Reinsurance News
European non-life insurers remain strongly reserved despite inflation: BofA Securities
28th November 2023
As per the BofA Securities annual reserve review, European non-life insurers remain "strongly reserved and well placed to deal with shocks, despite the impact of higher-than-expected inflation in recent years." Analysts at BofA Securities noted that buffers acted as an important first line of defence against unexpected inflation shocks last year, ... Read the full article
Growing protection gap in insurance threatens Australians’ financial security: Andrew Hall
28th November 2023
In a recent speech at the National Press Club, Insurance Council of Australia (ICA) CEO Andrew Hall warned of a widening "protection gap" in the insurance market, posing a significant threat to Australians' financial security. Hall highlighted the challenges posed by increasing natural disasters, urbanisation, and global megatrends that are reshaping ... Read the full article
Moody’s revises Allianz’s outlook to Stable, affirms A2 IFSR
28th November 2023
Moody's Investors Service has affirmed the A2 insurance financial strength rating (IFSR) of Allianz S.p.A., the Italian subsidiary of Allianz SE, and simultaneously revised the outlook from negative to stable. The rating affirmation and outlook revision are attributed to the improved credit quality of the Government of Italy (Baa3 stable), evidenced ... Read the full article
Apollo launches new Specialty Treaty class of business
28th November 2023
Independent specialist insurer and reinsurer Apollo has revealed it will launch a new Specialty Treaty class of business within the Reinsurance Division of Syndicate 1969, 1 January 2024. As per Apollo, the new portfolio will focus on the niche classes of Credit, Mortgage and Surety reinsurance. The firm stated that this strategic ... Read the full article
Insurwave acquires specialty insurance AI tech from EY
28th November 2023
London-based insurtech platform Insurwave has acquired AI technology designed for the specialty insurance market from EY. According to Insurwave, the AI technology has been integrated into its existing platform, which focuses on providing insurers, risk managers, and brokers with a real-time view of data including live asset tracking and aggregate exposure ... Read the full article
Pete Allchorne takes over Nicola Critchley as FOIL President
28th November 2023
The Forum of Insurance Lawyers (FOIL), has announced the election of Pete Allchorne, Partner at international law firm DAC Beachcroft, as President, taking over the position from Nicola Critchley, Partner at DWF Law. Prior to this, Allchorne chaired FOIL’s motor sector focus team, and has worked with insurance clients for more ... Read the full article
Falvey Insurance Group appoints Tom Nasso as Chief Underwriting Officer
28th November 2023
Maritime risks insurer, Falvey Insurance Group has appointed Tom Nasso to its executive team as its new Chief Underwriting Officer. Nasso had accepted the position in May but was on gardening leave until his start date with Falvey this week. Mike Falvey, President & Chief Executive Officer of Falvey Insurance Group, commented ... Read the full article
National Economic Council considers insuring Nigerians against natural disasters: report
28th November 2023
According to reports by The Nation publication, the National Economic Council (NEC) is considering insuring Nigerians from unanticipated natural disasters like earthquakes and floods. The NEC is currently being chaired by Vice-President Kashim Shettima, who rectified the decision to insure Nigerians against natural disasters during its council meeting on November 23rd, ... Read the full article
AM Best maintains stable outlook on Chile’s insurance market
28th November 2023
Ratings agency AM Best is maintaining a stable outlook on Chile’s insurance market, supported by the market's resilience on the back of improved dynamics despite global and domestic pressures. The strengthening of the regulatory framework in the country is also cited by AM Best, which is focused on risk-based capital to ... Read the full article
Some bright spots, but P&C insurers face challenges and uncertainties: WTW
27th November 2023
Insurance broker WTW predicts that catastrophe-exposed property business will see price increases of between +10% to +25% in 2024 and warns that while commercial lines price increases have started to stabilise, it's a challenging and uncertain environment for P&C insurers heading into next year. The inflationary landscape continues to impact commercial ... Read the full article
Alliant names Martin Khalaf as Senior VP, Americas division
27th November 2023
Alliant Insurance Services has hired Martin Khalaf as Senior Vice President within its Alliant Americas division. According to Alliant, Khalaf will leverage his expertise in property and casualty insurance, risk management and safety to provide comprehensive solutions to clients. "Khalaf is highly regarded for his ability to help businesses optimize operations and ... Read the full article
“COP28 offers nations a chance to re-centre their climate compass”: Swiss Re’s Mumenthaler
27th November 2023
COP28 offers leaders ”another chance to refocus their efforts to tackle greenhouse gas emissions and spur a just energy transition” Swiss Re CEO Christian Mumenthaler has highlighted ahead of the climate meeting. The world is currently experiencing uncertainty brought by war, geopolitical fragmentation and cultural conflict, yet the existential threat of ... Read the full article
Lightyear joins BHMS as co-lead investor to support Inszone’s next phase of growth
27th November 2023
US broker Inszone Insurance Services, LLC has announced strategic investment from Lightyear Capital LLC, joining the company’s current investor, BHMS Investments, for its next phase of growth. Martin Sullivan, Operating Partner at Lightyear and former Chief Executive Officer of AIG, will join the Inszone Board of Managers upon closing of the ... Read the full article
QBE sees Q3 GWP growth of 7%, forecasts FY operating ratio of 94.5%
27th November 2023
Australian insurer QBE has reported that 3Q 2023 gross written premium (GWP) growth was 7% on the prior corresponding period, on both a reported and constant currency basis. The firm also disclosed that group-wide, renewal rate increases averaged 9.6% in 3Q 2023, while ex-rate growth was broadly flat due to the ... Read the full article
PYREG & Kita partner on innovative carbon insurance structure
27th November 2023
PYREG, a German NetZero Tech company and specialist for high-tech biochar carbon removal and Kita, the global carbon insurance specialist, have established a memorandum of understanding (MOU) on the development of the world’s largest durable biochar carbon removal project pool. Biochar is able to remove carbon from the atmosphere for thousands ... Read the full article
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