Reinsurance News
Attractive pricing levels, positive sentiment for property cat reinsurance into 2025: Jefferies
29th May 2024
There is a positive sentiment for property-catastrophe reinsurance heading into 2025, with pricing at very attractive levels, a factor that should continue to benefit UK specialty re/insurers, analysts at Jefferies concluded following recent meetings with global insurers, reinsurers and ILS managers in Bermuda. “Property-catastrophe market remains attractive. Our overarching takeaway from ... Read the full article
Insurance schemes in EU could facilitate reduction of the insurance gap: Morningstar DBRS
29th May 2024
Morningstar DBRS recently published a commentary that highlights the insurance protection gap on extreme weather and climate-related losses in Europe. Severe weather events are expected to become more frequent and intense in the longer term across Europe, and analysts have noted that it is becoming more and more crucial to reduce ... Read the full article
Wenalyze appoints Mandy Hunt as new expert advisor
29th May 2024
Wenalyze has announced the appointment of industry veteran Mandy Hunt to the position of expert advisor. The insurtech enables commercial insurance risk carriers to automate underwriting processes and improve data quality to reduce premium leakage and increase gross written premiums (GWP). In her new ... Read the full article
Scott Sayce to join DUAL as Group Head of Emerging Products
29th May 2024
DUAL Group has announced the appointment of specialist lines veteran Scott Sayce as Group Head of Emerging Products, a newly created role. He will join the MGA on September 1, and will report to David Harries who joined DUAL as Group Director of Underwriting in January 2024. Harries commented: “Scott has a ... Read the full article
SRG set to launch new global motorsport underwriting offering, Skilton to lead
29th May 2024
Specialist Risk Group's Managing General Agent (MGA), MX, has announced that it will be launching a new specialist motorsport underwiring offering, MX Motorsport, which will underwrite all classes of motorsport business on a global basis supported by A rated capacity. According to the announcement, MX Motorsport's team will distribute its products ... Read the full article
Axel André named RGA’s new CFO, succeeding Todd Larson
29th May 2024
Life and health reinsurer Reinsurance Group of America (RGA) announced that Axel André will join as Executive Vice President on June 24, 2024, becoming CFO on August 5, while Todd Larson transitions to the role of Special Advisor to the CEO until his retirement on December 31, 2024. Tony Cheng, President ... Read the full article
Growing contractor fraud impacts US homeowners insurance premiums and causes billions in loss: CAIF
29th May 2024
Contractor fraud, a growing nationwide problem, costs Americans billions every year, impacting not only individuals but also insurance premiums throughout the industry, the Coalition Against Insurance Fraud (CAIF) has stated. Catastrophic events such as hurricanes and tornadoes, among others, leave millions of homeowners across the US struggling to recover and rebuild ... Read the full article
PIC completes £204m full buy-in of Arqiva Defined Benefit Pension Plan
29th May 2024
The specialist insurer of defined benefit pension schemes, Pension Insurance Corporation plc (PIC), has concluded a £204 million full buy-in of the Arqiva Defined Benefit Pension Plan. The transaction reportedly secures the pensions of deferred and pensioner members of the Arqiva Defined Benefit Pension Plan, comprising 589 current pensioners and dependents ... Read the full article
Cyber insurance market remains stable due to robust cybersecurity: McGriff
29th May 2024
McGriff, a US retail insurance broker, reports that cyber insurance market rates in 2024 remain stable as businesses strengthen their cybersecurity measures. Businesses opting for higher retention levels or deductibles are also benefiting from premium savings in their programs. However, McGriff notes, “Custodians of large volumes of records (personal health information, personal ... Read the full article
Descartes names parametric veteran Matthew James Commercial Director-UK & Ireland
29th May 2024
Descartes Underwriting, a Paris-based managing general agent (MGA) focused on parametric insurance solutions, has appointed Matthew James as its new Commercial Director – UK & Ireland. He will be taking over the role from Paul Jones, who is leaving Descartes after nearly three years to pursue other opportunities. In his new role, ... Read the full article
Lloyd’s & BMA strengthen commitment for innovation & education access via MoU
29th May 2024
Lloyd’s, a global insurance and reinsurance marketplace, has announced the signing of a Memorandum of Understanding (MoU) with the Bermuda Monetary Authority (BMA) to bolster its commitment to driving innovation and education access. The initiative, announced in March, focuses on leveraging the Lloyd’s Lab to drive innovation and enhance educational ... Read the full article
VIG sees GWP increase to €4.3bn in Q1 as it remains on course for growth
29th May 2024
Vienna Insurance Group (VIG) has revealed that its gross written premiums increased to €4.3 billion in the opening quarter of 2024, up by 11% compared to 2023's Q1 figure of €3.9 billion. Hartwig Löger, CEO and Chairman of the Managing Board of VIG commented, “VIG once again recorded double-digit premium growth ... Read the full article
SiriusPoint names Susan Cross as new Board Director
29th May 2024
Bermuda-domiciled re/insurer SiriusPoint Ltd has appointed Susan Cross as Board Director, effective May 24th, 2024. The addition of Cross to the SiriusPoint Board brings the total number of members to 10. Cross is an industry veteran with over 40 years of experience, focusing on developing and leading actuarial and analytical functions to ... Read the full article
Ariel Green expands Lloyd’s Technology Performance Insurance Consortium
29th May 2024
Ariel Green, a division of Ariel Re, has expanded the Lloyd’s Technology Performance Insurance (TPI) Consortium to protect clean energy technologies and projects. First launched in 2023 following Ariel Green's rebranding, the Consortium has been successfully renewed, growing the number of participating markets and capacity available. With the Consortium’s backing, Ariel ... Read the full article
Palomar extends top of reinsurance tower to $3.06bn at renewal
29th May 2024
Specialty property insurer Palomar Holdings has announced the completion of its 2024 reinsurance renewal, raising the top of its tower to $3.06 billion for earthquake events, $735 million for Hawaii hurricane events, and $117.5 million for all continental United States hurricane events. Last year, Palomar renewed its reinsurance towers to ... Read the full article
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