Reinsurance News
Momentum of climate action has been far too slow, says Munich Re’s Rauch ahead of COP28
27th November 2023
As world leaders meet in the UAE this week for the annual COP climate conference, Ernst Rauch, Chief Meteorologist at European reinsurance giant Munich Re, has said that the United Nations is right when it says that climate action can't wait. "With COP28 starting this week, what can be looked at ... Read the full article
AM Best maintains positive outlook on Delegated Underwriting Authority Enterprise segment
27th November 2023
Ratings agency AM Best has confirmed that it is maintaining its market segment outlook for the delegated underwriting authority enterprise (DUAE) segment at positive. The agency has citied the segment's sustained growth and performance on a global basis, as well as its ongoing ability to address underserved and emerging risks, as ... Read the full article
Chubb survey reveals lack of flood preparedness among U.S. mid-market companies
27th November 2023
Property and casualty insurer Chubb has disclosed findings from a recent survey, indicating that U.S. mid-market companies, with a majority falling within the $10 million to $1 billion range, are significantly unaware and unprepared for the risks posed by flooding. The survey underscores a concerning trend, with a staggering 85% of ... Read the full article
IDF targets consolidation of Tripartite Programme gains in 2024
27th November 2023
The Insurance Development Forum (IDF) Sovereign and Humanitarian Solutions (SHS) Working Group has noted that in 2024, it aims to consolidate Tripartite Programme gains as it continues on its mission to reduce the protection gap in vulnerable and climate-exposed regions. The Tripartite Programme is a platform that fosters collaboration between public ... Read the full article
Brokerslink welcomes Ardonagh Specialty CEO Erotocritou to its Board
27th November 2023
Brokerslink, a broking business with a global broking network, has appointed Antony Erotocritou as a new Board Director representing Ardonagh Specialty. Ardonagh Specialty is the largest independent specialty broker in the London market with offices around the world. Jose Manuel Fonseca, President and Chief Executive Officer of Brokerslink, commented on the appointment: ... Read the full article
L&G bolsters Retail Protection team
27th November 2023
London headquartered Legal & General (L&G) has named James Shattock as the Managing Director for UK Protection, while Pippa Keefe has succeeded him as Commercial Director. These appointments follow the current Managing Director of UK Protection, Steve Griffiths’ retirement after a 17-year career at the company. Griffiths successfully led the Retail Protection and ... Read the full article
East Africa Re establishes subsidiary in Tanzania: report
27th November 2023
Kenya-domiciled reinsurance company, East Africa Reinsurance Company Limited, has expanded its operations with the establishment of its first subsidiary in Tanzania, as reported by Daily News. In a statement, the company said that the Tanzania Insurance Regulatory Authority (TIRA) has licensed East Africa Reinsurance (Tanzania) as a local Reinsurance Company in ... Read the full article
Concrete solutions to Loss & Damage needed: Global Shield board
27th November 2023
Ahead of COP28, the board of the V20 Finance Ministers and G7 initiative Global Shield against Climate Risks met virtually on November 15, where Co-Chair Dr. Bärbel Kofler, stressed that “concrete solutions for how to support marginalized people and particularly vulnerable countries in dealing with loss and damage from climate ... Read the full article
Consilium sees 35% growth in 2023, expects to reach 1.4bn by 2026
27th November 2023
International re/insurance broker Consilium, part of Aventum Group, has reported a 35% increase in revenue for the year ending June 2023 with Gross Written Premiums (GWP) at $600 million. The broker expects to reach $800 million GWP by June 2024, and $1.4 billion by year end 2026. An entrepreneurial independent broker, Consilium ... Read the full article
Aviva to acquire Canadian MGA Optiom
27th November 2023
Aviva has announced the acquisition of Optiom O2 Holdings Inc from Novacap and other minority shareholders for a consideration of c.£100m (c.CAD$170m). Optiom, which operates as a managing general agent (MGA), provides vehicle replacement insurance in Canada. According to Aviva, the acquisition will help expand its capital-light businesses, which make up over ... Read the full article
APAC international non-life insurers demonstrate resilience in peer review: Fitch
27th November 2023
In a recent peer review conducted by Fitch Ratings, APAC non-life insurers with substantial international operations have demonstrated robust company profiles and commendable capitalisation, setting them apart from their peers in the US and EMEA. Fitch Ratings has assigned a rating category of 'Favorable' to 'Most Favorable' to the company profiles ... Read the full article
Too early to name AI as the leading cause for job losses across the industry: AM Best
27th November 2023
With artificial intelligence (AI) continuing to make an impact across the industry, by transforming the insurance underwriting process, and the value chain by boosting efficiency and improving accuracy, the technology is also creating potential for insurers to further improve productivity and minimize, if not actually eliminate, human touch points, according ... Read the full article
Athene reinsures Japanese life risks for FWD. Swiss Re provides mortality retro
27th November 2023
Life and retirement specialist Athene Holding Ltd., which is a Bermuda based subsidiary of global asset manager Apollo, has completed its first block reinsurance transaction in Japan, covering an in-force block of life insurance policies for FWD Life Insurance Co. Ltd. Japanese domiciled insurer FWD Life Insurance Co. Ltd. is part ... Read the full article
SCOR Investment Partners announces key leadership appointments to drive growth
27th November 2023
In a strategic move to propel its third-party asset management activity, SCOR Investment Partners, the asset management arm of the SCOR Group, has made significant leadership appointments. Louis Bourrousse, formerly Head of Business Development and Deputy Chief Executive Officer, is now appointed as the Chief Executive Officer, succeeding Fabrice Rossary, who ... Read the full article
CFC extends cyber cover for professional services firms
27th November 2023
Specialist insurance provider, CFC, is now offering small and medium-sized enterprises add-on cyber coverage to their packaged insurance policies for professional services businesses. The insurer is offering broad cybercrime coverage, as well as giving SMEs access to proactive cyberattack prevention services and incident response capabilities. “Extending the current cyber add-on with new ... Read the full article
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