Reinsurance News
Oka granted in principle approval for Asta-managed SIAB 1922 by Lloyd’s
18th October 2023
Third-party managing agent at Lloyd’s, Asta, and Oka, the Carbon Insurance Company, has announced that the specialist insurance and reinsurance marketplace has granted ‘in principle’ approval for Oka syndicate-in-a-box (SIAB) 1922. Oka syndicate 1922 is targeting commencing underwriting in January 2024 and introduces an insurance solution to protect against buyer-side carbon ... Read the full article
Tower adjusts forecast for large event costs, lifts FY23 guidance
18th October 2023
New Zealand-based insurer Tower has revised its market guidance on underlying net profit after tax for FY23, inclusive of large events, to between $7 million and $10 million, as the firm's large event costs for the period has come in $1.5 million lower than previously expected. The new profit guidance for ... Read the full article
Liberty Specialty Markets appoints Marilyne Furlan as Head of Casualty, Europe
18th October 2023
Liberty Specialty Markets (LSM), a subsidiary of Liberty Mutual Insurance Group, has appointed Marilyne Furlan as Head of Casualty, Europe, effective December 2023, reporting to Pierre-Edouard Fraigneau, Chief Underwriting Officer, LSM, Europe. Furlan takes over from Katja Bobrowski, who is retiring in February 2024. Until then, they will work together to ... Read the full article
Survey shows confidence in UK financial system remains stable, while concerns shift: BoE
18th October 2023
The latest Systemic Risk Survey conducted by the Bank of England reveals that market participants maintain a high level of confidence in the stability of the UK financial system. The survey, which collected responses from 56 firms, representing a robust 65% response rate, offers a comprehensive overview of market sentiment regarding ... Read the full article
Private credit investments shape US life insurer strategies: Fitch
17th October 2023
In a recent analysis by Fitch Ratings, private credit investments have emerged as crucial components of the business models and investment strategies of rated US life insurers. While concerns about asset quality in the private credit sector have been raised, Fitch does not anticipate widespread rating pressures for these insurers, primarily ... Read the full article
European insurance landscape sees profits decline amidst shuffling rankings: AM Best
17th October 2023
The European insurance industry faced a year of changes and challenges in 2022, with the top ten insurance companies remaining consistent while a noticeable reshuffling occurred further down the rankings, according to a recent report by AM Best. Europe's top 10-ranked insurance companies remained unaltered in 2022. However, lower down the ... Read the full article
Sovereign risk pools summit results in joint MOU focused on disaster resilience
17th October 2023
Parametric disaster insurance risk pools African Risk Capacity Limited (ARC), Caribbean Catastrophe Risk Insurance Facility (CCRIF SPC), the Pacific Catastrophe Risk Insurance Company (PCRIC), and the Southeast Asia Disaster Risk Insurance Facility (SEADRIF), have signed a Memorandum of understanding (MOU). At the same time, the businesses will also explore a joint ... Read the full article
Zurich names Mattias Fritz as CEO of Zurich Nordic
17th October 2023
Zurich, a leading global insurance provider, has announced the appointment of Mattias Fritz as the new CEO of Zurich Nordic, effective from November 1, 2023. This move underscores Zurich's commitment to supporting customers and brokers in navigating the ever-changing risk landscape, with a strong emphasis on further growth in the region. In ... Read the full article
Vellum exits stealth with $7m seed round for its AI-enabled insurance analytics platform
17th October 2023
Analytics and data management platform for the re/insurance industry, Vellum Insurance, has exited stealth with a $7 million seed round led by Acrew Capital, with participation from Flourish Ventures, Fin Capital, Vera Equity, Endurance and 1 Sharpe Ventures. Founded in 2022, Vellum’s analytics and data platform possesses the ability to connect ... Read the full article
Jeff Irvan to lead BRP Group’s new reinsurance broking platform
17th October 2023
BRP Group, an independent insurance distribution company, has announced the launch of Juniper Re, its new reinsurance broking platform, to be led by former BMS Re Chief Property Officer Jeff Irvan. Juniper Re was created to expand BRP Group’s breadth of capabilities and capitalise on a unique market opportunity, the company ... Read the full article
Lockton Re signs agreement with Supercede to refine its reinsurance data
17th October 2023
Global reinsurance broker Lockton Re has signed a long-term agreement with Supercede to refine its reinsurance data. Lockton Re said it has now become the first major reinsurance broker to adopt wholesale usage of Supercede's treaty data preparation platform, having seen an increase in adoption among their mutual clients. The firm added, ... Read the full article
S&P Global Ratings revises outlook on AIG to stable, affirms ratings
17th October 2023
S&P Global Ratings announced a revision of its outlook on American International Group Inc. (AIG), a global multiline insurer, and its core property and casualty (P/C) subsidiaries (excluding Validus Re) to stable from negative. Concurrently, S&P affirmed AIG's issuer credit ratings at 'BBB+/A-2' and its insurer financial strength ratings for AIG's ... Read the full article
Pro MGA appoints David Goodley as its new Head of Compliance
17th October 2023
Pro MGA Global Solutions, the independent managing general agent (MGA) incubation division of Pro Global Holdings Limited, has appointed David Goodley as its new Head of Compliance. Goodley holds extensive experience as a compliance professional, having established his own company, City Compliance, in 2012 which provides regulatory compliance services across the ... Read the full article
El Oulhani joins Sompo as Head of Distribution & Client Relationship Management in France
17th October 2023
Sompo International, a global provider of commercial and consumer property and casualty re/insurance, has appointed Redouane El Oulhani as Head of Distribution & Client Relationship Management, Insurance for France. His appointment comes as the company is in the process of establishing insurance operations in France, subject to required regulatory notifications. Based in ... Read the full article
Aviva partners with hyperexponential for pricing transformation
17th October 2023
Aviva’s Global Corporate and Specialty (GCS) team has announced it is using hyperexponential’s Pricing Decision Intelligence (PDI) platform, hx Renew, to deliver pricing models in record time. Thanks to hx Renew, the GCS team has been able to build 20 new insurance pricing models in just nine months. Now underwriters can ... Read the full article
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