Reinsurance News
Canopius names new Head of Equality, Diversity and Inclusion
7th September 2023
Canopius, a global specialty re/insurer, has appointed Lucy Bennett as Head of Equality, Diversity and Inclusion (EDI), with immediate effect. In her new role, Bennett will be responsible for elevating Canopius’ EDI programme as the business works towards the goals set out in its EDI action plan. She will also manage Canopius’ ... Read the full article
Highland Capital Brokerage partners with LIBRA Insurance Partners
7th September 2023
LIBRA Insurance Partners, an independently-owned life insurance marketing organization (IMO) in the United States, has partnered with Highland Capital Brokerage (HCB), a national life insurance and annuity distribution company and a subsidiary of Osaic. According to the announcement, this partnership aims to deliver a collaborative strengthening of resources and efficiencies. "Highland Capital ... Read the full article
Insurity launches a new offering for seamlessly managing regulatory changes
7th September 2023
Insurity, a provider of cloud-based software and analytics for insurance carriers, brokers, and MGAs, has launched Circ, its industry-leading regulatory offering to monitor, analyse, interpret, and implement regulatory changes. Circulars have become a critical source of information distributed by rating agencies that detail the latest filings of rules, forms, actuarial analysis, ... Read the full article
Intact and RSA to acquire Direct Line’s brokered Commercial Lines operations
7th September 2023
Intact Financial Corporation and its subsidiary RSA have reached an agreement with Direct Line to acquire its brokered Commercial Lines operations for an initial cash consideration of £520 million. The deal also includes the potential for up to a further £30 million contingent payment under earnout provisions relating to the financial ... Read the full article
SCOR lays out new strategic plan to benefit from unique market environment
7th September 2023
SCOR has laid out a new strategic plan for 2024-2026, Forward 2026, in an effort to "fully benefit from the most supportive market environment in the past two decades." According to SCOR, the rapidly evolving risk landscape has led to a growing demand for protection and favourable market conditions for reinsurers. ... Read the full article
McGriff acquires Alternative Risk Resources
7th September 2023
Full-service retail insurance broker McGriff has announced that it has acquired Alternative Risk Resources (ARR), a Wisconsin-based commercial brokerage firm that specializes in captive insurance. Read Davis, CEO of McGriff’s Specialty and Middle Market business, commented, ”We have long admired and respected the ARR insurance team and its decades of experience ... Read the full article
Lloyd’s reports improved underwriting profit of £2.5bn for H1 2023
7th September 2023
The marketplace for re/insurance, Lloyd’s, has reported a strong set of results for H1 2023, with an underwriting profit of £2.5 billion, a significant increase from H1 2022’s £1.2 billion. The strong underwriting result was driven by relatively lower major claims in the period, as the combined ratio improved by 6.2 ... Read the full article
Enstar enters into adverse development cover agreement with AIG
7th September 2023
Enstar Group Limited has announced one of its subsidiaries has signed an agreement with American International Group, Inc. to provide protection against adverse development on a portion of Validus Re’s loss reserves. It is one of Enstar’s wholly-owned subsidiaries that has joined this agreement. AIG retains exposure to some portion of Validus ... Read the full article
Australia selects ICEYE for flood and bushfire data to strengthen disaster response
7th September 2023
ICEYE, a provider of natural catastrophe solutions and insights, has been selected by the Federal Government of Australia to bolster disaster response by supplying near real-time flood and bushfire hazard data for all states and territories across the country. Record-breaking flood and bushfire events have been experienced by several states and ... Read the full article
SRG launches Entertainment, Media & Sports division
7th September 2023
Specialist Risk Group (SRG) has launched a new division serving the global Entertainment, Media, and Sport industry. To form the basis of this new division, SRG has built out a team of sector specialists. According to SRG, Specialist Risk Entertainment Media and Sport (SR EMS) will operate across the company's current distribution ... Read the full article
Retention expectations broadly still hold true for reinsurers: Mowery, Guy Carpenter
6th September 2023
In a recent Q&A session at the Guy Carpenter media briefing titled "A New Cadence," Lara Mowery, Global Head of Distribution, shed light on the evolving landscape of the reinsurance industry, specifically highlighting how retention expectations continue to hold true for reinsurers. “So, as we're starting to see capacity rebounding in ... Read the full article
Demand for reinsurance to grow ahead of Jan 1, cat rates broadly adequate: Guy Carpenter
6th September 2023
Guy Carpenter executives expect demand for reinsurance protection to grow heading into the January 2024 renewals, while the reinsurance broker also feels that catastrophe rates are broadly adequate after significant adjustments in 2023. During its recently held virtual pre-Monte Carlo media briefing, executives and leaders from Guy Carpenter discussed current reinsurance ... Read the full article
Reinsurance sector well positioned to absorb high nat cat hit in H2: Gallagher Re’s Shea
6th September 2023
As the reinsurance sector's H1 underlying return on equity (ROE) surpassed the cost of capital for the second year running, Brian Shea, Global Head of Strategic & Financial Advisory, Gallagher Re, suggested the current strong financial position makes the industry more equipped to cope if H2 turns out to be ... Read the full article
Cyber reinsurance prices stabilise as demand surges: Moody’s survey
6th September 2023
In a recent Moody's survey, it has been revealed that cyber reinsurance prices are finally finding stability after years of significant increases. This development comes as insurers brace for the possibility of further rises in cyber loss costs, prompting a growing number of them to seek increased reinsurance protection. The shift ... Read the full article
Michael Jensen joins RSA as Senior Specialist Underwriter – A&H
6th September 2023
RSA Insurance has appointed Michael Jensen as Senior Specialist Underwriter – Accident & Health (A&H) in its UK Specialty Lines business. UK Specialty Lines is part of Intact’s Global Specialty Lines, which offers "integrated global propositions for brokers and customers with more complex international risks." For the new role, which starts in ... Read the full article
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