Reinsurance News
“Exceptional results” validate the Israeli InsurTech Accelerator program effectiveness: CEO Bendelak
30th October 2023
The Israeli InsurTech Accelerator program has reported “remarkable results” driving innovation and growth within the country’s start-up industry, InsurTech Israel has stated. Since its inception over two years ago, the program has contributed significantly to the evolving landscape of InsurTech in Israel. The country’s capital, Tel Aviv, has become a vibrant ... Read the full article
Credit ratings of Talcott Resolution Life subsidiaries upgraded by AM Best
30th October 2023
AM Best has upgraded the credit ratings for most of Talcott Resolution Life, Inc.’s subsidiaries, and given them a stable outlook. The Financial Strength Rating (FSR) for Talcott Resolution Life Insurance Company and Talcott Resolution Life and Annuity Insurance Company was upgraded to A- (Excellent) from B++ (Good) and the Long-Term ... Read the full article
CNA Financial sees net income of $258mn in Q3 2023
30th October 2023
Chicago-based insurer CNA Financial Corporation has reported a net income of $258 million for this third quarter of 2023, which compares to the net loss of $42 million reported in the same period last year. Core income for the quarter was $289 million, versus $43 million in the prior year quarter, ... Read the full article
Helvetia gets approval for UK branch to underwrite specialty lines business
30th October 2023
Helvetia Global Solutions has received confirmation from UK regulators that its authorisation to underwrite non-life insurance business in the UK has been approved and comes into effect on 1 November 2023. Helvetia has appointed Marc Davis as CEO of the UK branch, who joined Helvetia on 1 October 2022 and holds ... Read the full article
MAPFRE RE appoints Miguel Ángel Rosa as new CEO
30th October 2023
Insurer MAPFRE has announced a number of new appointments as it simplifies its structure, including naming Miguel Ángel Rosa as the new Chief Executive Officer (CEO) of MAPFRE RE, with current CEO Eduardo Pérez de Lema taking on the role of CEO of International Insurance. The International Insurance division is new, ... Read the full article
Brenna Westinghouse becomes Corporate Head of Strategy, Beazley
30th October 2023
London-based specialty insurer and reinsurer, Beazley, has appointed Brenna Westinghouse as Corporate Head of Strategy, effective November 1, 2023. She succeeds Rachel Turk, who is moving to Lloyd’s to serve as its Chief Underwriting Officer. At the same time, in her new role, Westinghouse will report to Beazley's CEO, Adrian Cox. Westinghouse brings ... Read the full article
Resolution Re enters first UK PRT reinsurance transaction
30th October 2023
Long-term legacy life insurance solutions provider Resolution Life has announced that its Bermudian reinsurance platform, Resolution Re, has entered into the UK Pension Risk Transfer (PRT) market with its first reinsurance agreement. The transaction reinsures longevity and asset risks associated with UK pension liabilities of a leading UK-regulated insurer. Under the terms ... Read the full article
Hurricane Otis to cause multi-billion-dollar insured losses: Gallagher Re
30th October 2023
Gallagher Re has released a report noting that hurricane Otis insured losses will reach into the billions of dollars (USD) and will become one of the most expensive events (if not the highest) on record for the Mexican insurance market. As per Gallagher Re's report, Hurricane Otis rapidly intensified on October ... Read the full article
Hippo announces organisational realignment, 20% workforce reduction
30th October 2023
In a move aimed at enhancing efficiency and sharpening focus on its strategic priorities, home insurance group Hippo Holdings initiated a significant organisational realignment, which includes an involuntary workforce reduction affecting up to nearly 120 employees, equivalent to about 20% of the company's global workforce. The majority of the affected employees ... Read the full article
Florida bolsters coastal defense in response to rising hurricane threat: Moody’s RMS Study
30th October 2023
Florida is actively implementing stringent building codes and strategic adaptation investments to protect its booming coastal real estate markets from the increasing danger of hurricanes and rising sea levels, according to a Moody's RMS case study. The United Nations estimates that by 2050, over 2.5 billion more people will call cities ... Read the full article
Arthur J. Gallagher makes strategic senior leadership appointments
30th October 2023
Global brokerage Arthur J. Gallagher has named Thomas J. Gallagher as President and Patrick M. Gallagher as Executive Vice President, and Chief Operating Officer. These appointments are in line with the company's vision of accelerating its growth and global expansion. J. Patrick Gallagher, Jr., Chairman, President and Chief Executive Officer, commented: "These ... Read the full article
Trisura Group expects $12mn after-tax loss in Q3 2023
30th October 2023
Specialty insurance provider, Trisura Group, forecasts its net income for the third quarter of 2023 to include $12 million after-tax loss from non-recurring items, including the negative impact of the US run-off program. The firm also estimates an additional negative after-tax impact of $5 million driven primarily by unrealized losses on ... Read the full article
Asia faces mounting nat cat losses and resilience challenges: Swiss Re’s Victor Kuk
27th October 2023
In an interview with Reinsurance News, Victor Kuk, Head of Property & Casualty Reinsurance SID at Swiss Re, highlighted the escalating crisis of natural catastrophes in Asia. Kuk pointed out that over 30% of the global nat cat events in 2022 occurred in Asia, causing staggering economic losses. He emphasised that ... Read the full article
Lloyd’s confirms changes to Council membership following elections
27th October 2023
London-based marketplace for insurance and reinsurance, Lloyd’s, has announced its most recent changes to its Council membership; all the new terms will commence on 1 December 2023. Sean McGovern was elected unopposed as a “Corporate-External” member of the Council, among other appointments; and Marcus Johnson as “Individual-External” member of the Council. Following ... Read the full article
Everest well positioned to seize “generational market opportunity”
27th October 2023
In a third-quarter 2023 earnings call, Everest's President and CEO, Juan Andrade, highlighted a notable surge in demand for reinsurance capacity as clients seek to bolster their risk coverage. Andrade's insights indicated that the need for reinsurance is on the rise, and Everest is well-positioned to meet this growing demand. Regarding ... Read the full article
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