Reinsurance News
Underwriters highly concerned about slow progress in underwriting processes: hyperexponential
7th November 2023
A vast majority of underwriters are worried about insurers’ ability to deliver next-generation underwriting, mainly due to underperforming technology, hyperexponential research has revealed. Analysts stated: “This disillusionment comes as the majority of insurance firms are about to embark on a new investment cycle for pricing tech over the next 12 months. ... Read the full article
RenRe emerges as fifth-largest P&C reinsurer following Validus Re acquisition
7th November 2023
RenaissanceRe Holdings Ltd. (RenRe), a distinguished member of the Association of Bermuda Insurers and Reinsurers (ABIR), has successfully concluded its acquisition of Validus Re and its subsidiaries from American International Group (AIG), securing its position as the fifth-largest property and casualty (P&C) reinsurer in the world. Validus Re was among the ... Read the full article
Charles Taylor boosts its loss adjusting services in Asia with key hires
7th November 2023
With the expansion of its operations across Asia, Charles Taylor has welcomed 11 new hires to boost its loss adjusting services team across vital locations in the region. According to the announcement, this move is in response to the growing need for comprehensive loss adjusting services in Asia, and as part ... Read the full article
FM Global names Tadmoury as Executive Vice President
7th November 2023
Commercial property insurer FM Global has named Ziad Alex S. Tadmoury as their new Executive Vice President. Tadmoury will be responsible for overseeing operations in the regions of EMEA, Asia Pacific, Canada, as well as FM Global's specialty industries. Additionally, he will take charge of AFM, the company's middle market insurance division. Tadmoury, ... Read the full article
Skyward Specialty posts $21.7m net income for Q3, combined ratio sits at 90.2%
7th November 2023
Skyward Specialty Insurance Group, Inc. has posted a net income of $21.7 million for the third quarter of 2023, compared to a net loss of $2.4 million for the same period last year. Net income for the first nine months of 2023 sits at $56.7 million, a substantial improvement compared to ... Read the full article
Climate litigation risk a rising issue that we “need to consider” in our underwriting: Beazley’s Cox
7th November 2023
Adrian Cox, CEO of Beazley, speaking this morning in London at an AM Best event, explained how Beazley sees climate litigation risk as a rising issue that the company needs to consider in its underwriting. He stated that climate liability risk arises from parties that have suffered from loss or damage ... Read the full article
Insurtech Mulberri launches AI-powered Risk Assistant
7th November 2023
Insurance startup Mulberri, has launched its new AI-powered Risk Assistant and rolled out its embedded property and casualty platform to make insurance innovation accessible to a broad range of industries outside payroll and Human Resources (HR) providers. Now industries including associations, brokers, insurtechs, carriers, MGAs, financial institutions, cyber technology providers, ISPs ... Read the full article
Stable cyber insurance pricing, rising casualty rates in Europe’s insurance market: Marsh
7th November 2023
In the latest Marsh Global insurance market index report for Europe, property insurance pricing saw a 7% increase, slightly down from the prior quarter's 8%. The rise was attributed to the impact of catastrophic events and secondary perils like floods, storms, wildfires, and hail. Insurers adjusted their exposures, line sizes, and increased ... Read the full article
RELA unveils claims adjustment proposition for marine market
7th November 2023
Renewable Energy Loss Adjusters (RELA), has launched a new claims adjustment proposition dedicated to the marine market. According to RELA, the new proposition will provide independent average adjusting services by a qualified average adjuster, which will be supported by a global network of surveyors and adjusters. At the same time, RELA Marine ... Read the full article
Aon announces a number of new UK partners
7th November 2023
Insurance and reinsurance broking group, Aon, has announced the appointment of 12 new UK-based partners in the Wealth and Talent Solution Lines of its Human Capital capability. A client manager with over three decades of pension experience, Sue Austen will lead Aon’s secretariat, pensions management and secondment services. Austen will be responsible ... Read the full article
Argenta appoints Edward Davidson as Energy Transition Technology Underwriter
7th November 2023
Argenta Syndicate Management Limited (ASML), a subsidiary of Argenta Holdings Limited, has announced the appointment of Edward Davidson to the newly created role of Energy Transition Technology Underwriter. Based in London, Davidson will report to Heath Callan, Divisional Head of Energy and Marine. Davidson's appointment underscores Argenta's commitment to supporting a net-zero ... Read the full article
Bertagna to lead MGA division of Howden’s reinsurance arm in Europe
7th November 2023
Howden, the global insurance group, has appointed Enrico Bertagna as Managing Director, leading the MGA division of its reinsurance arm in Europe. According to the firm, this appointment bolsters its MGA/Programme broking business, which currently places a combined $6 billion of GWP, and positions it to "grow significantly in Europe." Elliot Richardson, ... Read the full article
QIC 9m net profit soars 445% to QAR 453m
7th November 2023
Qatar Insurance Company (QIC) has reported Net Profits of QAR 453 million for the first nine months of 2023, rising a massive 445% from the same period in 2022. Despite noting an array of challenges in the current market environment, QIC also disclosed net investment results amounting to QAR 681 million ... Read the full article
Miller strengthens marine team with appointment of Andreas Bisbas
7th November 2023
Specialist (re)insurance broker Miller has appointed Andreas Bisbas as Chairman of Marine Mutual Reinsurance and Head of Mutual War within the Marine team. Bisbas is set to join Miller in late November and will report to Phil Wheeler, Head of Marine at Miller. He most recently served as Managing Director of Tsakos ... Read the full article
UK, EBRD partner to facilitate business support for Ukraine with war-risk insurance scheme
7th November 2023
In a significant move to aid Ukraine's recovery and reconstruction efforts following Russia's invasion, the United Kingdom and the European Bank for Reconstruction and Development (EBRD) have signed a Statement of Intent to establish a war-risk insurance scheme. This scheme aims to empower UK companies to engage in business activities within ... Read the full article
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