Reinsurance News
Insured losses from Maui wildfire to fall between $2.5bn and $4.5bn: Bloomberg Intelligence
16th August 2023
The property and casualty insurance equity analyst team at Bloomberg Intelligence has estimated that the insurance industry loss from the Maui wildfires will fall between $2.5 billion and $4.5 billion. This estimate gives an insured loss mid-point of $3.5 billion, which is higher than the $3.2 billion insured property loss ... Read the full article
Top 10 brokers now live on PPL Next Gen risk placement platform
16th August 2023
Placing Platform Limited has announced that the top ten brokers are now all live on its Next Gen risk placement platform, the new version of the London insurance market’s electronic trading platform, as the market "heads towards full transition by October 1st." As per PPL, the three largest global brokers - ... Read the full article
Zurich Resilience Solutions expands Sustainability Services team
16th August 2023
Zurich Resilience Solutions (ZRS), a global provider of Risk Engineering, mitigation and resilience-building services, has expanded its Sustainability Services team in the US, adding Jessica Balsam as Head of Climate Solutions, and Elise White as Director of Workforce Resilience Services. Balsam most recently worked with Ernst & Young Climate Change and ... Read the full article
Insurity & WCL partner to expand Sure Underwriting platform to the London Market
16th August 2023
Insurity, a provider of cloud-based software for insurance carriers, brokers, and MGAs, has partnered with Web Connectivity Limited (WCL), a Zywave company and provider of ACORD standards-based solutions for the commercial insurance industry. This new partnership will allow carriers, brokers, and syndicates to leverage Insurity's Sure Underwriting platform, while at the ... Read the full article
Hong Kong IA accepts decision to reinstate CEO
16th August 2023
The Government of Hong Kong Special Administration announced on August 14th the reappointment of Clement Cheung Wan-ching as the Chief Executive Officer (CEO) of the Insurance Authority (IA), accepting the decision made by the Government. The reappointment is for a term of three years, from August 15th, 2023, to August 14th, ... Read the full article
Vesttoo says fraud investigation is advanced & confirms removal of restraining orders
16th August 2023
Israeli insurtech Vesttoo has confirmed that both the federal court in New York and the courts in Israel have removed temporary restraining orders freezing its assets. The company has also stated that the investigation into fraudulent letters of credit (LOCs) is advanced, and that it hopes to be able to ... Read the full article
Pacific Life Re names Vasan Errakiah General Manager, Asia markets
16th August 2023
Pacific Life Re, a global provider across the life and health reinsurance industry, has appointed Vasan Errakiah to the newly created role of general manager, Asia markets. The company has confirmed that in his new role, Errakiah will have responsibility for Pacific Life Re’s market activities throughout Asia, with each of ... Read the full article
W. R. Berkley appoints Lee Iannarone as SVP and General Counsel
16th August 2023
Property & casualty insurance holding company, W. R. Berkley Corporation, has announced the appointment of Lee Iannarone as Senior Vice President (SVP) and General Counsel, effective immediately. Iannarone succeeds and will report to Philip Welt, who will continue to serve as Executive Vice President (EVP) and Secretary. In the role, Iannarone's remit will ... Read the full article
Aviva sees operating profits rise 8% in H1’23
16th August 2023
In its interim results for 2023, Aviva reported that its operating profit rose by 8% to £715 million in the first half of the year. The firm marked the increase from the same point in 2022 when operating profits stood at £661 million. Aviva reported that General Insurance gross written premiums (GWP) ... Read the full article
L&G reports £942m operating profit in H1 2023
16th August 2023
Legal & General (L&G) has announced a “resilient financial performance” in the first half of 2023, with operating profit and after-tax profit hitting £941 million and £316 million respectively. These figures compare to H1 2022 operating profit and after-tax profit of £958 million and £575 million respectively. “We remain on track to ... Read the full article
The Fortegra Group appoints new CFO and EVP of Intl. Business Development
16th August 2023
Global specialty insurer and a subsidiary of Tiptree Inc., The Fortegra Group, Inc., has announced the appointment of Edward Peña as Chief Financial Officer (CFO) effective starting August 28th, 2023. Mike Grasher, Fortegra's current CFO, will transition to the role of Executive Vice President of International Business Development. Rick Kahlbaugh, Chief Executive ... Read the full article
IGI sees net income increase 84.1% to $40.5m in Q2
16th August 2023
International General Insurance Holdings Ltd. (IGI) has reported that net income in Q2 increased 84.1% to $40.5 million, with a combined ratio of 73.5%, as the firm continued to benefit from sustained hard market conditions in many of its reinsurance and short-tail lines, and a "more favourable investment environment." IGI explained ... Read the full article
Vesttoo’s bankruptcy filing stops legal action pursued by Aon’s White Rock
16th August 2023
Insurtech Vesttoo's move to commence Chapter 11 bankruptcy protection in the U.S. has, for now, stopped the legal action against it from Aon's White Rock Insurance (SAC) Ltd. from proceeding, while the temporary restraining order to freeze its assets has been vacated. In court yesterday, counsel for White Rock, which is ... Read the full article
Insured property losses from Lahaina Fire estimated at $3.2bn: KCC
16th August 2023
Catastrophe risk modeller Karen Clark & Company (KCC) has estimated that the insured property losses from the Lahaina Fire will be around $3.2 billion, with more than 2,200 structures damaged or destroyed. KCC estimates that in total more than 3,000 structures were impacted by the fire, with approximately 2,170 acres burned, making ... Read the full article
Despite improvements, affordability concerns accompany FEMA’s rate-setting methodology: GAO
16th August 2023
The Federal Emergency Management Agency’s (FEMA) new rate-setting methodology improves actuarial soundness, but at the same time, it highlights the need for broader program reform, the US Government Accountability Office (GAO) highlighted in a recent report. FEMA's National Flood Insurance Program (NFIP) is charged with keeping flood insurance affordable and staying ... Read the full article
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