Reinsurance News
Gordon Browne to rejoin AIG as Global Head of Specialty
23rd May 2024
Gordon Browne has been appointed Global Head of Specialty at American International Group (AIG), effective June 11, 2024, reporting to Jon Hancock, Executive Vice President and Chief Executive Officer, International Insurance. He will also serve on the International Insurance leadership team. Browne rejoins AIG from Allianz, where he served as Global Head ... Read the full article
PCRIC and WTW launch parametric quake cover for Papua New Guinea submarine cable network
23rd May 2024
The Pacific Catastrophe Risk Insurance Company (PCRIC) alongside broker WTW have designed a parametric insurance policy to help protect PNG DataCo., a Papua New Guinea (PNG) operator, from the financial impact of earthquake damage. The parametric insurance policy will provide rapid payouts following earthquakes that are expected to result in damage ... Read the full article
IUA welcomes PRA’s decision to halt FSCS alterations in UK
23rd May 2024
The International Underwriting Association has expressed approval for a recent decision to halt proposed alterations in the Financial Services Compensation Scheme (FSCS). The Prudential Regulation Authority (PRA) had entertained the idea of expanding the scheme's coverage by redefining the term 'small business'. The IUA contended that such action would significantly alter the ... Read the full article
Munich Re Automation Solutions’ underwriting solution goes live with Brazilian life insurer
23rd May 2024
Munich Re Automation Solutions Ltd, a provider of automated underwriting and analytics solutions to the life insurance industry, has announced that its SARA risk assessment solution is now live with Brazilian life insurance firm, MAG Mongeral Aegon. SARA is a state-of-the-art digital underwriting solution, deployed at point-of-sale, which MAG will use ... Read the full article
Arturo names Juan Pujadas to Board of Directors
23rd May 2024
Juan Pujadas, an advisor at Blumberg Capital where he supports fintech portfolio companies such as EarnUp and Field Materials, has joined the Board of Arturo, the property intelligence company that delivers portfolio-wide underwriting, risk, claims and catastrophe-driven event insights. “I am honoured to serve on Arturo’s Board of Directors,” stated Pujadas. ... Read the full article
TWIA aims to reduce future reinsurance purchases following record 2024
22nd May 2024
The staff of the Texas Windstorm Insurance Association (TWIA) plan to recommend that lawmakers consider new ways to reduce the insurer of last resort's future reinsurance purchases following its largest reinsurance purchase on record in 2024, driven by significant exposure growth. Of TWIA's record $6.5 billion funding tower for 2024, ... Read the full article
Martello Re reportedly targeting around $800m of new equity
22nd May 2024
Bermuda-domiciled life and annuity reinsurance company Martello Re is deliberating on raising at least $800 million of new equity, as per a new report from Bloomberg. Citing people with knowledge of the matter, Bloomberg's report noted that Martello Re has commitments from new and existing investors. Of course, a transaction hasn’t been ... Read the full article
Growing MGA market deserves more oversight, AM Best says
22nd May 2024
Global credit ratings agency AM Best is maintaining a positive outlook on the delegated underwriting authority enterprise (DUAE) market, citing sustained global growth and momentum, as well as the market's ability to cater to underserved and emerging risks. However, while the agency's outlook on the DUAEs market segment reamins positive, Best ... Read the full article
Allianz UK makes two key senior leadership changes appointing Kam as CRO
22nd May 2024
Allianz UK has announced the promotion of Jason Howes to Chief Transformation Officer and the appointment of Hanna Kam to the role of Chief Risk Officer, taking over the role from John Berry, who has decided to step down. According to the announcement, these senior moves reflect the company’s ongoing strategic ... Read the full article
Slide finalises $1.86bn 2024 reinsurance program
22nd May 2024
Full-stack homeowners insurtech, Slide Insurance, has completed its $1.86 billion reinsurance program for the upcoming 2024 Atlantic hurricane season, reinforcing its ability to protect homeowners across Florida and South Carolina. According to Slide, its reinsurance program exceeds all regulatory and rating agency requirements, and protects the carrier to the 175-year return ... Read the full article
AEGIS London launches wind buy-back for US private coastal homes
22nd May 2024
Lloyd’s syndicate AEGIS London has launched a new digital product offering aimed at US-based private property owners for wind deductible buy-back. For those unaware, wind deductible buy-backs are purchased by clients to lower deductibles for wind and named storm damage to their private homes in the US. A buyback deductible is an ... Read the full article
Rising rates boost US life/annuity insurers’ returns in 2023: AM Best
22nd May 2024
A new AM Best report indicates that rising interest rates in 2023 increased the portfolio yields of US life/annuity insurers by nearly 30 basis points, from 4.47% to 4.74%. The Best’s Special Report, “US Life/Annuity Investment Portfolio Yields Rebound in 2023,” attributes the improvement in total portfolio yield to the reinvestment ... Read the full article
AXA XL appoints Robert Riha as Chief Client & Distribution Officer, APAC & Europe
22nd May 2024
AXA XL, the property & casualty (P&C) and specialty risk division of global insurer AXA, has announced the appointment of Robert Riha as Chief Client & Distribution Officer for APAC & Europe. Riha will now report to Xavier Veyry, the Chief Executive Officer for APAC & Europe, and Manuel Meier, the ... Read the full article
Lockton CCA launches region’s first Food, Agriculture & Beverage insurance broking practice
22nd May 2024
Lockton Caribbean & Central America (CCA) has launched the region’s first Food, Agriculture & Beverage (CCA FAB) insurance broking practice. The new Food, Agriculture & Beverage practice within Lockton CCA, the Miami-based wholesale re/insurance operation focused on the region, within Lockton's Latin America and Caribbean Insurance Services Series (LACIS). Working as a ... Read the full article
Legal & General completes £900mn buy-in with ICI Pension
22nd May 2024
Legal & General Assurance Society Limited has completed an approximately £900 million buy-in with the ICI Pension Fund, securing the benefits of over 7,000 retirees. This announcement marks the 12th transaction since the ICI Pension entered into an umbrella agreement with Legal & General in 2014, which to date, has completed ... Read the full article
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