Reinsurance News
Fortitude Re closes $28bn reinsurance agreement with Lincoln Financial
21st November 2023
Global multi-line reinsurer Fortitude Re has announced the closing of its $28 billion reinsurance agreement with The Lincoln National Life Insurance Company, a subsidiary of Lincoln National Corporation. This is consistent with the agreement announced in early May this year. It was stated that Lincoln will reinsure a significant portion ... Read the full article
Non-life insurance profitability to improve on stronger investment & underwriting returns: Swiss Re
21st November 2023
Property and casualty (P&C) insurance premium growth is expected to soften next year and in 2025, but the sector's profitability is poised to improve on stronger investment results and a better underwriting performance, according to Swiss Re's latest sigma report. Total insurance premium growth is forecast at 2.2% annually on average ... Read the full article
AI to reignite global M&A market in 2024, says WTW
21st November 2023
Artificial intelligence (AI) is seen as a "potential boon for improving M&A processes and value creation," according to Jana Mercereau, Head of Corporate M&A Consulting, Great Britain at WTW. As per WTW, historic levels of inflation, rising interest rates, and geopolitical instability contributed to a "slump in deal activity that bottomed ... Read the full article
Cedents & reinsurers better prepared for Jan 2024 renewals: Aspen’s Hough
21st November 2023
According to Philip Hough, Global Head of Property Reinsurance and Head of EMEA & LATAM, Aspen, there was a calmness to the meetings at Baden-Baden this year ahead of 1:1, after "the chaos and uncertainty around capacity last year." "Capacity is available across all lines of business and both cedents and ... Read the full article
Global customers look to insurers for innovative solutions amid escalating risks: Geneva Association
21st November 2023
In the face of escalating global risks, a new survey by The Geneva Association reveals that customers worldwide are increasingly turning to insurers for solutions that go beyond traditional coverage. The report, titled "The Value of Insurance in a Changing Risk Landscape," sheds light on the concerns of customers in the ... Read the full article
Canada’s Behchokǫ̀-Yellowknife and Hay River wildfires cause over $60m in insured damage: CatIQ
21st November 2023
This summer's wildfires in the Northwest Territories of Canada, particularly near Yellowknife and Hay River, have left a profound impact, resulting in over $60 million in insured losses, according to initial estimates from Catastrophe Indices and Quantification Inc. (CatIQ). The wildfire in Behchokǫ̀-Yellowknife marked one of the largest evacuation efforts in ... Read the full article
Risk sharing systems can scale up L&D funds to support climate vulnerable countries: report
21st November 2023
The world’s most vulnerable countries could lose over 100% of GDP in 2024 from climate related disasters that are insurable, according to research from the Cambridge Institute for Sustainability Leadership (CISL) and broking group Howden, which also demonstrated the transformative economic efficiency of risk-sharing systems to provide these countries with ... Read the full article
Fannie Mae executes its final CIRT transaction of 2023
21st November 2023
The Federal National Mortgage Association, (Fannie Mae) has executed its ninth and final Credit Insurance Risk Transfer (CIRT) transaction of 2023, transferring $270.7 million of mortgage credit risk to private insurers and reinsurers. Year to date, the firm has acquired approximately $3.66 billion of insurance coverage on $121 billion of single-family ... Read the full article
MGA Vi Digital partners with inari for tailored underwriting platform solution
21st November 2023
Vi Digital has partnered with Inari, a core technology infrastructure provider for the global re/insurance industry, to provide the start-up Managing General Agent (MGA) with a tailored underwriting platform solution. A specialist in algorithmic underwriting, Vi Digital is a follow-only MGA that is driven by its own unique algorithmic-led underwriting decision-making ... Read the full article
Fidelis sees 9M underwriting income soar as combined ratio improves to 82.4%
21st November 2023
Fidelis Insurance Group has reported that underwriting income for the 9M ended September 30, 2023, was $232.9 million, with a combined ratio of 82.4%, much improved compared to an underwriting loss of $17.2 million and a combined ratio of 101.6% for the same period last year. Fidelis' net income available to ... Read the full article
The Hanover names Marohn President of Specialty P&C
21st November 2023
The Hanover Insurance Group has appointed veteran Stephen P. Marohn as President of Specialty Property and Casualty. Marohn brings to his new role more than 30 years of wide-ranging industry experience, along with an accomplished background in commercial and specialty property and casualty insurance. He will be responsible for leading the company's ... Read the full article
Liberty Mutual Re names Dionne Chisolm Senior Underwriting Executive
21st November 2023
Liberty Mutual Reinsurance, part of Liberty Mutual Insurance Group, has appointed Dionne Chisolm as Senior Underwriting Executive, effective immediately. Collectively, Chisolm holds more than three decades of professional experience in the insurance and reinsurance industry. For 20 of those years, she was a treaty reinsurance underwriter where she produced, managed, and ... Read the full article
UK Gov integrates insurance risk transfer into aid and development financing for global resilience
21st November 2023
The UK government has unveiled its white paper on international development, outlining a strategic shift towards incorporating risk transfer, insurance, and innovative financial instruments, including catastrophe bonds, into its aid and development financing approach. The focus is on enhancing disaster resilience in low- and middle-income countries through proactive measures rather than ... Read the full article
Taiping Re adopts Moody’s RMS Risk Modeler
21st November 2023
Taiping Reinsurance Co. Ltd (TPRe) and Taiping Reinsurance Brokers Ltd. (TPRB) have licensed Moody’s RMS Risk Modeler, an application on the cloud-native Intelligent Risk Platform. According to the firm, TPRe and TPRB are the first reinsurance businesses based in the Hong Kong/China region to upgrade to the Risk Modeler application from ... Read the full article
Insurers navigate pricing pressures, capacity constraints, and underwriting shifts: Aon
21st November 2023
In the third quarter of 2023, the global insurance market witnessed a dynamic landscape, as outlined in the latest insights provided by Aon. Several key factors shaped the market during this period, influencing pricing, capacity, underwriting practices, limits, deductibles, and coverages across various insurance products. Adverse claims trends exerted upward pressure on ... Read the full article
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