Reinsurance News
Ivans Index shows increase in premium renewal rates in Q3’23
13th October 2023
IVANS, a division of Applied Systems, has reported renewal rate change for all major commercial lines of business except Workers’ Compensation are up year over year in the third quarter of 2023. According to IVANS Index, Q3 experienced an increase in average premium renewal rate change across Commercial Auto, BOP, Commercial ... Read the full article
Allianz to acquire Generali’s Tua Assicurazioni for €280m
13th October 2023
Global insurer Allianz is set to increase its property and casualty (P&C) market share in Italy with the acquisition of Tua Assicurazioni from Generali for a cash consideration of €280 million. Previously part of Cattolica Assicurazioni, TUA Assicurazioni is an insurance subsidiary of the Group focused on P&C business in the ... Read the full article
UK car insurance premiums at their highest ever recorded levels: WTW
13th October 2023
Car insurance premiums in the UK have hit a new record as insurers battle sustained cost pressures, according to the latest Confused.com Car Insurance Price Index in association with broker WTW. Motorists are now on average paying £924, 58% (£338) more than 12 months ago when it was £586, the index ... Read the full article
USQRisk launches cyber insurance MGA called Pera
13th October 2023
USQRisk, an international managing general agent specialising in alternative risk transfer solutions, has introduced a new managing general agent (MGA) called Pera. Pera is set to provide cyber insurance and blended cyber and technology Errors & Omissions (E&O) insurance to large corporate risks domiciled in the United States. This marks the first ... Read the full article
India to become the second largest economy in Asia Pacific by 2030: Allianz Trade
13th October 2023
As the global economy continues to face challenges, Allianz Trade has identified a new growth engine in Asia, India, and has planned further investments to support growth in the country this year. Imran Khan, Country Manager for India at Allianz Trade in Asia Pacific, stated: “India is poised to become the ... Read the full article
Amwins launches proprietary portfolio of data & analytics capabilities
13th October 2023
Amwins, an independent wholesale distributor of specialty insurance products, has launched its first comprehensive and proprietary portfolio of data and analytics capabilities, Amwins DNA. According to the firm, Amwins DNA's capabilities can help the company to ensure that it finds the best solutions for its clients and their insureds, as well ... Read the full article
Risk modeling more responsive, but there’s still challenges & opportunities: Convergence
12th October 2023
The catastrophe risk modeling community is now much more responsive to the insurance and reinsurance business, although there's clearly still challenges and opportunities to further refine the models, according to industry experts. Speaking on a panel earlier today at the 2023 Bermuda Convergence event, moderated by Peter DiFiore, Managing Director, Neuberger ... Read the full article
MarshBerry acquires London-based M&A advisory firm IMAS
12th October 2023
MarshBerry, a financial advisory and consulting firm, has acquired IMAS Corporate Finance LLP (IMAS), a M&A advisory firm in the United Kingdom (UK) insurance and wealth segments. According to the announcement, this partnership expands MarshBerry’s global reach while continuing to offer unmatched local expertise in North America and Europe. With this acquisition, ... Read the full article
Vagenende re-joins Allianz as Commercial Managing Director Benelux & Nordics
12th October 2023
Allianz Commercial has announced the appointment of Elke Vagenende to the role of Commercial Managing Director for its ‘Benelux and Nordics’ region. According to the announcement, Vagenende will re-join Allianz during the first quarter of 2024 to lead this newly established region. She will also represent Allianz’s full set of Property ... Read the full article
Canadian insured losses surpass $3 billion in 2023 amidst secondary perils: CatIQ
12th October 2023
Canada has seen insured losses exceeding $3 billion in 2023, driven predominantly by secondary peril events, according to CatIQ. Severe convective storms, floods, and wildfires have taken the forefront in the country's disaster landscape, making it a year marked by costly catastrophes. This disconcerting development comes as a stark reminder of the ... Read the full article
Marsh McLennan names Pat Tomlinson as President of Mercer
12th October 2023
Marsh McLennan has appointed Pat Tomlinson as the President of Mercer, a key division of the global insurance and reinsurance broker. In this newly assumed role, Tomlinson will report to Martine Ferland, who continues to serve as Mercer CEO and Vice Chair of Marsh McLennan. Ferland will oversee Mercer's regional leadership until ... Read the full article
Generative AI revolutionises reinsurance, unleashing unprecedented opportunities: Inver Re
12th October 2023
Reinsurance broker Inver Re is making waves in 2023 with the integration of advanced generative AI, setting the stage for a revolutionary transformation in the field. The impact of this technology is poised to reshape the way unstructured data is processed and unlock a multitude of opportunities. While Artificial Intelligence (AI) has ... Read the full article
Allianz Partners & bolttech to offer embedded insurance solutions in APAC & US
12th October 2023
Allianz Partners and bolttech, an international insurtech, have announced a partnership that will see the two companies provide embedded device and appliance protection insurance across Asia Pacific (APAC) and the United States. This strategic agreement aims to bring together each firm's strengths to offer best-in-class solutions enabling business partners to add ... Read the full article
Erik Keller appointed Head of Liability at QBE Europe
12th October 2023
QBE Europe has announced the appointment of Erik Keller as Head of Liability, effective 1 January 2024. Keller brings to his new role three decades of experience in commercial insurance, having spent most of his career in multinational business. His most recent, and current, role is as Regional Underwriting Manager for ... Read the full article
Ukraine launches Marsh McLennan-supported war risk data platform
12th October 2023
Ukraine has activated a data platform, supported by Marsh McLennan, that will allow insurers, investors and governments to analyse war risks in the country. Re/insurance brokerage Marsh McLennan supported the Government of Ukraine in designing and testing the platform to help in the nation’s recovery and transformation. The data platform brings together ... Read the full article
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