Reinsurance News
Sprout.ai raises £5.4m to transform claims processing
31st October 2023
Sprout.ai, a claims automation insurtech, has raised £5.4 million in a round led by venture capital investors Amadeus Capital Partners and Praetura Ventures. At the same time, UK investor Capricorn Capital Partners, US investor Forefront Venture Partners, Canadian investor Verstra Ventures and UK investor Portfolio Ventures Angel Fund also join Sprout.ai’s ... Read the full article
Markel expands leadership team in Australia with senior hires
31st October 2023
Markel, the insurance operation within Markel Group Inc., has expanded its leadership team in Australia with the appointments of Ahmed Farag as Head of Casualty and Kym Beazleigh as Head of Professional and Financial Risk (PFR) and Head of Sydney. Markel describes Farag as having a strong reputation in the Casualty ... Read the full article
Brit announces Christiern Dart is to step down as Group CUO
31st October 2023
Brit Ltd., a global specialty re/insurer and subsidiary of FairFax Financial Holdings Limited, has announced that Christiern Dart has decided to step down from his position as Group Chief Underwriting Officer. During a period of transition, Dart will complete a regulatory handover. Jon Sullivan, currently Deputy Group Chief Underwriting Officer & ... Read the full article
Sarah Warren returns to ASML as head of energy
31st October 2023
Argenta Syndicate Management Limited (ASML), a subsidiary of Argenta Holdings Limited, has announced the appointment of Sarah Warren as the new unit head of energy. Based in London, Warren will report directly to Heath Callan, divisional head of energy and marine, and will be responsible for overseeing both global and region-specific ... Read the full article
Pacific Life Re names Yoke Yin Lee as Head of South Korea
31st October 2023
Life and health reinsurer Pacific Life Re has appointed Yoke Yin Lee to oversee operations and growth as Head of its South Korea business. After joining Pacific Life Re in 2008, Lee was an instrumental member of the team that established the South Korea branch in 2015. Lee was promoted to Head ... Read the full article
Arch reports Q3 net income of $713m as reinsurance result soars
31st October 2023
Arch Capital Group has reported net income available to common shareholders of $713 million for Q3 of 2023, a massive increase compared to the $7 million recorded in the same quarter last year, driven by strong growth in the firm's reinsurance segment. Arch's total underwriting income in Q3 was $721 million, ... Read the full article
Fidelis Insurance appoints two new members to its Board
31st October 2023
Bermuda-domiciled re/insurer Fidelis Insurance Holdings Limited has appointed Christine Dandridge and Matthew J. Adams to its Board of Directors, effective October 25th, 2023. With these appointments, the Fidelis Board of Directors now consists of eleven directors. Helena Morrissey, Chair of the FIHL Board of Directors, commented: "The Board of Directors of FIHL ... Read the full article
Uncertainty surrounds endgame strategies for DB pension sponsors: Hymans Robertson
31st October 2023
In a recent study conducted by leading pensions and financial services consultancy, Hymans Robertson, it was revealed that nearly half (48%) of sponsors of Defined Benefit (DB) pension schemes have expressed intentions to pursue a buy-out strategy. However, of these sponsors, 45% are concerned about the potential challenges they may face, ... Read the full article
WTW partners with CSAA through it’s Radar Software Suite
31st October 2023
WTW, a global advisory, broking and solutions firm, has partnered with CSAA Insurance Group to license WTW’s Radar software. According to the broker, Radar empowers predictive modeling of the creation of pricing and underwriting scenario impacts on key performance indicators. This is done either at a simple level, or with more complex multi-period, ... Read the full article
Billions of USD in economic losses anticipated for Hurricane Otis: Aon
31st October 2023
Hurricane Otis, the strongest hurricane ever to hit Mexico, has not only left a trail of destruction but is poised to deliver a staggering blow to the local economy, with initial expectations from independent experts suggesting total economic losses will likely reach into the billions of USD, according to a ... Read the full article
PICC P&C posts 26.2% fall in net profit for 9M’23
30th October 2023
China’s PICC Property and Casualty Company (PICC P&C) reported a net profit of RMB19,386 million for the nine months ended September 30, representing a year-on-year decrease of 26.2%. The decline in net profit can be attributed to three main factors: the resurgence of auto transportation, the adverse effects of severe typhoons ... Read the full article
AXA XL Ecosystem extends access to clients across multiple insurance lines
30th October 2023
Global re/insurer AXA XL has extended Ecosystem access to clients across its Property & Casualty and Specialty insurance lines in North America to help them uncover new technology and innovative risk solutions. The AXA XL Ecosystem is a suite of business solutions that leverages partnerships and services to help our clients ... Read the full article
Lockton appoints Craig Buckle as CEO of New Zealand business
30th October 2023
Insurance broker Lockton has appointed Craig Buckle as the Chief Executive Officer (CEO) of its New Zealand operations, effective January 1, 2024, Buckle will succeed Peter Lowe, who is to retire at the end of this year. This appointment is in alignment with Lockton Pacific’s succession planning in New Zealand, which highlights the ... Read the full article
QuoteWell emerges from stealth with $15M Series A funding led by NEA
30th October 2023
Insurtech startup QuoteWell unveiled its "innovative" approach to the insurance industry as it emerges from stealth mode. The company, founded in 2021, has raised over $15 million in a Series A funding round led by New Enterprise Associates, Inc. (NEA), with participation from Goldcrest and Floating Point. Joey Bouchard, CEO and Founder ... Read the full article
California FAIR Plan partners with ZestyAI to determine appropriate pricing
30th October 2023
The California FAIR Plan Association, the state’s property “insurer of last resort,” has partnered with ZestyAI, a provider of climate and property risk analytics solutions, to access its wildfire risk analytics product to properly assess wildfire risk in the state. Through this partnership, FAIR Plan - the California Fair Access to ... Read the full article
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