Reinsurance News
Talanx completes acquisition of Liberty Seguros in Brazil
24th November 2023
Germany’s Talanx Group, the parent of global reinsurer Hannover Re, has completed the process of acquiring the business of Liberty Seguros with retail customers and small to mid-sized enterprises in Brazil, in line with the company’s announcement earlier this year. The acquisition was done through HDI International, a subsidiary of ... Read the full article
Energy reinsurance market faces unanticipated challenges despite initial optimism: WTW
24th November 2023
In a surprising turn of events, the impact of reinsurance market dynamics on direct clients within the energy sector has not unfolded as expected, according to the latest findings in the October 2023 Energy Market Review by WTW. Earlier in the year, insurers were bracing themselves for the aftermath of challenging ... Read the full article
Benefits of climate adaptation can significantly outweigh costs: Swiss Re
24th November 2023
Veronica Scotti, Chairperson, Public Sector Solutions at reinsurance giant Swiss Re, discusses how a more systemic use of a universal approach to measuring climate adaptation interventions could help catalyse the business case for action. Commentary from Scotti ahead of the COP28 event in the UAE, highlights Swiss Re analysis which reveals ... Read the full article
Howden unveils primary cyber & technology E&O facility with Lloyd’s
24th November 2023
Global broker Howden has announced that it has launched a new primary cyber and technology errors & omissions (E&O) facility. The facility has been developed in conjunction with the Lloyd’s Insurance Company According to the announcement, the product has been designed for a wide range of cyber and technology risks across 14 different ... Read the full article
S&P places ratings on 15 NOHCs of Bermuda-based re/insurers on CreditWatch negative
24th November 2023
S&P Global Ratings has placed its long-term issuer credit ratings on 15 non-operating holding companies (NOHCs) of Bermuda-based reinsurers and insurers on CreditWatch with negative implications. The credit rating agency has also placed the issue ratings on the securities issued or guaranteed by these NOHCs, on CreditWatch with negative implications. Among the ... Read the full article
Africa Re reports improved Net Profit of $75.4mn in 9M 2023
24th November 2023
The African Reinsurance Corporation has announced its financial results for the first nine months of 2023 reporting strong growth in Net Profit, to $75.4 million, a “remarkable improvement” compared to the loss recorded at the end of the same period of 2022. Africa Re’s Gross Written Premium Income also saw improvement, ... Read the full article
Rothesay secures £4bn buy-in transaction for Co-op
24th November 2023
UK pensions insurance specialist Rothesay has completed a £4bn buy-in with the Co-op Section of the Co-operative Pension Scheme. According to Rothesay, the buy-in secures the benefits for almost 50,000 members of the Scheme, which includes defined benefit liabilities for 17,655 pensioners and dependants and a further 31,896 deferred members. The Scheme ... Read the full article
Decline in book value of insurers’ hedge fund investments signals shift in market trends: AM Best
24th November 2023
A new report by AM Best reveals a significant 9.9% contraction in insurers' hedge fund holdings over the past year, reversing a two-year growth trend. The data suggests that insurers are navigating a changing landscape in the face of market volatility and rising interest rates. According to the report, property/casualty (P/C) insurers ... Read the full article
CCRIF receives $80,000 donation to improve weather monitoring networks in Caribbean countries
24th November 2023
The CCRIF SPC, formerly the Caribbean Catastrophe Risk Insurance Facility, has received a donation of $80,000 from the FirstCaribbean International ComTrust Foundation to enhance disaster preparedness among member governments. According to the announcement, $75,000 of the grant will be used to enable at least four Caribbean countries to improve their weather ... Read the full article
Legal & General agrees £4.8bn full buy-in for Boots Pension Scheme
24th November 2023
Legal & General has announced that it has agreed to a £4.8 billion full buy-in with the Boots Pension Scheme, the UK’s largest single transaction of its kind by premium size. This buy-in secures the benefits of all 53,000 retirees and deferred members of the Scheme, and, for L&G, is the ... Read the full article
Insurance Europe and PensionsEurope urge inclusion of ESG data in commission’s regulation
24th November 2023
Insurance Europe and PensionsEurope have jointly expressed their support for the European Commission's proposed ESG (environmental, social, and governance) Rating Regulation while calling for further enhancements to ensure transparency, comparability, and integrity within the ESG landscape. The associations welcome the regulation's potential to improve the transparency of ESG ratings, enhance the ... Read the full article
Phoenix Group appoints Lloyd’s CIO Eleanor Bucks as Board member
24th November 2023
The Phoenix Group Holdings plc, a major UK life and retirement, risk transfer and savings company, has appointed Eleanor Bucks as an independent Non-Executive Director. The appointment is effective starting 1st December 2023. Alastair Barbour, Chair of Phoenix Group, commented on the appointment, "We are delighted that Eleanor has agreed to join ... Read the full article
January tops holiday months for retail worker injury claims: AmTrust
24th November 2023
AmTrust Financial Services, Inc., a prominent U.S. small business insurer, has released its 2023 AmTrust Retail Risk Report, highlighting that January, not the hectic holiday season, is the riskiest month for workers in the retail sector. Contrary to expectations, the report indicates that more workers' compensation claims are filed in January ... Read the full article
Tim Coles named CEO for European brokerage operations at Bridge Specialty Group
24th November 2023
Bridge Specialty Group, the Wholesale Brokerage segment of Brown & Brown, Inc. has appointed Tim Coles as Chief Executive Officer (CEO) for the European brokerage operations of Bridge Specialty Group. His new role is effective as of January 1, 2024. Coles most recently served as CEO of Xenia Broking Group, part of ... Read the full article
APAC insurance market insights from Swiss Re’s Daisy Ning
23rd November 2023
In a recent interview with Reinsurance News, Daisy Ning, Head of Life & Health Re APAC excluding China at Swiss Re, provided valuable insights into the insurance landscapes of various Asia-Pacific (APAC) markets. Singapore: Steady Growth and Changing Consumer Awareness "Singapore is an interesting market. So, it's been on this steady growth, ... Read the full article
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