Reinsurance News
Aon appoints Smaje Global CBO for transportation & logistics, Commercial Risk
21st February 2024
Aon plc, the global professional services firm, has appointed Phil Smaje as Global Chief Broking Officer, transportation and logistics for Commercial Risk. He will be based in Aon’s London office and report to Lee Meyrick, Global Industry Specialty leader, transportation and logistics and Chief Executive Officer, global marine for Commercial Risk ... Read the full article
Conduit Re posts strong 2023 results with 72.1% CoR and reinsurance revenue growth
21st February 2024
Bermuda-based reinsurer Conduit Re recorded a rise in gross premiums written (GPW) in 2023 to $931.4 million, as reinsurance revenue increased 61% year-on-year to $633 million and the company's combined ratio strengthened considerably to 72.1%. Conduit Re has today reported a strong set of results for the year, with CEO Trevor ... Read the full article
Concirrus reports 204.6% revenue growth amidst challenging insurtech climate
21st February 2024
AI insurtech Concirrus has revealed a 204.6% surge in revenue for the fiscal year ending in December 2023, marking a pivotal shift towards profitability in the latter half of the year. This comes amidst a tumultuous period for the global insurtech sector, which grappled with a sustained decline in funding, plunging ... Read the full article
Gallagher Re expects more cyber cat bonds in 2024
21st February 2024
Gallagher Re, a reinsurance broker, anticipates a surge in investments in cyber catastrophe bonds in 2024, following the successful launch of PoleStar Re Ltd. (Series 2024-1) in December 2023. PoleStar Re was the first full 144A cyber catastrophe bond for specialty re/insurer Beazley. Gallagher Securities’ served as the sole structuring ... Read the full article
SCOR backs AIMCOR’s next-gen digital term life insurance product
21st February 2024
French reinsurer SCOR has joined forces with AIMCOR Group to usher in a new era of efficiency and accessibility in the term life insurance landscape. The new product, AIMCOR QuickLife, is powered by Techficient's Dynamic Platform, and is underwritten by Ameritas and reinsured by SCOR. By harnessing predictive data modeling and cutting-edge ... Read the full article
USQRisk promotes Tony Harrington-Jones to COO
21st February 2024
USQRisk, an international managing general agent specializing in alternative risk transfer, has promoted Tony Harrington-Jones to Chief Operating Officer (COO), based in London. As COO, his remit will include enabling USQRisk's continued global growth, focus and ability to innovate in a rapidly changing insurance industry environment. He will continue to develop and ... Read the full article
Stonybrook–Weild Composite up 2.1% in record setting week
20th February 2024
The North American Insurance Composite marshalled by Stonybrook Capital and Weild & Co. was up 2.1% for the week of Feb 9th-16th, "likely setting a record-high weekly close", with most issues having eclipsed their previous records. The Composite also reportedly beat all major indices for both the week and year to ... Read the full article
TWIA board approves 1-in-100 year PML of $6.5bn for 2024 storm season
20th February 2024
The Board of the Texas Windstorm Insurance Association (TWIA) recently voted in favour of the Actuarial and Underwriting Committee's recommendation to set the 1-in-100 year PML for the 2024 storm season at $6.5 billion. We wrote last week that the Committee voted to recommend the Board uses a 75% / ... Read the full article
New Solvency rules not expected to change EU and UK insurer’s risk appetites: DBRS
20th February 2024
In a new report from DBRS Morningstar discussing the Solvency II prudential regime, the rating agency has noted that the new rules are not expected to materially change EU and UK insurer's risk appetites. DBRS's analysts explained in the report that both in the EU and the UK, one of the ... Read the full article
Duck Creek announces Xceedance inclusion as premier reinsurance partner
20th February 2024
Duck Creek Technologies, a P&C solutions provider, has welcomed Xceedance, an insurance-focused consulting, technology and data provider, as an inaugural ecosystem partner for reinsurance. Xceedance has been a longstanding collaborator with Duck Creek, having already partnered with three of its reinsurance global customers in Australia, the UK, and the US. As an ... Read the full article
Enstar reports net income of $1.1bn with ROE of 24.2% for FY23
20th February 2024
Enstar has released its full-year 2023 results, announcing net income of $1.1 billion compared to a net loss of $906 million for 2022. The firm's return on equity (ROE) of 24.2% for the year improved significantly from the prior year. The strong ROE performance was driven by investment returns of $1.1 ... Read the full article
European insurance industry accelerates digitalisation efforts amid recession concerns: ISG
20th February 2024
In response to the looming threat of recession, European insurance industry leaders are doubling down on their digitalisation initiatives to enhance customer experiences and streamline operations, according to a recent survey conducted by Information Services Group (ISG). The survey, titled "Pulse Check - State of the European Insurance Industry," conducted in ... Read the full article
PCRIC to administer WTW developed parametric insurance solution for Fiji’s Lau Group
20th February 2024
The Vatuvara Foundation Fiji, in collaboration with WTW and Fiji-based broker, Insurance Holdings (Pacific) Pte Ltd., has selected the Pacific Catastrophe Risk Insurance Company (PCRIC) to administer a new parametric insurance solution designed to provide rapid payout after a tropical cyclone damages the reef. NGO, the Vatuvara Foundation, is committed to ... Read the full article
Lockton appoints Steve Goldenberg as new EVP of Operations
20th February 2024
Lockton, an independent insurance brokerage, has announced that Steve Goldenberg will be joining the firm as their new Executive Vice President (EVP), Operations, reporting directly to Peter Clune, Lockton's Chief Executive Officer. In this role, Goldenberg will collaborate with the global executive team to lead strategic initiatives, recruit talent, and devise ... Read the full article
Truist to strengthen balance sheet with Truist Insurance Holdings sale
20th February 2024
Truist Financial Corporation has announced it has agreed to sell its remaining stake in Truist Insurance Holdings (TIH), to an investor group led by private equity firms Stone Point Capital and Clayton, Dubilier & Rice (CD&R). This transaction is expected to strengthen Truist's balance sheet and enhance the company’s strategic flexibility ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
