Reinsurance News
Cyber insurance is yet to evolve to the same levels as property cat: Swiss Re
12th September 2023
During Swiss Re's press briefing at RVS Monte Carlo 2023, Gianfranco Lot, Swiss Re's Chief Underwriting Officer, Property & Casualty Reinsurance, explained that cyber insurance is yet to evolve to the same levels as property cat. Within their property cat line, the reinsurance giant uses models that allows them to understand ... Read the full article
Exposure growth drives 80% increase in severe convective storm losses: Aon
12th September 2023
Aon plc, a global professional services firm, has unveiled startling research pinpointing a dramatic 80% rise in severe convective storm (SCS) losses, primarily driven by exposure growth. The findings have far-reaching implications for insurers and reinsurers as they prepare for the Jan. 1, 2024 reinsurance renewal period. Aon's data demonstrates that as ... Read the full article
Lockton agrees strategic partnership with Spanish broker Jhasa
12th September 2023
Lockton has signed a long-term strategic partnership agreement with Jhasa, a Spanish independent insurance and reinsurance broker specialised in the construction, energy and M&A sectors. Lockton notes that since its launch in 2019, Jhasa has grown rapidly to become a market leader in its chosen classes, "firmly establishing itself as an ... Read the full article
Moody’s RMS launches Cyber Industry Steering Group
12th September 2023
Moody’s RMS has announced the launch of its Cyber Industry Steering Group to develop industry initiatives that respond to the growth of the global cyber insurance market. According to Moody's RMS, leading market participants Munich Re and Gallagher Re, and global cyber risk management leader Bitsight have joined the steering group, ... Read the full article
ARC sets new record with $60m payout in 2022, pioneering climate resilience in Africa
12th September 2023
African Risk Capacity Limited (ARC Ltd), Africa's pioneering sovereign parametric development insurer, has announced a groundbreaking achievement with a record total payout of US$60 million in 2022. This milestone marks the largest payout since the company's establishment in 2014, underscoring the invaluable impact of its work in protecting African nations from ... Read the full article
ABIR member companies see record GWP of $145bn in 2022
12th September 2023
Member companies of the Association of Bermuda Insurers and Reinsurers (ABIR) reported record gross written premium of nearly $145 billion in 2022, up from $128 billion in 2021. These figures stem from ABIR’s global underwriting report, which comprises data from 24 of 30 member re/insurers for the calendar year 2022. The ... Read the full article
With renewals approaching it is important for reinsurers to maintain discipline: SiriusPoint
12th September 2023
In a complex risk environment, and with renewals approaching, it is important for reinsurers to maintain discipline, said David Govrin, SiriusPoint’s Chief Underwriting Officer, at the Rendez-Vous de Septembre in Monte Carlo. “Market conditions for reinsurance have steadily improved in 2023. We are seeing improved economics for property cat, as well ... Read the full article
Fergus Morrison promoted to Partner at Aeolus Capital Management
12th September 2023
Aeolus Capital Management, a leading player in the reinsurance industry, has announced the promotion of Fergus Morrison to the esteemed position of Partner, effective immediately, pending Bermuda immigration approval. Morrison, who has been an integral part of the Aeolus team since 2018, currently serves as the Portfolio Manager in charge of ... Read the full article
Munich Re develops crypto staking insurance solution for Boerse Stuttgart Digital
12th September 2023
In a groundbreaking move towards enhancing the security and accessibility of staking in Europe, Boerse Stuttgart Digital, a leading player in crypto and digital business among European stock exchange groups, has unveiled a strategic insurance partnership with Munich Re Group. The collaboration aims to offer institutional investors a secure and comprehensive ... Read the full article
Chedid Capital acquires UK-based Trilogy MGA
12th September 2023
Chedid Europe Insurance & Reinsurance Brokerage Limited, a subsidiary of Chedid Capital, has acquired 100% of the share capital of UK-based Trilogy Managing General Agents Limited (Trilogy MGA) from Resolution Underwriting Holdings Limited. According to Chedid, this acquisition is in line with its strategy to grow its business in the United ... Read the full article
Clients should be getting consistent weekly contact: Inver Re’s Jonathan Prinn
12th September 2023
At the RVS 2023 Monte Carlo event, Reinsurance News spoke with Jonathan Prinn, Chief Executive Officer (CEO), London, Inver Re, where he explained that he believes that the company's clients should get a 365 day service where they are "consistently having weekly contact." He said: "From the client feedback that I ... Read the full article
Sompo Intl. makes key appointments to its North America Reinsurance leadership team
12th September 2023
Sompo International, a global leader in commercial and consumer property and casualty (re)insurance, has made key appointments to its North America Reinsurance leadership team. Apundeep Lamba has been named Head of Reinsurance, Canada, while Denise Sheehan has joined as Senior Vice President, Head of North America Accident & Health Reinsurance. Margaret Hyland, ... Read the full article
Consilium appoints Richard Ellis as Associate Partner
12th September 2023
Aventum Group's global speciality re/insurance broking business, Consilium, has announced the appointment of Richard Ellis as Associate Partner, placing specialist and complex property risks. Ellis is a market veteran with over 38 years of industry experience in retail and wholesale property and liability experience. In the new role at Consilium, Ellis’ remit ... Read the full article
Latin American reinsurers capitalise on global players’ caution: AM Best
12th September 2023
A new report by AM Best, titled "Fewer Major Cat Events Limit Claims Activity for Latin America Reinsurers," reveals that the global reinsurance landscape is experiencing a shift, with limited interest from global reinsurers in Latin American markets. This shift has created opportunities for domestic and regional reinsurers in the region. ... Read the full article
Lockton launches Norwegian energy & employee benefits divisions
12th September 2023
Insurance broker Lockton has announced the expansion of its risk advisory and insurance broking services in Norway, in response to demand in the region. Lockton Norway will now offer solutions for natural resources, renewable energy and large industrial clients with complex risk management requirements. This expansion marks the latest step in Lockton’s ... Read the full article
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