Reinsurance News
Sompo adds to its Iberian team two senior executives from Generali and AIG
23rd October 2023
Sompo International, a global provider of commercial and consumer property and casualty re/insurance, has announced two appointments for its Iberian Insurance operation. Joining from Generali is José María Conde-Salazar, who has been named Head of Distribution & Client Relationship Management. Meanwhile, Olivier Marcén, who joined from AIG, has been appointed Head ... Read the full article
Consilium names Zeb Partner in its Professional & Executive Risks Solutions team
23rd October 2023
International (re)insurance broker Consilium, part of the Aventum Group, has appointed Rukhsana (Roxy) Zeb as the newest Partner in its Professional and Executive Risks Solutions team. According to Consilium, Zeb will utilise her expertise in financial and professional risks to lead service-driven growth in the UK, Ireland and other key financial ... Read the full article
Activist hedge fund Trian builds stake in Allstate
23rd October 2023
Trian Fund Management, activist hedge fund led by Nelson Peltz, has built a stake in Allstate Corporation (ALL), one of the insurers struggling to cope with the fallout of natural disasters, Reuters has reported. According to the news agency, the move could increase pressure on Chief Executive Tom Wilson to turn the ... Read the full article
AM Best revises Everen Specialty’s outlook to negative due to declining capitalisation
23rd October 2023
AM Best announced a negative revision in its outlook for Everen Specialty Ltd. (Everen Specialty) to negative from stable reflecting the impact of Everen Specialty’s declining risk-adjusted capitalisation. The revision pertains to the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of "a-" (Excellent) for Everen Specialty, ... Read the full article
Aquiline unveils platform for delivery of medical opinions within the insurance claims process
23rd October 2023
Aquiline Capital Partners LLC, a private investment firm based in New York and London, has launched MDpanel, a new platform dedicated to the efficient delivery of medical opinions within the insurance claims process. At the same time, the company has hired Jason Erdell to serve as the Chief Executive Officer ... Read the full article
Elections in 2024 could drive political risk insurance demand higher: Chaucer
23rd October 2023
Demand for political risk insurance is predicted to grow in 2024 driven by an increase in the number of elections worldwide, an event that usually heightens the value of economies, and together increase political risk for businesses operating in countries facing political uncertainty, said Chaucer. According to the re/insurers data, the ... Read the full article
Arch Insurance strengthens cyber segment with senior appointments in Spain
23rd October 2023
Dublin-based Arch Insurance (EU) dac, a subsidiary of Arch Insurance International has hired Jose Carlos Jiménez Fernández and Rafael Ortiz Losada as Senior Cyber Underwriters, effective immediately. Both the appointments are based out of Madrid. The pair will be responsible for growing Arch’s European cyber insurance portfolio, writing primary and excess ... Read the full article
CCRIF makes first payouts for 2023 hurricane season totalling $3.4m
23rd October 2023
CCRIF SPC has disclosed that it made two payouts totalling $3.4 million to the governments of Antigua and Barbuda and the British Virgin Islands following Tropical Storm Philippe, which triggered the parametric insurance policies of these countries for Excess Rainfall. Philippe made landfall on Antigua and Barbuda on October 2nd and ... Read the full article
VIG Re appoints Frank Reichelt to its Supervisory Board
23rd October 2023
The reinsurance arm of Vienna Insurance Group, VIG Re, has appointed Frank Reichelt to its Supervisory Board. Reichelt is a reinsurance sector veteran who brings expertise that spans over 40 years. He currently holds several external mandates such as Board Member of the German Pharmapool, a Member of the Supervisory Board and ... Read the full article
Resilience notes uptick in data exfiltration as cybercriminals change tactics
23rd October 2023
Cyber risk solution provider Resilience has noted that cybercriminals have begun shifting their tactics to bypass security controls by hitting critical vendors and seeking larger extortion targets. In its Midyear 2023 Claims Report, the firm says that cybercriminals are returning to "big-game hunting," particularly focusing on organizations with sensitive data with ... Read the full article
Hannover Re’s E+S Rück expects P&C price increases at Jan 24 renewals
23rd October 2023
Hannover Re’s German subsidiary, E+S Rückversicherung AG, has predicted further price increases and improved conditions in the 1 January 2024 renewals in property and casualty reinsurance, according to its comments at the 2023 reinsurance gathering in Baden-Baden. Dr Michael Pickel, Chief Executive Officer of E+S Rück, commented, "We must assume that ... Read the full article
American Equity Investment Life reports FIA sales of $2.2bn in Q3 2023
23rd October 2023
American Equity Investment Life Holding Company has reported that its Q3 2023 sales totalled $2.2 billion, of which 99% of which were in fixed index annuities (FIA). The company reported that its FIA sales saw an increase of 18% from the second quarter of 2023, and rose by a high 203% ... Read the full article
INSHUR names Lisa Hric Director of US Markets
23rd October 2023
Global insurance provider INSHUR continues its US-wide expansion with the appointment of industry expert Lisa Hric as Director of US Markets. With a career spanning over two decades in the auto insurance industry spanning both legacy and insurtech insurers, Hric brings a wealth of experience to her new role. As Director of ... Read the full article
DXC says technical debt a barrier to innovation and growth
23rd October 2023
DXC Technology says 46% of global executives view technical debt, or "tech debt," as a major obstacle to innovation and growth. Technical debt refers to the hidden costs incurred when choosing a quick yet suboptimal solution over a more appropriate technology solution, which can result in long-term issues. The global survey, commissioned ... Read the full article
R&Q agrees Accredited sale to Onex at $465m enterprise value
20th October 2023
Non-life specialty insurer R&Q Insurance Holdings has just confirmed that it has entered into a conditional agreement to sell its Accredited program Management business to private equity investment manager Onex Corporation. The sale was expected as R&Q had previously stated it was in advanced talks regarding a potential sale of ... Read the full article
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