Reinsurance News
Martin Blackburn joins VIPR Solutions as Chairman to accelerate growth
18th August 2023
VIPR Solutions (VIPR) has announced the appointment of Martin Blackburn as its Chairman. Blackburn, renowned for his strategic acumen and transformative leadership, brings with him a wealth of experience gained over a distinguished 25-year career. Blackburn's professional journey began in the engineering realm with Marconi, a British Engineering and Telecoms company. His expertise ... Read the full article
US long-dated yields rise amidst global factors, unlikely bond crisis: Swiss Re
17th August 2023
In a recent analysis by Swiss Re Institute, experts suggest that the recent surge in longer-dated US government bond yields is not indicative of an impending bond crisis or concerns over US credit worthiness. Instead, the driving forces behind the increase in yields are rooted in global factors, including inflation persistence ... Read the full article
MGA Skyrisks and Quotech partner to insure Advanced Air Mobility sector
17th August 2023
London-based Skyrisks Limited has partnered with Quotech, an underwriter-led developer of fully integrated technology platforms for underwriting and broking teams, to provide insurance coverage for the "rapidly growing Advanced Air Mobility (AAM) sector." According to Skyrisks, AAM encompasses "groundbreaking" aircraft like the new generation of electric vertical take-off and landing (eVTOL) ... Read the full article
US crop insurance premiums reach record high in 2022, widespread drought drives losses: AM Best
17th August 2023
With US crop insurance premiums reaching a record high in 2022 to $21.5 billion, the segment witnessed an underwriting loss due to challenging growing conditions amid widespread drought, reports AM Best. However, looking back at 2021, insurers reported weaker results, which was due to challenging growing conditions amid widespread drought throughout the ... Read the full article
Sompo hires Dittmann as Country Manager, Insurance for Germany and Austria
17th August 2023
Sompo International, a global provider of commercial and consumer property and casualty re/insurance, has appointed Malte Dittmann as Country Manager of its insurance operations in Germany and Austria. Joining from HDI Versicherung, where he was a member of the board, Dittmann will be based in Cologne and report to Ralph Brand, ... Read the full article
Monument Re “exploring strategic options” including potential sale
17th August 2023
Life reinsurance and insurance holding company Monument Re is reportedly "exploring strategic options" which include a potential sale, after seeing a drop in its capital ratios last year, according to a new report by Reuters. Citigroup and Fenchurch Advisory are working with the company and its owners on the options, people ... Read the full article
Allstate estimates cat losses for July at $313 million
17th August 2023
U.S. primary insurer Allstate has announced estimated catastrophe losses for July of $313 million or $247 million, after-tax. According to Allstate, July's catastrophe losses include 18 events estimated at $349 million, primarily related to geographically widespread wind and hail events. This was partially offset by favourable reserve reestimates for prior events, the ... Read the full article
MIS piloting CAT360 to accelerate re/insurers’ response to US hurricane losses
17th August 2023
McKenzie Intelligence Services (MIS), a provider of geospatial intelligence to re/insurers, is piloting CAT360, an initiative in which ground-level imagery is introduced to the company's Global Events Observer (GEO) platform, in addition to the already provided satellite and aerial imagery. What is described as being a "ground-breaking" solution, CAT360 is designed ... Read the full article
Commercial insurance premiums continue to rise in Q2’23 – CIAB
17th August 2023
In the second quarter of 2023, the commercial insurance market witnessed a steady trajectory of premium increases, marking the 23rd consecutive quarter of such increments, according to a report by The Council of Insurance Agents & Brokers (CIAB). The average rise stood at 8.9%, a marginal uptick from the previous quarter's ... Read the full article
Chubb appoints Edward Kopp as Regional President, Far East
17th August 2023
Global insurer Chubb has announced the appointment of Edward Kopp as Regional President, Far East. Currently, Kopp serves as the Country President of Chubb Korea. The appointment, subject to notification to local regulatory authorities, is expected to be effective on September 1st. Kopp will report to Juan Luis Ortega, Executive Vice ... Read the full article
AXA XL hires RiskPoint’s Hayzelden as Head of Upstream Energy, UK & Lloyd’s
17th August 2023
AXA XL, the P&C division and specialty risk division of AXA, has appointed Lee Hayzelden as Head of Upstream Energy, UK & Lloyd’s. In his new role, Hayzelden will lead AXA XL’s Upstream Energy team, covering both offshore oil & gas and offshore renewable wind risks. In the role he will be ... Read the full article
MGA Corin receives strong performance assessment from AM Best
17th August 2023
Managing general agent (MGA) Corin Underwriting Limited (UK) and Corin Underwriting (Europe) GmbH (Corin Europe) (Germany) have been assigned a performance assessment of PA-3 (Strong) by rating agency AM Best, with a stable outlook. This makes Corin the first UK MGA of its size to be assigned such a high performance ... Read the full article
PwC Bermuda offering ‘completely integrated’ because of ILS: Megan Green
17th August 2023
The growth and influence of the insurance-linked securities (ILS) space has led to a convergence of the service offering PwC Bermuda provides to its clients, according to Megan Green, a Partner in the PwC Bermuda Asset Management Assurance Group. In a recent interview with our ILS focused ... Read the full article
Steadfast posts 24.1% increase in underlying revenue in FY23
17th August 2023
Steadfast Group, the parent company to a range of broking and underwriting operations, including broker Steadfast Re, has reported an underlying revenue of $1.41 billion in FY23, representing growth of 24.1%. The growth in revenue was driven by hardening market and solid volume growth more than mitigated expected cost increases flagged ... Read the full article
S&P revises Munich Re’s outlook to positive on improving diversification
17th August 2023
S&P Global Ratings has affirmed its 'AA-' issuer credit and insurer financial strength ratings on Munich Re, revising its outlook to positive from stable, citing the German reinsurer's ability to defend its excellent competitive position and conservative capital management via further earnings diversification by divisions. Referring to Munich Re's H1 ... Read the full article
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