Reinsurance News
Polo takes over Coverys Syndicate 1975 as part of Lloyd’s exit strategy
2nd October 2023
Polo Managing Agency Limited (Polo), a prominent independent Lloyd's turn-key Managing Agent, has officially assumed management of Coverys Syndicate 1975. This specialist medical professional lines syndicate is set to transition to Polo's oversight on October 2, 2023. In late 2021, Coverys Managing Agency Limited (Coverys) had made the strategic decision to conduct ... Read the full article
Convex Group invests in Skyrisks to drive innovation in AAM insurance
2nd October 2023
In a strategic move towards advancing the aviation sector's sustainability agenda, Convex Group Ltd (Convex) has announced a cornerstone investment in Skyrisks Limited (Skyrisks). Skyrisks, a London-based managing general agent, is poised to lead the insurance market for the rapidly growing Advanced Air Mobility (AAM) sector. The AAM industry, characterised by cutting-edge ... Read the full article
SCOR appoints Thomas Fossard Head of Investor Relations
2nd October 2023
SCOR has appointed Thomas Fossard as Head of Investor Relations, where he will also oversee the firm's relationship with the rating agencies. The French reinsurer describes Fossard as "highly esteemed by the investment community", having written extensively on key themes in the European financial sector. Fossard joins SCOR from HSBC, where he ... Read the full article
Velocity acquires majority stake in MGA Insight Risk Technologies
2nd October 2023
Velocity HoldCo, LLC, and Insight Risk Technologies LLC have reached an agreement for Velocity to acquire a majority stake in Insight Risk, a one-stop loss prevention and risk transfer solution provider for the Builder's Risk market. The acquisition closed on September 18th as part of Velocity's strategic expansion and represents the ... Read the full article
Previsico aims for European growth and US expansion with latest funding
2nd October 2023
Flood forecaster Previsico has raised further funding, significantly higher than the prior one in 2021, which is aimed to accelerate growth in Europe and enable US expansion. Flooding continues to be the most common and costly natural hazard in North America, with flood-related hazards causing more than $85 billion in damage ... Read the full article
Generali appoints Giulio Terzariol CEO Insurance
2nd October 2023
Generali has announced that Giulio Terzariol will join the firm as CEO Insurance, a newly created role with responsibility for all the insurance Business Units, with effect from January 2024. Generali explained that as CEO Insurance, Terzariol will be responsible for overseeing the activities of the CEOs of Generali’s Insurance Business ... Read the full article
Howden unveils new brand as it brings together global broking operations
2nd October 2023
Global insurance group Howden has unveiled a new brand as it brings together its global broking operations under one name. The rebrand follows Howden’s announcement in April that it would unify its business structure under a single, aligned global executive, with insurance broking, reinsurance broking and underwriting reporting directly to ... Read the full article
PPL successfully switches to Next Gen platform
2nd October 2023
PPL has now removed the option to create a new or renewal firm order on the old platform as it successfully switches to Next Gen, the new electronic trading platform for the London insurance market. The company explains that while the switchover has taken place, orders already created on the old ... Read the full article
US liability claims face mounting pressure from social inflation: Swiss Re
2nd October 2023
The United States insurance industry is grappling with a persistent wave of social inflation, with liability claims costs surging by an annual average of 16% over the last five years, according to Swiss Re Institute. This trend far outpaces the average rates of economic inflation, which have hovered around 4%. As ... Read the full article
RiverStone implements Clearwater platform to drive investment strategy
2nd October 2023
RiverStone International, the largest provider of legacy solutions in the Lloyd’s market, has successfully implemented the Clearwater platform to drive its investment strategy. Clearwater Analytics is a leading provider of SaaS-based investment management, accounting, reporting, and analytics solutions. According to the announcement, RiverStone selected the platform for its investment accounting and reporting ... Read the full article
Palisade Insurance Partners makes key changes in senior leadership positions
2nd October 2023
Independent Specialty managing general underwriter, Palisade Insurance Partners, LLC, has announced senior appointments across its business geography. Scott Stevenson has been appointed as the Head of US Risk, based in New York, and Mark de la Haye has been named Head of UK and Europe Risk, based out of London. John McNally, ... Read the full article
Jefferies highlights implications of weight loss drug GLP-1 on re/insurance sector
29th September 2023
In Jefferies' recent "Assessing the Wider Implications of a Slimmer Society" report, the firm's analysts underlined some of the key ways in which Glucagon-like peptide-1 receptor agonists (or GLP-1s) could affect the re/insurance sector. According to the analysts, GLP-1s were originally approved for use in 2005 as a treatment for Type ... Read the full article
Verisk revolutionises ISO Businessowners program to meet evolving business risks
29th September 2023
Verisk, a global data analytics and technology provider, has unveiled a substantial update to its ISO Businessowners (BOP) program, aiming to assist insurers in adapting to the dynamic landscape of contemporary business risks. As businesses continue to evolve in response to economic and technological shifts, this enhancement to the ISO BOP ... Read the full article
Aegon shareholders approve first step in redomiciliation to Bermuda
29th September 2023
Aegon, a leading international insurance and financial services company, received shareholder approval for the initial phase of its redomiciliation to Bermuda at an Extraordinary General Meeting (EGM). The decision, which represents a pivotal strategic shift for the company, was made during the EGM, where shareholders also voted in favour of several ... Read the full article
Aspen names Bobby Bianconi Global Head of Cyber
29th September 2023
Bermuda-based re/insurer, Aspen Insurance Holdings Limited, has announced the appointment of Bobby Bianconi as Global Head of Cyber. In his new role, based in Connecticut, Bianconi will lead Aspen’s Global Cyber underwriting team, overseeing its underwriting strategy and risk management capabilities. He will also maintain oversight of Aspen’s recently enhanced Cyber Risk ... Read the full article
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