Reinsurance News
Meeting cost of capital still challenging for some reinsurers: AM Best
29th August 2023
Reinsurers must remain responsive to market conditions and balance short-term opportunistic-moves with strategic long-term goals and sound risk management, in order to meet or remain above the cost of capital amid economic uncertainty, rising climate risk, and economic and social inflation, according to AM Best. Because of rising interest rates and ... Read the full article
Core Specialty enters mortgage reinsurance market
29th August 2023
Core Specialty Insurance Holdings, Inc., and its subsidiaries have entered the mortgage reinsurance market in collaboration with Enact Holdings, Inc. According to the announcement, Core Specialty will provide excess of loss reinsurance on selected Freddie Mac and Fannie Mae mortgages. As part of this initiative, Core Specialty has also entered into an ... Read the full article
Arch Re announces executive appointments and promotions
29th August 2023
Arch Re, the reinsurance arm of Arch Capital Group Ltd., has announced a number of changes to its executive team, including promotions for Crystal Doughty and William Soares. Doughty is now Chief Underwriting Officer (CUO), Property and Soares has been named as CUO of Casualty and Specialty, both reporting to Arch ... Read the full article
Bayview unveils asset management unit for insurers
29th August 2023
Bayview Asset Management (Bayview), a leading investment management firm has announced the launch of an insurance Asset Management business, bringing three decades of investing in mortgage and consumer credit to the new entity, Bayview Insurance Asset Management. The new division will provide investment management services to the insurance and reinsurance industry. According ... Read the full article
One80 acquires MGA GMI Insurance
29th August 2023
One80 Intermediaries, a specialty US insurance broker, has acquired Managing General Agent, GMI Insurance (GMI). Terms of the deal were not disclosed. Established in 1980, GMI specialises in commercial transportation and related insurance. The company initially focused on auto rental coverage and diversified its offerings to include a market leading, monoline ... Read the full article
Nova Scotia flooding causes over $170m in insured damage: IBC
29th August 2023
Citing initial estimates from CatIQ, the Insurance Bureau of Canada (IBC) has reported that the flooding in Nova Scotia on July 23 is estimated to have caused over $170 million in insured damage. According to IBC, this severe weather event produced more than 250 millimetres of rain in the hardest hit ... Read the full article
Markel hires Andrew Umphress as Head of terrorism for North America
29th August 2023
Markel, the insurance operation within Markel Group Inc., has hired Andrew Umphress as the Head of terrorism for North America. In the role, Umphress will be based at Markel’s New York office and report to Ed Winter, director of terrorism, in London. Joining Markel's highly experienced global underwriting team, Umphress will be ... Read the full article
Amie Watson to head Trium Cyber London office
29th August 2023
Trium Cyber, a Lloyds of London cyber insurance specialist, has announced the appointment of Amie Watson as Head of International Underwriting. In her new position, Watson will establish Trium’s presence in London by building out the company’s international platform. “Amie is a well-known and highly regarded underwriter of cyber risk and an ... Read the full article
Charles Taylor hires Ardonagh Specialty’s Steven Beard as Group President
29th August 2023
Charles Taylor, an independent global provider of claims solutions, has appointed Steven Beard as Group President, effective September 1, 2023. Based in London, Beard joins the firm with over 25 years of industry expertise. He joins Charles Taylor from Ardonagh Specialty, where he served as Chief Operating Officer. Prior to that, Beard served ... Read the full article
Cyber insurance market regains profitability, reaching $12bn in annual premiums by 2022: S&P Global
29th August 2023
Following a phase of escalating rates and more stringent terms, the global cyber insurance market has resurged into profitability, with annual premiums reaching around $12 billion by the end of 2022, as reported by S&P Global Ratings. Projections suggest that this growth will persist, with premiums predicted to rise by 25%-30% ... Read the full article
Guy Carpenter estimates industry loss of between $4bn and $6bn from Hawaii wildfire
29th August 2023
Reinsurance broker Guy Carpenter has estimated that the Lahaina wildfire will result in an insured loss of between $4 billion and $6 billion, making it the second costliest disaster in Hawaii's history since Hurricane Iniki in 1992. The devastating wildfire caused 115 fatalities and over 1,000 people are still missing, making ... Read the full article
Fidelis MGU strengthens underwriting team with key promotions
29th August 2023
Fidelis MGU has bolstered its underwriting team with the promotions of Richard Coulson to Deputy Group CUO, Michael Davern to UK CUO, and Matthew Bellamy to Deputy UK CUO. In addition to his new role as Deputy Group Chief Underwriting Officer (CUO), Richard Coulson is set to remain in his secondary ... Read the full article
Africa Specialty Risks launches captive solution
29th August 2023
Africa Specialty Risks (ASR), the pan-African reinsurance group, has announced the launch of its captives solution to allow businesses and financial institutions to have greater control and flexibility over their insurance programs. According to ASR, it will jointly participate in the Annual Conference and General Assembly of the Organization of Eastern ... Read the full article
Swiss Re and Wysa launch first insurance-specific mental health app
29th August 2023
Swiss Re Reinsurance Solutions and Wysa, a provider of anonymous mental health support, have launched Wysa Assure, an Artificial Intelligence-based mental health support app. Australian MLC Life Insurance is the first to bring the solution to the market. Central to Wysa Assure's design is an AI chatbot built on cognitive behavioural ... Read the full article
Idalia now a hurricane and could be a multi-billion dollar event for re/insurers
29th August 2023
Idalia has now reached hurricane strength and the latest update from the NHC says that the storm is expected to become an extremely dangerous major hurricane before making landfall on the Florida coast early Wednesday. With sustained winds of 75 mph and stronger gusts, Hurricane Idalia is now a Category 1 ... Read the full article
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