Reinsurance News
Lloyd’s changes its way of operating in two countries
4th March 2024
Lloyd’s Insurance Company S.A. (Lloyd’s Europe) has announced its will provide non-life insurance business services on a Freedom to provide Services basis only in Lithuania and Malta from February 29, 2024. According to the announcement, the National Bank of Belgium (NBB), as Lloyd’s Europe’s home supervisor, has confirmed it has no ... Read the full article
Echo Re uses ACORD’s ADEPT for seamless data exchange with Guy Carpenter
4th March 2024
Echo Reinsurance Limited (Echo Re), a global reinsurer, has recently announced its adoption of ACORD Solutions Group’s ADEPT (ACORD Data Exchange Platform and Translator) to streamline digital data exchange with Guy Carpenter. ADEPT, developed by ACORD, is designed to facilitate real-time data exchange, translation, and transformation, making it easier for industry ... Read the full article
Energy Raven emerges as an independent entity from American Family Insurance
4th March 2024
Energy Raven has officially launched from American Family Insurance, where it was originally incubated. According to Energy Raven it was initially conceived as an internal corporate innovation project, it has now emerged as a nationally scaled company, supported by American Family Insurance. Dan Reed, Managing Director and President of American Family Ventures, ... Read the full article
Howden Tiger appoints Estevam Souza as new Head of Operations, Brazil
4th March 2024
Howden Tiger, the reinsurance broking arm of Howden, recently announced the appointment of Estevam Souza to the position of Head of Operations, Brazil. Antonio Jorge Rodrigues, Head of Howden Tiger Brazil, expresses enthusiasm about Souza joining the team, stating, “Effective and efficient operations that support our focus on client service are ... Read the full article
Core Specialty announces Specialty Markets Group transfer from American National
1st March 2024
American National Group is to transfer Specialty Markets Group (SMG), a writer of credit-related insurance products based in the US, to Core Specialty. Mark Walker will join Core Specialty as President of the newly formed Financial Services Division, which will operate as Core Specialty’s 16th specialty business unit within its Bond, ... Read the full article
Combination of factors led to a “strong recovery” in reinsurance capital in 2023: Fitch
1st March 2024
According to analysts at Fitch Ratings, the combination of a strong earnings generation, the stabilisation of financial markets, and the move to the accounting standard IFRS17 of major reinsurers, has led to a "strong recovery" in reinsurance capital in 2023. Fitch said that it expects it to have grown by 11% ... Read the full article
Risks in regards to data privacy could be exacerbated by the widespread adoption of AI: GILC
1st March 2024
Insurers are said to be facing a "significant risk" with regards to data privacy, which could be aggravated further by the widespread adoption of artificial intelligence (AI). However, the processing of extensive quantities of personal, and quite often, sensitive data will mean that insurers need to have robust procedures to ensure ... Read the full article
IRB (Re) returns to underwriting profitability in 2023 amid improved portfolio performance
1st March 2024
Brazilian reinsurer IRB (Re) has reported its best underwriting result since 2019, as an improved portfolio performance on the back of better pricing and exposure reduction resulted in underwriting profit of approximately USD 31 million (R$ 155m) in 2023. The reinsurer's underwriting performance in 2023 marks a considerable turnaround from the ... Read the full article
Swiss Re Institute forecasts US economic growth boost amid concerns for insurance sector
1st March 2024
Swiss Re Institute has raised its forecast for US economic growth in 2024 to 2.2%, citing significant "carry-over effects" from the previous year's strong performance. This revision reflects a statistical phenomenon where prior year growth dynamics influence current-year forecasts. Despite the upward adjustment, concerns loom over whether the insurance sector will ... Read the full article
Thomas Bradley appointed to Palomar Holdings’ Board of Directors
1st March 2024
Specialty property insurer Palomar Holdings has added Thomas Bradley to the company’s Board of Directors. Commenting on his appointment, Bradley said: “I am excited for the opportunity to join Palomar’s distinguished Board. I look forward to helping Palomar’s management team and Board act on the many opportunities that the Company has ... Read the full article
Positive rate environment to continue as reinsurance market stabilises: Lockton
1st March 2024
Lockton expects a positive rate environment to continue in the first half of 2024, despite 1.1 renewal activity suggesting the reinsurance market is stabilising following difficult treaty renewals a year earlier. Rates for reinsurance catastrophe coverage flattened during this year’s 1.1 renewals, mainly backed by abundant capacity, which is similarly ramping ... Read the full article
Marsh McLennan, Lloyd’s backed Unity expands coverage to boost Ukrainian economy
1st March 2024
Marsh McLennan, a re/insurance broker, in collaboration with the Ukrainian government and Lloyd’s, announced the expansion of its Unity insurance facility (Unity) to now cover war risk insurance for ships carrying all non-military cargo. Initially launched in November 2023 to provide affordable war risk insurance for grain shipments and other ... Read the full article
Record-breaking Texas fires to drive losses in hundreds of millions USD
1st March 2024
According to Aon, the Smokehouse Creek Fire in Texas has already burned more than a million acres, becoming one of the largest fires in recorded state history and potentially contributing to total aggregate losses in the hundreds of millions USD. Aon's weekly cat report explained that hot and windy conditions have ... Read the full article
FG Financial & FG Group Holdings complete merger to form Fundamental Global
1st March 2024
FG Financial Group, Inc. (FG Financial) and FG Group Holdings Inc. (FG Group Holdings) have completed the previously announced merger pursuant to which FG Group Holdings merged with and into FG Group LLC, with FG Group LLC surviving as a wholly-owned subsidiary of FG Financial. Following completion of the merger, FG ... Read the full article
AXA XL names Steddon Head of Crisis Management, UK & Lloyd’s and GCUO
1st March 2024
AXA XL, the P&C and specialty risk division of global insurer AXA, has made two strategic senior appointments, including the promotion of Mark Steddon to Head of Crisis Management, UK & Lloyd's and GCUO. Steddon previously served as the Head of UK and Global Product Head, War, Terrorism and Political Violence ... Read the full article
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