Reinsurance News
Jeff Fitzgerald appointed Managing Director of SRS Benefit Partners
4th August 2023
Strategic Risk Solutions (SRS), an independent provider of insurance, has announced that Jeff Fitzgerald has rejoined the firm as Managing Director of SRS Benefit Partners. Fitzgerald is joining the company’s new division - which supports the establishment and growth of group and individual Employee Benefit programs - from Innovative Captive Strategies, ... Read the full article
Swiss Re’s nat cat exposure could rise in light of interesting price opportunities: CFO Dacey
4th August 2023
John Dacey, Swiss Re's Group Chief Financial Officer (CFO), said during this morning's media call that the firm's overall exposure to natural catastrophe risks could increase when compared to recent years amid the strong rate environment, although the reinsurer continues to reduce exposure to high frequency events. In its first-half ... Read the full article
Risk resilience key to strengthening local supply chains and support growth of Vietnamese SMEs: WTW
4th August 2023
There is an urgent need to strengthen business resilience amongst Vietnamese small-and-medium-size enterprises (SMEs) as only one in five (18) companies in the country are prepared against major risks, a WTW report has revealed. Conducted among 100 companies in Vietnam with more than a third from the manufacturing industry, the WTW ... Read the full article
Functional Finance secures $8 million in seed capital
4th August 2023
Functional Finance, a software platform that integrates and automates data and reporting functions for insurance companies, has secured $8 million in seed capital, plus $2 million in SAFE notes for future equity investments, which will go towards "product development and client relationships." The fundraising round was led by venture capital and ... Read the full article
AM Best assigns Stable credit ratings to Victor Insurance Exchange
4th August 2023
Global ratings agency AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent) to Victor Insurance Exchange (Victor Exchange) The outlook assigned to these Credit Ratings is stable. The ratings reflect Victor Exchange’s balance sheet strength, which Best assesses as very strong. Best ... Read the full article
Fairfax Financial sees net earnings increase in Q2 2023 with improved CR
4th August 2023
Fairfax Financial Holdings Limited has announced its financial results for the second quarter of 2023 reporting net earnings of $734.4 million, compared to a net loss of $32.0 million in the second quarter of 2022. "During the second quarter we continued to build on our great start to 2023, with our ... Read the full article
Inflation & cat losses to drive 2023 underwriting loss for P&C industry
4th August 2023
The overall P&C industry is expected to finish the year with a net combined ratio of 102.2, almost identical to the 2022 result, with poor personal lines underwriting performance as the key driver in both years, according to the latest underwriting projections by actuaries at the Insurance Information Institute (Triple-I) ... Read the full article
Ryan Specialty sees 19.5% increase in net income in Q2
4th August 2023
Ryan Specialty Holdings Inc., a leading international specialty insurance firm has recorded a $83.8 million net income for the second quarter of 2023, a 19.5% increase from last year's $70.1 million. According to the firm, the increase was mostly driven by strong year-over-year revenue growth, lower IPO related charges, which were ... Read the full article
Jeff Walker named Head of treaty reinsurance, broker & MGA distribution at HSB Canada
4th August 2023
HSB Canada, part of Munich Re, has announced the appointment of Jeff Walker as the Head of Treaty Reinsurance for its Broker and MGA distribution divisions. Walker, who currently serves as the Senior Vice President and Chief Distribution Officer, will report to John Mulvihill, the President and Chief Executive Officer of ... Read the full article
BMS appoints Chris Brook as group Chief Operating Officer
4th August 2023
Independent specialist insurance and reinsurance broker, BMS Group, has announced the appointment of Chris Brook as Chief Operating Officer (COO). Brook has been slated to join in 2024, following the completion of his contractual obligations. He will report to Nick Cook, Chief Executive Officer of BMS Group. Brook is a market veteran ... Read the full article
Eric Michel to lead Distinguished’s Inland Marine program
4th August 2023
Insurance program manager, Distinguished Programs, has announced the addition of an Inland Marine program, to be led by Eric Michel. The program, part of the company’s expansion plans, will provide coverage for various Inland Marine exposures, including Motor Truck Cargo, Contractor's Equipment, Builder's Risk, and more. Jason Rotman, president of Distinguished Programs, ... Read the full article
Swiss Re’s P&C combined ratio strengthens as net income rises to $1.4bn
4th August 2023
Global reinsurance giant Swiss Re has reported a significant rise in net income to $1.4 billion for the first half of 2023, driven by contained natural catastrophe losses, and a solid performance in all business segments during the period. Group-wide, net income rose substantially from the $157 million recorded in H1 ... Read the full article
AXA XL names Underwriting Manager, Design Professional Insurance in Canada
4th August 2023
AXA XL, the property & casualty and specialty risk division of AXA, has announced the appointment of Kirsten Andersen as Underwriting Manager for its Design Professional insurance business in Canada. Andersen joined AXA XL in 2018 after building a successful practice as a lawyer at a prestigious insurance defence litigation law ... Read the full article
Major cyber incidents resulted in 9% decrease in shareholder value: Aon
4th August 2023
Major cyber incidents resulted in a 9% decrease in shareholder value, over and above the market - in the year following the event, according to data from Aon's 2023 Cyber Resilience Report. At the same time, ransomware events decreased by 16% from Q322 to Q422, however, data from the cyber and ... Read the full article
Tokio Marine HCC names Jürgen Bertling Senior Underwriter for Financial Lines
4th August 2023
Tokio Marine HCC, a member of the Tokio Marine Group, appointed Jürgen Bertling as the new Senior Underwriter for Financial Lines. Bertling will be based in Munich, Germany. He has previous experience as a Referral Underwriter - Financial Lines for D&O and PI, the company said. "We wish him success in his new ... Read the full article
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