Reinsurance News
RLI Corp adds Clark Kellogg to Board
14th November 2023
RLI Corp, a specialty insurer serving niche property, casualty and surety market, has announced the appointment of Clark C. Kellogg to its Board of Directors. Kellogg’s term will be effective January 1, 2024 and will expire in May 2024 at RLI’s next shareholders’ meeting, at which time he will stand for ... Read the full article
Tiptree’s Fortegra files for IPO
14th November 2023
Fortegra, the specialty insurance subsidiary of holding company Tiptree, has publicly filed a Registration Statement on Form S-1with the Securities and Exchange Commission (SEC) for an initial public offering (IPO). Earlier this month, alongside the announcement of its third quarter results, Tiptree highlighted its plans to take Fortegra public. The size ... Read the full article
Optio Group names Steve Thompson Head of Accident & Health
13th November 2023
Specialty MGA Optio Group has appointed Steve Thompson as Head of Accident & Health (A&H) with immediate effect. According to Optio, Thompson holds more than two decades of experience underwriting global A&H business in both the Lloyd’s and composite markets. He joins Optio from independent Lloyd’s broker and coverholder Shepherd Compello Limited, ... Read the full article
Canopius grows cannabis insurance offerings in transportation and distribution
13th November 2023
Canopius Group, a global specialty lines re/insurer, has expanded its cannabis insurance product, now covering transportation of cannabis products from cultivation to distribution. The re/insurer started to underwrite cannabis-exposed risks in April 2023. This offering is for privately owned and not-for-profit organisations in US states where medical and recreational adult-use ... Read the full article
Kin posts $77.8m GWP in Q3, total revenue hits $24.2m
13th November 2023
Kin, the direct-to-consumer home insurance company, has posted $77.8 million in gross written premium and $24.2 million in total revenue for the third quarter of 2023. This compares to last year's GWP of $47,7 million and $14.8 million total revenue, respectively. The company's said that it's operating income remains positive at $11.0 ... Read the full article
Swiss Re partners with Guidewire to reduce operational friction across the industry
13th November 2023
Swiss Re has partnered with Guidewire, a software company that offers an industry platform for property & casualty (P&C) insurers, to help reduce operational friction between risks, insureds, insurers, reinsurers, and intermediaries. The partnership will provide Guidewire and Swiss Re customers with a suite of analytics products, integrations, and data transfer ... Read the full article
PPL deploys 25 upgrades to its latest Next Gen release
13th November 2023
Placing Platform Limited has successfully deployed its latest Next Gen release, which focuses on functional enhancements to improve the user experience. According to the announcement, this new release contains 25 changes across the following functional areas of the platform: General- Dashboards, Data Management, Brokers- Quote, Documents, Platform Navigation, Endorsements, Firm Order Submission, ... Read the full article
WTW names Brad Messinger as leader of FI&PS industry division
13th November 2023
WTW, a globally renowned advisory, broking, and solutions company, has appointed Brad Messinger as the new leader of the Financial Institutions and Professional Services (FI&PS) industry division. The effective date for Messinger's assumption of this pivotal role is set for January 1, 2024, as he concurrently continues his responsibilities as the ... Read the full article
Cyber insurance market attractive despite ransomware uptick: JP Morgan
13th November 2023
Despite ransomware frequency picking up following a slowdown in 2022, analysts at JP Morgan still see the cyber insurance market as an "attractive area with strong profitability and good exposure growth potential in the coming years." Citing data released by Aon, JP Morgan said that ransomware attacks picked up 176% in ... Read the full article
Moody’s downgrades Nationwide P&C financial strength
13th November 2023
Moody’s has downgraded the Nationwide Mutual Insurance Company (NMIC) and its property & casualty affiliates, Nationwide P&C, insurance financial strength rating to A2 from A1, and downgraded NMIC’s surplus notes rating to Baa1 (hyb) from A3 (hyb). The rating agency has also affirmed the insurance financial strength ratings of Nationwide Life ... Read the full article
Talanx posts 38% rise in 9M’23 net income, increases FY23 earnings forecast
13th November 2023
The Talanx Group, the parent company of global reinsurer Hannover Re, has disclosed that its Group net income increased 38% in the first nine months of 2023 to €1.3 billion, while the firm’s overall combined ratio also improved to 93.5%. Talanx’s insurance revenue in the period grew to €32.3 billion, while ... Read the full article
Arch MI to acquire RMIC Companies in strategic deal
13th November 2023
Arch U.S. MI Holdings (Arch MI), a subsidiary of Arch Capital Group Ltd., has finalised a definitive agreement to acquire RMIC Companies, Inc. (RMIC), along with its subsidiaries, constituting the run-off mortgage insurance business of Old Republic International Corporation. Upon the completion of the transaction, RMIC's $1 billion risk in force ... Read the full article
Legal & General completes £500m buy-in with the DB (UK) Pension Scheme
13th November 2023
Legal & General Assurance Society Limited has completed a c.£500 million buy-in with the DB (UK) Pension Scheme (the Scheme). Legal & General noted that this buy-in secures the benefits of around 2,000 retirees and deferred members. The Scheme is sponsored by a subsidiary of Deutsche Bank AG (the Bank). This is ... Read the full article
QBE expands marine offer in Europe seizing growth opportunity
13th November 2023
Australian insurer QBE has expanded its marine offer in Europe, with products now available in Germany as well as France and the Nordics. While growth in the marine insurance market in Asia appears to be slowing, it has seen a strong performance in Europe, according to the latest statistics from the ... Read the full article
Insurance industry leaders anticipate challenges and opportunities in 2024: WTW
13th November 2023
In a recent survey conducted by global advisory and solutions company WTW at its inaugural European Insurance Leaders' Forum in Brussels, industry leaders identified key trends that are expected to shape the insurance landscape in 2024. Respondents highlighted high inflation and interest rates as the most significant barriers to securing future ... Read the full article
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