Reinsurance News
AI is a journey, finding success does not happen quickly: Pasquarelli, OECD One AI Group
29th November 2023
Speaking recently at the Geneva Association’s 50th Summit in Zurich, Switzerland, Walter Pasquarelli, OECD One AI Group of Experts, explained how artificial intelligence (AI) can effectively be applied into businesses, as well as the steps that organisations should be making. He explained that it is important for companies to align the ... Read the full article
Reinsurers have won the battle so far in 2023: Deutsche Bank
29th November 2023
As the primary vs reinsurance debate rolls on, analysts in the Deutsche Bank European Insurance Team suggest reinsurers have "won the battle" so far in 2023 in terms of relative share price performance, particularly SCOR and Munich Re. "Momentum remains generally supportive too, though we would argue that in some cases ... Read the full article
Bridges and Petrillo named Coastal Insurance Underwriters Presidents
29th November 2023
Coastal Insurance Underwriters (CIU), a program administrator specialising in designing, creating, and managing insurance products for a variety of business classes, has announced the appointment of two new Presidents. Taking over this position will be Sim Bridges, who will also retain his role as Chief Underwriting Officer alongside this new role. Bridges ... Read the full article
Unisys to buy annuity contracts worth $250m from F&G Annuities & Life
29th November 2023
Global technology solutions company, Unisys has closed agreements with insurer F&G Annuities & Life, Inc. to purchase group annuity contracts totalling approximately $250 million. Through these contracts, Unisys will transfer projected benefit obligations valued at a similar amount related to certain retirees under one of the company's U.S. pension plans to ... Read the full article
Climate-related death toll in Africa underlines urgency for COP28 action: ARC
29th November 2023
In 2023, 15,700 people have lost their lives to extreme weather disasters in Africa, while another 34 million have been affected, highlighting the urgent need for action at COP28, says African Risk Capacity Limited (ARC). In a recent report, ARC observed that 2023 has been a year of "climate carnage" in ... Read the full article
Arch Reinsurance hires Greg Habay to lead ILS partner relations
29th November 2023
Arch Reinsurance has announced the appointment of Greg Habay as Managing Director, Head of Business Development and ILS Partners Relations. In his new role, based in New York, Habay will lead Arch Re’s Insurance-Linked Securities (ILS) business development efforts, including outreach to investors in support of ILS and third-party capital strategies. Arch ... Read the full article
Cytora partners with ZestyAI to strengthen commercial property underwriting
29th November 2023
Cytora, a digital risk processing platform, has partnered with ZestyAI, a company that leverages artificial intelligence for risk assessment, to bolster commercial property underwriting with integration of climate models. According to the announcement, the integration of ZestyAI into the Cytora platform will equip commercial insurance underwriters with the analytics and risk ... Read the full article
KKR set to acquire remaining 37% of Global Atlantic for $2.7bn
29th November 2023
KKR & Co. Inc. has announced a definitive agreement under which it will acquire the remaining 37% stake in the insurance company Global Atlantic, increasing its ownership to 100%. KKR will fund the transaction from its balance sheet, which had $23 billion of cash and investments as of September 30, 2023. ... Read the full article
AXIS successfully closes market’s first 144A cyber catastrophe bond
29th November 2023
Bermuda-based insurer and reinsurer, AXIS Capital Holdings Limited, today announced the closing of the market’s first 144A cyber catastrophe bond, a $75 million Long Walk Reinsurance Ltd. transaction which provides the firm's subsidiaries with fully collateralized indemnity reinsurance for systemic cyber events on a per-occurrence basis. The $75 million of Series ... Read the full article
Lockton expands Energy and P&C divisions in Norway with four senior hires
29th November 2023
Independent insurance broker Lockton has announced the appointments of Christen Thorbjørnsen, Harry Nilsen, Nikolai Jørgensen and Sigbjørn Larsen to its Energy, Renewables and Property divisions in Norway. Industry veterans Thorbjørnsen and Nilsen join from Willis Towers Watson (WTW) in Norway, where they served as Global Client Directors focusing on property, major ... Read the full article
AXIS Re hires Coburn as Reinsurance Underwriting Head, Canada
29th November 2023
AXIS Reinsurance, the reinsurance business segment of AXIS Capital Holdings, has appointed Jessica Coburn as Reinsurance Underwriting Head, Canada, effective immediately. In the role, she will report to AXIS Re President, North America, Jason Busti. She is expected to be responsible for representing AXIS Re across the Canadian market, as well as ... Read the full article
AM Best maintains stable outlook on global reinsurance sector amid favourable market conditions
29th November 2023
Substantial rate improvement, increased demand for protection, and rising investment income has led AM Best to maintain its stable outlook for the global reinsurance sector. As the January 1st, 2024, reinsurance renewals fast approaches, the ratings agency believes that reinsurers won't be relaxing their current stance for some time, and therefore ... Read the full article
Record-breaking numbers in bulk annuity market attracting new insurers: Hymans Robertson
29th November 2023
A number of new insurers are expected to enter the bulk annuity market, attracted by the record-breaking numbers and volumes of transactions, according to a new report from Hymans Robertson. The firm observed that transaction records in the risk transfer market are expected to be broken in 2023 and the years ... Read the full article
James Hallam joins the Broker Insights VisionTM platform
29th November 2023
The data analytics and market insight platform, Broker Insights, has announced that James Hallam, part of the Seventeen Group, is now using its Broker Insights VisionTM platform. Broker Insights connects UK insurance brokers and insurance companies by using data. It streamlines workflows and aims to save both parties significant amounts of ... Read the full article
MAPFRE and Cyberwrite partner to promote cyber protection for SMEs with AI
29th November 2023
MAPFRE and technology provider Cyberwrite have joined forces to help the insurer's clients reduce the risk of cyber-attacks with AI. The Spanish firm explained that Cyberwrite will provide it with a cyber insurance risk platform for SME companies, with the aim of having a more accurate knowledge of the risk at ... Read the full article
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