Reinsurance News
Liquidity risk gaining more attention due to the growing use of private assets, Morningstar DBRS
31st May 2024
A new commentary released by Morningstar DBRS, highlights that liquidity risk in the insurance industry is gaining more attention because of the growing use of private assets. Historically, liquidity risk has typically received far less attention in the insurance sector in comparison to other types of financial institutions such as banks. However, analysts ... Read the full article
AdvantageGo announces ecosystem alliance with Relativity6
31st May 2024
AdvantageGo, a commercial re/insurance software provider and part of Coforge, has announced a strategic alliance with Relativity6, an artificial intelligence (AI) powered industry classification provider. For those who are not aware, Relativity6 addresses incorrect or out-of-date industry classification rating data and flagging of hazardous industries which allows underwriters to make critical rating ... Read the full article
HK Insurance Authority welcomes two new Executive Directors
31st May 2024
Lee Moung-mo has been appointed Executive Director, General Business, and Marty Lui Yu-kwok as Executive Director, Long Term Business of the Insurance Authority (IA),the insurance regulator of all authorised insurance companies and licensed insurance intermediaries in Hong Kong. The Government’s Financial secretary appointed both executives to their new roles for a ... Read the full article
Knowing where you are in the cycle is key to long-term success: Conduit Re CEO
30th May 2024
After a positive outcome at the January 1 reinsurance renewals and a very solid performance in the first quarter of 2024, we spoke with Conduit Re CEO, Trevor Carvey, about the evolution of the Bermuda-based reinsurer, market dynamics, and the importance of managing the cycle. Conduit Re took advantage of ... Read the full article
Florida market improving though reinsurance dependancy remains: AM Best
30th May 2024
Despite Florida-focused personal property insurers experiencing material volatility in their operating results and surplus levels in recent years, alongside a reinsurance dependency that "skews" higher than the broader overall property segment, AM Best has noted that their results improved in 2023. It's no secret that Florida insurers have been suffering from ... Read the full article
Bowhead Specialty adopts Kalepa’s AI-driven Copilot for enhanced underwriting
30th May 2024
Bowhead Specialty, a provider of casualty and professional liability products, has deployed Kalepa’s Copilot underwriting platform to leverage its advanced AI for improved risk selection and enhanced customer service. Stephen Sills, CEO of Bowhead Specialty, remarks, "Our partnership with Kalepa allows us to stay on the cutting edge. Many companies make ... Read the full article
ARC urges innovative financing solutions for African farmers amid challenges
30th May 2024
The need for innovative financing mechanisms for Africa's farmers is becoming increasingly urgent as the continent faces challenges such as climate change, low productivity, and conflict, according to African Risk Capacity (ARC). At the 10th African Regional Forum on Sustainable Development (ARFSD), experts urged policymakers to assess farmers' needs and improve ... Read the full article
Risk-adjusted property-cat ROL 5% lower on average, indicating shifting market dynamics: Howden Re
30th May 2024
Moderated risk-adjusted property-catastrophe reinsurance pricing reflects shifting market dynamics at the June 1st reinsurance renewals, broker Howden Re has stated. According to Howden Re, risk-adjusted property-catastrophe reinsurance rates-on-line (ROL) were on average 5% lower at the June 1 2024 renewals, within a typical range of -7.5% to -2.5%. According to analysts, the ... Read the full article
Brian Flasinski becomes CEO, Gallagher Re North America, from June 1 2024
30th May 2024
Reinsurance broker Gallagher Re has announced that Brian Flasinski will take over as Chief Executive Officer (CEO) of the North America region from June 1st, 2024, succeeding Jim Bradshaw. Gallagher Re announced Flasinski's new role back in March, and also revealed that Bradshaw would transition to the role of Chairman, ... Read the full article
Baltimore bridge collapse could impact outlook of IG P&I Club’s reinsurers: NorthStandard
30th May 2024
Marine insurer NorthStandard has reported that the cargo vessel collision and subsequent collapse of the Francis Scott Key Bridge outside Baltimore in March 2024 has the potential to impact the outlook of the International Group of P&I Clubs (IG) reinsurers and those across the club’s other reinsurance programmes. For those unaware, ... Read the full article
RSA Insurance welcomes Indhira Mani as Chief Data Officer
30th May 2024
Global insurance provider RSA Insurance has announced the appointment of Indhira Mani to the role of Chief Data Officer. Reporting to Ollie Holden, Chief Information Officer at RSA Insurance, Mani will play a key role in leveraging data as a differentiator across the business, RSA highlighted. Mani brings to her new role ... Read the full article
HDI Global reports improved CoR for Q1’24 as insurance revenue rises
30th May 2024
Industrial insurer HDI Global SE, part of the Talanx Group, has reported a first quarter 2024 combined ratio of 91.8%, an improvement of 1.4 percentage points year-over-year. The insurer's insurance revenue rose by 13% in Q1 2024, or 14% after adjustment for currency effects, reported at €2.3 billion compared to Q1 ... Read the full article
Stephen Frank named VP of the Global Federation of Insurance Associations
30th May 2024
The Global Federation of Insurance Associations has announced the election of a new Vice President, Stephen Frank, president and CEO of the Canadian Life and Health Insurance Association (CLHIA). Frank has worked in the financial services sector for over two decades and has led the CLHIA since 2017, having joined the ... Read the full article
Miller acquires Madrid-based commercial re/insurance broker Bruzon
30th May 2024
Independent specialist insurance and reinsurance broker, Miller, has acquired Madrid-based commercial re/insurance broker Bruzon Correduría de Seguros y Reaseguros S.A. and Bruzon Services S.A. (Bruzon), subject to regulatory approval, with the deal expected to complete later this year. This is Miller’s second Continental European acquisition transaction as it continues the expansion ... Read the full article
US severe weather losses projected to be nearly $20bn by end of May, BMS’ Siffert
30th May 2024
A new severe weather update from BMS shows that insurance losses have soared, surpassing $10 billion, and are projected to reach nearly $20 billion by the end of May, warns Andrew Siffert, Senior Meteorologist at BMS. Last month, BMS issued a warning to the insurance industry, telling industry figures to ... Read the full article
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