Reinsurance News
Korean insurers navigate K-ICS impact, focus on capital efficiency and solvency: Fitch
5th September 2023
The Korean Insurance Capital Standard (K-ICS) continues to exert a profound influence on South Korean insurers' operational strategies, as they endeavour to optimise capital efficiency and reinforce solvency adequacy, reports Fitch Ratings. The introduction of K-ICS in 2023 has sparked varying impacts on the solvency strength of Korean insurers, contingent on ... Read the full article
Arthur J. Gallagher & Co acquire Lifesure Group
5th September 2023
Global insurance brokerage, risk management and consulting services firm, Arthur J. Gallagher & Co., has announced the acquisition of Lifesure Group Limited, a UK-based personal lines insurance broking service. Terms of the transaction were not disclosed. Lifesure works predominantly in the vacation/holiday and leisure industry, with products including park home, motorhome, ... Read the full article
Guy Carpenter appoints Julian Enoizi as CEO of Guy Carpenter Europe
5th September 2023
Guy Carpenter, the leading global risk and reinsurance specialist and business of Marsh McLennan, has hired Julian Enoizi as CEO of Guy Carpenter Europe, effective immediately. In his new role, Enoizi will be based in Europe, and he will report to Laurent Rousseau, CEO of Guy Carpenter Europe, Middle East and ... Read the full article
Mosaic’s syndicated capital program underwrites $250m in GWP for 20+ industry partners
5th September 2023
Specialty insurer, Mosaic has announced that its syndicated capital program has underwritten close to a quarter of a billion dollars in gross written premium (GWP) for industry partners across its seven product lines and regions. Activated early last year, Mosaic's program has originated nearly USD$250 million in GWP for more than ... Read the full article
Definity estimates $120m of cat losses for July-Aug 23
5th September 2023
Canadian Property and casualty insurer, Definity Financial Corporation, has released an estimate of approximately $120 million in catastrophe losses that will impact its operating income negatively in July and August 2023. This estimate is net of reinsurance recoveries and includes reinstatement premiums. The company confirmed that the British Columbia wildfires were the ... Read the full article
Sompo Intl. bolsters insurance leadership team in Italy
5th September 2023
Sompo International, a leading global provider of commercial and consumer property & casualty re/insurance, has added five members to its insurance leadership team in Italy. The company has confirmed that all of the appointees will be based in Milan, where they will report to Simona Fumagalli, Country Manager Insurance, Italy. At the ... Read the full article
OneAdvent completes management buyout
5th September 2023
Specialist MGA and broker services platform, OneAdvent, has completed a management buyout. This investment is aimed at boosting its UK and European market presence and product offering. The management buyout was led by the firm's current Managing Director, Tim Quayle, who becomes CEO. Former Group CEO and founder, David Hill, is also part ... Read the full article
Insurance industry resilient TSR does not meet investors’ cost of equity: BCG
5th September 2023
At 8%, the insurance industry total shareholder return (TSR) demonstrates resilience compared with other sectors since the onset of the pandemic, but nonetheless falls short of meeting investors’ cost of equity, continuing a trend of recent years, according to BCG analysts. The five-year annual TSR for insurance from 2018 through 2022 ... Read the full article
Aon appoints Vincent Banton as Head of Construction and Infrastructure, Asia
5th September 2023
Global insurance and reinsurance broker Aon has announced the appointment of Vincent Banton as Head of Construction and Infrastructure for Asia, effective August 1st. Banton will be based out of Singapore and report to Paul Young, Head of Commercial Risk Solutions, Asia and James MacNeal, Global Industry specialty leader for Construction ... Read the full article
Growing amount of insurers to purchase less reinsurance coverage for 2024: Moody’s
5th September 2023
According to Moody's most recent Reinsurance Buyer Survey, an increasing number of insurers expect to purchase less coverage for 2024 due to higher costs, which will in turn force them to retain even more risk, making their results more volatile. Despite respondents' expectation that loss costs will increase, only 22% plan ... Read the full article
S&P revises global reinsurance sector outlook to stable
5th September 2023
S&P Global Ratings has revised its view of the global reinsurance sector to stable from negative on favourable property/casualty reinsurance pricing conditions, pre-pandemic earnings levels in life reinsurance, and increasing net investment income. According to the rating agency's latest report, "Global Reinsurance Stabilizes As Green Shoots Emerge In Underwriting,” the sector is ... Read the full article
LM Re, XS Global & Safehub launch world’s first sensor-based reinsurance treaty for earthquake risk
5th September 2023
Liberty Mutual Re, the reinsurance arm of Liberty Mutual Insurance Group, MGA XS Global, and technology provider Safehub, have launched the world's first sensor-based, parametric reinsurance treaty for earthquake risk. According to the announcement, this treaty marks a new era of disaster risk management for insurance firms, risk managers and policyholders, ... Read the full article
Convex appoints Simons to Bermuda CEO, names Chandler Group Deputy CUO Reinsurance
5th September 2023
International specialty re/insurer Convex Group Limited has appointed Paul Simons to the role of Bermuda Chief Executive Officer, and Christophe Chandler to the role of Group Deputy Chief Underwriting Officer Reinsurance. Both appointments are effective January 1, 2024, subject to regulatory approval. In their new respective roles, Simons will continue to be ... Read the full article
DUAL hires Allianz’s Simon McGinn as UK CEO
5th September 2023
DUAL, the specialist underwriting arm of Howden Group Holdings, has appointed Simon McGinn as CEO of its UK business, subject to regulatory approval. McGinn is set to join the firm on January 1, 2024, where he will report to Richard Clapham, CEO, DUAL Group. According to the firm, McGinn's appointment will help ... Read the full article
OIR approves Orion180 to enter homeowners and wind market
5th September 2023
The Florida Office of Insurance Regulation (OIR) has approved the Orion180 subsidiaries, Orion180 Select Insurance Co. and Orion180 Insurance Co., to enter the homeowners and wind market. Recently, FLOIR approved the companies to form property and casualty (P&C) insurers in Florida. Orion180 is a provider of insurance solutions that was launched ... Read the full article
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