Reinsurance News
Embrace Partners approved as wholesale broker for Aon
1st December 2023
Aon has approved Embrace Partners, a minority-owned insurance broker and managing general underwriter (MGU), to act as a wholesale broker in the US. With this move, Aon brokers, at its clients' direction, can now begin placing insurance through Embrace. According to the announcement, adding Embrace to the roster of Aon-approved wholesale brokers ... Read the full article
Asian cities face environmental challenges, Singapore tops rankings for resilience: Tokio Marine
1st December 2023
In the face of escalating environmental challenges, Singapore has emerged as the highest-ranked global Asian city for overall resilience, securing the 4th position out of 25 major cities worldwide, according to The Resilient Cities Index 2023 launched by Tokio Marine Group and Economist Impact. The study, sponsored by Tokio Marine Group, ... Read the full article
US 10-year Treasury yields to average 4.2% in the long run: Swiss Re Institute
1st December 2023
US 10-year Treasury yields are expected to average 4.2% over the long term, according to the Swiss Re Institute, a figure 40 basis points above its previous forecast. Long-dated US Treasury bonds have sold off sharply this autumn, surprising many investors and taking yields on the benchmark 10-year bonds to levels ... Read the full article
AIG to offer 35 million shares of Corebridge Financial
1st December 2023
American International Group (AIG) has announced it will sell off another 35 million existing shares of common stock at $20.50 per share, as it continues to raise funds from the retirement services company while remaining the major shareholder. According to the announcement, the insurer has also granted a 30-day option to ... Read the full article
Record-breaking year predicted for UK life insurance in 2023: RBC Capital Markets
1st December 2023
In a recent analysis by RBC Capital Markets, the UK life insurance industry is poised for a remarkable year in 2023, with projected volumes reaching approximately £50 billion, surpassing the previous record of £45 billion in 2019. This surge is attributed to the anticipation of large transactions, including the recent announcements ... Read the full article
HCI’s CORE receives approval to operate in Florida
1st December 2023
HCI Group, Inc. announced its sponsored reciprocal insurer, Condo Owners Reciprocal Exchange (CORE), obtains a certificate of authority from Florida regulators, allowing it to transact insurance in the state. The Florida-based holding company, with interests in homeowners insurance, IT services, real estate, and reinsurance, marks its entry into the commercial residential ... Read the full article
Ryan Specialty appoints Thomas Nash as President of CorRisk Solutions
1st December 2023
International specialty insurance firm, Ryan Specialty, has appointed Thomas Nash as President of CorRisk Solutions, effective December 1st, 2023. CorRisk is the wholesale distribution professional liability managing general underwriter, a part of Ryan Specialty Underwriting Managers. Nash joined Ryan Specialty through the acquisition of Socius Insurance Services in July 2023, where he ... Read the full article
AM Best maintains stable outlook on Vietnam’s non-life insurance segment
1st December 2023
Global credit ratings agency AM Best has confirmed that it is maintaining a stable outlook on Vietnam’s non-life insurance segment. The agency cities premium growth and regulatory enhancements that strengthen risk management and corporate governance, as the key factors contributing towards the outlook. A recent report from Best also showcases the government’s ... Read the full article
Rothesay and Thales seal £2.7bn insurance deal for Thales UK pension scheme
1st December 2023
Rothesay, a prominent UK pensions insurance specialist, has successfully executed a £2.7 billion transaction to insure all liabilities of the Thales UK Pension Scheme. This comprehensive deal covers over 16,000 members, including 10,512 pensioners and dependents, along with 5,915 deferred members. The transaction involved a strategic agreement with Thales, a global high ... Read the full article
Genpact collaborates with Amazon on property loss replacement & claims management
1st December 2023
Genpact, a global professional services firm, is collaborating with Amazon Web Services (AWS) and Amazon Business to introduce a transformed approach to property loss replacement and claims management. The aim is for Genpact to use its claims management expertise as well as Amazon Bedrock generative AI capabilities and Amazon Business procurement ... Read the full article
AIG names Rose Marie Glazer as the General Counsel
1st December 2023
Global insurer, American International Group, Inc. has named Rose Marie Glazer as the General Counsel, effective immediately. Glazer served as Interim General Counsel since October 1, 2023, overseeing AIG’s legal, compliance, regulatory and government affairs functions. Glazer remains an Executive Vice President reporting to Peter Zaffino, AIG Chairman and Chief Executive Officer, ... Read the full article
Leadership transition at Markel’s Global Insurance operations as COO Bob Cox steps down
1st December 2023
Markel, the insurance operations segment within Markel Group Inc., revealed that Bob Cox, President and Chief Operating Officer, Global Insurance Operations, will be stepping down from his role on December 31. Cox has played a pivotal role over the last five years, spearheading successful and profitable growth strategies for the company's ... Read the full article
Technology can make health insurance more accessible, but there are challenges: GA
1st December 2023
Technology has helped make health insurance more accessible, but there are still challenges to overcome, such as its quality, access to it, and its democratisation, Niti Pall, Board Chair, HARBR, highlighted at the Geneva Association’s 50th Summit in Zurich, Switzerland. Many countries, like Bangladesh, India or Pakistan, and a lot of ... Read the full article
Crum & Forster appoints Brock Masterson to Surety Division
1st December 2023
Property, casualty, and accident & health insurer, Crum & Forster, has appointed Brock Masterson to the company's Surety Division as a member of its executive leadership team. Masterson will be based in the company's Morristown, NJ office. In this newly-established role, he will be responsible for the continued growth of the division's ... Read the full article
Global reinsurers navigate challenges and opportunities amidst rising interest rates: AM Best
1st December 2023
In response to the recent surge in interest rates, the global reinsurance market has experienced a mixed landscape, according to a report by AM Best. The rise in interest rates has triggered concerns about unrealised investment losses, but reinsurers have demonstrated resilience in managing these challenges. Property/casualty reinsurers, in particular, have retained ... Read the full article
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