Reinsurance News
PERILS IED 2024 underlines continued effect of inflation on insurance industry
12th April 2024
Zurich-based catastrophe insurance data provider PERILS AG has released its Industry Exposure Database (IED) for 2024, highlighting the continued impact of inflationary developments, with exposure growth at 11.7% year-on-year in USD terms across all markets. This new instalment of the PERILS IED 2024 includes detailed sums insured exposed to natural perils ... Read the full article
American European partners with ShoreOne to complete $125m cat bond
12th April 2024
American European Insurance Company and ShoreOne Insurance Managers, Inc. have revealed their successful sponsorship of the $125 million Charles River Re Ltd. Series 2024-1 catastrophe bond. American European is entering into a reinsurance contract with Charles River Re Ltd. which offers protection against named storms for business written by ShoreOne on ... Read the full article
Challenges persist, but operating environment more stable for Turkish insurers: Fitch
12th April 2024
A recent report by Fitch Ratings indicates a positive trend in the operating environment for Turkish non-life insurers, driven by lower inflation and improved pricing practices, particularly in motor damage insurance. This optimism is further bolstered by Fitch's recent upgrade of Turkiye's sovereign rating to 'B+' from 'B', with a revised ... Read the full article
Ludwig Nagata to lead AXIS’ expansion into Environmental Impairment Liability
12th April 2024
AXIS Capital, a global specialty underwriter and provider of insurance and reinsurance solutions, is expanding its suite of specialty insurance solutions in North America by launching a Canadian Environmental Impairment Liability (EIL) insurance unit, set to be led by Ludwig Nagata. Nagata, has joined AXIS as Assistant Vice President, Environmental, Canada. In ... Read the full article
Tim McDougald named President of Victor US specialty business
12th April 2024
Managing general underwriter Victor has announced the appointment of Tim McDougald as president of its Victor US specialty underwriting business, effective immediately. In his new role, based in Boston, McDougald will be responsible for the overall growth, innovation, and talent development for Victor US. He will be reporting to Charles Williamson, CEO ... Read the full article
Specialty Program Group becomes first EcoClaim certified NA MGA
12th April 2024
Specialty Program Group Canada (SPGC) has achieved EcoClaim certification, making Specialty Program Group the first MGA in North America to hold this recognition. SPGC, known best under operating brands Cansure, Beacon, and i3 Underwriting, is taking decisive steps toward achieving its Environmental, Social and Governance (ESG) goals. “An important priority is advancing ... Read the full article
OneBefore launches travel insurance product on Aneevo’s broker platform
12th April 2024
Specialist managing general agent (MGA) OneBefore has launched its travel insurance product, ‘Beyond Travel Insurance’ on Aneevo, the travel insurance broker distribution platform formerly known as Just Travel Cover wholesale. Beyond Travel Insurance will benefit UK residents as it offers comprehensive coverage for those travelling domestically and internationally, including cover for ... Read the full article
Almost 60% do not treat AI ethical risks separately: Airmic survey
11th April 2024
Nearly 60% of organisations are not treating ethical risks related to artificial intelligence (AI) separately from other ethical concerns, according to a recent survey conducted by Airmic, a UK association for risk and insurance professionals. In another poll asking whether these organisations believe AI's ethical risks should be treated separately, respondents ... Read the full article
Optalitix partners with Juniper to streamline reproductive health insurance offerings
11th April 2024
Optalitix, a specialist in data analytics solutions, has announced a partnership with Juniper, a reproductive health insurance provider, employing its online product, Optalitix Models, to efficiently promote Juniper's new offering through quick, precise quotations and seamless service to brokers. Optalitix Models ensures consistent pricing for comprehensive coverage, simplifying access for brokers, ... Read the full article
Amy Bowman to lead Berkshire (BHSI) Multinational business
11th April 2024
Berkshire Hathaway Specialty Insurance (BHSI) has announced the promotion of Vice President of Multinational, Amy Bowman, to Head of Multinational, a Boston based role. Bowman brings more than two decades of experience as an attorney and insurance leader to her new role. She joined BHSI in 2014 as Counsel for Executive & ... Read the full article
Dawn Miller named CCO of Lloyd’s and CEO of Americas
11th April 2024
Dawn Miller has been appointed Chief Commercial Officer (CCO) of Lloyd’s and Chief Executive Officer (CEO) of Lloyd’s Americas. Marc Lipman has been appointed President of Lloyd's Americas taking over the role from Hank Watkins, who will be leaving Lloyd’s at the end of the year. In her expanded role as ... Read the full article
IRLA expands global network by launching new chapter in Bermuda
11th April 2024
The Insurance and Reinsurance Legacy Association (IRLA) has announced the launch of its new chapter in Bermuda, which is set to provide a platform for members to network, share best practices and access professional development opportunities across the region. According to the announcement, the IRLA Bermuda chapter is expected to promote ... Read the full article
RSA unveils new trading structure ahead of integration of NIG
11th April 2024
Global insurance provider, RSA Insurance, has unveiled its new regional trading structure ahead of the integration of NIG on May 1, 2024. According to the firm, this next step in evolution of RSA’s Commercial Lines business is based around three principles: "focus on the broker experience first, leverage the strengths ... Read the full article
Surge in elections increases demand for political violence insurance: Allianz
11th April 2024
A recent report from Allianz Commercial highlights growing concerns surrounding the surge in elections scheduled for 2024, which could potentially escalate the risks of political violence and result in significant insured losses. Srdjan Todorovic, Head of Political Violence and Hostile Environment Solutions at Allianz Commercial, emphasises, “So many elections in one ... Read the full article
Carbon Underwriting appoints Rob Crocker as Active Underwriter
11th April 2024
Carbon Underwriting, a specialist independent managing general underwriter (MGA) and Lloyd’s syndicate, has announced the appointment of Rob Crocker as Active Underwriter, effective April 2024. An expert in professional lines underwriting, Crocker joins Carbon with three decades of industry experience bringing leadership, insight and dynamism to his new role. Subject to regulatory ... Read the full article
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