Reinsurance News
Chaucer enters weather insurance market with new parametric product
25th March 2024
Global specialty re/insurer Chaucer has entered into the weather insurance market with a new parametric weather product to cover non-damage business interruption. The new product aims to provide coverage for weather-related losses for weather events that fall outside a pre-established range of variables such as temperature, wind speed or precipitation. Chaucer has ... Read the full article
Manulife & RGA complete largest ever Canadian universal life reinsurance deal
25th March 2024
Manulife Financial Corporation has agreed to reinsure CAD 5.8 billion (USD 4.4 billion) of reserves of low ROE Canadian universal life block to RGA Life Reinsurance Company of Canada. RGA Life Reinsurance Company of Canada, a subsidiary of global life and health reinsurer RGA, and the Manufacturers Life Insurance Company, a ... Read the full article
US P&C industry records $21.2bn net underwriting loss in 2023: AM Best
25th March 2024
According to global credit rating agency AM Best, the US property & casualty (P&C) industry recorded a $21.2 billion net underwriting loss in 2023, which slightly improves upon the $24.9 billion loss recorded in the prior year. These preliminary results are detailed in a recent report released by Best. From what we ... Read the full article
Ageas decides against firm offer to acquire Direct Line after rejections
25th March 2024
Ageas SA/NV has stated that following the rejection of the two recent attempts to engage with the Board of Directors of Direct Line Insurance Group plc, it will not make an offer for the firm. Brussels-headquartered insurer Ageas was not able to identify additional elements based on publicly available information that ... Read the full article
Everest broadens Williamson’s role to steer global underwriting businesses
25th March 2024
Bermuda-based Everest Group has promoted Jim Williamson to lead its reinsurance and insurance businesses. Williamson currently serves as Everest’s EVP, Group Chief Operating Officer and Head of the Company’s Reinsurance Division, where he has reportedly delivered record results and profitability. In his expanded role, which includes head of the insurance division, Williamson ... Read the full article
B.P. Marsh completes sale of its entire shareholding in Paladin
25th March 2024
B.P. Marsh and Partners, the specialist private equity investor in early-stage financial services businesses, has completed the sale of its entire shareholding in Paladin Holdings Limited, the holding company of CBC UK Limited. B.P. Marsh has revealed it received a £42.1 million initial cash consideration from the disposal of its 43.8% ... Read the full article
Saudi Re names Ahmed Ali Al Jabr as Acting CEO
25th March 2024
Saudi Reinsurance Company (Saudi Re) has announced the appointment of Ahmed Al-Jabr as Acting Chief Executive Officer of the Company, effective April 1, 2024. The company’s board members greenlighted the appointment on March 15, 2024, while the insurance authority granted its approval on March 21. Al-Jabr, who has more than 25 years ... Read the full article
BMS expands Finpro division with three key hires
25th March 2024
Independent specialist re/insurance broker BMS has bolstered its financial and professional risks (Finpro) division by hiring Tom Spraggs, Richard Austwick, and Tom Woolcott, who will each join the division following the fulfilment of their contractual obligations. The trio will be based in London, where they will report to Drew Harvey, director ... Read the full article
IRDAI makes regulation changes to develop India’s reinsurance sector
25th March 2024
In a move aimed at fostering a conducive insurance regulatory environment and aiding the systematic development of the country's reinsurance sector, the Insurance Regulatory and Development Authority of India (IRDAI) has announced the approval of eight principle-based consolidated regulations. According to the IRDAI, these changes mark a significant milestone in regulatory ... Read the full article
Apollo announces Builders’ Risk Consortium in partnership with Munich Re Syndicate and TMHCCI
25th March 2024
Independent specialist re/insurer Apollo has partnered with Munich Re Syndicate Limited (MRSL) and Tokio Marine HCC International (TMHCCI) to lead its recently launched Lloyd’s Marine Builders’ Risk Consortium. Apollo’s new consortium, which went live earlier in 2024, builds on an established arrangement in which the re/insurer has partnered with MRSL since ... Read the full article
Guy Carpenter names Ben Savill CEO of Pacific
25th March 2024
Guy Carpenter, a global risk and reinsurance specialist and business of Marsh McLennan, has appointed Ben Savill as CEO of Pacific, effective from the 1st of April, 2024. Savill holds more than 27 years of market experience, having most recently served as Chief Underwriting Offer of Convex Insurance in Bermuda. Before that, ... Read the full article
FTI Consulting reports record activity for European insurance M&A
25th March 2024
FTI Consulting has published its European Insurance M&A Barometer Report for 2023, revealing that despite increasing interest rates, the year remained highly active for insurance mergers and acquisitions (M&A) throughout Europe. FTI Consulting highlights a record volume of activity, with a total of 574 insurance M&A deals announced throughout 2023. This ... Read the full article
Insurity and OIP Robotics partner to transform data processing through AI
25th March 2024
Insurity, a provider of cloud software for insurance carriers, brokers, and MGAs, has partnered with OIP Robotics (OIPR), an Insurtech data and software solutions lab, to transform data processing within P&C insurance through artificial intelligence (AI). According to the announcement, this partnership is set to bring unparalleled automation efficiency to policy ... Read the full article
WCL to support Velonetic with mappings service for Blueprint Two addoption
25th March 2024
Web Connectivity Limited (WCL), a wholly owned subsidiary of insurtech provider Zywave, has agreed to supply its ACORD4ALL mappings to Velonetic, a joint venture between Lloyd's, tech firm DXC and the International Underwriters' Association. This will be a key element that will support a critical component of the Blueprint Two programme ... Read the full article
Nationwide scores record sales, as rates and underwriting drive strong Q4’23
25th March 2024
Columbus-domiciled Nationwide, a diversified financial services and insurance company in the United States, has achieved record-level sales for the third consecutive year in a row. The insurer stated that significant rate and underwriting actions drove a strong Q4 2023 and will accelerate the company’s performance into 2024. The record sales in 2023 ... Read the full article
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