Diego Ventosa Dünwald to Natural Resources team
29th November 2023
Global insurance brokerage WTW has appointed Diego Ventosa Dünwald as Energy and Infrastructure Growth Leader, Natural Resources, based in North America and reporting to Bill Helander, Head of Natural Resources at WTW North America. In his new role, Dünwald will be tasked with supporting clients globally with a focus in Latin ... Read the full article
Northern Re triples committed capital with additional $50m of funding
28th November 2023
New York and Cayman-based Northern Reinsurance has successfully tripled its committed capital by securing an additional $50 million of funding, bringing the total to $75 million. According to Northern Re, the proceeds will enable it to capitalise on favourable market conditions, also providing it with an opportunity to expand its partnerships ... Read the full article
Gallagher Re promotes Mark Hansen to COO
28th November 2023
Reinsurance brokerage Gallagher Re has promoted Mark Hansen, who has served as Chief Operating Officer (COO) for its North America division since 2021, as its new global COO, taking over from Chris Brook. Hansen has served as COO for Gallagher Re North America since its acquisition of Willis Re. He served at ... Read the full article
Coalition adds Allianz CEO Bäte to Board
28th November 2023
Active Insurance provider, Coalition, has appointed Oliver Bäte, the Chief Executive Officer (CEO) of global insurer Allianz SE, to its Board of Directors. Joshua Motta, Coalition’s Chief Executive Officer and Co-founder, commented on the addition: "We’re thrilled to have Oliver join Coalition’s Board as it’s a testament to his commitment to ... Read the full article
BCS expands offering with gene therapy reinsurance solutions
28th November 2023
BCS Financial has expanded its stop loss and reinsurance offerings to include new payer solutions in response to the growing gene therapy pipeline. Peter Costello, BCS President & Chief Executive Officer, commented, "Gene therapies offer the promise of potential cures, but with treatment costs ranging from $2m to $4m payers and ... Read the full article
MAPFRE’s Huertas calls to legislate on the ethical risk of AI
28th November 2023
Speaking at the Geneva Association Summit 50, MAPFRE’s Chairman and CEO, Antonio Huertas explained that the industry "must legislate on the ethical risk of AI", emphasizing that this must be done judiciously. He explained that "on a global stage, Europe has to strike the balance between necessary regulation and stifling competitive ... Read the full article
Markel’s State National set to enter UK market in 2024
28th November 2023
State National Companies, the Markel owned program, is set to enter the UK market beginning January 1, 2024. According to the announcement, State National is partnering with Markel International Insurance Company Limited to create a program services division in the UK to serve managing general agents (MGA). The division will focus on ... Read the full article
P/C Market Survey reveals softening D&O premiums amidst industry challenges
28th November 2023
In Q3 2023, the Quarterly Property/Casualty (P/C) Market Survey reported the 24th consecutive quarter of overall premium increases, but notably, Directors and Officers (D&O) insurance premiums saw a rare decline of -0.3%, marking the first decrease since Q1 2017. The report suggests several potential factors contributing to this unusual shift. A ... Read the full article
Insurance more relevant than ever but insurability increasingly challenged: Ariss, GA
28th November 2023
Speaking recently at the Geneva Association's 50th Summit in Zurich, Switzerland, Jad Ariss, Managing Director, explained in his opening remarks that although insurance has grown in relevance, insurability is being increasingly challenged as the risk landscape evolves. "One could argue, valuably, that insurance is more relevant than ever. Insurance protects people ... Read the full article
Carbon Underwriting Syndicate 747 to increase GWP to £204m in 2024
28th November 2023
Carbon Underwriting Limited's Syndicate 4747 is expecting gross written premium (GWP) to increase from GPB 150 million in 2023 to an expected GBP 204 million in 2024 across a staggering number of new product lines and geographies. At the same time, the company is also aiming to continue developing and building ... Read the full article
AM Best panel explores how GenAI & ChatGPT are reshaping the insurance industry
28th November 2023
A recent panel hosted by AM Best, that included insurance and technology experts, examined how Generative AI and ChatGPT technologies will play a key role in driving the customer experience across the industry. The panel featured, Arun Balakrishnan, Chairman & CEO of Xceedance, Ray A. Mirza SVP of Berkshire (BHSI), and ... Read the full article
TMHCCI grows Birmingham team and announces new Manchester office
28th November 2023
Tokio Marine HCC International (TMHCCI) has announced it is pursuing further growth in the UK regional Professional Risks market with the appointment of three new underwriters and the opening of a new office in Manchester. Joining TMHCCI’s Birmingham branch is Jazz Parkash as Development Underwriter. Prior to this appointment, she had ... Read the full article
Costero Brokers names Marsh SVP Olley as Cyber Divisional Director
28th November 2023
Costero Brokers, a privately held London-based brokerage, has announced the appointment of Jonathan Olley as Cyber Divisional Director, effective November 27, 2023. In his new role, Olley will focus on the growth of Costero's cyber offering, working with brokers and clients to place business in the London Market. He joins the company ... Read the full article
European non-life insurers remain strongly reserved despite inflation: BofA Securities
28th November 2023
As per the BofA Securities annual reserve review, European non-life insurers remain "strongly reserved and well placed to deal with shocks, despite the impact of higher-than-expected inflation in recent years." Analysts at BofA Securities noted that buffers acted as an important first line of defence against unexpected inflation shocks last year, ... Read the full article
Growing protection gap in insurance threatens Australians’ financial security: Andrew Hall
28th November 2023
In a recent speech at the National Press Club, Insurance Council of Australia (ICA) CEO Andrew Hall warned of a widening "protection gap" in the insurance market, posing a significant threat to Australians' financial security. Hall highlighted the challenges posed by increasing natural disasters, urbanisation, and global megatrends that are reshaping ... Read the full article
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