Reinsurance News
Insurance Europe RAB advocates for open global reinsurance marketplace
17th November 2023
In a bid to fortify global financial resilience against mounting risks, the Insurance Europe Reinsurance Advisory Board (RAB) has unveiled a comprehensive report championing the significance of an open global reinsurance market. The report titled 'The Power of Reinsurance: Supporting the resilience of societies through an open and well-regulated reinsurance market,' ... Read the full article
Arthur J. Gallagher announces acquisition of Coverys Insurance Services
17th November 2023
Global insurance brokerage, Arthur J. Gallagher & Co. has acquired certain assets of the retail agency business of East Lansing, Michigan-based Coverys Insurance Services. Terms of the transaction were not disclosed. Full-service insurance broker, Coverys Insurance Services specialises in medical malpractice and professional liability for healthcare clients throughout Michigan. It has been ... Read the full article
LGRA reveals anticipated $10bn volume in Q3 for US Pension Risk Transfer market
17th November 2023
Legal & General Retirement America (LGRA) has unveiled insights into the US Pension Risk Transfer (PRT) market for the third quarter of 2023. Following a record-breaking first half with a deal volume of $22.5 billion, the Q3 edition of the US Pension Risk Transfer Monitor indicates an anticipated market volume of ... Read the full article
The healthcare market has become more difficult to navigate: Amwins
17th November 2023
With a blurring of lines between some risk retention groups (RRGs) and commercial lines carriers, as well as a trend to define standard coverage vs. E&S, the healthcare marketplace has become difficult to navigate, according to Amwins. In a recent report released by the firm that explores the state of the ... Read the full article
Sedgwick appoints Neil Gibson CEO UK
17th November 2023
Sedgwick, a global provider of technology-enabled risk, benefits and integrated business solutions, has named Neil Gibson its CEO in the UK. According to Sedgwick, Gibson holds more than 18 years of insurance industry leadership experience and decades of operational claims management and colleague development expertise. He most recently served as COO of ... Read the full article
The industry’s use of data & analytics positions it well for AI productivity gains: Moody’s
17th November 2023
The insurance industry's widened use of data and analytics positions it well for AI productivity gains, as many different insurers have been gradually leveraging AI technology for a number of years. In a recent report from Moody's Investors Service, analysts highlight how deeper integration could offer opportunities to boost operating efficiency, which ... Read the full article
Aegon reports strong operating capital growth of 16% in Q3’23
17th November 2023
Aegon, a Netherlands-headquartered multinational life insurance, pensions and asset management company, has released its trading update for the third quarter of 2023, stating operating capital generation, before holding funding and operating expenses, increased by 16% compared to the same period in 2023, reaching €354 million. This growth can be attributed to ... Read the full article
Geneva Association emphasises need for partnerships to address cyber insurance gaps
16th November 2023
The Geneva Association has released a report warning that the increasing frequency of cyberattacks, coupled with geopolitical tensions, is exposing significant gaps in cyber insurance coverage. The report reveals a 38% surge in cyberattacks globally in 2022 compared to the previous year, underscoring the need for innovative solutions to address the ... Read the full article
KBRA assigns rating to new Florida insurer Orange
16th November 2023
Credit rating agency KBRA has assigned Orange Insurance Exchange, a new Florida-based insurer, an Insurance Financial Strength Rating (IFSR) of BBB, and given it a Stable Outlook. Launched in early November, Orange is a new domestic reciprocal property and casualty insurance company headquartered in Newberry, Florida. Headed by Chief Executive Officer, ... Read the full article
Hallmark Financial Services reports $21.5mn net loss in Q3 2023
16th November 2023
Hallmark Financial Services has announced its financial results for the third quarter of 2023 reporting a net loss of $21.5 million, compared to the net loss of $28.1 million reported in the same period last year. According to the firm, the Q3 2023 net loss includes $13.6 million of current accident ... Read the full article
New Zealand home insurance doubles EQCover amid rising hazards
16th November 2023
In a significant move to bolster home insurance against natural disasters, New Zealand's Earthquake Commission (EQC) has successfully implemented a law change doubling EQCover for homes in 2022. The amendment saw the EQC building cover surge from $150,000 to $300,000 (+ GST), providing homeowners with enhanced protection against damage from named ... Read the full article
Chubb enhances B2B2C digital distribution capabilities
16th November 2023
Property & casualty insurer Chubb, has announced that Chubb Studio, the company's global integration technology, has launched a new developer portal that will make it easier for its B2B2C partner companies to access and test its digital insurance products and capabilities. According to the announcement, the new developer portal allows developers ... Read the full article
Pacific Life names Neeley as VP & Head of Institutional Retirement Solutions Group
16th November 2023
US life insurer Pacific Life has appointed Karen Neeley as Vice President and Head of the Institutional Retirement Solutions Group, where she will report to Executive Vice President and Head of Institutional Business Brian Woolfolk. Pacific Life has confirmed that Neeley’s team will have a particular focus on defined contribution lifetime ... Read the full article
Brookfield Reinsurance completes acquisition of Argo Group
16th November 2023
Brookfield Reinsurance, a financial services business operator providing capital-based solutions to the insurance industry, has completed the acquisition of Argo Group International Holdings, Ltd. in an all-cash transaction valued at approximately $1.1 billion. Under the terms of the transaction, Brookfield Reinsurance acquired all issued and outstanding common shares of the Bermuda-based ... Read the full article
Arbol expands into UK with launch of new London-based MGA
16th November 2023
Arbol has expanded into the United Kingdom with the launch of a new London-based Managing General Agent (MGA), "poised to service the international insurance market outside the U.S." According to Arbol, the new London-based MGA will leverage its UK partnerships with capacity providers and brokers to fortify its global network. Through this ... Read the full article
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