Reinsurance News
Fortitude Re to optimise insurance policy servicing operations with IBM partnership
24th August 2023
Fortitude Re and IBM have entered into a $450 million agreement to collaborate on growth opportunities and transform the reinsurer’s life insurance policy servicing operations with the implementation of AI technology and other automation tools. According to the announcement, both firms have entered into a 10-year collaboration for administration of over ... Read the full article
Swiss Re partners with Income Insurance to launch Singapore’s first cancer insurance product
24th August 2023
Global reinsurance giant Swiss Re has partnered with composite insurer, Income Insurance Limited (Income Insurance), on a first-in-market cancer insurance product that offers a guaranteed post-cancer term option, as well as support throughout the journey from diagnosis to recovery. Complete Cancer Care - the new product - provides continuous care in ... Read the full article
Aspen names Andrew Dyer Chief Risk Officer, Aspen UK
24th August 2023
Aspen Insurance Holdings Limited has appointed Andrew Dyer as Chief Risk Officer, Aspen UK, based in London. Collectively, Dyer has two decades of experience in risk management, governance, and oversight for insurance. He joins Aspen from the Prudential Regulation Authority (PRA), where he was most recently Head of Division, London Markets, ... Read the full article
Canada wildfire insured losses in Q3 could reach $1.5bn: DBRS Morningstar
24th August 2023
DBRS Morningstar estimates that the Canadian wildfire-related insured losses in Q3 will amount to between $700 million and $1.5 billion, but remain manageable for insurers, constituting an earnings event. DBRS said that wildfires have been particularly widespread this year, affecting most Canadian provinces and burning through 14 million hectares of land, ... Read the full article
Aviation specialist Simon Harker joins Inigo Limited
24th August 2023
Inigo Limited has announced the appointment of Simon Harker who will work alongside Ed Whitworth who assumes responsibility for Aviation underwriting. Harkerjoins Inigo from insurance broker Marsh, where he most recently served as Global Chairman and CEO of Marsh Aviation. Matthew Rolph, Head of Distribution at Inigo said: "We are very proud ... Read the full article
US Niche Insurers’ business profiles drive ratings: Fitch
24th August 2023
According to a recent Fitch Ratings peer review, the ratings of the Midsize Niche North American Life Insurers peer group are driven by their differentiated business profiles. In the case of Reinsurance Group of America’s (RGA), Fitch sees its differentiated business profile favourably, thanks to its entrenched market position and long ... Read the full article
Western National appoints Dean Hildebrandt to Board of Directors
24th August 2023
Property and Casualty insurer, Western National Mutual Insurance Company, has announced the election of Dean Hildebrandt, President & CEO of Assurex Global, to its Board of Directors. The appointment was confirmed after the company’s annual policyholder meeting, with Hildebrandt assuming the role of Director with immediate effect. Hildebrandt is an industry veteran ... Read the full article
Pie Insurance strengthens leadership team with industry experts
24th August 2023
In a strategic move to bolster its leadership team, Pie Insurance, a prominent tech-enabled provider of workers' compensation insurance to small businesses, has announced the appointment of four industry experts to its leadership team. Carla Woodard, who has accrued over 25 years of claims management experience, has been promoted to the ... Read the full article
Europe’s big four reinsurers saw improved average P&C combined ratio in H1’23: Fitch
23rd August 2023
Europe's big four reinsurers reported an average property and casualty (P&C) combined ratio of 89.2% in the first half of 2023, a 4.1 percentage point improvement on the prior year as the catastrophe load eased, reports Fitch Ratings. The ratings agency highlights that underwriting margins in P&C improved for three of ... Read the full article
Local insurers likely to bear brunt of Maui wildfire damages: AM Best
23rd August 2023
Large carriers with geographic spread across the US will likely have the capital and reinsurance coverage to absorb losses caused by the Maui wildfires, though there is a greater concern for the smaller, more concentrated carriers that underwrite more of their policies in Hawaii, suggests a new report from AM ... Read the full article
Ledger completes $250m casualty ILS transaction
23rd August 2023
Ledger Investing, a tech-enabled financial services company, has completed a secondary $250 million casualty insurance-linked securities (ILS) transaction to three institutional investors. According to the announcement, the secondary transaction nearly represents a diversified portfolio across four lines of business. This includes: Workers' Compensation (WC), General Liability (GL), Private Passenger Auto (PPA), ... Read the full article
Sompo Intl. names Walker Regional Head of Distribution, Insurance, APAC
23rd August 2023
Sompo International, a global provider of commercial and consumer P&C re/insurance, has appointed Alasdair Walker as Regional Head of Distribution, Insurance, Asia Pacific. Walker joins Sompo International from Allianz, where he held positions in London, Johannesburg and most recently Singapore as Regional Head of Distribution, managing a team across seven locations. In ... Read the full article
Neptune’s growth in re/insurer relationships provides $100m+ additional premium capacity
23rd August 2023
Neptune Flood, a private flood insurance company, has announced successful growth in insurance carrier and reinsurer relationships, having reviewed and expanded programs with AXA XL, MS Transverse, and Lloyds. The 2023-24 renewals have expanded Neptune's network to 23 insurance carriers and reinsurers, backing six unique programs with AXA XL, MS Transverse, ... Read the full article
Skuld announces several leadership changes
23rd August 2023
Marine insurer Skuld has announced several important changes to its leadership team driven by growth and the expectation of continued future expansion. According to Ståle Hansen, Skuld president and CEO, the company is in an excellent position to accelerate on further growth and believes that these management changes are essential ... Read the full article
Risk Strategies increases unitranche to $4.45bn with Golub Capital $700m loan
23rd August 2023
Risk Strategies increases unitranche facility to $4.45 billion with long-time lending partner Golub Capital leading a $700 million delayed draw term loan, its 13th transaction with the brokerage firm. “Golub Capital helped the borrower achieve an optimal result by agreeing to hold a meaningful portion of the incremental loan, adding to ... Read the full article
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