Reinsurance News
Some bright spots, but P&C insurers face challenges and uncertainties: WTW
27th November 2023
Insurance broker WTW predicts that catastrophe-exposed property business will see price increases of between +10% to +25% in 2024 and warns that while commercial lines price increases have started to stabilise, it's a challenging and uncertain environment for P&C insurers heading into next year. The inflationary landscape continues to impact commercial ... Read the full article
Alliant names Martin Khalaf as Senior VP, Americas division
27th November 2023
Alliant Insurance Services has hired Martin Khalaf as Senior Vice President within its Alliant Americas division. According to Alliant, Khalaf will leverage his expertise in property and casualty insurance, risk management and safety to provide comprehensive solutions to clients. "Khalaf is highly regarded for his ability to help businesses optimize operations and ... Read the full article
“COP28 offers nations a chance to re-centre their climate compass”: Swiss Re’s Mumenthaler
27th November 2023
COP28 offers leaders ”another chance to refocus their efforts to tackle greenhouse gas emissions and spur a just energy transition” Swiss Re CEO Christian Mumenthaler has highlighted ahead of the climate meeting. The world is currently experiencing uncertainty brought by war, geopolitical fragmentation and cultural conflict, yet the existential threat of ... Read the full article
Lightyear joins BHMS as co-lead investor to support Inszone’s next phase of growth
27th November 2023
US broker Inszone Insurance Services, LLC has announced strategic investment from Lightyear Capital LLC, joining the company’s current investor, BHMS Investments, for its next phase of growth. Martin Sullivan, Operating Partner at Lightyear and former Chief Executive Officer of AIG, will join the Inszone Board of Managers upon closing of the ... Read the full article
QBE sees Q3 GWP growth of 7%, forecasts FY operating ratio of 94.5%
27th November 2023
Australian insurer QBE has reported that 3Q 2023 gross written premium (GWP) growth was 7% on the prior corresponding period, on both a reported and constant currency basis. The firm also disclosed that group-wide, renewal rate increases averaged 9.6% in 3Q 2023, while ex-rate growth was broadly flat due to the ... Read the full article
PYREG & Kita partner on innovative carbon insurance structure
27th November 2023
PYREG, a German NetZero Tech company and specialist for high-tech biochar carbon removal and Kita, the global carbon insurance specialist, have established a memorandum of understanding (MOU) on the development of the world’s largest durable biochar carbon removal project pool. Biochar is able to remove carbon from the atmosphere for thousands ... Read the full article
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
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
