Reinsurance News
MGA Vi Digital partners with inari for tailored underwriting platform solution
21st November 2023
Vi Digital has partnered with Inari, a core technology infrastructure provider for the global re/insurance industry, to provide the start-up Managing General Agent (MGA) with a tailored underwriting platform solution. A specialist in algorithmic underwriting, Vi Digital is a follow-only MGA that is driven by its own unique algorithmic-led underwriting decision-making ... Read the full article
Fidelis sees 9M underwriting income soar as combined ratio improves to 82.4%
21st November 2023
Fidelis Insurance Group has reported that underwriting income for the 9M ended September 30, 2023, was $232.9 million, with a combined ratio of 82.4%, much improved compared to an underwriting loss of $17.2 million and a combined ratio of 101.6% for the same period last year. Fidelis' net income available to ... Read the full article
The Hanover names Marohn President of Specialty P&C
21st November 2023
The Hanover Insurance Group has appointed veteran Stephen P. Marohn as President of Specialty Property and Casualty. Marohn brings to his new role more than 30 years of wide-ranging industry experience, along with an accomplished background in commercial and specialty property and casualty insurance. He will be responsible for leading the company's ... Read the full article
Liberty Mutual Re names Dionne Chisolm Senior Underwriting Executive
21st November 2023
Liberty Mutual Reinsurance, part of Liberty Mutual Insurance Group, has appointed Dionne Chisolm as Senior Underwriting Executive, effective immediately. Collectively, Chisolm holds more than three decades of professional experience in the insurance and reinsurance industry. For 20 of those years, she was a treaty reinsurance underwriter where she produced, managed, and ... Read the full article
UK Gov integrates insurance risk transfer into aid and development financing for global resilience
21st November 2023
The UK government has unveiled its white paper on international development, outlining a strategic shift towards incorporating risk transfer, insurance, and innovative financial instruments, including catastrophe bonds, into its aid and development financing approach. The focus is on enhancing disaster resilience in low- and middle-income countries through proactive measures rather than ... Read the full article
Taiping Re adopts Moody’s RMS Risk Modeler
21st November 2023
Taiping Reinsurance Co. Ltd (TPRe) and Taiping Reinsurance Brokers Ltd. (TPRB) have licensed Moody’s RMS Risk Modeler, an application on the cloud-native Intelligent Risk Platform. According to the firm, TPRe and TPRB are the first reinsurance businesses based in the Hong Kong/China region to upgrade to the Risk Modeler application from ... Read the full article
Insurers navigate pricing pressures, capacity constraints, and underwriting shifts: Aon
21st November 2023
In the third quarter of 2023, the global insurance market witnessed a dynamic landscape, as outlined in the latest insights provided by Aon. Several key factors shaped the market during this period, influencing pricing, capacity, underwriting practices, limits, deductibles, and coverages across various insurance products. Adverse claims trends exerted upward pressure on ... Read the full article
AM Best affirms China Re’s credit ratings
21st November 2023
China Reinsurance Group Corporation (China Re) and its subsidiaries have had their Financial Strength Rating (FSR) of A (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of “a+” (Excellent) affirmed by AM Best, with a stable outlook assigned. According to the ratings agency, this affirmation has been driven by ... Read the full article
Artex rebrands its cell facility solutions globally
20th November 2023
Artex, a global cell facility manager and captive, alternative risk transfer, and ILS capital solutions specialist service provider, has announced it is renaming its cell facility solutions globally to Artex Axcell over the next several months. This rebrand, according to the announcement, aims to bring more efficiency and higher levels of ... Read the full article
Patrick Hagerty becomes SVP & Head of US Retail Property, Everest Insurance
20th November 2023
Everest Insurance, the insurance division of Everest Group, Ltd., has appointed Patrick Hagerty as Senior Vice President and Head of US Retail Property. Based in New York, Hagerty will report to Mike Mulray, President, Everest Insurance North America. In his new role, Hagerty will hold responsibility for all aspects of Everest’s Retail, ... Read the full article
Rising repair costs & natural disasters making US home insurance less affordable: IRC
20th November 2023
A combination of both the growing frequency and severity of natural disasters, along with rising home repair costs and other economic factors, have contributed to less affordable homeowners insurance, according to a brief from the Insurance Research Council (IRC). The IRC, an affiliate of The Institutes, a provider of risk management and insurance ... Read the full article
Verisk launches FairCheck to address regulatory scrutiny and ensure fair insurance pricing
20th November 2023
Global data analytics and technology provider, Verisk, has introduced FairCheck, a comprehensive solution aimed at helping insurers assess their personal lines models and variables to address regulatory changes. FairCheck offers a customisable and scalable methodology along with consultative services to evaluate and mitigate the potential for unfairly discriminatory outcomes, especially in ... Read the full article
RYSKEX unveils RYSKEX Consulting for parametric risk transfer solutions
20th November 2023
RYSKEX Inc. has launched a new business unit called RYSKEX Consulting, which focuses on parametric risk transfer solutions. According to the announcement, the new unit's risk transfer solutions are designed for efficacy and adaptability. They are also not just confined to the company's platform, which helps to ensure broader applicability and impact. The ... Read the full article
IUMI Stats Report shows positive growth for marine insurers
20th November 2023
The International Union of Marine Insurance (IUMI) has unveiled its annual analysis of the global marine insurance market in the 2023 IUMI Stats Report. The report offers insights into the state of the marine insurance sector within the broader context of the global economy, trade, and shipping. Global marine insurance premiums in ... Read the full article
Liu Song becomes Treaty Director of Volante Global’s Singapore branch
20th November 2023
Liu Song has been appointed to the role of Treaty Director of Volante Global's Singapore unit, where he will have a focus on treaty reinsurance underwriting for the company. Song's appointment was announced by Amy Fu, the MD of the Volante Global Singapore office. Volante Singapore is a multi-class, multi-territory international MGA ... Read the full article
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