Reinsurance News
Canadian personal auto & property rates up through Q3’23: Applied Systems
20th October 2023
The results of the latest Applied Rating Index by Applied Systems shows that average premiums for both Personal Auto and Personal Property lines increased in Canada year over year in the third quarter of 2023. Quarter over quarter, premium rate change increased for both Personal Auto and Personal Property compared to ... Read the full article
Mortgage ILS issuance on the rise as incumbents turn to capital markets for reinsurance
20th October 2023
The issuance of mortgage insurance-linked securities (ILS) transactions appears to be gaining traction after a muted 18 months, as major US mortgage insurers turn to the capital markets for reinsurance protection. Data from Artemis, our ILS-focused sister site, reveals that mortgage ILS issuance hit an annual high of roughly $6.3 ... Read the full article
Guy Carpenter CEO Klisura expects continued challenges in property cat reinsurance
20th October 2023
In a recent Marsh McLennan third-quarter earnings call, Dean Klisura, President and CEO of reinsurance broker Guy Carpenter, shared insights into the upcoming January 1 renewal period and the prevailing market conditions in the reinsurance industry. "We expect challenging market conditions to persist for property cat at the upcoming January 1 ... Read the full article
Insurers and banks need to work together for continued success of bancassurance in SE Asia: Swiss Re
20th October 2023
It is essential for insurers to help banks understand the evolving insurance landscape of Southeast Asia for the continued success of bancassurance, a recent survey by the Swiss Re Institute has revealed. Among its highlights, the survey found that bancassurance accounts for an average of 36% of Life and Health (L&H) ... Read the full article
AXA XL launches new Virtual Reality training solution
20th October 2023
AXA XL Risk Consulting has announced the launch of AXA Immersive Solutions, a training solution using Virtual Reality (VR) and Digital Twin technologies. Through this solution, AXA XL’s risk consultants will be able to access a 3D model of a standard factory to provide engaging and sophisticated training for risk managers, ... Read the full article
Stephen Deane to return to The Hartford as Chief Claims Officer
20th October 2023
The Hartford, a property & casualty insurer, has appointed Stephen Deane as Chief Claims Officer (CCO), effective November 6, 2023. In the role, Deane will report directly to John Kinney - Head of Claims and Operations, and will also become a member of The Hartford’s executive leadership team. He succeeds Mary Nasenbenny, ... Read the full article
bolttech acquires Poland-based Digital Care
20th October 2023
Insurtech bolttech has acquired Digital Care, an embedded protection company based out of Poland. As per bolttech, the acquisition is a major step towards achieving its strategic goals in the EMEA region and globally, while also accelerating growth, particularly within the telecommunications industry. The insurtech noted that Digital Care has a strong ... Read the full article
9M 2023 global insured cat losses 17% higher than 21st century annual average: Aon
20th October 2023
Global re/insurance broker Aon, in its Q3 Global Catastrophe Recap report, has stated that global insured losses from natural disaster events had reached $88 billion by the end of Q3 2023, 17% higher than the 21st-century annual average, driven by so-called secondary perils. Aon highlights U.S. and Italian severe convective storms ... Read the full article
Markel announces strategic investment in tax MGA Certa
20th October 2023
Markel, the insurance operation within Markel Group Inc., has announced a 49% strategic investment in tax managing general agent (MGA), Certa. This move will accelerate the company’s UK-based tax specialist’s product development and geographical expansion plans, Markel stated. At the same time, it will give the insurer further access to the significant ... Read the full article
AM Best affirms Peak Re’s ratings and maintains negative outlook
20th October 2023
AM Best has affirmed the Financial Strength Rating of A– (Excellent) and the Long-Term Issuer Credit Rating of a– (Excellent) of Hong Kong-based reinsurer Peak Re and its subsidiary in Switzerland, while also maintaining a negative outlook, reflecting the rating agency’s concern over potential contagion risk in case of an ... Read the full article
Swiss Re’s Steinmann: Hard market or new normal?
20th October 2023
During the Swiss Re 2023 Baden-Baden media conference, the question of the hard reinsurance market and its duration was raised ahead of the key January 1st, 2024, reinsurance renewals. "Are we in a hard market? Is the current environment the new normal? We actually don't know," stated Thorsten Steinmann, Swiss Re's ... Read the full article
Bay Harbor Re appoints Nick Zielinski as new Chief Actuary
20th October 2023
Cayman Islands-domiciled Bay Harbor Re has appointed Nick Zielinski as its new Chief Actuary. According to the firm, Zielinski holds a comprehensive background in both commercial and personal lines insurance and reinsurance, with broad experience in program business, captives, and catastrophe reinsurance. His most recent role saw him oversee Accident Fund's Actuarial ... Read the full article
Hamilton appoints Jon Levenson as SVP of Finance and Investor Relations
20th October 2023
Bermuda-domiciled re/insurer, Hamilton Insurance Group, Ltd. has appointed Jon Levenson as the Senior Vice President (SVP) of Finance and Investor Relations. Levenson will report to Group Chief Financial Officer, Craig Howie, and will be based in the US. Howie commented on the appointment, "I am pleased to welcome Jon to Hamilton. He ... Read the full article
Secondary perils now taking a central role in insurers’ considerations: CRC
20th October 2023
Secondary perils, which were once considered supplementary, are now said to be taking a "central role" in insurers' considerations as we approach year-end 2023 and into 2024, according to the latest edition of the REDY Index by CRC Group. This is clearly demonstrated, as in light of the unprecedented losses experienced ... Read the full article
Aon’s Franchise Solutions program launches in North America
20th October 2023
Global re/insurance broker Aon has announced the launch of its multi-industry Franchise Solutions program in North America, designed to better inform, advise and protect businesses. The new offering, powered by CoverWallet technology, aims to help franchise businesses understand and manage risk across their franchisee network, while also delivering customised insurance programs ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
