Reinsurance News
Gallagher Specialty launches Parametric Insurance Centre of Excellence
22nd February 2024
Gallagher Specialty has created a Parametric Insurance Centre of Excellence designed to respond to changing market conditions and client demand. The centre of excellence reportedly includes a team of climate risk specialists, parametric brokers, an actuarial and modelling team, and risk modelling technology developed by Gallagher Specialty. "This specialist team will provide ... Read the full article
Veteran David Arick joins Sedwick as Managing Director of Global Risk
22nd February 2024
Sedgwick, a global provider of claims management, loss adjusting and technology-enabled business solutions, has announced the appointment of veteran David Arick as Managing Director, Global Risk Management. Taking over the role from March 1, 2024, Arick will serve as a resource for all of Sedgwick's business lines and corporate functions regarding ... Read the full article
Zurich posts record business operating profit of $7.4bn for 2023
22nd February 2024
Global insurer Zurich has reported strong growth across all businesses in the first year of its 2023-2025 financial cycle, with the highest-ever Group business operating profit (BOP) up 21% to $7.4 billion, along with reporting its highest-ever return on equity at 23.1%. The insurer stated that this result was “strongly supported ... Read the full article
Beazley lays out additional shareholder capital return for 2023 of $300m
22nd February 2024
Following a solid year, specialist insurer Beazley has revealed that as well as an ordinary dividend, shareholders will receive an additional capital return in respect of 2023, anticipated to be around $300m. The firm has also provided an update to guidance on its undiscounted combined ratio, which has reportedly improved from ... Read the full article
AXA XL’s CoR strengthens to 93.2% as GWP hits €53bn in 2023
22nd February 2024
Global insurer AXA's P&C and specialty risk division, AXA XL, recorded a 4.2 percentage point improvement in its combined ratio in 2023 to 93.2%, as gross written premiums (GWP) and other revenues rose 7% year-on-year to €53 billion, despite a reduction in the reinsurance arm. At AXA XL Reinsurance, premiums decreased ... Read the full article
Insurance premium volumes could fall due to Middle East tension: OAC
22nd February 2024
Tension in the Middle East could drive down insurance premium volumes, with Marine Cargo, Marine War, Aviation Cargo, Aviation War, Political Risk / Violence and Trade Credit insurance being the classes that most likely would be impacted , according to a recent report by actuarial consultancy OAC, part of the ... Read the full article
Coalition report reveals rising cyber threats amidst business vulnerabilities
22nd February 2024
Coalition, an active cyber threat insurance provider, has released its Cyber Threat Index 2024, offering insights into cybersecurity trends from 2023 and emerging threats for 2024. The index projects a substantial 25% increase in common vulnerabilities and exposures (CVEs) for 2024, totalling 34,888 vulnerabilities. Tiago Henriques, Head of Research at Coalition, ... Read the full article
Kairos names Lim as Managing Director, Southeast Asia
22nd February 2024
Singapore-based risk consultancy firm, Kairos Risks Solutions has announced the appointment of Albert Lim as Managing Director, Southeast Asia. Kairos also has a presence in Shanghai and it primarily develops insurance products such as parametric, agriculture, trade credit and surety, for brokers and insurers. A well-respected veteran in the Political Risk, Trade ... Read the full article
Nationwide Ventures deepens partnership with CLARA Analytics through investment
22nd February 2024
Nationwide Ventures, the investment arm of the renowned insurance and financial services company, has made a significant investment in CLARA, further solidifying their bond. This investment stems from Nationwide's $350 million investment fund and marks a pivotal moment in the evolution of their relationship. CLARA Analytics, a leading provider of AI-driven solutions ... Read the full article
Arch predicts growth opportunities in property cat amid favourable reinsurance market
21st February 2024
As reinsurance market conditions remain favourable after the 1.1 2024 renewals, Bermuda-based re/insurer Arch Capital is predicting further improvement in its loss ratio as well as growth opportunities in the property catastrophe reinsurance market. Having reported “excellent” financial results in its fourth quarter of 2023, Arch saw an underlying loss ... Read the full article
Ascot launches Marine & Energy Treaty business led by Alex Kirkby
21st February 2024
Ascot Group, a global specialty insurance firm, has announced the launch of its Marine & Energy Treaty reinsurance business. Alex Kirkby has been appointed as Senior Vice President and Head of Marine & Energy, Bermuda, with support from Emma Foxley, who will serve as Vice President of the division in ... Read the full article
Terms & conditions, lack of discipline the biggest challenges for SRCC: IQUW’s Callow
21st February 2024
SRCC (Strikes, Riots, Civil Commotions, and Civil Unrest) as a product does work, but the way some insurers are underwriting it does not, according to IQUW’s Dan Callow, who stated that this is due mainly due to terms & conditions as well as a lack of discipline. As a peril, SRCC ... Read the full article
Neptune addresses outdated NFIP limits with new excess flood insurance product
21st February 2024
Neptune Flood, a private flood insurance company, has recently introduced its new excess flood insurance product. This insurance offers additional coverage beyond what's provided by the National Flood Insurance Program (NFIP). With this excess flood policy, customers can get coverage beyond the maximum limit offered by the NFIP. This means they ... Read the full article
Aon and NFP acquisition agreement clears antitrust waiting period
21st February 2024
Aon's previously announced $13.4 billion acquisition agreement with middle-market P&C broker NFP continues to gain traction, with the waiting period having now expired under the Hart-Scott-Rodino (HRS) Antitrust Improvements Act of 1976. For those unaware, the HSR Act requires firms involved in mergers and acquisitions above a certain value to ... Read the full article
Mark Batten joins Assured Guaranty’s Board as non-exec director
21st February 2024
Bermuda-based holding company, Assured Guaranty has named Mark C. Batten non-executive director to its Board of Directors, appointed to serve on the Board’s Audit, Risk Oversight and Finance Committees, effective February 19, 2024. The executive’s addition brings the total number of Assured Guaranty’s Board members to 12. In addition to his ... Read the full article
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