Reinsurance News
Conifer partners with Palomar to offer specialised cannabis insurance
3rd April 2024
Conifer Holdings, Inc., a specialty insurance holding company, has announced its partnership with Palomar Holdings, Inc., to provide specialised insurance coverage tailored for the cannabis industry. This coverage will be provided through Palomar Specialty Insurance Company (PSIC) and Palomar Excess and Surplus Insurance Company (PESIC), both of which hold an “A-” ... Read the full article
IML appoints Justin Doherty as its new President and CEO
3rd April 2024
Independent Management Ltd. (IML), a Bermuda-domiciled insurance management firm, has appointed Justin N. Doherty as its new President and Chief Executive Officer (CEO), succeeding Cyril H. Whitter, Jr. who is retiring. After over three decades, Whitter, Jr. steps down, leaving a legacy of strategic vision, commitment to clients, and a resilient ... Read the full article
Baltimore bridge collapse a major but manageable marine loss event: S&P
2nd April 2024
S&P Global Ratings has said that although the Francis Scott Key Bridge collapse in Baltimore could cause the largest marine insurance losses recorded since Costa Concordia in 2012, it will be a manageable earnings event for the global reinsurance sector. The ratings agency states that if the International Group of P&I ... Read the full article
Ascot announces new parametric insurance capabilities
2nd April 2024
Global specialty insurance firm Ascot has announced the establishment of a new parametric insurance capability to complement its Property offering. This enhanced capability will be led by Mark Pepper, Ascot Group Chief Underwriting Officer and supported by the London property underwriting team. Available across perils and a range of industries, Ascot’s parametric ... Read the full article
Europe’s big four reinsurers well placed for a strong 2024: Fitch
2nd April 2024
Large European reinsurers posted very strong financial results for 2023, enabling them to bolster reserves and balance sheets and this will support ratings in 2024, according to analysis by Fitch Ratings. The ratings agency feels that Europe's big four reinsurers, Munich Re, Swiss Re, Hannover Re, and SCOR are well placed ... Read the full article
Adamo and Baumann join SRS Altitude as Senior ART experts
2nd April 2024
Strategic Risk Solutions (SRS), an independent insurance company manager, has announced the addition of Marco Adamo and Roy Baumann to SRS Altitude as Senior Alternative Risk Transfer (ART) experts. Effective April 2, 2024, Adamo will lead Altitude’s Property portfolio while Baumann will be responsible for Casualty and Finpro, both driving ART ... Read the full article
MGA Devonshire launches to positively disrupt transactional risk insurance market
2nd April 2024
Managing General Agent Devonshire Underwriting has today announced its market launch, focussed on "positively disrupting" the transactional risk (TR) insurance space. The MGA will be led by four founders and partners – Natasha Attray, James Dodd, James Fletcher and Charles Turnham. These specialists hold a collective 30 years of transactional liability underwriting ... Read the full article
Nat cats cause $65bn economic loss across Asia Pacific in 2023, says Aon
2nd April 2024
Natural catastrophes caused US $65 billion economic losses in the Asia Pacific region in 2023, according to global professional services firm, Aon. In their recently published 2024 Climate and Catastrophe Report, Aon highlighted how there were 398 natural disaster events that took place globally in 2023, ultimately resulting in a $380 ... Read the full article
Holborn appoints Christopher McGrath as SVP of Client Solutions
2nd April 2024
Holborn Corporation (Holborn), an independent reinsurance broker, has appointed Christopher McGrath to the position of Senior Vice President (SVP), Client Solutions. In his new role, McGrath will collaborate with Holborn’s client-facing teams to ensure comprehensive service delivery, extending beyond reinsurance placement. This encompasses capital and capital management, rating agency and regulatory ... Read the full article
Coalition Insurance Company now quoting across the entire US
2nd April 2024
Active insurance pioneer Coalition has announced that its full-stack carrier, Coalition Insurance Company (CIC), is now quoting for its admitted cyber product across the entire United States. Through CIC, the US admitted carrier wholly owned by Coalition, Inc., the insurer offers primary admitted cyber coverage for small and midsize businesses, including ... Read the full article
Ariel Re announces promotion of 13 staff in Bermuda & London offices
2nd April 2024
Global reinsurer Ariel Re, has announced the promotion of 13 staff in its Bermuda and London offices, a move that underlines its mission to become an ‘academy firm’, which will support and develop talent in the reinsurance industry. The new promotions cover a range of roles from software development to underwriting, ... Read the full article
CCR Re’s profitable growth continues despite elevated nat cat costs in 2023
2nd April 2024
French reinsurer CCR Re has reported a 2.1 percentage point improvement in its combined ratio for 2023 to 96.6%, despite the cost of natural catastrophes, net of retrocession, rising by €53 million year-on-year to €88 million. Gross, natural catastrophe costs reached €117 million for CCR Re in 2023, a significant rise ... Read the full article
Fleming still willing to acquire JRG Re on the right terms: CEO Haller
2nd April 2024
Fleming Insurance Holdings CEO Eric Haller has suggested that while the firm will continue to defend itself against the "meritless lawsuit" recently filed by James River Group Holdings, Fleming remains willing to acquire JRG Re "if James River cures its breaches of the agreement.” If you recall, on the 8th ... Read the full article
Arthur J. Gallagher acquires two Florida-based insurance agencies
2nd April 2024
Arthur J. Gallagher & Co., a global insurance brokerage, has recently acquired two Florida-based companies: Specialty Risk Management Services, LLC, and Private Client Insurance Services, LLC, both located in Fort Myers. Specialty Risk Management Services specialises in managing property insurance programs for businesses across Florida. Private Client Insurance Services focuses on serving ... Read the full article
Noto Peninsula Earthquake stands as only intl. industry loss above $1bn in Q124: CRESTA
2nd April 2024
As per the CRESTA Industry Loss Index (CLIX), which provides data on non-US cat events that have generated industry losses above USD $1 billion, the Noto Peninsula Earthquake that struck Japan on January 1, 2024, is the only event that was added to the firm's loss database during Q124. The initial ... Read the full article
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