Reinsurance News
KBRA assigns rating to new Florida insurer Orange
16th November 2023
Credit rating agency KBRA has assigned Orange Insurance Exchange, a new Florida-based insurer, an Insurance Financial Strength Rating (IFSR) of BBB, and given it a Stable Outlook. Launched in early November, Orange is a new domestic reciprocal property and casualty insurance company headquartered in Newberry, Florida. Headed by Chief Executive Officer, ... Read the full article
Hallmark Financial Services reports $21.5mn net loss in Q3 2023
16th November 2023
Hallmark Financial Services has announced its financial results for the third quarter of 2023 reporting a net loss of $21.5 million, compared to the net loss of $28.1 million reported in the same period last year. According to the firm, the Q3 2023 net loss includes $13.6 million of current accident ... Read the full article
New Zealand home insurance doubles EQCover amid rising hazards
16th November 2023
In a significant move to bolster home insurance against natural disasters, New Zealand's Earthquake Commission (EQC) has successfully implemented a law change doubling EQCover for homes in 2022. The amendment saw the EQC building cover surge from $150,000 to $300,000 (+ GST), providing homeowners with enhanced protection against damage from named ... Read the full article
Chubb enhances B2B2C digital distribution capabilities
16th November 2023
Property & casualty insurer Chubb, has announced that Chubb Studio, the company's global integration technology, has launched a new developer portal that will make it easier for its B2B2C partner companies to access and test its digital insurance products and capabilities. According to the announcement, the new developer portal allows developers ... Read the full article
Pacific Life names Neeley as VP & Head of Institutional Retirement Solutions Group
16th November 2023
US life insurer Pacific Life has appointed Karen Neeley as Vice President and Head of the Institutional Retirement Solutions Group, where she will report to Executive Vice President and Head of Institutional Business Brian Woolfolk. Pacific Life has confirmed that Neeley’s team will have a particular focus on defined contribution lifetime ... Read the full article
Brookfield Reinsurance completes acquisition of Argo Group
16th November 2023
Brookfield Reinsurance, a financial services business operator providing capital-based solutions to the insurance industry, has completed the acquisition of Argo Group International Holdings, Ltd. in an all-cash transaction valued at approximately $1.1 billion. Under the terms of the transaction, Brookfield Reinsurance acquired all issued and outstanding common shares of the Bermuda-based ... Read the full article
Arbol expands into UK with launch of new London-based MGA
16th November 2023
Arbol has expanded into the United Kingdom with the launch of a new London-based Managing General Agent (MGA), "poised to service the international insurance market outside the U.S." According to Arbol, the new London-based MGA will leverage its UK partnerships with capacity providers and brokers to fortify its global network. Through this ... Read the full article
MetLife closes $19bn reinsurance agreement with Global Atlantic
16th November 2023
Life insurer MetLife has announced it has completed a $19 billion risk transfer transaction with Global Atlantic Financial Group, a retirement and life insurance company. The deal sees Global Atlantic reinsuring a diversified portfolio of MetLife’s US retail annuity and life insurance business, reinforcing Global Atlantic’s position as a leading reinsurer ... Read the full article
AIG appoints Roshan Navagamuwa as its new EVP & CIO
16th November 2023
Global insurer, American International Group, Inc. (AIG) has appointed CVS Health's Roshan Navagamuwa as Executive Vice President (EVP) and Chief Information Officer (CIO), effective January 1st, 2024. Navagamuwa will report to Peter Zaffino, AIG Chairman and Chief Executive Officer (CEO). He will also be a part of AIG’s Executive Leadership Team. Navagamuwa's ... Read the full article
Aviva reports 13% increase in 9M’23 GWP for general insurance segment
16th November 2023
Global insurer, Aviva plc has reported a 13% increase in gross written premiums (GWP) for its general insurance business in 9M 2023 to £8 billion, driven by strong rate, new business volumes, and retention. Within the UK&I segment, GWP increased 15% year-on-year as Canadian GWP rose 11% at constant currency. While premiums ... Read the full article
Phoenix Group increases cash target following insurance brands merger
16th November 2023
Phoenix Group has raised its full-year cash generation forecast after announcing that it has completed the funds merger of its Standard Life and Phoenix Life businesses into Phoenix Life Ltd, uniting the businesses of four entities. The transfer has resulted in its 2023 cash target being increased to £1.8 billion, up ... Read the full article
Enact completes sixth mortgage insurance-linked note transaction
16th November 2023
Enact Holdings' flagship legal entity, Enact Mortgage Insurance Corporation, has secured $248 million of fully collateralized excess of loss reinsurance coverage through the issuance of an insurance-linked note transaction with Triangle Re 2023-1 Ltd. According to Enact, the transaction provides coverage on a portfolio of existing seasoned mortgage insurance policies written ... Read the full article
LMA & LIIBA team up to lead digital transformation in Delegated Authority business
16th November 2023
The Lloyd's Market Association (LMA) has joined forces with the London and International Insurance Brokers' Association (LIIBA) in an effort to lead digital transformation in Delegated Authority (DA) business with the introduction of computable contracts. Launched in late 2020, Project DARE mostly focuses on putting distribution partners and customers at ... Read the full article
UIB announces passing of Co-founder & President Dr. Mounir Kabban
16th November 2023
International re/insurance broker United Insurance Brokers Limited (UIB) pays tribute to its Co-founder and President, Dr. Mounir Kabban, as they announce the news of his passing on November 13th, 2023. “Mounir was not just a leader within our organisation; he was a source of inspiration, guidance, and unwavering support for all ... Read the full article
Howden names Jean Bayon de La Tour as International Head of Cyber
16th November 2023
In a strategic move to bolster its position in the face of escalating cyber threats, Howden, the global insurance group, has appointed Jean Bayon de La Tour as the International Head of Cyber, effective immediately. This appointment marks a significant milestone in Howden's initiative to attract top-tier broking talent, aligning with ... Read the full article
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