Reinsurance News
HIVE Underwriters appoints David Langran as Class Underwriter
16th August 2023
HIVE Underwriters has announced the appointment of David Langran as Class Underwriter, based in London and reporting to Chief Underwriting Officer, Bruce Carman. This announcement comes at a time when the fast-growing MGA is increasing its strength in the Aviation War classes. Langran will join HIVE on completion of his contractual obligation ... Read the full article
Vesttoo requests court deny injunction, says freezing of assets would destroy its business
15th August 2023
Israeli insurtech Vesttoo has requested that the New York court deny Aon's White Rock Insurance (SAC) Ltd.'s request for a preliminary injunction to freeze its assets, stating that this would ultimately destroy its business by "ending its ability to operate." Last week, White Rock sought an injunction freezing the assets ... Read the full article
Lockton names Greg Spore as U.S. Financial Services Markets Leader
15th August 2023
Lockton, the world's largest privately held independent insurance brokerage firm, has announced the appointment of Greg Spore as the new U.S. Financial Services Markets Leader. This strategic addition reinforces Lockton's unwavering commitment to innovation, expansion, and unparalleled client service within critical financial sectors. "The addition of Greg, who has a proven track ... Read the full article
Crum & Forster promotes David Thomas to Senior VP
15th August 2023
Crum & Forster (C&F) has promoted David Thomas, Esq. to Senior Vice President of Surety Claims. Thomas has more than two decades of experience handling claims, and managing both commercial and contract surety claims teams. He has also held various roles managing general liability, property and environmental claims. Thomas joined C&F in ... Read the full article
RSA hires Gosling as Senior Specialist Underwriter within engineering, power & renewable energy
15th August 2023
RSA Insurance, a multinational insurance firm, has hired Matthew Gosling as Senior Specialist Underwriter, Engineering, Power & Renewable Energy within its UK Specialty Lines business. An experienced specialist within construction and engineering, Gosling will be take on responsibility with managing and profitably growing RSA's engineering portfolio. In his new role he will ... Read the full article
Demex raises $5m to bring retained climate risk reinsurance solution to the market
15th August 2023
The Demex Group, a technology-enabled managing general agent (MGA), has raised $5 million from a syndicate of existing and new investors led by Blue Bear Capital, to bring its breakthrough Retained Climate Risk Reinsurance (RCR Re) solution to the market. Blue Bear Capital is a venture and growth equity firm that ... Read the full article
US International DFC backs Gabon’s $500m Blue Bond for marine conservation
15th August 2023
The U.S. International Development Finance Corporation (DFC) has announced its support for a $500 million political risk insurance initiative, bolstering Gabon's efforts to protect its precious marine ecosystems. Collaborating with The Nature Conservancy (TNC), the Government of Gabon, and Bank of America, the DFC's political risk insurance has facilitated a groundbreaking ... Read the full article
Trisura Group announces C$50m bought deal financing
15th August 2023
Specialty insurance provider, Trisura Group, has entered into an agreement with a syndicate of underwriters led by BMO Capital Markets, under which the underwriters have agreed to buy on bought deal basis 1,520,000 common shares of Trisura, at a price of $32.90 per Common Share for gross proceeds of approximately ... Read the full article
Oxbridge Re posts Q2’23 net loss vs year-ago net income
15th August 2023
Oxbridge Re Holdings, a provider of reinsurance solutions primarily to property & casualty insurers, has reported a net loss of $85,000 in the second-quarter of 2023, compared to net income of $77,000 in the second quarter of 2022. The company stated that the loss in the quarter is primarily due to ... Read the full article
Zurich Holding Company of America acquires cyber firm SpearTip
15th August 2023
Zurich Holding Company of America, a subsidiary of Zurich Insurance Group, has acquired SpearTip, a cyber counterintelligence firm that helps protect clients against cyber threats through proactive and response services. According to the firm, this acquisition expands the cyber risk mitigation services available from Zurich Resilience Solutions, a global division of ... Read the full article
Hawaii wildfires insured losses will be at least $1bn, says Moody’s
15th August 2023
Moody's estimates that insured losses for the Hawaii wildfires will be at least $1 billion and will primarily affect P&C insurers with significant homeowners and commercial property market share in Lahaina, a town on the island of Maui’s western coast. The Pacific Disaster Center and FEMA recently estimated that 2207 structures ... Read the full article
Florida’s insurance market sees positive growth following reforms
15th August 2023
In a promising update from the Florida Office of Insurance Regulation (OIR), the state's insurance market continues to exhibit signs of robust growth. This development comes on the heels of recent legislative reforms aimed at bolstering Florida's property insurance sector. On August 11, OIR granted approval to Mainsail Insurance Company, a property ... Read the full article
QIC posts 181% rise in net profit in H1’23
15th August 2023
Qatar Insurance Company (QIC), an insurer for Middle East North African (MENA) region, has reported a net profit of QAR 325 million for the first half of 2023, rising 181% from the same period in 2022. "Throughout the first half of this year, QIC has maintained its strategic focus on expanding ... Read the full article
Simmons joins Hamilton Insurance’s Board of Directors
15th August 2023
Bermuda-based insurer and reinsurer, Hamilton Insurance Group, has appointed Everard Barclay Simmons to the Company's Board of Directors. Simmons is also Chair and Chief Executive Officer at advisory firm Rose Investment Limited, as well as Chair of the Bermuda Public Funds Investment Committee with responsibility for advising on the investment of ... Read the full article
Hallmark anticipates Hawaii wildfires net loss exposure to be $7.5m
15th August 2023
"Due to the Maui, Hawaii wildfires on August 9, we preliminarily estimate our net loss exposure to be $7.5 million plus additional cost in the form of reinstatement premiums to restore any necessary reinsurance layers," Hallmark Financial has said amid its Q2 results. The wildfire outbreaks in Hawaii have caused mass ... Read the full article
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