Reinsurance News
Munich Re posts 2023 profit of €4.6bn, P&C CoR of 85.2%
27th February 2024
Munich Re, one of Europe's largest reinsurers, has reported a net result of €4.6 billion for the 2023 financial year, which is above its revised €4.5 billion profit target announced in October, supported by a reinsurance result of €3.9 billion and an improved performance at ERGO. Despite beating the revised profit ... Read the full article
White Mountains elects Reid T. Campbell to Board of Directors
27th February 2024
White Mountains Insurance Group, Ltd. has announced the election of Reid T. Campbell to its Board of Directors. This follows his retirement as President of the Company. This marks the conclusion of a remarkable thirty-year tenure at White Mountains, the company noted. CEO Manning Rountree said, "I thank Reid for the substantial value ... Read the full article
South Korea insurers to continue to feel pressure due to new standards: AM Best
27th February 2024
Capital management of South Korea insurers are expected to continue to feel pressured due to the implementation of new standards, such as Korean-Insurance Capital Standards (K-ICS) and IFRS 17, according to a recent report by AM Best. The agency’s report revealed that the implementation of more stringent risk measurement under K-ICS, ... Read the full article
WTW launches Bermuda excess casualty construction facility
27th February 2024
WTW, a global re/insurance broker, has recently launched the Bermuda Excess Casualty Construction Facility to meet the needs of clients within the construction industry, specifically in the North American market. This new facility offers additional coverage ranging from $25 million to $50 million, providing crucial support for construction projects. In the event ... Read the full article
QBE appoints Kevin Shallow as Executive Director, Intl. Markets
27th February 2024
Australian insurer QBE has named Kevin Shallow as Executive Director for International Markets (IM). Subject to regulatory approvals, he will start his new role on March 4th, 2024. Previously, Shallow developed QBE’s portfolio solutions underwriting unit in the London market and managed it until 2022, driving significant growth. He will take ... Read the full article
MSL Captive Solutions hires Voya’s Sue Russo as CUO
26th February 2024
MSL Captive Solutions, Inc (MSLCS), the managing general underwriter, has hired Sue Russo as Chief Underwriting Officer (CUO), effective immediately. Russo joins the firm from Voya where she previously led the successful launch of the company's middle market stop loss initiative, including the development of a dedicated underwriting team and interaction ... Read the full article
AM Best affirms unchanged ratings following UnipolSai merger announcement
26th February 2024
UnipolSai, an Italian financial services company, recently announced that its Board of Directors has approved a plan aimed at streamlining the company's structure. This plan involves merging UnipolSai with three other companies—Unipol Finance S.r.l., UnipolPart I S.p.A., and Unipol Investment S.p.A.—into the main parent company, Unipol Gruppo. The merger is expected ... Read the full article
Ralf Mutzke joins Aon’s M&A and Transaction Solutions team
26th February 2024
Insurance and reinsurance broker Aon has hired Ralf Mutzke as Director Cyber Security - M&A and Transaction Advisory Services at Aon Deutschland. A renowned figure across the industry, Mutzke is a seasoned cyber security expert having worked in a variety of security consulting and CISO roles for two decades. In his most recent ... Read the full article
Sedgwick’s intl. claims fraud strategy saves clients nearly £50m in 2023
26th February 2024
Sedgwick, the global provider of technology-enabled risk, benefits and integrated business solutions, has revealed that efforts tied to the organisation's international claims fraud strategy saved its clients £49.4 million in 2023. Q123 saw continued double-digit inflation, which placed added financial pressure on motorists, homeowners and businesses alike. This also contributed towards an ... Read the full article
Ron Lockton returns as Lockton CEO succeeding Peter Clune
26th February 2024
Executive Chairman Ron Lockton is returning to the role of Chief Executive Officer of Lockton, the independent insurance broker has recently announced. “The Lockton Board of Directors, Mr. Lockton and former CEO Peter Clune have mutually agreed that now is the moment for Peter to step down as CEO. Mr. Lockton ... Read the full article
Markel Group appoints Mike Heaton as COO
26th February 2024
Global re/insurer Markel Group Inc. has announced the transition of Mike Heaton to Executive Vice President and Chief Operating Officer (COO), effective immediately. He will continue to report to Tom Gayner, Chief Executive Officer and be based in the firm's global headquarters in Glen Allen, Virginia. Gayner commented on the appointment, ... Read the full article
Qatar General Insurance and Reinsurance sees net loss in 2023
26th February 2024
Qatar General Insurance and Reinsurance has announced its 2023 financial results reporting a net loss of nearly QR 1.465bn, compared to a loss of QR 532.113mn in 2022. The Qatar-based company also reported unrealized losses of QR 1.6bn, compared to QR 527.260mn in the same period last year. The loss per share ... Read the full article
Clients with excellent loss experience should be optimistic heading into 2024 renewals: Gallagher’s Hubbard
26th February 2024
Clients with excellent loss experience should feel a lot more optimistic going into their 2024 renewals, according to Mark Hubbard, Managing Director, Global Property, Gallagher Specialty. Speaking in the firm's global property insurance market update, Hubbard stated that the catastrophic events of the past few years have presented many challenges to ... Read the full article
2023 insurance M&A activity at lowest level for a decade: Clyde & Co
26th February 2024
Clyde & Co’s Insurance Growth Report has revealed that mergers and acquisitions (M&A) activity worldwide in the insurance sector was down in 2023, reaching the lowest level for a decade. According to the firm, there were 346 completed M&As worldwide in the insurance sector in 2023, down from 449 in the ... Read the full article
Reinsurers “continue to have a solid path” relative to other insurance sub-sectors: Morgan Stanley
26th February 2024
According to a new report from Morgan Stanley, relative to other sub-sectors of insurance, reinsurers "continue to have a solid path", generating strong ROE, with robust underwriting and steady premium growth. Morgan Stanley noted that investors have been asking if the firm continues to favour reinsurers going forward, given the slower ... Read the full article
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