Reinsurance News
Deutsche Rück reports 2023 gross premium income of €1.8bn
22nd May 2024
German reinsurer The Deutsche Rück Group expanded its business in 2023 with gross premium income increasing by 16.8% to just under €1.8 billion, while net premiums earned were up 18.3% at €1.2 billion. This strong growth was supported by both international markets in the Middle East, Latin America and Asia and ... Read the full article
NormanMax launches parametric Syndicate 3939 in partnership with Apollo
22nd May 2024
NormanMax Insurance Holdings, the US-based parametric re/insurance group, has launched Syndicate 3939, managed by insurance group Apollo. NormanMax Syndicate 3939 has reportedly commenced underwriting and will offer global parametric re/insurance solutions, specifically designed for hurricanes, tropical cyclones, typhoons, and earthquakes to address the natural disaster protection gap. NormanMax explained that this is ... Read the full article
Michel to head Distinguished and SiriusPoint Inland Marine insurance program
22nd May 2024
Distinguished Programs, a US insurance program manager, has partnered with specialty re/insurer SiriusPoint for its Inland Marine insurance program. The new program, to be led by Eric Michel will offer tailored coverage for a focused segment of Inland Marine exposures, such as Motor Truck Cargo and Transportation, Contractors’ Equipment, Builders’ Risk, ... Read the full article
PERILS places final industry loss estimate for Emilia-Romagna floods at €495m
22nd May 2024
Zurich-based catastrophe insurance data provider PERILS AG has released its final insurance market loss estimate for the floods in the Emilia-Romagna region of Italy during May 2023, lowering the figure slightly to €495 million. This final figure compares to PERILS’ most recent loss estimates of €509 million, which was released ... Read the full article
Aon names Marsh McLennan’s Ryan Barber as Global Head of Property, Commercial Risk
22nd May 2024
Global re/insurance broker Aon has appointed Ryan Barber as the Global Head of Property for Commercial Risk, effective June 24th, 2024, to further advance the firm’s Risk Capital strategy. In this new role, Barber's remit will include leading Aon’s global property practice, he will report to Cynthia Beveridge, Global Chief Broking ... Read the full article
Bayview appoints Craig Schorr as Managing Director of Insurance Asset Management
22nd May 2024
Bayview Asset Management (Bayview), a global investment management firm, has announced the appointment of Craig T. Schorr as Managing Director in its newly formed Insurance Asset Management division. This division was established to offer management services to the insurance and reinsurance industries. Nancy Mueller Handal, Head of Bayview’s Insurance Asset Management ... Read the full article
Fortitude Re names Carla Albertze as SVP, Head of Internal Audit
22nd May 2024
Global multi-line reinsurer Fortitude Re has appointed Carla Albertze as Senior Vice President (SVP), Head of Internal Audit. In her new role, Albertze will lead the firm's Internal Audit Team to ensure the strength, effectiveness and efficiency of the company’s internal controls, risk management processes, and governance procedures. Richard Patching, Board of ... Read the full article
Price rises in motor insurance to decelerate as claims inflation eases: Swiss Re
22nd May 2024
Motor insurance rate increases are anticipated to decelerate soon, driven mainly by disinflation, improved underwriting performance, and increased competition, this in turn should lower the cost of car insurance for consumers, according to the Swiss Re Institute. With increases in personal motor premium rates are near their peak, and experts expect ... Read the full article
Arch UK Regional Division welcomes new Claims Relationship Manager
22nd May 2024
Adam Waterstreet, equipped with vast insurance claims expertise, takes on the role of Claims Relationship Manager, effective immediately, as announced by Arch Insurance UK Regional Division. In his new position, Waterstreet assumes responsibility for supervising account management efforts for brokers throughout the UK regions, fortifying client connections, and identifying avenues to ... Read the full article
RSA partners with Q Underwriting to launch new Management Liability product
21st May 2024
RSA Insurance and specialist managing general agent (MGA) Q Underwriting have partnered to launch a new Management Liability product, aimed at private limited companies and limited liability partnerships. Management Liability insurance protects directors, officers and the company from exposures that may come as a result of the actions and decisions they ... Read the full article
RT Specialty promotes Polansky to President,Field Operations Binding Authority
21st May 2024
RT Specialty, the wholesale distribution division of Ryan Specialty, has promoted Rob Polansky to President of Field Operations Binding Authority. Polansky has operated in the insurance industry for over three and a half decades, holding senior positions with various companies, including carriers, reinsurers, and wholesale firms. He has additionally been involved with ... Read the full article
Coastal Insurance Underwriters announces carrier partnership with SSIC
21st May 2024
Coastal Insurance Underwriters (CIU), the program administrator that specialises in designing, creating, and managing insurance products for a variety of business classes, has announced a new carrier partnership with Superior Specialty Insurance Company (SSIC), a State National Insurance Company surplus lines insurer. According to the announcement, this new partnership is effective ... Read the full article
Core Specialty partners with Open Lending to provide credit default insurance
21st May 2024
Open Lending Corporation, a key player in automotive lending enablement and risk analytics solutions, has partnered with Core Specialty Insurance Holdings, Inc. This partnership aims to enable Core Specialty to provide credit default insurance policies for Open Lending’s Lenders Protection platform. Chuck Jehl, Interim Chief Executive Officer, Open Lending, commented, "One of ... Read the full article
CFC opens first office in Canada to be led by Marsh’s Kate Della Mora
21st May 2024
Kate Della Mora to head CFC Canada as CEO, a new role that was created as the company launched its first office on the ground in Toronto. CFC has launched its first office in Canada with the ambition of building a team of business development professionals to provide Canadian brokers across ... Read the full article
Lockton appoints Jessica Cullen to lead its US Casualty practice in London
21st May 2024
Independent insurance broker Lockton has appointed Jessica Cullen to lead its US Casualty practice in London, effective immediately. She will be relocating from New York, and her remit will include being responsible for leading the practice with respect to London and Bermuda wholesale for US Casualty placement. This move accompanies the ... Read the full article
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