Reinsurance News
Munich Re to reinsure battery manufacturer Hithium
26th October 2023
Global reinsurance giant Munich Re has agreed to provide warranty reinsurance for battery manufacturer, Hithium, energy storage systems (ESS). The reinsurer will cover both product and performance warranties. The agreement will thus reduce ESS project owners’ risk as well as Hithium’s, providing system owners with coverage even in case of a ... Read the full article
Appian & Swiss Re partner to launch new workbench for life insurance
26th October 2023
Appian, a software company that automates business processes, has announced the launch of the Connected Underwriting Life Workbench. The new workbench enables holistic underwriting automation and workload management to improve operational efficiency and underwriter experience as they would now have access to a single interface to evaluate and classify risk, handle ... Read the full article
Berkshire (BHSI) appoints Sami Jaghbir as Underwriting Manager, Queensland
26th October 2023
Berkshire Hathaway Specialty Insurance (BHSI) has appointed Sami Jaghbir as Underwriting Manager of Queensland, effective immediately. In his new role, Jaghbir will be based out of Brisbane. Mark Lingafelter, President of Australasia, BHSI, commented on the appointment: "Sami joined BHSI in 2015 to help establish our Brisbane office. "He was pivotal in building ... Read the full article
Goosehead Insurance sees total revenues grow 23% to $71m in Q3
26th October 2023
In its Q3 results, Goosehead Insurance reported that total revenues were $71 million, an increase of 23% compared to the corresponding period in 2022, while net income hit $11.3 million versus $3 million a year ago. According to Goosehead, the improvement in net income was driven by strong revenue growth and ... Read the full article
R&Q signs $80m LPT reinsurance agreement with UK motor insurer
26th October 2023
Non-life specialty insurer R&Q Insurance Holdings has signed a Loss Portfolio Transfer (LPT) reinsurance agreement with a UK motor insurer covering net reserves of around $80 million. According to R&Q, the transaction is subject to regulatory approvals and other conditions of closing. Huw Battrick, Co-Head of Legacy M&A at R&Q, commented, “We ... Read the full article
Everest returns to underwriting profit in Q3 2023 on improved pricing & lower cat losses
26th October 2023
Global insurer and reinsurer Everest Group has reported a combined ratio of 91.4% for the third quarter of 2023 and pre-tax underwriting income of $301 million on the back of improved pricing and a reduction in catastrophe losses. The Q3 2023 combined ratio strengthened by 20.5 percentage points from the 112% ... Read the full article
DGTAL launches new AI data capturing & process automation tool
26th October 2023
DGTAL, a Software-as-a-Service (SaaS) platform providing artificial intelligence (AI) powered audit and tools for insurance portfolios, has launched a new Intelligent Document Processing tool, GRABBER. The new tool excels at understanding, extracting and validating data from sources such as invoices, bank statements, utility bills, quotes, order forms etc, DGTAL stated. This eliminates ... Read the full article
Lockton Re appoints Mark Wilkinson as International Head of Analytics
26th October 2023
Lockton’s reinsurance business, Lockton Re, has appointed Mark Wilkinson as the International Head of Analytics, based in London. Wilkinson has over 25 years of insurance and reinsurance expertise. He most recently served as the Head of UK Actuarial at re/insurance broker Aon. Prior to that, Wilkinson was Head of Actuarial at Aon Global ... Read the full article
Businesses lacking protection & recovery plans against cyber attacks: The Hanover
26th October 2023
Data from a recent cyber resiliency report from The Hanover highlights that 74% of small and mid-sized business decision-makers (defined as C-level executives at businesses with 3-249 employees) are confident in their ability to prevent cyberattacks effectively. Quite an alarming concern however, is that most businesses are said to not have ... Read the full article
Pro Global appoints two new Senior Claims Technicians
26th October 2023
Pro Global has appointed Lutty Choudhury and Tanya Cross as Senior Claims Technicians within its specialist Claims team. According to Pro, in their new roles, Choudhury and Cross will be responsible for managing high-value and technically complex asbestos disease and other respiratory claims. They will also act as referral points, providing technical ... Read the full article
Chubb isn’t running from reinsurance, would lean into property cat if liked the returns: CEO
25th October 2023
Evan Greenberg, Chief Executive Officer (CEO) of global insurer Chubb, has emphasised that the carrier is not shying away from the reinsurance business, but that it makes more sense for the company to grow its insurance property catastrophe-related exposure than on the reinsurance side. Chubb recently held its third quarter 2023 ... Read the full article
Boost Insurance launches risk transfer platform Boost Re
25th October 2023
Boost Insurance has unveiled Boost Re, a risk transfer platform, further enhancing its comprehensive insurance-as-a-service stack. This development promises substantial advantages for both Boost's clientele and reinsurance partners. For Managing General Agents (MGAs), insurtech firms, and embedded insurance providers, Boost Re introduces a turnkey captive-as-a-service solution, presenting a highly cost-effective avenue for ... Read the full article
Evolving risk landscape increasing demand for reinsurance in Europe: Swiss Re’s Steinmann
25th October 2023
Speaking with Reinsurance News amid the Baden-Baden 2023 conference, Swiss Re's Thorsten Steinmann suggested the main focus of discussions with clients ahead of the Jan renewals will be around the evolving risk landscape, which he said has driven more demand for reinsurance in Europe, alongside the cost of capital. When asked ... Read the full article
US P&C carried reserves at year-end 2022 redundant by $4.7bn of reported surplus: AM Best
25th October 2023
According to global ratings agency AM Best, the US property & casualty (P&C) segment reported its 17th consecutive year of favorable reserve development based on 2022 calendar year results, however, the $3.6 billion in favorable reserve development reported for last year was nearly one-third of the level reported in 2021. The agency ... Read the full article
QBE Canada selects Novidea’s insurance platform to drive growth
25th October 2023
QBE Canada has selected Novidea’s born-in-the-cloud insurance management platform to expand and grow its business across multiple product lines. QBE Canada, part of the QBE Group is based in Toronto and Vancouver. Canada is a significantly important market for growth for QBE. By adapting the Novidea platform, this will enable the company to scale ... Read the full article
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