Reinsurance News
P/C Market Survey reveals softening D&O premiums amidst industry challenges
28th November 2023
In Q3 2023, the Quarterly Property/Casualty (P/C) Market Survey reported the 24th consecutive quarter of overall premium increases, but notably, Directors and Officers (D&O) insurance premiums saw a rare decline of -0.3%, marking the first decrease since Q1 2017. The report suggests several potential factors contributing to this unusual shift. A ... Read the full article
Insurance more relevant than ever but insurability increasingly challenged: Ariss, GA
28th November 2023
Speaking recently at the Geneva Association's 50th Summit in Zurich, Switzerland, Jad Ariss, Managing Director, explained in his opening remarks that although insurance has grown in relevance, insurability is being increasingly challenged as the risk landscape evolves. "One could argue, valuably, that insurance is more relevant than ever. Insurance protects people ... Read the full article
Carbon Underwriting Syndicate 747 to increase GWP to £204m in 2024
28th November 2023
Carbon Underwriting Limited's Syndicate 4747 is expecting gross written premium (GWP) to increase from GPB 150 million in 2023 to an expected GBP 204 million in 2024 across a staggering number of new product lines and geographies. At the same time, the company is also aiming to continue developing and building ... Read the full article
AM Best panel explores how GenAI & ChatGPT are reshaping the insurance industry
28th November 2023
A recent panel hosted by AM Best, that included insurance and technology experts, examined how Generative AI and ChatGPT technologies will play a key role in driving the customer experience across the industry. The panel featured, Arun Balakrishnan, Chairman & CEO of Xceedance, Ray A. Mirza SVP of Berkshire (BHSI), and ... Read the full article
TMHCCI grows Birmingham team and announces new Manchester office
28th November 2023
Tokio Marine HCC International (TMHCCI) has announced it is pursuing further growth in the UK regional Professional Risks market with the appointment of three new underwriters and the opening of a new office in Manchester. Joining TMHCCI’s Birmingham branch is Jazz Parkash as Development Underwriter. Prior to this appointment, she had ... Read the full article
Costero Brokers names Marsh SVP Olley as Cyber Divisional Director
28th November 2023
Costero Brokers, a privately held London-based brokerage, has announced the appointment of Jonathan Olley as Cyber Divisional Director, effective November 27, 2023. In his new role, Olley will focus on the growth of Costero's cyber offering, working with brokers and clients to place business in the London Market. He joins the company ... Read the full article
European non-life insurers remain strongly reserved despite inflation: BofA Securities
28th November 2023
As per the BofA Securities annual reserve review, European non-life insurers remain "strongly reserved and well placed to deal with shocks, despite the impact of higher-than-expected inflation in recent years." Analysts at BofA Securities noted that buffers acted as an important first line of defence against unexpected inflation shocks last year, ... Read the full article
Growing protection gap in insurance threatens Australians’ financial security: Andrew Hall
28th November 2023
In a recent speech at the National Press Club, Insurance Council of Australia (ICA) CEO Andrew Hall warned of a widening "protection gap" in the insurance market, posing a significant threat to Australians' financial security. Hall highlighted the challenges posed by increasing natural disasters, urbanisation, and global megatrends that are reshaping ... Read the full article
Moody’s revises Allianz’s outlook to Stable, affirms A2 IFSR
28th November 2023
Moody's Investors Service has affirmed the A2 insurance financial strength rating (IFSR) of Allianz S.p.A., the Italian subsidiary of Allianz SE, and simultaneously revised the outlook from negative to stable. The rating affirmation and outlook revision are attributed to the improved credit quality of the Government of Italy (Baa3 stable), evidenced ... Read the full article
Apollo launches new Specialty Treaty class of business
28th November 2023
Independent specialist insurer and reinsurer Apollo has revealed it will launch a new Specialty Treaty class of business within the Reinsurance Division of Syndicate 1969, 1 January 2024. As per Apollo, the new portfolio will focus on the niche classes of Credit, Mortgage and Surety reinsurance. The firm stated that this strategic ... Read the full article
Insurwave acquires specialty insurance AI tech from EY
28th November 2023
London-based insurtech platform Insurwave has acquired AI technology designed for the specialty insurance market from EY. According to Insurwave, the AI technology has been integrated into its existing platform, which focuses on providing insurers, risk managers, and brokers with a real-time view of data including live asset tracking and aggregate exposure ... Read the full article
Pete Allchorne takes over Nicola Critchley as FOIL President
28th November 2023
The Forum of Insurance Lawyers (FOIL), has announced the election of Pete Allchorne, Partner at international law firm DAC Beachcroft, as President, taking over the position from Nicola Critchley, Partner at DWF Law. Prior to this, Allchorne chaired FOIL’s motor sector focus team, and has worked with insurance clients for more ... Read the full article
Falvey Insurance Group appoints Tom Nasso as Chief Underwriting Officer
28th November 2023
Maritime risks insurer, Falvey Insurance Group has appointed Tom Nasso to its executive team as its new Chief Underwriting Officer. Nasso had accepted the position in May but was on gardening leave until his start date with Falvey this week. Mike Falvey, President & Chief Executive Officer of Falvey Insurance Group, commented ... Read the full article
National Economic Council considers insuring Nigerians against natural disasters: report
28th November 2023
According to reports by The Nation publication, the National Economic Council (NEC) is considering insuring Nigerians from unanticipated natural disasters like earthquakes and floods. The NEC is currently being chaired by Vice-President Kashim Shettima, who rectified the decision to insure Nigerians against natural disasters during its council meeting on November 23rd, ... Read the full article
AM Best maintains stable outlook on Chile’s insurance market
28th November 2023
Ratings agency AM Best is maintaining a stable outlook on Chile’s insurance market, supported by the market's resilience on the back of improved dynamics despite global and domestic pressures. The strengthening of the regulatory framework in the country is also cited by AM Best, which is focused on risk-based capital to ... Read the full article
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