Reinsurance News
Capital still very guarded about entering property cat space: Inver Re’s Bonard
18th August 2023
Although small capital raises are happening in the reinsurance market, providers remain guarded about putting funds to work in the property catastrophe space, suggesting there’s more pain to come, according to Chris Bonard, CEO of Ardonagh’s Bermuda business operations including Inver Re. “The situation is getting worse, and could have a ... Read the full article
Dynamic shifts reshape global insurance landscape in Q2’23: Aon
18th August 2023
In the second quarter of 2023, the global insurance market experienced a series of dynamic shifts that shaped pricing, capacity, underwriting practices, limits, deductibles, and coverages, according to the Aon Q2 2023 Global Market Insights report. The report indicates a prevailing upward pressure on pricing across most sectors of the insurance ... Read the full article
Chubb survey reveals rapid growth in embedded insurance adoption
18th August 2023
A recent survey conducted by Chubb, the world's largest publicly traded property and casualty insurance company, has unveiled a significant shift in the global insurance landscape. The survey, titled "Banks and the Digital Wallet Race - The Embedded Insurance Strategy," involved 2,000 consumers and 200 finance leaders and was carried out ... Read the full article
“Average” nat cat losses in Q3 are likely to keep rates high: Berenberg
18th August 2023
While a super-clean wind season is more likely than not to put pressure on rates in 2024 renewals, a hurricane making landfall will likely have profound implications for the industry, according to Berenberg analysts. “However, and despite the stochastic element of the hurricane risk meaning outcomes could be binary, an “average” ... Read the full article
Mahir Çipil named COO of VHV Reasürans
18th August 2023
VHV Group, Germany’s leading insurance group, has appointed Mahir Çipil, an experienced veteran across the industry, to the position of Deputy General Manager (COO) of VHV Reasürans, VHV Groups Turkish reinsurance subsidiary. In his new role, Çipil will lead the marketing, technology, operations and legal processes of the ... Read the full article
InShare and Nexus Mutual partner to enhance coverage for UK independent retail businesses
18th August 2023
InShare, a distinguished player in alternative risk transfer and mutuals, has embarked on a "groundbreaking" collaboration with Nexus Mutual, a pioneering alternative risk capital capacity provider. The strategic partnership aims to amplify coverage capacity and extend protection to over 5,000 small independent business proprietors throughout the United Kingdom. A notable milestone in ... Read the full article
Private flood insurers grasp opportunities to grow market share across the US: Triple-I
18th August 2023
The US flood insurance market has grown 24% between 2016 and 2022, from $3.29 billion in direct premiums written to $4.09 billion, and it is against this background that private flood insurers are seizing opportunities to grow their market share, according to Triple-I This coincides with the federally backed National Flood ... Read the full article
Vesttoo saga highlights importance of managing counterparty credit risk: AM Best
18th August 2023
The Vesttoo saga, which entails allegations of fraudulent letter of credit (LOCs), "highlights the importance of carefully managing counterparty credit risk," as it has now become clear that the bank at the heart of the situation grew LOC issuance significantly in 2022, according to analysts at AM Best. Amid the ongoing ... Read the full article
BIBA and FullCircl launch new member ‘SmartBroker’ facility
18th August 2023
The British Insurance Brokers' Association (BIBA) has launched the 'SmartBroker' platform, a new member facility that provides insurance brokers with a wealth of comprehensive company information and insights for businesses in the UK and Ireland. 'SmartBroker' was launched in partnership with FullCircl, the Customer Lifecycle Intelligence (CLI) platform, and will be ... Read the full article
Partners at RPC caution increasing risk of wildfires in UK
18th August 2023
Following news of wildfires sweeping through Rhodes, Corfu and southern Europe, Partners at international law firm RPC, Lucy Dyson and Toby Savage, warn of the increasing risk of wildfire in the UK. According to Reuters, at least 21,500 people have been displaced due to the Greek wildfires, at least five were ... Read the full article
AXA XL appoints Vito Raimondi as Head of its U.S. Central Zone
18th August 2023
AXA XL, the P&C division and specialty risk division of AXA, has announced the appointment of Vito Raimondi as Head of its U.S. Central Zone, based in Chicago, and reporting to Matt O'Malley, AXA XL's U.S. Country Manager. Raimondi’s remit in the role will include being responsible for the overall performance of ... Read the full article
Oka & Sylvera collaborate to bring transparency to the carbon market
18th August 2023
Oka, The Carbon Insurance Company, a newly launched start-up has entered into a partnership with carbon data firm Sylvera. The collaboration between the two firm's will enable Oka to use its market-leading carbon insurance solutions by integrating its modeling capabilities with Sylvera's carbon project assessment data. This climate-risk alliance between the two ... Read the full article
IRB (Re) names new Chief Financial Officer
18th August 2023
Brazilian reinsurance company IRB (Re) has announced the appointment of Rodrigo Souza Lobo Botti as the new Chief Financial Officer (CFO). He will be taking over the role from Marcos Pessôa de Queiroz Falcão, who has acted as CFO since March 9, 2023. This role will be in addition to his ... Read the full article
Sampo names Talasmäki Group Chief Investment Officer
18th August 2023
Nordic insurance group, Sampo has appointed Ville Talasmäki as Group Chief Investment Officer and Group Executive Committee Member. According to the announcement, the appointment is subject to the completion of the partial demerger of Sampo plc and is expected to become effective on 1 October 2023. Talasmäki will replace current Group CIO ... Read the full article
Martin Blackburn joins VIPR Solutions as Chairman to accelerate growth
18th August 2023
VIPR Solutions (VIPR) has announced the appointment of Martin Blackburn as its Chairman. Blackburn, renowned for his strategic acumen and transformative leadership, brings with him a wealth of experience gained over a distinguished 25-year career. Blackburn's professional journey began in the engineering realm with Marconi, a British Engineering and Telecoms company. His expertise ... Read the full article
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