Reinsurance News
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
Property insurance market braces for year-end challenges: Aon
20th November 2023
In a recent report by Aon, the Global Insurance Market Insights for Q3 2023 sheds light on the key challenges facing the Property insurance market as the industry approaches the crucial year-end period. As insurers gear up for the peak reinsurance renewal season and the conclusion of the Atlantic hurricane season, ... Read the full article
Trust in digitalisation key for re/insurers to make the most of latest tech: Swiss Re
20th November 2023
During a recent interview with Reinsurance News, Moses Ojeisekhoba, CEO, Global Clients & Solutions, Swiss Re, suggested that building trust in digitalisation is key for re/insurers to make the most of the latest technology, which will in turn assist in closing the protection gap. “Even the most promising technologies need the ... Read the full article
Shutdown of old PPL platform to go ahead on December 15
20th November 2023
Placing Platform Limited has confirmed that, as planned, the next phase of the shutdown of the old PPL platform will go ahead in one month’s time, on December 15. From December 16, Next Gen, the new version of the London insurance market’s electronic trading platform, will become the only PPL platform ... Read the full article
Continued strong performance to support growth target at renewal: Skuld
20th November 2023
Discussing the upcoming P&I renewal for the policy year starting 20 February 2024, Skuld's Board of Directors noted that the firm's growth strategy is working, contributing positively to its overall performance, with premium income expected to surpass $500 million at year-end. Skuld's Board of Directors met in Hamilton, Bermuda, on 15 ... Read the full article
wefox appoints veteran Paul Onnen as CTO
20th November 2023
Insurtech wefox has announced the appointment of Paul Onnen as Chief Technology Officer (CTO), effective immediately, taking over the role from Sergi Banos who was promoted to Chief Platform Officer (CPO). In his new role, Onnen will lead the wefox platform business strategy, overseeing its implementation, development and operations. The company highlighted ... Read the full article
Pro MGA to support Arbol in UK launch and international MGA expansion
20th November 2023
Arbol has selected independent managing general agent, Pro MGA, to support the company in its UK launch and international MGA expansion strategy. Arbol is a technology-led underwriter of parametric risk transfer, climate and weather reinsurance. It is expanding into the UK with the launch of a new London-based MGA, announced last week, ... Read the full article
Florida Farm Bureau’s ratings placed under review with negative implications by AM Best
20th November 2023
Gainesville domiciled Florida Farm Bureau Group has had its Financial Strength Rating of B++ (Good) and Long-Term Issuer Credit Ratings of “bbb+” (Good) placed under review with negative implications by AM Best, following a considerable decline in the group’s key balance sheet strength metrics. Florida Farm Bureau Casualty Insurance Company and ... Read the full article
Allianz Trade names Peter Evola Commercial Director, UK & Ireland
20th November 2023
Peter Evola has been appointed Commercial Director for Allianz Trade in the UK & Ireland, effective December 1, 2023, and subject to regulatory process. In his new role, based in London, Evola will lead the team to drive profitable growth and offer a valuable contribution as a member of the UK ... Read the full article
Total capital value of wind farms worldwide hits £1.9tn: Chaucer
20th November 2023
The total capital value of wind farms worldwide has reached approximately £1.9 trillion, according to a new study from global specialty re/insurance firm Chaucer. The transition from coal and oil-based energy generation to low carbon energy sources such as wind and solar farms has required an unprecedented level of investment in ... Read the full article
hyperexponential & Akur8 to power data-driven specialty & commercial pricing
20th November 2023
hyperexponential and Akur8 have announced a new partnership that will integrate their complementary pricing decision intelligence (PDI) capabilities. This collaboration aims to offer insurers an automated, data-driven system for accurately pricing commercial and specialty insurance products. Samuel Falmagne, Chief Executive Officer, Akur8, commented, "We're delighted to partner with hyperexponential. We not only ... Read the full article
BoE’s PRA proposes stricter guidelines for insurers utilising funded reinsurance
20th November 2023
In response to the rapid growth in the UK Bulk Purchase Annuity (BPA) market, the Prudential Regulation Authority (PRA) has put forth proposals aimed at enhancing the risk management and structuring of funded reinsurance arrangements. The PRA's concerns center around the specific risks associated with these arrangements, particularly the challenges in ... Read the full article
European reinsurers see 9M’23 nat cat claims fall on improved T&Cs: Fitch
20th November 2023
The four large European reinsurers, Munich Re, Swiss Re, Hannover Re, and SCOR, all reported claims from natural catastrophes below budget in the first nine months of 2023 on the back of improved terms and conditions, while higher investment returns also supported earnings in the period, according to Fitch Ratings. Higher ... Read the full article
Duck Creek teaming with Microsoft to bring generative AI to P&C insurers
20th November 2023
Duck Creek Technologies, a P&C solutions provider, has unveiled a breakthrough initiative in collaboration with Microsoft, which is set to empower insurers to reimagine their businesses by facilitating smoother implementation processes and faster speed to market through the aid of generative artificial intelligence (AI). Duck Creek's platform is built on Microsoft ... Read the full article
European insurers face increased weather-related losses amid reinsurance cutbacks: Fitch
17th November 2023
Fitch Ratings highlights the growing vulnerability of European insurers to weather-related losses, primarily attributed to reinsurers reducing coverage against medium-sized natural catastrophe risks. The trend, which commenced in 2022, is exemplified by results from the Italian non-life market, demonstrating a notable impact on profitability following reinsurance cutbacks. Global reinsurers have responded to ... Read the full article
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