Reinsurance News
Aon appoints Brian Wanat as Head of Commercial Risk, NA
17th October 2023
Insurance and reinsurance broking group, Aon, has appointed Brian Wanat as the new Head of Commercial Risk for North America. Wanat has been with Aon for more than 21 years, and most recently served as Chief Broking Officer of U.S Commercial Risk Solutions, a role he assumed in 2018. In this ... Read the full article
Federal Life, Hannover Re & Vidale Marketing bring later life annuity solution to US consumers
17th October 2023
Federal Life Insurance Company, a provider of insurance and annuity products, has teamed with global reinsurer Hannover Re, and later life insurance specialists Vidale Marketing Group, to bring a later life annuity solution to US consumers. The new solution, MyImmediateCarePlan (MyICP), is a medically underwritten single premium immediate annuity available to ... Read the full article
B.P. Marsh sees net asset value increase to £203.5m in H1’23
17th October 2023
Specialist private equity investor B.P. Marsh & Partners Plc has reported that Net Asset Value increased to £203.5 million in its half-year results for the six months to 31st, July, 2023, from £189.5 million as at January 31st, 2023, and £179.8 million a year earlier. According to the firm, this equates ... Read the full article
UK’s Pool Re renews reinsurance broking contract with Guy Carpenter
17th October 2023
Pool Re, the UK Government’s terrorism reinsurance scheme, has reported it successfully renewed its reinsurance broking contract with Guy Carpenter for three years, with an option to run to five. According to the announcement, Guy Carpenter will support Pool Re in returning risk and premium to the private sector, which in ... Read the full article
Howden launches Climate Parametrics practice
17th October 2023
Howden has announced the creation of Howden Climate Parametrics, a global practice that "brings together (re)insurance, climate, and data expertise to focus parametric risk transfer solutions on meeting the escalating demand for climate de-risking capabilities across industries, financial markets, and the public sector." Co-chairs Philipp Kusche, Global Head of Insurance-Linked Securities ... Read the full article
Ki teams with Travelers & Aspen to expand digital follow capacity
17th October 2023
Ki, the first fully digital and algorithmically-driven Lloyd's of London syndicate, has announced a partnership with Travelers and Aspen which will offer additional follow capacity through its digital platform from January 1, 2024. As a result of this major collaboration, Ki will become the first algorithmic underwriter in the market to ... Read the full article
Brookfield considering move into UK pension insurance market
17th October 2023
Brookfield Reinsurance is considering entering Britain's pension insurance industry and is "open to an acquisition to bolster growth," according to a new report from Reuters. Citing people familiar with the matter, Reuters said that Brookfield's reinsurance affiliate is "scanning the market for potential deals to access the bulk annuities space, where ... Read the full article
Beazley’s new E&S carrier gets AM Best rating
17th October 2023
AM Best has assigned a Financial Strength Rating (FSR) of A (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of “a” (Excellent) to newly formed Beazley Excess and Surplus Insurance, Inc. (BESI), a wholly owned subsidiary of Beazley Holdings, Inc., a non-operating holding company of Beazley. The outlook assigned to ... Read the full article
Hamilton commences IPO process
17th October 2023
Bermuda-based Hamilton Insurance Group, Ltd. has filed a registration statement on Form S-1 with the US Securities and Exchange Commission (SEC) for a proposed underwritten initial public offering (IPO) of its common shares, and intends to use the net proceeds to make capital contributions to its insurance and reinsurance operating subsidiaries. The ... Read the full article
TCI expected to thrive amidst global economic slowdown and geopolitical flux: Swiss Re
17th October 2023
In a world marked by economic uncertainty and geopolitical tensions, trade credit insurance (TCI) is emerging as a crucial stabiliser of economic resilience, according to a report by the Swiss Re Institute. The study forecasts that TCI is set to grow despite a slowdown in global trade flows, driven by increasing ... Read the full article
AM Best’s outlook for US life/annuity & health segments remains stable
17th October 2023
Global ratings agency, AM Best has announced that its outlook for the US life/annuity and health segments remains at stable. According to the agency, the US L/A insurers have heavily benefited from high levels of risk adjusted capitalization, as well as favorable liquidity profiles and boosted net yields owing to higher ... Read the full article
Wikifri launches new cloud-based insurance data platform
17th October 2023
Wikifri, a consulting firm that focuses on innovation in insurance, has launched its cloud-based turnkey insurance data platform, Insurance Daylight (IDDS), offering an efficient way to stabilise data. Data has become a critical asset for insurers, but they are still grappling with disparate systems and fragmented data stores, hampering their ability ... Read the full article
Howden acquires Italian employee benefits service Wide Care Services
17th October 2023
Global insurance broker Howden has acquired Wide Care Services, a specialist Italian Employee Benefits service provider that has a proprietary platform for health and welfare management. The aim of the acquisition is to leverage Wide Care’s technology platform and proprietary software along with the opportunities that the company opens up for ... Read the full article
Record SCS activity drives $77bn 9M 2023 insured nat cat bill: RBC
16th October 2023
RBC Capital Markets highlights the surge in high frequency, small and mid-sized catastrophe events during the first three quarters of 2023, largely driven by a growing trend of severe convective storms (SCS) in the United States. Overall, catastrophe losses reached approximately $77 billion after the first nine months of 2023, with ... Read the full article
Accelerant expands presence to Canada through acquisition of Omega Insurance
16th October 2023
Insurtech firm Accelerant is set to expand its presence into the Canadian market through the acquisition of Omega Insurance Holdings, Inc., from Till Capital Ltd. Omega Insurance Holdings offers secure, innovative and customized solutions for re/insurers entering and exiting the Canadian insurance market. Jeff Radke, CEO and co-founder of Accelerant, commented: “Accelerant’s entry ... Read the full article
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