Reinsurance News
Patrick Hagerty becomes SVP & Head of US Retail Property, Everest Insurance
20th November 2023
Everest Insurance, the insurance division of Everest Group, Ltd., has appointed Patrick Hagerty as Senior Vice President and Head of US Retail Property. Based in New York, Hagerty will report to Mike Mulray, President, Everest Insurance North America. In his new role, Hagerty will hold responsibility for all aspects of Everest’s Retail, ... Read the full article
Rising repair costs & natural disasters making US home insurance less affordable: IRC
20th November 2023
A combination of both the growing frequency and severity of natural disasters, along with rising home repair costs and other economic factors, have contributed to less affordable homeowners insurance, according to a brief from the Insurance Research Council (IRC). The IRC, an affiliate of The Institutes, a provider of risk management and insurance ... Read the full article
Verisk launches FairCheck to address regulatory scrutiny and ensure fair insurance pricing
20th November 2023
Global data analytics and technology provider, Verisk, has introduced FairCheck, a comprehensive solution aimed at helping insurers assess their personal lines models and variables to address regulatory changes. FairCheck offers a customisable and scalable methodology along with consultative services to evaluate and mitigate the potential for unfairly discriminatory outcomes, especially in ... Read the full article
RYSKEX unveils RYSKEX Consulting for parametric risk transfer solutions
20th November 2023
RYSKEX Inc. has launched a new business unit called RYSKEX Consulting, which focuses on parametric risk transfer solutions. According to the announcement, the new unit's risk transfer solutions are designed for efficacy and adaptability. They are also not just confined to the company's platform, which helps to ensure broader applicability and impact. The ... Read the full article
IUMI Stats Report shows positive growth for marine insurers
20th November 2023
The International Union of Marine Insurance (IUMI) has unveiled its annual analysis of the global marine insurance market in the 2023 IUMI Stats Report. The report offers insights into the state of the marine insurance sector within the broader context of the global economy, trade, and shipping. Global marine insurance premiums in ... Read the full article
Liu Song becomes Treaty Director of Volante Global’s Singapore branch
20th November 2023
Liu Song has been appointed to the role of Treaty Director of Volante Global's Singapore unit, where he will have a focus on treaty reinsurance underwriting for the company. Song's appointment was announced by Amy Fu, the MD of the Volante Global Singapore office. Volante Singapore is a multi-class, multi-territory international MGA ... Read the full article
Property insurance market braces for year-end challenges: Aon
20th November 2023
In a recent report by Aon, the Global Insurance Market Insights for Q3 2023 sheds light on the key challenges facing the Property insurance market as the industry approaches the crucial year-end period. As insurers gear up for the peak reinsurance renewal season and the conclusion of the Atlantic hurricane season, ... Read the full article
Trust in digitalisation key for re/insurers to make the most of latest tech: Swiss Re
20th November 2023
During a recent interview with Reinsurance News, Moses Ojeisekhoba, CEO, Global Clients & Solutions, Swiss Re, suggested that building trust in digitalisation is key for re/insurers to make the most of the latest technology, which will in turn assist in closing the protection gap. “Even the most promising technologies need the ... Read the full article
Shutdown of old PPL platform to go ahead on December 15
20th November 2023
Placing Platform Limited has confirmed that, as planned, the next phase of the shutdown of the old PPL platform will go ahead in one month’s time, on December 15. From December 16, Next Gen, the new version of the London insurance market’s electronic trading platform, will become the only PPL platform ... Read the full article
Continued strong performance to support growth target at renewal: Skuld
20th November 2023
Discussing the upcoming P&I renewal for the policy year starting 20 February 2024, Skuld's Board of Directors noted that the firm's growth strategy is working, contributing positively to its overall performance, with premium income expected to surpass $500 million at year-end. Skuld's Board of Directors met in Hamilton, Bermuda, on 15 ... Read the full article
wefox appoints veteran Paul Onnen as CTO
20th November 2023
Insurtech wefox has announced the appointment of Paul Onnen as Chief Technology Officer (CTO), effective immediately, taking over the role from Sergi Banos who was promoted to Chief Platform Officer (CPO). In his new role, Onnen will lead the wefox platform business strategy, overseeing its implementation, development and operations. The company highlighted ... Read the full article
Pro MGA to support Arbol in UK launch and international MGA expansion
20th November 2023
Arbol has selected independent managing general agent, Pro MGA, to support the company in its UK launch and international MGA expansion strategy. Arbol is a technology-led underwriter of parametric risk transfer, climate and weather reinsurance. It is expanding into the UK with the launch of a new London-based MGA, announced last week, ... Read the full article
Florida Farm Bureau’s ratings placed under review with negative implications by AM Best
20th November 2023
Gainesville domiciled Florida Farm Bureau Group has had its Financial Strength Rating of B++ (Good) and Long-Term Issuer Credit Ratings of “bbb+” (Good) placed under review with negative implications by AM Best, following a considerable decline in the group’s key balance sheet strength metrics. Florida Farm Bureau Casualty Insurance Company and ... Read the full article
Allianz Trade names Peter Evola Commercial Director, UK & Ireland
20th November 2023
Peter Evola has been appointed Commercial Director for Allianz Trade in the UK & Ireland, effective December 1, 2023, and subject to regulatory process. In his new role, based in London, Evola will lead the team to drive profitable growth and offer a valuable contribution as a member of the UK ... Read the full article
Total capital value of wind farms worldwide hits £1.9tn: Chaucer
20th November 2023
The total capital value of wind farms worldwide has reached approximately £1.9 trillion, according to a new study from global specialty re/insurance firm Chaucer. The transition from coal and oil-based energy generation to low carbon energy sources such as wind and solar farms has required an unprecedented level of investment in ... Read the full article
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