Reinsurance News
GDV reports €1.5bn of insured natural disaster losses in August
26th September 2023
The German Insurance Association (GDV) has reported that damage caused by storms, hail, lightning, and floods in August total €1.5 billion, driven by the severe storms at the end of the month. Jörg Asmussen, Managing Director of the GDV, explained that the association is "currently assuming insured losses totalling a good ... Read the full article
Arch Insurance (Bermuda) appoints Matthew Smith as Managing Director
26th September 2023
Specialty insurer and part of Arch Capital Group, Arch Insurance (Bermuda), has announced the appointment of Matthew Smith as Managing Director, following the retirement of Tony Hay at the end of this year. Effective January 1st, 2024, Smith will report to Mike Lay, Chief Underwriting Officer (CUO) for Long Tail ... Read the full article
Hillman appointed AEGIS CEO as Cullen retires
26th September 2023
Associated Electric & Gas Insurance Services Limited (AEGIS), has announced the retirement of William P. Cullen as President and Chief Executive Officer after a 26-year career at the company. According to the announcement, he will be succeeded by William L. Hillman, currently EVP and Chief Underwriting Officer of AEGIS. The transition ... Read the full article
Economic pressures and tech innovation in offshore wind industry pose challenges for insurers: Allianz
26th September 2023
The offshore wind industry is poised for growth, but developers and their insurers need to successfully manage a range of risks to successfully scale this industry globally, said Allianz in a recent report. In ‘A turning point for offshore wind’, Allianz Commercial highlights growth opportunities, tech innovations, risk trends, and loss ... Read the full article
Arthur J. Gallagher & Co. acquires Hartley Cylke Pacific Insurance Services
26th September 2023
Arthur J. Gallagher & Co. has acquired San Diego, California-based Hartley Cylke Pacific Insurance Services, Inc. Hartley Cylke Pacific Insurance is a retail insurance broker that specialises in transportation for clients throughout California and Arizona. According to Gallagher, Hartley Cylke Pacific Insurance's Michael Hartley (President), John Cylke (Vice President), James Hawes (Agent/Broker) and ... Read the full article
PIB Group names Charles Burgess as CEO for Underwriting & Schemes
26th September 2023
PIB Group Ltd, a prominent player in the insurance industry, has announced the appointment of Charles Burgess as the CEO for Underwriting & Schemes. This strategic move is part of PIB's ongoing efforts to strengthen its executive team and pursue ambitious international goals of establishing a leading specialist and diversified pan-European ... Read the full article
ABIR and ABI forge landmark MoU for global re/insurance collaboration
25th September 2023
The Association of Bermuda Insurers and Reinsurers (ABIR) and the Association of British Insurers (ABI) have announced a landmark Memorandum of Understanding (MoU), solidifying their commitment to collaboration in critical areas of the global insurance and reinsurance industry. This MoU builds upon the already robust working relationship between two of the ... Read the full article
Jake Nichols joins Aon as Global Reinsurance Clients Leader in Bermuda
25th September 2023
Global professional services firm Aon, has announced the appointment of Jake Nichols as Senior Managing Director, Global Clients Leader, Bermuda, within Reinsurance Solutions. As part of Aon’s Risk Capital capability, Nichols will develop innovative risk transfer solutions that optimise clients’ capital strategies, matching risk with capital to create growth opportunities for ... Read the full article
Chaucer’s Political Violence insurance adds extension for Mexican cartel activity
25th September 2023
With inflation-driven political unrest in Latin America fuelling a rise in demand for political violence insurance, specialty re/insurer Chaucer’s Political Violence insurance product has an extension for Mexican cartel activity. There was an increase in the number of protests and riots in Latin America last year, from 5,261 in 2021-22 to ... Read the full article
Howden Tiger Capital Markets & Advisory hires Kenworthy as Managing Director
25th September 2023
Howden Tiger Capital Markets & Advisory (HTCMA) has strengthened its team with the appointment of Cate Kenworthy as Managing Director. According to Howden Tiger, Kenworthy holds a wealth of experience and will be a valuable asset to a company, focusing on educating and developing investor relationships. Commenting on her new role, Kenworthy ... Read the full article
Sensible Weather secures strategic investment from Amex Ventures to bolster climate finance platform
25th September 2023
Sensible Weather, a climate finance platform dedicated to empowering individuals to confidently engage with the world around them, has recently announced the closure of a strategic investment from Amex Ventures. This funding round also witnessed participation from Sensible's seed and series A lead investors, Wonder Ventures and Infinity Ventures, as well ... Read the full article
Guidewire supports California’s efforts to address insurance crisis and wildfire risk
25th September 2023
In response to California Governor Gavin Newsom's executive order and the California Department of Insurance Commissioner Ricardo Lara's proposal to address the state's insurance market challenges, Guidewire CEO Mike Rosenbaum issued a public statement expressing support and optimism for the measures. "California's insurance crisis calls for collaboration between government regulators and ... Read the full article
Generali and UNDP partner to reduce the protection gap and support SMEs
25th September 2023
Global insurer Generali and the United Nations Development Programme (UNDP) launch the “Insurance Innovation Challenge Fund” aimed to facilitate and incentivise the development of innovative insurance solutions in Malaysia. At the same time, together with UNDP, Generali has also expanded its flagship SME EnterPRIZE project to Asia. The insurer’s partnership with UNDP ... Read the full article
PwC UK teams up with Clearspeed to revolutionise risk assessment and combat fraud
25th September 2023
PwC UK has announced a strategic alliance with Clearspeed Inc., a prominent voice analytics technology provider, to introduce cutting-edge solutions for accurate and automated risk assessment on a larger scale. This partnership aims to empower PwC's clients across various sectors, including insurance, banking, and the public sector, to enhance customer experiences ... Read the full article
Lloyd’s Lab plays significant role in driving value into the global marketplace: Dawn Miller
25th September 2023
Addressing Lloyd's participants and partners, Dawn Miller, Lloyd’s Commercial Director, stated that the Lloyd's Lab has played a "significant role in driving value into the global marketplace". Speaking at the Lloyd’s latest quarterly market update, Miller highlighted how of the 100 different companies who have passed through the previous 10 cohorts ... Read the full article
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