Reinsurance News
$100bn of insured catastrophe losses now reached in 2023: Gallagher Re
8th November 2023
The $100 billion insured loss threshold from natural catastrophes in 2023 has now been breached, marking the sixth year since 2017 that this has occurred, according to Gallagher Re’s Chief Science Officer, Steve Bowen. Bowen noted that Gallagher Re continues to "believe that $100 billion insured loss years is becoming the ... Read the full article
PartnerRe makes two new appointments to its Board of Directors
8th November 2023
PartnerRe has announced that Emmanuel Dubreuil and François Bucchini have been appointed to its Board of Directors, effective November 7, 2023. Dubreuil is currently Head of Insurance and Reinsurance Initiatives at Covéa. He first joined Covéa in 2019, as Head of Reinsurance Cessions. Before this, he served as a Partner at PwC ... Read the full article
Greenlight Re CEO transition: Simon Burton to depart, Greg Richardson to lead
8th November 2023
Greenlight Re's CEO Simon Burton is set to depart on December 31, 2023, with Greg Richardson taking the helm as the new CEO and Board member starting January 1, 2024. Burton will continue to serve as an advisor and provide transitional services through April 2024. Prior to his appointment, Richardson served as ... Read the full article
Hiscox Re & ILS continues to benefit from hard market in Q3’23
8th November 2023
Specialist insurer and reinsurer Hiscox has announced net insurance contract written premium (ICWP) within Hiscox Re & ILS grew 23.6% to $438.3 million in the third quarter of 2023, as the business seized the opportunities in the hard market. Hiscox highlighted that its Re & ILS segment growth was compared to ... Read the full article
Munich Re posts strong Q3’23 results as P&C combined ratio strengthens to 82%
8th November 2023
European reinsurer Munich Re has lifted its annual guidance for its net result to €4.5 billion after reporting a solid set of third quarter and nine month 2023 results, as the firm closed a third consecutive quarter with a net result above pro-rate guidance. For Q3 and 9M 2023, Munich Re ... Read the full article
Direct Line posts 115% increase in motor GWP in Q3
8th November 2023
Direct Line Group doubled its motor gross written premiums (GWP) in the third quarter of 2023, increasing by 115.4% to £826.8 million. The company attributed this substantial rise towards an improved approach to pricing. DLG's home division also witnessed growth, rising 3.9% to £144.4 million. DLG's rescue and other personal lines division ... Read the full article
DB schemes seeking risk transfer to insurers increases by over 50%: LCP
8th November 2023
A recent analysis from LCP has highlighted that the number of UK private sector defined benefit (DB) schemes fully funded on buy-out has expanded to 20%, equating to 1,000 schemes, and c£275 billion of assets out of the £1,400 billion total in UK DB schemes. According to the firm, this has ... Read the full article
SURE to offer commercial property coverage in South Carolina
7th November 2023
SureChoice Underwriters Reciprocal Exchange, in partnership with SageSure, has announced its expansion to the South Carolina commercial property market with its business owners policy (BOP) offering. SureChoice Underwriters Reciprocal Exchange is a policyholder-owned coastal insurer, and SageSure is a managing general underwriter focused on catastrophe-exposed markets. After launching its BOP program in ... Read the full article
Bank of Japan adjusts yield curve control policy, signals gradual normalisation: Swiss Re
7th November 2023
The Bank of Japan (BOJ) has taken a significant step towards normalising its monetary policy by rephrasing the 1% upper bound on 10-year Japanese government bond yields as a "reference" rather than a rigid cap, according to a Swiss Re Institute report. This move effectively removes the cap on bond yields, ... Read the full article
IVANS Index shows average premium renewal rates up in October
7th November 2023
IVANS, a division of Applied Systems, has reported renewal rate change for all major commercial lines of business except Workers’ Compensation are up year over year in October 2023. The third quarter of 2023 experienced an increase in average premium renewal rate change across all major commercial lines compared to Q2'23, ... Read the full article
Citizens adopts Verisk’s Aerial Imagery Analytics
7th November 2023
Verisk has announced that Citizens Property Insurance Corporation, a not-for-profit insurer in Florida, will adopt its Aerial Imagery Analytics solution to help "provide a more comprehensive view of risks across the state." According to Verisk, it submitted a proposal to provide the service to Citizens, which then evaluated the solution against ... Read the full article
WTW launches Asia Pacific Climate Risk Centre in Singapore
7th November 2023
Global insurance broker WTW has launched a new Asia Pacific Climate Risk Centre (ACRC) in Singapore, which will provide climate risk quantification and management capabilities to support the region’s resilience and transition to net-zero. The launch reinforces the company's commitment to helping the region transition to a resilient, low-carbon economy. It ... Read the full article
Lockton Re analytics platform receives US Patent
7th November 2023
Lockton Re, the reinsurance arm of the independent insurance broker, has announced that its analytics platform, SAGE, has been awarded a US Patent. This patent is for systems and methods for custom and real-time visualization, comparison, and analysis of insurance and reinsurance structures. Claude Yoder, Global Head of Analytics, Lockton Re, commented: ... Read the full article
Applied Underwriters unveils United Risk, names Dan Malloy as CEO
7th November 2023
Applied Underwriters has unveiled a newly consolidated enterprise named United Risk, which brings together the entirety of the firm's MGA and MGU businesses into a single cohesive brand, headed by industry leader Dan Malloy. Malloy, who has been appointed CEO of United Risk, most recently served as CEO of SiriusPoint after ... Read the full article
FWD Group announces robust growth momentum
7th November 2023
Pan-Asian life insurance business, FWD Group sees “another quarter of robust double digit new business growth”, Group Chief Executive Officer, Huynh Thanh Phong stated as the company publishes its business highlights for the nine months ended 30 September 2023. New business sales for the FWD Group grew 22%, to $1,253 million. ... Read the full article
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