Reinsurance News
SCS April events to drive economic & insured losses into the hundreds of millions or higher: Aon
12th April 2024
The recent strong winds and severe convective storms that struck the central and southern United States between April 6-11, are estimated to drive economic and insured losses into the hundreds of millions or higher, USD, according to Aon's weekly cat report. Between April 6-7, a deep surface low-pressure system initiated severe ... Read the full article
R&Q announces sale of interest in Joint Venture and update on Accredited sale
12th April 2024
R&Q Insurance Holdings (R&Q) has announced it has agreed to sell all the interests held by R&Q and its affiliates in the Joint Venture between Obra and R&Q, Sag Main, to Obra Capital, Inc. The non-life specialty insurer has also provided trading updates as well as on the sale of its ... Read the full article
Verita adds Barry and Adolph to Claims leadership team
12th April 2024
Verita, a Managing General Underwriting (MGU) company, is strengthening its Claims team with the appointments of William (Bill) Barry as Chief Claim Manager and Chris Adolph Head of Property Claims. Barry brings more than three decades of experience in casualty claims, claim account management, and client servicing to Verita. According to Verita, ... Read the full article
Insurance economic drivers outperforming overall US GDP: Triple-I
12th April 2024
According to a recent insurance economics outlook from the Insurance Information Institute (Triple-I), the economic drivers of the US property & casualty (P&C) insurance industry are growing faster than the nation's Gross Domestic Product (GDP), and are anticipated to gain further momentum in the event of Federal Reserve monetary rate ... Read the full article
RT Specialty names new President of Commercial Lines Binding Authority
12th April 2024
RT Specialty, the wholesale distribution division of specialty insurer Ryan Specialty, has announced the promotion of Jason Murrey to President of Commercial Lines Binding Authority. In his new role Murrey will oversee the operational leadership of the RT Commercial Binding Authority and its teams. A dedication to process efficiency and exemplary service ... Read the full article
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
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