Reinsurance News
AM Best predicts surge in net investment income for US P/C sector
11th March 2024
AM Best's recent market segment report indicates a notable increase in the estimated net investment income within the US property and casualty (P/C) market, with predictions exceeding $85 billion in 2024. In 2018, the industry’s net investment income was $57 billion, showing no significant increase until 2022, when it surged to ... Read the full article
Markel appoints Ng Yao Hua as Cyber Security Analyst in Singapore
11th March 2024
Markel, the insurance operation within Markel Group Inc., has appointed Ng Yao Hua as Cyber Security Analyst, further strengthening its investment in cyber security underwriting in the Asia Pacific market. Markel explained that Ng will support its cyber underwriting capability in the region by "leaning on his significant technology experience" to ... Read the full article
MS Reinsurance eyes strategic expansion in LatAm: CUO (Americas), Segonzac
11th March 2024
In a recent interview with Reinsurance News, Louis de Segonzac, Chief Underwriting Officer (Americas) at MS Reinsurance, discussed the company's strategic focus on expanding its presence in the Latin America (LatAm) market. Segonzac explained that MS Reinsurance maintains a healthy appetite for business in the region, and intends to increase participation ... Read the full article
HDI Global SE bolsters Board of Management with two key hires
11th March 2024
HDI Global has announced that both Dr Barbara Klimaszewski-Blettner and Dr Dirk Höring will be joining the Board of Management of HDI Global SE, effective from April 1, 2024. The company has confirmed, that Klimaszewski-Blettner will be taking over responsibility for the business in Germany, as well as global Claims Management, ... Read the full article
FTI Consulting acquires Madison Consulting Group
11th March 2024
FTI Consulting, Inc. has announced the acquisition of actuarial consulting firm Madison Consulting Group. FTI Consulting explained that the addition of Madison Consulting Group will expand its property and casualty actuarial and compliance offerings within the Global Insurance Services practice in the Forensic and Litigation Consulting segment. As part of the transaction, ... Read the full article
Africa Re reports best net income result ever in 2023
11th March 2024
Based on preliminary and unaudited figures under IFRS 4, Africa Re has reported a net income of $129.145 million in 2023, marking a massive improvement of 444.16% from the $23.733 million net income posted in 2022. Africa Re additionally recorded gross written premiums of $1.106 billion for 2023, translating into an ... Read the full article
FEMA secures a further $575m of flood reinsurance for NFIP
11th March 2024
The U.S. Federal Emergency Management Agency (FEMA) has obtained reinsurance coverage through insurance-linked securities (ILS) reinsurance for the seventh time by entering a three-year reinsurance agreement, securing $575 million of coverage for the National Flood Insurance Program (NFIP). FEMA entered into the agreements with its transformer reinsurer, Hannover Re (Ireland) Designated ... Read the full article
More advanced & specialised conversational AI to be developed in the near term: AM Best
11th March 2024
Credit ratings agency AM Best has revealed that it expects to see more advanced and specialised conversational AI developed over the near term to handle more complex situations across the insurance industry. As many are aware, insurers have been very active by adopting AI for customer service via conversational AI, which is ... Read the full article
Cybersecurity startup BreachBits secures seed funding led by Blu Ventures
11th March 2024
Cybersecurity startup BreachBits has secured seed funding, in a round led by Blu Ventures, to accelerate its efforts to help businesses predict and avoid data breaches at scale. According to BreachBits, the funds will be used to capitalise on its strong customer growth and accelerate the adoption of its BreachRisk™ solutions. The ... Read the full article
Julia Zhang succeeds Aaron Sarfatti as Equitable Holdings CRO
11th March 2024
Equitable Holdings, the financial services holding company comprised of Equitable and AllianceBernstein, has announced new leadership appointments, including Julia Zhang as Chief Risk Officer (CRO). Zhang succeeds Aaron Sarfatti, who served as the company’s CRO since 2018, and is to take over her new role on April 1, following approval from ... Read the full article
GAWS of London rebrands as Evolin Broking
11th March 2024
GAWS of London Limited (GAWS), an independent London market wholesale insurance broker, has rebranded itself under the new brand of Evolin Broking Limited (Evolin). The broker explained that it is "rooted in the ever-evolving nature of relationships, Evolin symbolises the collaborative journey the company takes with clients, working together for a ... Read the full article
MGAA welcomes three new board members following 2023 record growth
11th March 2024
The Managing General Agents’ Association (MGAA) has announced the appointment of three new board members, while also revealing it had seen significant growth in its membership over the last year, welcoming its 400th member. The new board members were confirmed at the association’s Annual General Meeting at Lloyd’s. These include Ian ... Read the full article
Greenlight Re pleased with 1/1 renewals, optimistic on Lloyd’s in 2024: Patrick O’Brien
8th March 2024
During Greenlight Re's 2023 earnings call, Patrick O'Brien, Chief Executive Officer (CEO), Director, Greenlight Re Ireland, noted the still very attractive conditions at the January 1st, 2024, reinsurance renewals, when over 60% of the company's business incepts. "We are very pleased with how January 1, 2024, progressed. Market conditions remain very ... Read the full article
Hong Kong IA reports decrease in total premiums despite growth in reinsurance in 2023
8th March 2024
The Insurance Authority (IA) has reported an increase in Hong Kong’s reinsurance gross premiums by 3.1% and net premiums by 0.2% for 2023, however, total gross premiums decreased by 1.1% compared to 2022, totalling $549.7 billion. Reinsurance gross premiums reached $18.1 billion in the year, primarily driven by the Property Damage ... Read the full article
Aspen confirms Sarah Stanford as CEO of Aspen UK
8th March 2024
Bermuda-based insurer and reinsurer, Aspen Insurance Holdings, has confirmed the appointment of Sarah Stanford as CEO of Aspen UK. Prior to her approval, Stanford had been appointed as Interim CEO, Aspen UK on January 17, 2024. Before this, she was serving as the Active Underwriter of Lloyd’s Syndicate 4711, representing ... Read the full article
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