Reinsurance News
Ethos appoints Vijay Ratnam as MD for India
20th October 2023
Ethos, an online life insurance provider in the U.S., has appointed Vijay Ratnam as its India Managing Director. Ratnam’s remit in the role is to lead the company's organizational culture, strategic resource management, and planning for growth and expansion in India. Peter Colis, Chief Executive Officer of Ethos, commented, "Last year Ethos ... Read the full article
Woodruff Sawyer forecasts increased deal flow and evolving structures for Q4’23 and 2024
20th October 2023
Woodruff Sawyer, a prominent independent insurance brokerage in the United States, looking ahead to Q4'23 and throughout 2024, suggests that the deal landscape may continue to evolve, with new structures emerging, and deal flow is expected to increase compared to the lows witnessed in Q1'23. In its 2024 Private Equity and ... Read the full article
MMC CEO Doyle expects “more orderly” Jan 1st reinsurance renewal
19th October 2023
During Marsh McLennan's third-quarter earnings call, President and Chief Executive Officer (CEO), John Doyle, shared valuable insights into the state of the reinsurance market and the expectations for the January 1st renewal. "As we look to January 1st, the market appears to be more orderly than last year, but we expect ... Read the full article
Generali sees nine month catastrophe losses exceed annual budget: Reuters
19th October 2023
Italian insurer Generali is set to report catastrophe losses of around $888 million (EUR 840 million) for the first nine months of 2023, exceeding its budget for the full year, according to a Reuters report. Reuters reports that during an event held today in Munich, the global insurer's Group Chief Financial ... Read the full article
Beazley’s first 144a cyber catastrophe bond expected by year-end
19th October 2023
London-based specialty insurer and reinsurer, Beazley, is set to follow up on its three private transactions with its first full 144a cyber catastrophe bond issuance by the end of the year, according to Artemis sources. Our insurance-linked securities (ILS) focused sister site, Artemis, reported earlier today that Beazley is close ... Read the full article
Fitch affirms National IFS of 7 Sri Lankan insurers
19th October 2023
Fitch Ratings has affirmed the National Insurer Financial Strength (IFS) Ratings of seven Sri Lankan insurers, removed them from Rating Watch Negative (RWN), and assigned them a stable outlook. This rating move includes Sri Lanka Insurance Corporation Limited (SLIC), at 'A(lka)'; Continental Insurance Lanka Limited, at 'A-(lka)'; HNB Assurance PLC, at ... Read the full article
Life insurance industry braces for $7.8 trillion wealth transfer by 2040: Capgemini
19th October 2023
In a recently published report by the Capgemini Research Institute, it has been highlighted that the life insurance industry is facing an unprecedented challenge as it grapples with the impending transfer of an estimated $7.8 trillion in assets under management (AUM) to beneficiaries by 2040. This transfer represents the largest inter-generational ... Read the full article
Allstate estimates cat losses for September of $317m
19th October 2023
US primary insurer Allstate has announced estimated catastrophe losses for the month of September of $317 million and third quarter cat losses of $1.18 billion. The primary insurer’s September catastrophe losses include 17 events estimated at $357 million, with approximately 80% of the losses related to two wind and hail events, ... Read the full article
Acquinex partners with mea to “revolutionise” submissions intake process
19th October 2023
Acquinex has announced it has deployed mea ingestion, a platform which supports automated submissions intake and review against policies. According to Acquinex, the collaboration is set to "propel the company into a new era of operational excellence." The firm continued, "By integrating mea's platform to automate submissions intake, Acquinex is poised to ... Read the full article
Arthur J. Gallagher & Co. acquires Meadowbrook Insurance Agency
19th October 2023
Global insurance brokerage, Arthur J. Gallagher & Co., has announced the acquisition of Michigan-based Meadowbrook Insurance Agency. Terms of the transaction were not disclosed. Meadowbrook Insurance Agency is a retail insurance broker offering a comprehensive range of property/casualty and group benefits services to clients throughout Michigan and in Florida. As part of ... Read the full article
Intact approved to complete purchase of Direct Line’s brokered Commercial Lines operations
19th October 2023
Intact Financial Corporation and its subsidiary RSA have disclosed that all conditions related to its acquisition of Direct Line Insurance Group's brokered Commercial Lines operations have been fulfilled. According to Intact, the transaction is anticipated to close on October 26, upon payment of a £520 million cash consideration, as reported ... Read the full article
Guy Carpenter revenue up 8% to $359 million in Q3’23
19th October 2023
Guy Carpenter, a global risk and reinsurance specialist and a business of Marsh McLennan, has reported total revenue in Q3 of 2023 of $359 million, marking an increase of 8% on an underlying basis. Marsh McLennan’s wider Risk & Insurance Services revenue was $3.2 billion in Q3 of 2023, an increase ... Read the full article
Verisk launches new climate risk dataset to bolster sustainability and resilience analytics
19th October 2023
Verisk, a prominent global data analytics and technology provider, has expanded its suite of sustainability and resilience analytics with the introduction of a new Climate Risk Dataset. This dataset, developed by Verisk Maplecroft, the company's risk intelligence business, offers powerful geospatial insights into one of the most pressing challenges confronting global ... Read the full article
Reinsurance still needs to demonstrate ability to earn sustainably good margins: Munich Re
19th October 2023
With the key January 1st, 2024, reinsurance renewals fast approaching, there remains an imbalance between supply and demand, amid an expectation of limited capital inflow as the market works to deliver sustainably good margins, according to Munich Re's Clarisse Kopff, Member of the Board of Management. Speaking this morning during the ... Read the full article
Dutch insurers deliver solid results in a stabilising operating environment: Fitch
19th October 2023
Large Dutch insurers have achieved solid results in the first half of 2023; they have managed to compensate the effect of high inflation in core insurance lines through price increases and achieved broadly stable underwriting results, Fitch Ratings reports. The inflation rate in the Netherlands peaked in the second half of ... 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.
