Reinsurance News
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
AM Best amends outlooks to stable for Fidelis and its subsidiaries
23rd February 2024
Rating agency AM Best has revised Fidelis Insurance Holdings Limited and its subsidiaries' outlooks to stable from negative. AM Best explained that the negative outlook it placed on the ratings in 2023 was based on the execution risk related to the creation of Fidelis MGU, a new managing underwriting entity. The ... Read the full article
AXA XL names new Head of M&A & Title, UK & Lloyd’s
23rd February 2024
AXA XL, the P&C and specialty risk division of global insurer AXA, has announced the promotion of Simon Price to Head of M&A & Title – UK & Lloyd's. Price has been with the company for seven years, and has held several management roles within the Mergers & Acquisitions (M&A) team. Having ... Read the full article
Rising reinsurance costs pose challenge for German P&C insurers: S&P
23rd February 2024
German property and casualty (P&C) insurers are grappling with mounting pressure due to surging reinsurance expenses, impacting both profitability and operational strategies, as highlighted by S&P Global Ratings, signaling potential adjustments within the sector. Reinsurance, a vital mechanism for insurers to mitigate risks by transferring a portion of their liabilities to ... Read the full article
AerCap collects $1.3bn of insurance settlements linked to Ukraine war
23rd February 2024
Global aircraft leasing firm AerCap Holdings has collected over $600 million of insurance settlements over the fourth quarter of 2023, for a total of $1.3 billion collected during 2023. “During the fourth quarter of 2023, we recognized recoveries related to the Ukraine Conflict of $614 million, primarily consisting of cash insurance ... Read the full article
Marine insurance sector urged to collaborate with shipowners for maritime sustainability
23rd February 2024
In a joint effort to address the pressing issue of maritime sustainability, marine insurance experts are calling for closer collaboration with shipowners to develop decarbonisation strategies. A white paper, co-authored by underwriting firm Atrium and Bayes Business School (formerly Cass), City, University of London, emphasises the critical role insurers can play ... Read the full article
Insurtech veteran Jeffrey Taylor appointed Arturo’s Chief Strategy Officer
23rd February 2024
Arturo, a property specialist offering AI-based solutions to insurers, has announced the appointment of Jeffrey Taylor as Chief Strategy Officer, as the firm prepares to expand into adjacent markets. Taylor brings a great deal of experience to this role, having worked in the industry for three decades. From 1992 to 2007, he ... Read the full article
Venture Programs selects Vortex as parametric partner for private golf clubs
23rd February 2024
Venture Insurance Programs has chosen Vortex Weather Insurance, an insurtech specialising in weather risk management for outdoor venue hosts and golf clubs, to be their sole provider of parametric weather insurance policies. This agreement represents Vortex's first partnership as a managing general agency, with clubs now having access to its parametric ... Read the full article
Zurich APAC reports 11% GWP growth in 2023 results
23rd February 2024
Zurich Asia Pacific (APAC), part of the global insurance group, has recently announced its results for the full year of 2023. The report highlights significant growth in its Property & Casualty (P&C) sector. Throughout 2023, the P&C business experienced robust growth, reaching gross written premiums (GWP) of $3.6 billion. This marks ... Read the full article
Allianz reports record operating profit of €14.7bn for FY23
23rd February 2024
Insurance giant Allianz has reported a record operating profit of €14.7 billion for the full year 2023, an increase of 6.7% from €13.8 billion in the previous year, driven primarily by the Life/Health (L&H) business segment. Group-wide, total business volume grew 5.5% to €161.7 billion in 2023, which Allianz attributes to ... Read the full article
AM Best revises issuer credit rating outlook to positive for subsidiaries of Nassau Financial
23rd February 2024
Global credit ratings agency AM Best has confirmed that it has revised the outlook to positive from stable for the Long-Term Issuer Credit Ratings (Long-Term ICRs) and affirmed the Financial Strength Rating (FSR) of B++ (Good) and the Long-Term ICRs of “bbb” (Good) of Nassau Life Insurance Company, Nassau Life ... Read the full article
Mosaic launches suite of specialised financial institution products
23rd February 2024
Mosaic Insurance has announced the launch of a suite of specialised financial institution products, offering $25 million in investment management insurance (IMI). The firm's new asset manager form reportedly combines professional indemnity, IMI, directors and officers (D&O), crime, and cyber coverages for managers and their funds. According to Mosaic, clients can choose ... Read the full article
Aon names Alicia Goosen to head of Professional Services GBC, London
23rd February 2024
Aon, a global professional services firm, recently announced the appointment of Alicia Goosen to the position of Head of Professional Services Group in the Global Broking Centre (GBC). In this role, she will collaborate with teams from around the world to support Aon’s growth within the professional services sector. Based in ... Read the full article
Fidelis sponsors new cat bond securing $150m of reinsurance protection
23rd February 2024
Fidelis Insurance Bermuda Limited (FIBL) has successfully closed a new catastrophe bond in the fifth series of notes issued by its Bermuda-based special purpose insurer Herbie Re Ltd., which will provide Fidelis Insurance Group with $150 million of collateralized reinsurance protection. The Series 2024-1 notes issued will reportedly be exposed to ... Read the full article
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