Reinsurance News
African Risk Capacity adds two non-exec directors to its Board
21st August 2023
The African Risk Capacity Limited (ARC Ltd.), a financial affiliate of the African Risk Capacity (ARC) Group, has appointed two non-executive directors to its Board. The company has appointed both Deepak Dave and Maxwell Mkwezalamba for a three-year term, ending with the ARC Ltd. AGM in 2026. Together, they both bring a ... Read the full article
Unlikely to see emergence of new global reinsurer class in 2023: AM Best
21st August 2023
In a recent assessment of the global reinsurance industry, AM Best analysts have indicated that despite favourable market conditions, a new class of global reinsurers is unlikely to emerge in 2023. The analysis points to several factors that contribute to this projection. While the market has experienced historically high insurance rates, ... Read the full article
The firms that are producing the best results are the ones that possess better data: HSCM’s Jones
21st August 2023
During a recent interview with Reinsurance News, Adrian Jones, Partner, HSCM Ventures, explained how one of the biggest issues that he hears across the industry is the quality of data reaching reinsurers and retrocessionaires. Data and technology are two fundamentals of re/insurance. The most successful brokers and insurers are the ones ... Read the full article
Beazley expands Incubation Underwriting team with Amy Ing’s appointment
21st August 2023
Joining from Liberty Specialty, Amy Ing has been appointed to Beazley’s Incubation Underwriting team, which focuses on discovering, designing and underwriting breakthrough new solutions and partnerships. Since its formation in 2020 the team has developed and collaborated on a range of new solutions, including Beazley’s Reputational Risk insurance policy, Assureful for ... Read the full article
Latin Re obtains license to operate directly at Lloyd’s
21st August 2023
Latin Re, an independent brokerage founded in 2019, becomes the first Brazilian broker to obtain a license to operate directly at the specialist Lloyd's insurance and reinsurance marketplace. Operating directly at Lloyd's allows Latin Re to sell reinsurance risks from across Latin America directly to London underwriters. This market opening brings ... Read the full article
Marsh to acquire Honan Insurance Group
21st August 2023
The insurance broker and risk advisor arm of Marsh McLennan, Marsh, has reached an agreement to acquire 100% of the outstanding share capital of Honan Insurance Group Pty Ltd, a specialist insurance broker in the areas of corporate risk, employee benefits, and strata and real estate insurance. Terms of the acquisition, ... Read the full article
Compre expands US operation with seven new hires
21st August 2023
Bermuda-headquartered Compre, an international legacy group, has announced the appointment of seven US claims specialists, effective immediately. To accommodate the new team members - all of whom will report to North America claims director Bill Bouvier - Compre has moved its US headquarters to new offices in Manchester, New Hampshire. The appointments ... Read the full article
Jan renewals highlighted difference between ‘available’ and ‘deployed’ capacity: AM Best
21st August 2023
“The January 2023 renewals highlighted the mismatch between supply and demand, but it’s also important to recognize the difference between ‘available’ and ‘deployed’ capacity. Available capital is not under pressure; however, the well-established global reinsurers have become much more cautious allocating their capital, which pressures the deployment of capacity,” suggests ... Read the full article
BMA & White Rock joint action violates automatic stay provision, says Vesttoo
21st August 2023
In a recent filing to the U.S. bankruptcy court, insurtech Vesttoo has said that joint action launched in the Supreme Court of Bermuda by the Bermuda Monetary Authority (BMA) and Aon's White Rock (SAC) Ltd. last week, violates the automatic stay under its Chapter 11 cases. On Friday, the BMA ... Read the full article
Venbrook & InterContinental Insurance Brokers bolsters private client services division
21st August 2023
InterContinental Insurance Brokers, LLC, a private client services division of Venbrook Insurance Services, has promoted Christopher D. Tannas to Senior Vice President/ National Director, and Mackenzie Rooney to Vice President. At the same time, the company has also appointed Marie Matterazzo as National Business Development Manager adding bench ... Read the full article
Ategrity launches professional lines practise led by Doug Karpp
21st August 2023
Ategrity Specialty Insurance Company, a specialty excess and surplus lines carrier, has launched a Management and Professional Liability business offering products designed for the needs of small- to mid-sized companies. These offerings are part of Ategrity’s broader evolution, since its inception in 2018, toward covering the middle market. Since 2022, the company ... Read the full article
IAG sees GWP rise 10.6% to $14.7bn in its FY results
21st August 2023
Australian insurer IAG has reported that Gross Written Premium (GWP) increased 10.6% to $14.7bn in its 2023 full year results, while insurance profit rose 37% to $803m. IAG noted that while the GWP increase was primarily due to premium rises in response to inflation pressures and higher reinsurance and natural perils ... Read the full article
Janice Mo to lead Chubb’s general insurance operations in Korea
21st August 2023
Property and casualty insurance giant Chubb has appointed Janice (Jae-Kyung) Mo to Country President of the company's general insurance business in Korea, subject to regulatory approval. Mo's appointment is expected to be effective September 1, 2023. In her new role, she will report to Paul McNamee, Regional President, Asia ... Read the full article
Catherine Thomas joins QBE’s Equator Re and Blue Ocean Re
21st August 2023
Catherine Thomas has become the new Managing Director for QBE Blue Ocean Re & Equator Re and International Treasurer. Equator Re is QBE’s Bermuda domiciled captive reinsurer, and Blue Ocean Re is the captive reinsurer for its North American operations. Thomas joins QBE from AM Best, a credit rating agency, where she ... Read the full article
CyRisk confirms participation in Munich Re Specialty’s cyber risk management program
21st August 2023
CyRisk, a cyber management and data analytics firm has officially announced its participation in Munich Re Specialty's Reflex Cyber Risk Management program. In the first quarter of 2023, Munich Re Specialty Insurance launched its proactive cyber risk management program offering complementary risk control services for its US insureds with CyRisk's team ... Read the full article
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