Reinsurance News
Colonial Surety Company appoints Kevin Grzelak as CFO
18th September 2023
Colonial Surety Company, a direct and digital insurer, has announced the appointment of Kevin Grzelak as its Chief Financial Officer (CFO), where he will lead strategic expansion initiatives. In his new role, Grzelak assumes responsibility for assembling a talented financial team and formulating a comprehensive strategy for exploring potential acquisitions and ... Read the full article
Secondary perils have dominated 2023 so far: JP Morgan
18th September 2023
Secondary perils have dominated 3Q23 and 2023YTD, causing secondary-type losses in larger numbers compared to any of the major peak catastrophe zones, according to JP Morgan analysts. Atlantic hurricane season is always the key headline for the reinsurers in late summer and early autumn each year. Atlantic windstorms, California earthquakes, Japanese ... Read the full article
First half cat bond issuance levels likely to drive future ILS market growth, says Moody’s
18th September 2023
A recent Moody’s report highlights the record level of issuance seen in the catastrophe bond market during the first half of the year, which at $10.3 billion, is expected to drive future growth in the insurance-linked securities (ILS) asset class. Cat bond issuance by the middle of August had exceeded the ... Read the full article
Climate Risk Partners merges Into Climate Commodities
18th September 2023
Climate Risk Partners (CRP), a climate risk strategy start-up, has announced its integration into Climate Commodities (CC), a climate economy-focused platform with operating companies in physical trading, mineral processing and refining, transportation and logistics, renewable power, and financial services. According to the announcement, CRP will now rebrand as Climate Commodities Risk ... Read the full article
SCOR could return to profitability levels in the medium term with new strategic plan: Fitch
18th September 2023
French reinsurer SCOR's recently announced new strategic 2024-2026 plan is reasonably ambitious and could see the firm return to profitability levels in the medium term, according to Fitch Ratings. In early September, SCOR revealed a new plan designed to enable it to benefit from a supportive market environment and develop ... Read the full article
Retentions will be key and we’re well positioned, says AM Re & ASIC CEO
15th September 2023
Going into 2024 - and with the hard market expected to remain - retentions are going to be vital, particularly in the programme space, according to Shevawn Barder, Chief Executive Officer (CEO) and Principal of AM RE and AM Specialty Insurance Company (ASIC). Speaking with Reinsurance News at the RVS 2023 ... Read the full article
SiriusPoint hires Stephen Smyth as Head of Marine in London
15th September 2023
Global specialty insurer and reinsurer SiriusPoint has named Stephen Smyth as Head of Marine in London. Smyth is set to join the firm on October 16th and will be the Active Underwriter for Syndicate 1945, subject to Lloyd’s approval. He is also tasked with supporting SiriusPoint’s Stockholm-based marine team as he ... Read the full article
Sayata names Manny Johl Head of Partnerships
15th September 2023
Sayata, a marketplace for insurance brokers and carriers, has announced the addition of Manny Johl to the Carrier Relations department as Head of Partnerships. In his new role, Johl will drive initiatives to bring in and onboard new carrier partners, as well as steward and deepen current relationships to deliver more ... Read the full article
Jenny Wong joins RTR as VP North American Tax Insurance
15th September 2023
Ryan Transactional Risk (RTR), a specialist in transactional risk insurance and loss mitigation evaluation services, has announced the appointment of Jenny Wong as Vice President, North American Tax Insurance. Based in New York, she will take on a leading role in the firm’s transfer pricing insurance unit and will provide support ... Read the full article
US P&C insurance sector will be “hard pressed” to match 2022 CR amid underwriting losses: Fitch
15th September 2023
While premiums grew for the U.S. P&C insurance sector in the first half the year, carriers continued to report significant underwriting losses, and the segment will be "hard pressed" to match the 102.8% combined ratio posted in full-year 2022, according to Fitch Ratings. According to the ratings agency, results are anticipated ... Read the full article
Geneva Association report highlights evolving AI regulations in insurance industry
15th September 2023
The adoption of artificial intelligence (AI) in the insurance sector is rapidly transforming various facets of the industry, from underwriting to claims management and customer engagement. AI holds the promise of improved services, efficiency gains, and cost reductions, benefiting both insurers and policyholders. However, concerns over privacy, discrimination, and regulatory lag have ... Read the full article
Risk Strategies to consolidate its captives group under the RMA brand
15th September 2023
Specialty insurance brokerage and risk management firm, Risk Strategies is set to consolidate its independent captives group under the Risk Management Advisors (RMA) brand, in a move that merges Atlas Insurance Management into the RMA brand and operations. According to the announcement, the newly consolidated operations will be led by Managing Director Max ... Read the full article
Bradley T. Camden to serve as Interim CFO of Kemper
15th September 2023
US-based insurer Kemper Corporation has appointed Bradley T. Camden, its Senior Vice President and Treasurer, as Interim Chief Financial Officer (CFO) effective immediately. In the role, Camden will report to Joseph P. Lacher, Jr., Kemper’s President, CEO and Chairman. At the same time, he replaces James J. McKinney, who will serve as ... Read the full article
Ardonagh’s Atlanta to merge with Markerstudy to create major personal lines platform
15th September 2023
Ardonagh has agreed to a merger between its personal lines broking business Atlanta, and Markerstudy, to create a major new platform transacting over £3bn annual GWP across multiple insurance products in the UK insurance market. The transaction, subject to customary conditions, values Atlanta at £1.2bn and will be funded by a ... Read the full article
Origami Risk expands P&C insurance solutions with Dais acquisition
15th September 2023
Origami Risk, a risk, safety, and insurance Software as a Service (SaaS) technology firm, has acquired Dais Technology, a provider of no-code insurance technology. Terms of the transaction were not disclosed. This move will increase Dais’ market reach and client support capabilities and expands Origami’s innovative suite of property and casualty ... Read the full article
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