Reinsurance News
AM Best revises outlooks to Stable for Milli Re
19th October 2023
Global ratings agency AM Best has revised the outlooks to stable from negative, and also affirmed the Financial Strength Rating of C (Weak) and the Long-Term Issuer Credit Rating of “ccc” (Weak) of Milli Reasurans Turk Anonim Sirketi (Milli Re) (Türkiye). According to Best, the ratings reflect Milli Re’s balance sheet ... Read the full article
Aon panel: Enduring lessons limiting capital inflow, new crop of investors rotating in
18th October 2023
In a recent discussion during Aon's Panel on Investments in P&C Re/Insurance Market, industry experts shed light on the absence of capital inflow into insurance and reinsurance company balance sheets during the ongoing hard market. The panel explored the reasons behind the current trend and discussed what might need to happen ... Read the full article
Wildfires estimated to cost U.S. between $394 – $893bn each year
18th October 2023
Climate-exacerbated wildfires are estimated to cost the United States between $394 billion to $893 billion each year in economic costs and damages, a number that is considerably higher than existing estimates. Senator Martin Heinrich (D-NM), Chairman of the US Congress Joint Economic Committee (JEC), recently released a report authored ... Read the full article
Risk Strategies & One80 to operate under new Accession Risk Management Group brand
18th October 2023
Risk Strategies and One80 Intermediaries have announced an internal reorganisation to operate under the newly introduced Accession Risk Management Group parent brand. As per the announcement, Accession Risk Management Group will represent the family of specialty insurance distribution and risk management companies, operating under common ownership of their private equity sponsor, ... Read the full article
AXIS announces retirements of its Chief People Officer & Wholesale CEO
18th October 2023
AXIS Capital has announced the retirements of its Chief People Officer Noreen McMullan, and its Wholesale Chief Executive Officer (CEO) Carlton Maner. Moving forward, AXIS has confirmed that McMullan will be succeeded by Lisa Pariot who will become Chief People Officer on January 1, 2024. Following the transition, McMullan will continue work ... Read the full article
Brown & Brown announces acquisition of Pacific Underwriters
18th October 2023
Insurance brokerage Brown & Brown, through one of its subsidiaries, has acquired Washington-based Pacific Underwriters. With roots dating back to 1941, Pacific Underwriters acts as a program manager on behalf of certain public utility insurance risk pools in the State of Washington and also offers insurance solutions for dental practitioners in ... Read the full article
Loadsure gets Delegated Claims Administrator status from Lloyd’s
18th October 2023
Insurtech MGA Loadsure has been awarded Delegated Claims Administrator (DCA) status by Lloyd’s, which the firm says will allow it to bring claims handling fully in-house, ensuring that clients have direct access to dedicated claims adjusters. According to Loadsure, this recognition acknowledges the significant effort that it has put into its ... Read the full article
Positive pricing outlook for London Market insurers should support underwriting: Goldman Sachs
18th October 2023
At the first half of 2023 results - and while going through a hard market - pricing outlooks remain positive, which should support underwriting margins for London Market insurers, according to Goldman Sachs. At the same time, continued underwriting discipline from reinsurers - as they continue to feel the impact of ... Read the full article
Hedemark takes over as FERMA President, highlights strategic priorities for the Federation
18th October 2023
Elevating the value of risk management, strengthening its leadership, and making the Federation of European Risk Management Associations (FERMA) more agile and dynamic are among the priorities Charlotte Hedemark highlighted as she begins her presidency of the Federation for 2024-2025. “We want to expand our advocacy capabilities by developing partnerships with ... Read the full article
Travelers reports Q3 net income of $404m despite underwriting loss
18th October 2023
Primary insurance group Travelers has reported a net income of $404m in the third quarter of 2023, driven by investment income growth, despite seeing an underwriting loss of $136m, as a result of higher catastrophes losses of $850m for the period. The insurer’s net income in Q3, lower due to core ... Read the full article
US P/C insurers experience more downgrades than upgrades in H1’23: AM Best
18th October 2023
In the first half of 2023, US property/casualty (P/C) insurers faced a challenging environment marked by increased downgrades, primarily affecting the personal lines segment. Downgrades surged from 5.2% of rating actions in H1 2022 to 9.1% through June 30, 2023, as insurers grappled with weather-related catastrophes, escalating loss and reinsurance costs, ... Read the full article
Nat Cat annual insured losses to exceed $100bn in 2023: Gallagher Re
18th October 2023
Annual insured losses from natural catastrophes are on track to surpass $100 billion in 2023, becoming the sixth year since 2017 to exceed this figure, according to Gallagher Re’s Q3 Natural Catastrophe Report. Record-setting weather/climate events and extreme temperatures have elevated natural catastrophe losses for the globe this year. Total economic ... Read the full article
Nirvana partners with KYND to strengthen cyber underwriting
18th October 2023
Nirvana, a UK-based specialty MGA, has partnered with KYND Limited, a provider of cyber risk management technology and services, to "empower its underwriting team with advanced and actionable insights into organisational cyber exposure." Nirvana noted that through this partnership, its underwriting team will now benefit from access to KYND Signals Client ... Read the full article
To keep balance, there’s motivation to further increase attachment points: Swiss Re’s Steinman
18th October 2023
While progress was made at the January 1st, 2023, reinsurance renewals on shifting attritional losses back onto the balance sheets of primary insurers, there's motivation to further increase attachment points in certain areas, according to Thorsten Steinman, Head Property & Casualty Reinsurance, Northern, Central & Eastern Europe, Swiss Re. During this ... Read the full article
Accelerant expands to Canada with Omega Insurance acquisition
18th October 2023
Insurtech Accelerant has announced its expansion into the Canadian market through the acquisition of Omega Insurance Holdings, Inc. from Till Capital Ltd. Omega, based in Toronto, offers property and casualty insurance coverage. It also offers short-tail property insurance and reinsurance, caters to small-sized to medium-sized insureds, and reinsures smaller insurance companies. IRead the full article
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