Reinsurance News
Third consecutive year of weather-event insurance claims exceeding $100bn: Bloomberg Intelligence
23rd August 2023
In a recently released insurance sector report, Bloomberg Intelligence has forecasted that 2023 is poised to mark the third consecutive year in which insured losses stemming from natural catastrophes will surpass $100 billion, primarily due to a surge in weather-related claims. The report highlights the increasing prevalence of secondary perils such ... Read the full article
OIR approves Orion180’s expansion in Florida
23rd August 2023
The Florida Office of Insurance Regulation (OIR) has approved Orion180 Select Insurance Company and Orion180 Insurance Company to form as property and casualty (P&C) insurers in Florida. This marks the third and fourth P&C insurers approved to operate in Florida following legislative reforms designed to promote market stability. As a result of ... Read the full article
Fortitude Re appoints new Chief Risk Officer and Chief Regulatory Officer
23rd August 2023
Fortitude Re has announced the appointment of Ming Zhang as Chief Risk Officer and Andrew Sooboodoo as Chief Regulatory Officer, effective immediately. Zhang will also join Fortitude Re’s Executive Committee and report to Chief Executive Officer Alon Neches. His remit in the role will be leading the company’s corporate risk management ... Read the full article
Fidelis sees H1 GWP grow 27% to $2.2bn as combined ratios drops to 80.6%
23rd August 2023
In its 2023 H1 results, Fidelis Insurance Group reported gross premiums written of $2.2 billion, marking a growth of 27% from H1 last year, while the combined ratio also improved to 80.6%. For Q2 alone, Fidelis said that gross premiums written grew 25.3% to $957.2 million, while the combined ratio was ... Read the full article
Hamilton Select appoints Daniel Tague as SVP for Excess Casualty
23rd August 2023
Hamilton Insurance Group, Ltd. has announced the appointment of Daniel Tague as Senior Vice President (SVP), Excess Casualty at Hamilton Select. The role is based out of Hamilton’s US headquarters in Richmond, Virginia. In the role, Tague will report to Diane Wisner, SVP, Casualty Lines who oversees all of the Hamilton Select ... Read the full article
QBE North America launches medical stop loss group captive program Agora
23rd August 2023
QBE North America has launched Agora, a group captive program with a focus on medical stop loss insurance targeting organisations with at least 50 employees that are focused on transparency and control of rising healthcare costs. Compared to other group captive programs in the marketplace, the “unique” structure of Agora provides ... Read the full article
DLA hires Paul Higgins as Head of its Insurance Practice
23rd August 2023
DLA LLC, an internal auditing and accounting advisory service has appointed Paul Higgins as Head of its Insurance Practice. At the same time, DLA has also announced that Higgins has been named Partner, and that he will lead their Chicago office. With an impressive career that spans over 27 years, Higgins brings ... Read the full article
Connie Germano joins DUAL North America as CCO
23rd August 2023
Former Everest underwriting executive Connie Germano has joined MGA platform DUAL North America as Chief Casualty Officer (CCO). DUAL is an underwriting business founded in 1998. The company is one of the largest international MGA’s with over $3.2 billion of GWP. Germano brings to her new role 25 years of international insurance ... Read the full article
Munich Re ranked largest reinsurer for third year running by AM Best
22nd August 2023
After taking the top spot from Swiss Re in 2020, the latest data from ratings agency AM Best confirms that German reinsurer Munich Re remains the world's largest reinsurance company when ranked by gross life and non-life premiums written in 2022. With reinsurance gross premiums written (GPW) of ... Read the full article
Archipelago founder Hemant Shah becomes Executive Chairman, Alex Lyashok hired as CEO
22nd August 2023
Hemant Shah, the founder & former CEO of Archipelago, an AI-powered risk data platform, has been named Executive Chairman of the company. At the same time, the firm has also appointed Alex Lyashok as its new CEO, to lead the firm through its next stage of growth and market adoption. In addition ... Read the full article
Gallagher appoints Jamie Gee as Associate Director, Financial Lines, Middle East & Africa
22nd August 2023
Global insurance broker Gallagher has announced the appointment of Jamie Gee as Associate Director within its financial lines practice in the Middle East and Africa business. Daniel Miller, Divisional Director of Gallagher, commented on the hire, “Jamie brings fantastic technical knowledge and strengthens our existing capability and proposition. His experience in ... Read the full article
Ryan Specialty Underwriting Managers names Kathy Guerville as CUO
22nd August 2023
Ryan Specialty has announced the appointment of Kathy Guerville as Chief Underwriting Officer (CUO) for its underwriting management specialty, Ryan Specialty Underwriting Managers, effective immediately. With a solid background spanning 15 years in insurance actuarial experience, Kathy brings a wealth of knowledge to her new role. Her journey at Ryan Specialty began ... Read the full article
Aspen’s reinsurance arm sees 16% drop in H1’23 premiums, underwriting income improves
22nd August 2023
Bermuda-based insurer and reinsurer, Aspen Insurance Holdings, has reported a 16% decrease in gross written premiums for its reinsurance segment for the first six months of 2023, while underwriting income rose. Gross written premiums (GWP) for H1'23 was $876 million for the reinsurance segment, compared to $1.05 billion in 2022, primarily ... Read the full article
Record ILS issuance in H1 and a record-breaking year expected: Swiss Re
22nd August 2023
The insurance-linked securities (ILS) market delivered another very strong performance in the first half of 2023 with new issuance breaking records in the period, Swiss Re has revealed, who has also predicted a record-breaking full-year in both the size and number of newly issued bonds. According to Swiss Re’s latest ... Read the full article
Xceedance names Praveen Pachaury SVP of Technology and Digital
22nd August 2023
Global technology and digital solutions provider, Xceedance, has announced the appointment of Praveen Pachaury as the company's new Senior Vice President of Technology and Digital. In his new role, Pachaury will be responsible for leading the worldwide technology and digital practice, driving innovation in the insurtech sector, and enhancing digital returns ... Read the full article
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