Reinsurance News
Arch Insurance strengthens cyber segment with senior appointments in Spain
23rd October 2023
Dublin-based Arch Insurance (EU) dac, a subsidiary of Arch Insurance International has hired Jose Carlos Jiménez Fernández and Rafael Ortiz Losada as Senior Cyber Underwriters, effective immediately. Both the appointments are based out of Madrid. The pair will be responsible for growing Arch’s European cyber insurance portfolio, writing primary and excess ... Read the full article
CCRIF makes first payouts for 2023 hurricane season totalling $3.4m
23rd October 2023
CCRIF SPC has disclosed that it made two payouts totalling $3.4 million to the governments of Antigua and Barbuda and the British Virgin Islands following Tropical Storm Philippe, which triggered the parametric insurance policies of these countries for Excess Rainfall. Philippe made landfall on Antigua and Barbuda on October 2nd and ... Read the full article
VIG Re appoints Frank Reichelt to its Supervisory Board
23rd October 2023
The reinsurance arm of Vienna Insurance Group, VIG Re, has appointed Frank Reichelt to its Supervisory Board. Reichelt is a reinsurance sector veteran who brings expertise that spans over 40 years. He currently holds several external mandates such as Board Member of the German Pharmapool, a Member of the Supervisory Board and ... Read the full article
Resilience notes uptick in data exfiltration as cybercriminals change tactics
23rd October 2023
Cyber risk solution provider Resilience has noted that cybercriminals have begun shifting their tactics to bypass security controls by hitting critical vendors and seeking larger extortion targets. In its Midyear 2023 Claims Report, the firm says that cybercriminals are returning to "big-game hunting," particularly focusing on organizations with sensitive data with ... Read the full article
Hannover Re’s E+S Rück expects P&C price increases at Jan 24 renewals
23rd October 2023
Hannover Re’s German subsidiary, E+S Rückversicherung AG, has predicted further price increases and improved conditions in the 1 January 2024 renewals in property and casualty reinsurance, according to its comments at the 2023 reinsurance gathering in Baden-Baden. Dr Michael Pickel, Chief Executive Officer of E+S Rück, commented, "We must assume that ... Read the full article
American Equity Investment Life reports FIA sales of $2.2bn in Q3 2023
23rd October 2023
American Equity Investment Life Holding Company has reported that its Q3 2023 sales totalled $2.2 billion, of which 99% of which were in fixed index annuities (FIA). The company reported that its FIA sales saw an increase of 18% from the second quarter of 2023, and rose by a high 203% ... Read the full article
INSHUR names Lisa Hric Director of US Markets
23rd October 2023
Global insurance provider INSHUR continues its US-wide expansion with the appointment of industry expert Lisa Hric as Director of US Markets. With a career spanning over two decades in the auto insurance industry spanning both legacy and insurtech insurers, Hric brings a wealth of experience to her new role. As Director of ... Read the full article
DXC says technical debt a barrier to innovation and growth
23rd October 2023
DXC Technology says 46% of global executives view technical debt, or "tech debt," as a major obstacle to innovation and growth. Technical debt refers to the hidden costs incurred when choosing a quick yet suboptimal solution over a more appropriate technology solution, which can result in long-term issues. The global survey, commissioned ... Read the full article
R&Q agrees Accredited sale to Onex at $465m enterprise value
20th October 2023
Non-life specialty insurer R&Q Insurance Holdings has just confirmed that it has entered into a conditional agreement to sell its Accredited program Management business to private equity investment manager Onex Corporation. The sale was expected as R&Q had previously stated it was in advanced talks regarding a potential sale of ... Read the full article
Hard market to persist into 2024, further rebalancing expected: RBC Capital Markets
20th October 2023
Analysts at RBC Capital Markets expect the hard reinsurance market environment to persist into 2024 as the industry's resolve to deliver adequate returns remains. According to RBC, there will be further rebalancing of the insurance value chain between primary insurers and reinsurers as both acknowledge the inequity of how losses were ... Read the full article
Businesses access to cyber insurance impacted by employee mistakes and poor security: QBE
20th October 2023
Employee mistakes and poor security are leaving businesses open to cyber-attacks; addressing these issues will allow companies to access full levels of cyber insurance, according to a recent QBE report. QBE’s survey revealed that almost a third of employees (31%) have made mistakes that could impact the cyber security of their ... Read the full article
Allianz Commercial hires AIG’s Claudia Valencia as Global Head of Portfolio Solutions
20th October 2023
Allianz Commercial has announced the appointment of Claudia Valencia as Global Head of Portfolio Solutions, joining the firm on January 8, 2024. In her new role, Valencia will be based in London, where she will report jointly to Chief Underwriting Officer Shanil Williams and Global Head of Distribution Jeremy Sharpe. Allianz Commercial ... Read the full article
AM Best maintains stable outlook on Japan’s life insurance market
20th October 2023
Global ratings agency AM Best has maintained its stable outlook on Japan’s life insurance market segment. The agency cites in part the prospects for higher premium income based on rising interest rates, as one of the key reasons behind the stable outlook. At the same time, Best also highlighted an increase in ... Read the full article
Lloyd’s syndicate HRP partners with insurtech Optalitix to transform underwriting
20th October 2023
Hampden Risk Partners (HRP), a Lloyd's syndicate primarily supported by Hampden Agencies, has successfully implemented Optalitix Quote, the underwriting workbench to transform underwriting. The workbench, created by insurtech Opalitix, a specialist data analytics solutions provider, aims to drive the profitability and strategic growth of the business. It allows underwriters to embed ... Read the full article
Toyota Tsusho Insurance Management joins Brokerslink network
20th October 2023
Brokerslink has announced that Toyota Tsusho Insurance Management Corporation (TIM) has joined its broking network as an affiliate. Brokerslink said that the addition of TIM is seen as a "major milestone", adding a household name and with it a range of insurance and broking options for its existing network partners and ... Read the full article
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