Reinsurance News
Lack of cyber education leaves SMEs vulnerable to cyberattacks: Cowbell
27th September 2023
A new survey commissioned by Cowbell, a leading provider of cyber insurance for small and medium-sized enterprises (SMEs), has revealed a concerning lack of cyber education within businesses, putting 3 out of 4 SMEs at risk due to inadequate risk prevention efforts. The study underscores the pivotal role employees play in ... Read the full article
Surge in climate litigation urges insurers to reassess risk portfolios: Gallagher Re
27th September 2023
In a rapidly changing landscape of environmental concerns and legal action, a new report by Gallagher Re sheds light on the escalating wave of climate litigation and its profound implications for the (re)insurance industry. This report highlights key trends and challenges associated with climate change litigation, emphasising the need for insurers ... Read the full article
McGill and Partners and Renew Risk develop cat models for offshore wind portfolios
27th September 2023
Specialist re/insurance broker, McGill and Partners, has collaborated with Renew Risk, a risk analytics SaaS provider for renewable energy assets, to develop bespoke catastrophe models for offshore wind portfolios. According to the announcement, this collaboration is responding to the increased demand for in depth catastrophe modelling as offshore wind projects venture ... Read the full article
NFP introduces new brand for its specialty program business
27th September 2023
Property and casualty broker, NFP, has introduced Totalis Program Underwriters, a new brand for its specialty program business. “Totalis consolidates top specialty underwriters into a single integrated platform, offering niche specialty solutions across many industries with a full suite of services, including underwriting, product development and distribution,” NFP stated. It will be ... Read the full article
UIB opens two new companies in Peru
27th September 2023
International re/insurance broker UIB has expanded its operations in South America with the opening of two new companies in Peru. South Re, created by Jose Espinosa and Clara Escobar, and JEF Corredores de Seguros, headed by Ignacio Espinosa, will become UIB Corredores de Reaseguros and UIB Corredores de Seguros respectively, as ... Read the full article
Global insurers adapting to challenging macro environment in 2023: BlackRock
27th September 2023
"Global insurers are adopting a strategic asset allocation (SAA) that favours flexibility, allowing them to take advantage of opportunities in public and private markets, and invest in the transition to a low-carbon economy," suggests a new report from asset manager BlackRock. The firm's report included findings from 378 insurance investors surveyed ... Read the full article
Catherine Lyle named Senior VP and Head of Cyber Claims at Tokio Marine HCC – CPLG
27th September 2023
Tokio Marine HCC – Cyber & Professional Lines Group (CPLG) has announced the appointment of Catherine Lyle as Senior Vice President and Head of Cyber Claims & Incident Response, effective September 25, 2023. Lyle will be reporting directly to Michael Palotay, the President of the group. In her new role, Lyle ... Read the full article
Hiscox to sell DirectAsia business to Ignite Thailand Holdings Limited
27th September 2023
International specialist insurer Hiscox has entered into an agreement to sell DirectAsia, its business operations in Singapore and Thailand predominantly providing motor insurance, to Ignite Thailand Holdings Limited, the parent of the Roojai group of companies. DirectAsia was founded in Singapore in 2010 and launched in Thailand in 2013. Hiscox describes ... Read the full article
Korean Re sees net income increase in H1 2023
27th September 2023
Korean Re has announced its financial results for the first half of 2023 reporting a net income of KRW 268.9 billion, with an underwriting income of KRW 215.3 billion. In the same period last year, the Seoul-based reinsurer reported a net income of KRW 67.0bn with an underwriting income of KRW ... Read the full article
UK life insurance sector outlook remains strong: Moody’s
27th September 2023
Moody’s outlook for the UK life insurance sector remains strong, with a strong bulk annuity market and robust pension inflows supporting profitability, the credit rating agency has stated. This, according to analysts, will largely offset a decline in assets under management and a slowdown in retail life sales as inflation erodes ... Read the full article
SCOR makes strategic appointments to its Executive Committee
27th September 2023
SCOR has announced strategic appointments in senior positions. SCOR has announced the appointment of Claudia Dill as the Group’s Chief Operating Officer. Simultaneously, Redmond Murphy has been appointed as the Deputy Chief Executive Officer of SCOR Life & Health. Both will serve as members of the Executive Committee. Thierry Léger, Chief ... Read the full article
Re/insurance challenges amid turbulent landscape in African & emerging markets: Am Best
27th September 2023
(Re)insurance companies operating in Africa and various emerging markets continue to face significant challenges amidst a turbulent economic and geopolitical landscape, according to AM Best. These challenges have been further amplified by external shocks, making resilience a critical trait for industry players. The declining creditworthiness of many African debt issuers has emerged ... Read the full article
Audax Private Equity to invest in Oakbridge Insurance Agency
27th September 2023
Audax Private Equity has announced a partnership alongside management to invest in independent insurance and risk management agency Oakbridge Insurance. Oakbridge is an insurance brokerage firm focused on commercial P&C, employee benefits, surety, personal P&C, and risk management services. It was formed in December 2020 by CEO and Co-Founder Robbie Smith ... Read the full article
Youi opts out of aggregate reinsurance as market conditions harden
27th September 2023
In response to the challenging dynamics of the global reinsurance market, Youi, a prominent Australian insurance company under the Outsurance Group umbrella, has decided not to renew its aggregate reinsurance for the 2024 financial year. This strategic move reflects a broader trend in the industry as insurers grapple with escalating natural ... Read the full article
Hannover Re’s Muehlbeyer highlights need for expanded capacity in cyber re/insurance market
26th September 2023
In a recent webinar titled "Cyber ILS – How can it be brought to the capital markets?" hosted by Twelve Capital, Max Muehlbeyer, Senior Underwriter for Retrocessions & Capital Markets at Hannover Re, shed light on the challenges and opportunities facing the cyber insurance and reinsurance sectors. Muehlbeyer underscored the burgeoning ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
