Reinsurance News
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
Jim Botsis joins Acrisure Re as Head of Chicago
26th February 2024
Acrisure Re, the reinsurance division of fintech company Acrisure, has announced the appointment of Jim Botsis as Head of Chicago, and his addition to the North American Executive Committee. Botsis is to take over his new role immediately. He will be primarily responsible for expanding Acrisure Re’s Midwestern footprint while also ... Read the full article
Suncorp reports increase in GPW of 16.3% for H1’24
26th February 2024
Australian primary insurer Suncorp Group Limited has reported a rise in group net profit after tax (NPAT) of 5.4% to $582 million, as General Insurance gross written premium (GWP) rose 16.3% to $6.9 billion on the back of customer growth, targeted pricing response to inflation, and increased natural hazard and ... Read the full article
Aon and The Jacobson Group reveal staff increase trends in insurance industry
26th February 2024
The latest Insurance Labor Market Study, conducted by the insurance recruiting firm, The Jacobson Group, in collaboration with re/insurance broker, Aon, provides insights into the staffing trends within the insurance industry for 2024. According to the study, 90% of respondents plan to either increase or maintain their staff size this ... Read the full article
Barents Re names Callaghan CEO as Garcia transitions to Exec Chairman
26th February 2024
Barents Re, an independent reinsurance group, has announced the appointment of Gary Callaghan as its new Chief Executive Officer (CEO), with founder Gerardo Garcia assuming the role of Executive Chairman of the company. These appointments were approved by the Board of Directors of Barents Re, and remain subject to the authorization ... Read the full article
Goosehead’s Jones transitions to Exec Chairman, Miller named CEO
26th February 2024
Goosehead Insurance, Inc., an independent personal lines insurance agency, has announced the transition of Mark Jones from Chairman and Chief Executive Officer (CEO) to Executive Chairman of the company, effective July 1st, 2024. Mark Miller, President and Chief Operating Officer (COO) will succeed Jones as CEO and will continue to serve ... Read the full article
Florida Peninsula Insurance names Nancy Staff as Director of Corporate Compliance
26th February 2024
Florida Peninsula Insurance Company announced the appointment of Nancy Staff as its new Director of Corporate Compliance. With a wealth of experience in law and compliance, Staff is poised to enhance the company's adherence to regulations and ethical standards. In her new capacity, Staff will spearhead the development, execution, and oversight of ... Read the full article
Topsail Re appoints Joe Ciriano as IT Director
26th February 2024
Cayman Islands-based reinsurer Topsail Re has announced the appointment of Joe Ciriano, a seasoned IT professional, as its new IT Director. Ciriano started his career as a Member of the Technical Staff at AT&T in 1984, holding positions of increasing responsibility in Software Development, Engineering and Client Support. Most recently, Ciriano served ... Read the full article
S&P expects LatAm insurers to face a challenging economic outlook in 2024
26th February 2024
According to S&P Global Ratings' latest analysis of the Latin American (LatAm) insurance landscape, the forecast for 2024 suggests a challenging economic outlook due to an anticipated slowdown in global economic growth. S&P predicts slower growth in the U.S., a significant concern given its strong economic ties with LatAm countries, particularly ... Read the full article
Davies retires the Johns Eastern brand as it promotes two senior team members
26th February 2024
Davies, the specialist professional services and technology business, has made two key senior promotions amidst definitive plans to rebrand Johns Eastern, the specialist third-party administration (TPA) and independent adjusting firm. This is in line with Davies' plans to continue its rapid expansion of operations in North America. The firm announced the acquisition ... Read the full article
Berkshire Hathaway’s re/insurance businesses generate $5.4bn underwriting gain in 2023
25th February 2024
Berkshire Hathaway, the Warren Buffett-run holding company and conglomerate, has reported net underwriting earnings across its re/insurance operations of $5.4 billion for the full year 2023 compared with a loss a year earlier. The positive return of $5.4 billion compares with a loss of $30 million in 2022 and a gain ... Read the full article
Cover Whale names Bill Fahrner as CUO
23rd February 2024
Cover Whale Insurance Solutions, Inc., an insurtech specializing in connected insurance for the commercial auto industry, has appointed Bill Fahrner as Chief Underwriting Officer (CUO), where he will lead the digitally-driven underwriting process. The firm states that this appointment "reinforces its dedication to delivering unparalleled user experiences at an industry-leading pace." This ... Read the full article
Uneven trust in e-commerce platforms, consumer confidence could improve with insurance: Chubb
23rd February 2024
Trust in e-commerce is uneven, while companies have less confidence in digital platforms when selling their goods, consumers are more comfortable using them, according to a Chubb report, which also revealed shopper’s confidence in making an online purchase would increase if they had insurance. The Crossing the e-commerce trust divide report ... Read the full article
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