Reinsurance News
AgentSync raises $50mn in latest funding round
30th October 2023
AgentSync, a company building modern insurance infrastructure that connects carriers, agencies, MGAs, and producers, has raised an additional $50 million in funding to drive operational efficiencies for insurers and distributors. The latest round, co-led by existing investors Craft Ventures and Valor Ventures, brings AgentSync’s total funding to date to $161 million. Since ... Read the full article
AJ Gallagher forecasts firm pricing, increased demand at Jan renewals: CEO
30th October 2023
In a recent earnings call, J. Patrick Gallagher, Jr., Chairman, President, and CEO of Arthur J. Gallagher & Co., discussed the outlook for the upcoming January reinsurance renewals. Following a stable July 1 renewal season, the company has set its sights on what's ahead for the industry. Gallagher expressed optimism, saying, "Assuming ... Read the full article
UK home insurance market faces record losses, premiums set to surge: EY
30th October 2023
EY's latest UK Home Results Analysis has unveiled that the UK home insurance market endured its most challenging year on record in 2022. The report highlights a staggering Net Combined Ratio (NCR) of 122%, signaling significant losses for insurers. This bleak trend is expected to persist, with further losses anticipated for ... Read the full article
Shanghai unveils global reinsurance platform
30th October 2023
The Shanghai Insurance Exchange (SIE) has launched its international reinsurance business trading platform, as well as the first batch of market rules, marking the latest progress in developing the city as a reinsurance hub. According to the announcement, the platform is the key digital infrastructure of the Shanghai International Reinsurance Trading ... Read the full article
“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
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