Reinsurance News
Escalating challenges drive surge in new RIEs in Gulf Coast market: ALIRT
18th August 2023
In response to the escalating challenges posed by affordability and availability in the Gulf Coast property insurance market, the Reciprocal Insurance Exchanges (RIEs) sector has witnessed a notable surge in new formations, according to a recent report by ALIRT Insurance Research. This trend comes as insurers grapple with the consequences of ... Read the full article
Aspen selects DWF as partner on global claims management outsourcing contract
18th August 2023
DWF, a global provider of integrated legal and business services, has agreed a global claims management outsourcing contract with Bermuda-based insurer and reinsurer, Aspen. The agreement between the two companies will see them both create a strategic partnership focused on portfolio management via an end-to-end claim and litigation servicing model that ... Read the full article
UK life sector profitability set to be impacted by new consumer rules: Fitch
18th August 2023
New rules that are requiring for UK financial services companies to show that their prices represent fair value to customers negatively affect life sector profitability. Fitch Ratings says that it expects the rules introduced as part of the Financial Conduct Authority’s (FCA) consumer duty package, to lead some insurers to reduce ... Read the full article
Top 20 global reinsurers can “ride out” unrealized losses: S&P
18th August 2023
S&P Global Ratings has said it does not view current unrealized losses on the majority of fixed-income securities for the top 20 global reinsurers as a material risk because of the reinsurers' approach to cash flow management. According to S&P, this, along with robust liquidity, limits the risk that reinsurers will ... Read the full article
Capital still very guarded about entering property cat space: Inver Re’s Bonard
18th August 2023
Although small capital raises are happening in the reinsurance market, providers remain guarded about putting funds to work in the property catastrophe space, suggesting there’s more pain to come, according to Chris Bonard, CEO of Ardonagh’s Bermuda business operations including Inver Re. “The situation is getting worse, and could have a ... Read the full article
Dynamic shifts reshape global insurance landscape in Q2’23: Aon
18th August 2023
In the second quarter of 2023, the global insurance market experienced a series of dynamic shifts that shaped pricing, capacity, underwriting practices, limits, deductibles, and coverages, according to the Aon Q2 2023 Global Market Insights report. The report indicates a prevailing upward pressure on pricing across most sectors of the insurance ... Read the full article
Chubb survey reveals rapid growth in embedded insurance adoption
18th August 2023
A recent survey conducted by Chubb, the world's largest publicly traded property and casualty insurance company, has unveiled a significant shift in the global insurance landscape. The survey, titled "Banks and the Digital Wallet Race - The Embedded Insurance Strategy," involved 2,000 consumers and 200 finance leaders and was carried out ... Read the full article
“Average” nat cat losses in Q3 are likely to keep rates high: Berenberg
18th August 2023
While a super-clean wind season is more likely than not to put pressure on rates in 2024 renewals, a hurricane making landfall will likely have profound implications for the industry, according to Berenberg analysts. “However, and despite the stochastic element of the hurricane risk meaning outcomes could be binary, an “average” ... Read the full article
Mahir Çipil named COO of VHV Reasürans
18th August 2023
VHV Group, Germany’s leading insurance group, has appointed Mahir Çipil, an experienced veteran across the industry, to the position of Deputy General Manager (COO) of VHV Reasürans, VHV Groups Turkish reinsurance subsidiary. In his new role, Çipil will lead the marketing, technology, operations and legal processes of the ... Read the full article
InShare and Nexus Mutual partner to enhance coverage for UK independent retail businesses
18th August 2023
InShare, a distinguished player in alternative risk transfer and mutuals, has embarked on a "groundbreaking" collaboration with Nexus Mutual, a pioneering alternative risk capital capacity provider. The strategic partnership aims to amplify coverage capacity and extend protection to over 5,000 small independent business proprietors throughout the United Kingdom. A notable milestone in ... Read the full article
Private flood insurers grasp opportunities to grow market share across the US: Triple-I
18th August 2023
The US flood insurance market has grown 24% between 2016 and 2022, from $3.29 billion in direct premiums written to $4.09 billion, and it is against this background that private flood insurers are seizing opportunities to grow their market share, according to Triple-I This coincides with the federally backed National Flood ... Read the full article
Vesttoo saga highlights importance of managing counterparty credit risk: AM Best
18th August 2023
The Vesttoo saga, which entails allegations of fraudulent letter of credit (LOCs), "highlights the importance of carefully managing counterparty credit risk," as it has now become clear that the bank at the heart of the situation grew LOC issuance significantly in 2022, according to analysts at AM Best. Amid the ongoing ... Read the full article
BIBA and FullCircl launch new member ‘SmartBroker’ facility
18th August 2023
The British Insurance Brokers' Association (BIBA) has launched the 'SmartBroker' platform, a new member facility that provides insurance brokers with a wealth of comprehensive company information and insights for businesses in the UK and Ireland. 'SmartBroker' was launched in partnership with FullCircl, the Customer Lifecycle Intelligence (CLI) platform, and will be ... Read the full article
Partners at RPC caution increasing risk of wildfires in UK
18th August 2023
Following news of wildfires sweeping through Rhodes, Corfu and southern Europe, Partners at international law firm RPC, Lucy Dyson and Toby Savage, warn of the increasing risk of wildfire in the UK. According to Reuters, at least 21,500 people have been displaced due to the Greek wildfires, at least five were ... Read the full article
AXA XL appoints Vito Raimondi as Head of its U.S. Central Zone
18th August 2023
AXA XL, the P&C division and specialty risk division of AXA, has announced the appointment of Vito Raimondi as Head of its U.S. Central Zone, based in Chicago, and reporting to Matt O'Malley, AXA XL's U.S. Country Manager. Raimondi’s remit in the role will include being responsible for the overall performance of ... Read the full article
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