Reinsurance News
Hannover Re expects net income of €2.1bn for 2024, reinsurance revenue growth of over 5%
12th December 2023
Hannover Re, one of the world's largest reinsurers, is anticipating net income of at least €2.1 billion for 2024 and a combined ratio of below 89% in its property and casualty (P&C) reinsurance business in the period, as the firm unveils its programme for the strategy cycle through 2026. Group net ... Read the full article
Insurtech BirdsEyeView targets growth in UK & US markets with latest investment round
12th December 2023
Backed by the European Space Agency, insurtech start-up BirdsEyeView has raised an undisclosed seven-figure sum as it looks to expand in UK and US markets and further develop its RAPTOR™ technology. The latest investment round was led by the European Space Agency, Big 5 Investors, InsurTech NY, and ACF Investors. The insurtech ... Read the full article
Latin American insurance sector faces challenges amidst slower premium growth in 2024: Fitch
12th December 2023
Fitch Ratings has outlined a neutral outlook for the Latin American insurance markets in 2024, citing stable operating conditions and economic growth. Despite positive premium growth projections, the sector is expected to experience a more moderate pace due to increased competition and the normalisation of claims pressure stemming from receding inflation ... Read the full article
Liberty Specialty Markets promotes Patrick Bravery to Head of Construction
12th December 2023
Liberty Specialty Markets, a subsidiary of Liberty Mutual Insurance Group, has promoted Patrick Bravery to Head of Construction, LSM, London Markets, effective immediately. Bravery will continue to report to Melanie O’Neill, Chief Underwriting Officer, LSM, London. O’Neill commented on the promotion, “It is great to announce Patrick’s new role. He has been ... Read the full article
Global Re to accelerate growth with DXC Technology’s reinsurance software
12th December 2023
Global Re, a full-service global reinsurance firm, has selected DXC Assure Reinsurance as its core administration solution, which will help underpin its expansion in the Middle East. During its seven-year contract, DXC Technology’s reinsurance software will provide the reinsurer comprehensive automation across the complete reinsurance management life cycle. It will also help ... Read the full article
Nina Klingspor to become CEO of Allianz Central Europe
12th December 2023
Allianz SE has announced that Nina Klingspor, currently CEO of Allianz Private Krankenversicherungs-AG, Allianz's private health insurance business in Germany (APKV), will be appointed as the new Chief Executive Officer (CEO) of Central Europe for Allianz Group, subject to approval by the relevant corporate bodies Klingspor will succeed Petros Papanikolaou who ... Read the full article
HPG Members to provide Funds At Lloyd’s to support underwriting capacity
11th December 2023
High Premium Group (HPG) members have clubbed together to provide Funds At Lloyd's (FAL) to support approximately £5 million of underwriting capacity in three Lloyd's Syndicates. The group, led by Dhruv Patel OBE, Deputy Chair of HPG and a Director of the Association of Lloyd’s Members (ALM), used their collective expertise ... Read the full article
U.S. commercial insurance prices rise 6.1% in Q3’23, double-digit surges in key sectors: WTW
11th December 2023
Global insurance brokerage WTW revealed that U.S. commercial insurance prices have sustained a consistent upward trend throughout the third quarter of 2023. According to the Commercial Lines Insurance Pricing Survey (CLIPS) conducted by WTW's Insurance Consulting and Technology (ICT) business, commercial premiums demonstrated a steady increase of 6.1%. The quarterly survey compared ... Read the full article
Sompo Intl. hires Barr as Head of Marine & Energy Liability Insurance, London Market
11th December 2023
Sompo International Holdings Ltd., a Bermuda-based holding company, has appointed Stephen Barr as Head of Marine & Energy Liability Insurance, London Market. In his new role, Barr will be based in London, where he will report to Paul Ashworth, Head of Aviation, Energy and Marine, London Market. He ... Read the full article
Aon Client Treaty expands line size to 22.5% for 2024
11th December 2023
Global insurance and reinsurance broker Aon has announced the successful renewal and expansion of Aon Client Treaty (ACT), the firm's flagship London Market placement facility. According to the announcement, in 2024, ACT will offer 22.5% co-insurance across core lines of business placed through Aon’s Global Broking Centre (GBC) in London. This ... Read the full article
Duck Creek appoints Barbara Bufkin and Diane Fanelli to its board of directors
11th December 2023
Duck Creek Technologies has appointed Barbara Bufkin and Diane Fanelli to its board of directors. Duck Creek describes Bufkin as a C-suite executive leader with vast experience in the insurance and reinsurance industry, having previously served in roles encompassing operational and strategic responsibilities, business and product development, underwriting, claims, risk management, ... Read the full article
GGW Group secures investment from private equity firm Permira
11th December 2023
Global private equity firm Permira, has announced that a company backed by the Permira funds has agreed to acquire GGW Group, an European insurance brokerage platform for small and medium-sized enterprises. According to the announcement, the Permira funds intend to support GGW Group in its acquisitive growth strategy in the highly ... Read the full article
EY and Moody’s forge alliance to enhance risk management for financial institutions
11th December 2023
Ernst & Young LLP (EY US) has forged an alliance with Moody's Analytics, Inc, which combines EY's consulting services with Moody's financial intelligence and analytical tools. The EY-Moody's Alliance provides clients with the tools to leverage data and analytics, offering insights into market dynamics, customer behaviour, and operational intricacies. This comprehensive approach ... Read the full article
Marsh and Beazley collaborate to reward ESG performance in global construction industry
11th December 2023
Marsh, a global insurance broker and risk advisor, has partnered with specialist insurer Beazley to incentivise environmental, social, and governance (ESG) excellence in the construction sector. The collaboration offers construction contractors access to additional professional indemnity (PI) cover based on their Environmental, Social, and Governance (ESG) performance. The initiative stems from Marsh's ... Read the full article
Manulife and Global Atlantic announce $13bn reinsurance deal
11th December 2023
Manulife Financial Corporation has agreed to reinsure a combined $13 billion of reserves across four legacy/low ROE blocks to Global Atlantic and its partners. As per Manulife, the blocks include portions of U.S. LTC, U.S. structured settlements, and two Japan whole life products. The LTC block represents $6 billion, or 14% of ... Read the full article
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