Reinsurance News
Court orders freezing of Vesttoo’s assets after Aon’s White Rock sought injunction
11th August 2023
Court documents show that global re/insurance broker Aon has secured a temporary restraining order to freeze the assets of under fire Vesttoo in the U.S. as the company pursues the insurtech via its segregated accounts and transformer structure, White Rock Insurance (SAC) Ltd. Aon's White Rock subsidiary offers reinsurance solutions via ... Read the full article
Devastating Hawaii wildfires estimated to have destroyed 1,700+ buildings
11th August 2023
The wildfire outbreaks in Hawaii have reportedly destroyed 1,700+ buildings thus far, indicating a potential extensive loss for the re/insurance industry, while the death toll has risen to 55, with as many as 1,000 people missing. According to CoreLogic's hazard blog from August 10, the greatest concentration of damage is in ... Read the full article
83% of US businesses actively looking to seek additional insurance policies: Arthur J. Gallagher
11th August 2023
83% of business owners have expressed worries about specific events or losses that have the potential to affect their business, with another 83% stating that they are either actively looking, or very likely to seek additional insurance policies to provide greater protection. Global brokerage, Arthur J. Gallagher & Co., recently commissioned ... Read the full article
AI becomes one of the top five emerging risks in Q2 2023: Gartner
11th August 2023
Generative artificial intelligence (AI), such as OpenAI’s ChatGPT and Google Bard, has become a top concern for enterprise risk executives in the second quarter of 2023, according to a recent report by Gartner, Inc. In May 2023, Gartner surveyed 249 senior enterprise risk executives to provide leaders with a benchmarked view ... Read the full article
Mutual Re to expand ownership group as RenRe withdraws relationship
11th August 2023
Mutual Re, a reinsurance firm based near Chicago has announced that it is currently considering adding a risk-assuming investor to its ownership group, following RenaissanceRe, one of the firm's five owners recently deciding to tender its notice to withdraw from the relationship effective January 1, 2025. In a statement released by ... Read the full article
LivWell Asia appoints former Regional CEO of Prudential Growth Markets as Chair
11th August 2023
LivWell Asia, a digital Health and Protection-focused Insuretech operating in Vietnam and India, has hired Wilf Blackburn as its new Chair. Blackburn has a record of driving growth and profitability in emerging markets, including Asia, where LivWell is building its presence in the health and protection segment to address the needs ... Read the full article
M&A activity in global insurance industry sees sharp drop in H1’23: Clyde & Co
11th August 2023
The global insurance industry has experienced a significant decline in mergers and acquisitions (M&A) during the first half of 2023, according to Clyde & Co's Insurance Growth Report mid-year update. Completed deals totaled 171 worldwide, marking a substantial decrease from 207 in the second half of 2022 and 242 during the ... Read the full article
Chubb announces senior appointments for Asia, Australia and NZ
11th August 2023
Property and casualty insurance giant Chubb has announced the appointments of dedicated and separate leadership to run its businesses in Asia and Australia & New Zealand, respectively. Chris Gough has been appointed as the Head of P&C for Asia. In his new role, he will report directly to Paul McNamee, Regional ... Read the full article
Supply demand equation in reinsurance will not fundamentally change, says Hannover Re CEO
10th August 2023
Jean-Jacques Henchoz, the Chief Executive Officer (CEO) of Hannover Re, said on the company’s earnings call yesterday that there's no signs of a significant influx of capital entering the reinsurance market, with the current supply demand dynamics expected to persist. "Generally, I think the momentum in the market has continued this ... Read the full article
Brookfield Reinsurance sees $360m net income in Q2 2023
10th August 2023
Brookfield Reinsurance has announced its financial results for the second quarter of 2023 with a net income of $360 million, which compares to the $25 million reported in the same period last year. According to the firm, this figure was the result of unrealized mark-to-market gains on its investments and insurance ... Read the full article
Hippo hires Peter Piotrowski as Chief Claims Officer
10th August 2023
Home insurance group Hippo has hired Peter Piotrowski as Chief Claims Officer (CCO), where he will lead claims for Hippo Insurance Services. In the role, Piotrowski will oversee the company's claims services to provide Hippo's customers with a technology-enabled, industry-leading claims experience. At the same time, he will also serve as a ... Read the full article
“Difficult to fathom” Vesttoo-linked LOC fraud evaded multiple levels of due diligence: ALIRT
10th August 2023
In a white paper for its clients, ALIRT Insurance Research has said this it's difficult to understand how the alleged fraudulent LOC issue surrounding insurtech Vesttoo was missed by different participants in the chain. As it closely follows the fall-out from the Vesttoo-linked fraudulent LOCs issued by the Chinese Construction Bank ... Read the full article
Allianz reports strong growth in P&C segment for Q2 2023
10th August 2023
Global insurance giant Allianz has reported double-digit growth in its property and casualty (P&C) insurance business segment for the second quarter of 2023, with total business volume hitting €17.6 billion. Within P&C, business volume was up 8%, and when adjusted for foreign currency translation and consolidation effects, internal growth was robust ... Read the full article
Howden brings together PI, Crime & Cyber Liability into one policy
10th August 2023
Howden, the global insurance group has launched a "blended insurance product" that brings together Professional Indemnity, Crime and Cyber Liability into one policy and under one limit. According to the firm, the product brings a different approach to insurance for financial institutions, offering potential cost savings and improved efficiencies. The product has ... Read the full article
Lloyd’s leads re/insurers tightening Taiwan cover as conflict risks increase
10th August 2023
According to a recent Reuters report, Lloyd's of London underwriters are leading insurers in increasing rates and cutting coverage for risks involving Taiwan as "concerns grow over possible military action by China." "Availability of cover for Taiwan has got tighter," Crispin Hodges, head of trade and political risk with insurer Canopius, ... Read the full article
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