Reinsurance News
Lockton names Andrea Guffanti Head of Continental Europe
19th October 2023
Independent insurance broker Lockton, has appointed Andrea Guffanti Head of Continental Europe, a newly created role based in London. In her new position, Guffanti’s responsibilities include working alongside Lockton Global Partners’ Operations Team, led by Michael Goudime, our London Market Specialty Teams and with our owned operations in Europe to develop ... Read the full article
Munich Re partners with International SOS to enhance pandemic coverage
19th October 2023
Global reinsurance giant Munich Re has partnered with International SOS, a leading health and security firm, to develop an integrated epidemic and pandemic risk management policy solution. Through this new partnership between the two organizations, International SOS will now provide health advisory services to Munich Re’s pandemic policyholders. Moreover, the pandemic insurance ... Read the full article
Xceedance establishes Center of Excellence for Generative AI
19th October 2023
Xceedance, a prominent global provider of strategic operations support, technology, and data services for insurance organisations, has announced the establishment of a Center of Excellence for Generative AI. This initiative signifies a substantial commitment to advancing high-ROI generative AI applications throughout the insurance value chain, the company said. Arun Balakrishnan, CEO of ... Read the full article
Europe faces dynamic changes in risk landscape as €1bn losses surge: Munich Re
19th October 2023
Munich Re has noted that the frequency and severity of weather-related natural catastrophes are increasing in Europe, with an "unprecedented" series of events exceeding the €1 billion mark this year. However, Clarisse Kopff, a Member of the Board of Management, suggests the firm "is in a good position to carry ... Read the full article
The Hanover reports estimated cat losses of $196m for Q3 2023
19th October 2023
The Hanover Insurance Group, Inc. has preliminary estimated catastrophe losses of $195.8 million, before taxes, for the third quarter of 2023, which translates to 13.7 points of net earned premium. Multiple convective storms across the Midwestern United States along with hail and wind damage have been attributed to the majority of ... Read the full article
Markel Australia hires Stephen Rogers as Head of Queensland
19th October 2023
Markel, a global specialty insurer, has announced the appointment of Stephen Rogers as Head of Queensland. According to the firm, Rogers' appointment furthers the company's mission to serve the Australian market with a high-quality local presence. Based in Brisbane, Rogers is Markel's second appointment in Australia, and he will report to Melbourne-based ... Read the full article
Nautilus appoints Rob Petronko as SVP and CFO
19th October 2023
Nautilus Insurance Group, a Berkley company, has hired Rob Petronko as Senior Vice President and Chief Financial Officer (CFO). Petronko brings more than 19 years of experience within the industry towards his new roles. He has previously held leadership positions in finance, operations, and underwriting within property and casualty lines of business. He ... Read the full article
New tech & growing consumerism among trends driving increase in liability claims: GILC
19th October 2023
Growing consumerism, the globalisation of supply chains, emergence of new technologies, and the need to innovate are driving an increase in product liability claims globally, a report by Global Insurance Law Connect (GILC) revealed. The ‘Product Liability Report’ provides insights from 17 countries on product liability insurance in their domestic markets. ... Read the full article
The Rockefeller Foundation partners with NEF & Himalayan Everest Insurance
19th October 2023
In a groundbreaking initiative aimed at addressing the escalating climate challenges faced by vulnerable communities in Asia, The Rockefeller Foundation has announced a pioneering collaboration with the Nepal Economic Forum (NEF) and their industry partner, Himalayan Everest Insurance. The primary objective of this partnership is to provide essential financial tools that ... Read the full article
Aviva appoints Leah Ramoutar as Environmental Sustainability Director
19th October 2023
Global insurer Aviva has appointed Leah Ramoutar, currently the Head of Climate and Nature Risk at Phoenix Group, as the Environmental Sustainability Director, effective later this month. Claudine Blamey, the Group's Sustainability Director, commented, "Leah is a brilliant addition to Aviva. As Environmental Sustainability Director, she will be instrumental in delivering ... Read the full article
AM Best revises outlooks to Stable for Milli Re
19th October 2023
Global ratings agency AM Best has revised the outlooks to stable from negative, and also affirmed the Financial Strength Rating of C (Weak) and the Long-Term Issuer Credit Rating of “ccc” (Weak) of Milli Reasurans Turk Anonim Sirketi (Milli Re) (Türkiye). According to Best, the ratings reflect Milli Re’s balance sheet ... Read the full article
Aon panel: Enduring lessons limiting capital inflow, new crop of investors rotating in
18th October 2023
In a recent discussion during Aon's Panel on Investments in P&C Re/Insurance Market, industry experts shed light on the absence of capital inflow into insurance and reinsurance company balance sheets during the ongoing hard market. The panel explored the reasons behind the current trend and discussed what might need to happen ... Read the full article
Wildfires estimated to cost U.S. between $394 – $893bn each year
18th October 2023
Climate-exacerbated wildfires are estimated to cost the United States between $394 billion to $893 billion each year in economic costs and damages, a number that is considerably higher than existing estimates. Senator Martin Heinrich (D-NM), Chairman of the US Congress Joint Economic Committee (JEC), recently released a report authored ... Read the full article
Risk Strategies & One80 to operate under new Accession Risk Management Group brand
18th October 2023
Risk Strategies and One80 Intermediaries have announced an internal reorganisation to operate under the newly introduced Accession Risk Management Group parent brand. As per the announcement, Accession Risk Management Group will represent the family of specialty insurance distribution and risk management companies, operating under common ownership of their private equity sponsor, ... Read the full article
AXIS announces retirements of its Chief People Officer & Wholesale CEO
18th October 2023
AXIS Capital has announced the retirements of its Chief People Officer Noreen McMullan, and its Wholesale Chief Executive Officer (CEO) Carlton Maner. Moving forward, AXIS has confirmed that McMullan will be succeeded by Lisa Pariot who will become Chief People Officer on January 1, 2024. Following the transition, McMullan will continue work ... Read the full article
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