Reinsurance News
Alternative financing, ESG scrutiny to increase in M&A: Report
15th August 2023
Alternative financing is expected to increase over the next 12 months, according to Aon’s and data provider Mergermarket’s M&A Risk in Review latest edition. The survey revealed that 50 senior executives from corporate development teams, private equity firms and investment banks, dealmakers remain upbeat about the health of the M&A arena. Nearly ... Read the full article
Stephen Lewin joins Yard Insurance as Head of Reinsurance
15th August 2023
Stephen Lewin has joined Yard Insurance from Société Centrale de Réassurance as Head Of Reinsurance. Yard Insurance is a firm that assists clients with their corporate insurance needs, through alternative risk transfer/risk financing models, as well as, providing facilities for underwriting management agencies and affinity groups. Based in South Africa, Lewin joins ... Read the full article
Liberty GTS names Harry Ballan as head of Americas tax liability practice
15th August 2023
Liberty Global Transaction Solutions (GTS), a division of Liberty Mutual Insurance, appointed Harry Ballan as the Head of Tax for the Americas. In this new role, Ballan will spearhead the development of innovative insurance solutions aimed at mitigating tax-related risks for businesses operating in the Americas. Prior to joining Liberty GTS, Ballan ... Read the full article
Rates will fluctuate, but tightening of T&Cs will be more resilient: TransRe CEO
14th August 2023
Ken Brandt, Chairman, President, and Chief Executive Officer (CEO) of TransRe is feeling positive about current reinsurance market dynamics as it’s about more than just better rates in the property catastrophe space. In a sit-down interview with CapSpecialty, as part of the firm’s 25 Minutes with Cap series of video interviews, ... Read the full article
Novidea hires industry veteran, Duncan Baker as Reinsurance Product Manager
14th August 2023
Duncan Baker has joined global insurtech Novidea as Reinsurance Product Manager. He joins the firm after spending a six year period working as a contract business analyst, architect and change consultant specialising within the insurance sector. Throughout his career across the industry, Baker has worked for a number of major firms. Between January ... Read the full article
Re/insurance broker Aon’s White Rock seeks freezing of Vesttoo assets in Israel: Report
14th August 2023
Israeli publication Calcalist’s CTech has reported that insurance and reinsurance broker Aon's White Rock (SAC) Ltd. has requested that the Tel Aviv District Court temporarily freeze the insurtech's assets in Israel. Last week, White Rock secured a temporary restraining order from a New York court to freeze the assets of under ... Read the full article
Cytora and Reask partner to enhance insurer’s nat cat risk management
14th August 2023
In a move to revolutionise the insurance industry's approach to natural catastrophe risk assessment, Cytora, a pioneering digital risk processing platform, has joined forces with Reask, a leading provider of advanced natural catastrophe risk analytics. This strategic partnership aims to seamlessly integrate Reask's cutting-edge natural catastrophe risk analytics APIs into the ... Read the full article
Munich Re names Stefan Riedel CUO, Property & Specialty
14th August 2023
Global reinsurance giant, Munich Re's Stefan Riedel has been named Chief Underwriting Officer, Property & Specialty. An experienced veteran across the industry, Riedel has worked for Munich Re for nearly 15 years. In his most recent role at the firm, he served as CUO, Energy, Munich Re Facultative & Corporate. Prior to that ... Read the full article
IRDAI appoints Liberty General Insurance as lead non-life insurer for Delhi
14th August 2023
Liberty General Insurance (LGI), one of the leading non-life insurance companies in India, has been appointed as the lead insurer for Delhi by the Insurance Regulatory and Development Authority of India (IRDAI). The appointment comes as a part of IRDAI’s State Insurance Plan, which aims to enhance financial awareness and drive ... Read the full article
Saudi Re Q2’23 net profit surges, cites improved reinsurance performance
14th August 2023
Saudi Re has reported a net profit before zakat (a religious obligation for all Muslims who meet the necessary criteria of wealth) of SAR 66.02 million for Q2 of 2023, a 1133% increase from the same quarter last year. Gross Written Premiums decreased 54.49% from Q2 2022 to SAR 146.3 million ... Read the full article
Claims for China floods reach 260,600 as loss estimate hits $1.37bn
14th August 2023
China's insurance institutions have so far received 260,600 claims in the 16 regions affected by floods and geological disasters triggered by recent extreme rainfall, with the estimated losses set out in the claims totalling 9.78 billion yuan ($1.37 billion), according to the National Financial Regulatory Administration. In July, China was hit ... Read the full article
Talanx reports record net income of €827m in H1
14th August 2023
Talanx Group, the parent company of Hannover Re, has reported that group net income increased 21% to €827 million in the first half of 2023, marking the best H1 result in the firm's history. Based on this number, Talanx affirmed that it is confident it will exceed the full-year group net ... Read the full article
Broker Aon’s White Rock vehicle demands $136.7m collateral return from Vesttoo
14th August 2023
Re/insurance broker Aon's White Rock Insurance (SAC) Ltd. is demanding that insurtech Vesttoo return $136.7 million in collateral that the segregated accounts and transformer structure distributed to the company. Last week, it was revealed that Aon, via its White Rock vehicle, has secured a temporary restraining order to freeze Vesttoo’s funds amid ... Read the full article
Insured loss from Lahaina wildfire expected to be second largest ever in Hawaii: KCC
14th August 2023
A Maui County update reveals that 2,207 structures have been damaged or destroyed by the fires, with an estimated reconstruction cost of $5.52 billion, while catastrophe risk modeller Karen Clark & Company (KCC) has said that the total insured loss will be "second only to Hurricane Iniki based on today's ... Read the full article
Australian home insurance premiums jump 28% YoY
14th August 2023
According to new research released by the Actuaries Institute, Australian home insurance premiums have jumped by 28% in the past year, the largest increase in two decades, driven by inflation, natural disasters, reinsurance costs, and climate change. The research by the Actuaries Institute found that the median home insurance premiums rose ... Read the full article
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