Reinsurance News
Augment Risk launches Global Parametric Specialty division
16th October 2023
Reinsurance broker Augment Risk has announced the launch of its Global Parametric Specialty division, led by newly appointed Kurt Cripps. The new unit will be focused on "client-tailored parametric reinsurance products designed to provide a surgical approach to managing CAT exposures." Augment Risk said its parametric placements are designed to enhance the ... Read the full article
BMS hires Andras Bohm as head of US Capital Advisory
16th October 2023
Independent specialist re/insurance broker, BMS Group, has appointed Andras Bohm as the head of its US Capital Advisory business and the CEO of BMS Capital Advisory, Inc. - BMS Groups’ U.S. broker-dealer - subject to regulatory approvals. In his new role, Bohm will hold responsibility for leading BMS Group's investment banking ... Read the full article
Allianz to sell 49% stake in CPIC Fund Management
16th October 2023
Global insurer Allianz has entered into definitive agreements over the sale of its 49% stake in CPIC Fund Management Co., Ltd. to Guotai Junan Securities Co., Ltd. The transaction is subject to the approval of the China Securities Regulatory Commission (CSRC), and other relevant authorities. The divestment is in line with Allianz's ... Read the full article
National Western & Prosperity Life Group announce signing of $1.9bn cash merger
16th October 2023
National Western Life Group, Inc., the parent organization of National Western Life Insurance Company, and Prosperity Life Group have announced the signing of a definitive Merger Agreement whereby S. USA Life Insurance Company, Inc. (SUSA), an affiliate of Prosperity Life Group, will acquire National Western in an all-cash transaction valued ... Read the full article
Insurance innovation hub Howden Ventures launches with £500m underwriting capacity
16th October 2023
Global insurance group Howden has unveiled an innovative venture known as Howden Ventures, pending approval from Lloyd's, aimed at accelerating insurance product development. Described by the broker as a world-first insurance innovation hub, the initiative launches with £500 million in delegated underwriting capacity and seeks to become an investment and risk ... Read the full article
Jen Tan joins Artificial Labs as Head of Portfolio Strategy
16th October 2023
Artificial Labs, a UK insurtech providing algorithmic underwriting technology to the commercial and specialty insurance market, has appointed Jen Tan as Head of Portfolio. Tan joins Artificial with 14 years’ experience in Lloyd’s and London Market pricing, portfolio management and risk management. In her new role, she will play an integral ... Read the full article
Gordon D’Arcy joins Lockton’s Transactional Risks division
16th October 2023
Independent insurance broker Lockton has announced the appointment of Gordon D’Arcy as Business Development Executive within its Transactional Risks division, effective immediately. In this newly created role, based in Dublin, he will be responsible for deal origination, with a particular focus on supporting M&A transactions throughout the UK and Ireland. In addition ... Read the full article
IMF/World Bank Annual Meetings reveal greater downside risks for global economy
16th October 2023
The Annual Meetings of the IMF and World Bank in Morocco conveyed a sobering message of global economic resilience overshadowed by fragility and an array of potential non-linear risks, painting a disconcerting picture where downside risks outweigh the upside in the short to medium term. The meetings conveyed a sombre mood, ... Read the full article
Hiscox research reveals escalation in cyber attacks on businesses for fourth consecutive year
16th October 2023
A recent study conducted by Hiscox has unveiled a concerning trend of increasing cyber attacks on businesses, marking the fourth consecutive year of growth in such incidents. The report, titled the "Hiscox Cyber Readiness Report," draws from insights provided by over 5,000 organisations worldwide, representing a variety of sizes and industries. The ... Read the full article
WTW names Rob Powell as Global Chief Claims Officer
16th October 2023
Global advisory, broking, and solutions company WTW has announced the appointment of Rob Powell as its new Global Chief Claims Officer. Powell is set to assume his role at WTW in early 2024, and he will report directly to Adam Garrard, the Global Head of Risk & Broking at the company. Powell ... Read the full article
Aspen names Owens Head of U.K. Business & Community Property team
16th October 2023
Aspen Insurance Holdings has appointed Graeme Owens as Head of the U.K. Business & Community Property team. Owens joins Aspen from Swiss Re Corporate Solutions, where he was Director, Global Standard Property Products. Collectively, Owens holds over three decades of experience as a commercial property underwriter, having held a number of executive-level ... Read the full article
Betterview expands imagery coverage with Near Space partnership
16th October 2023
Insurtech Betterview has partnered with Near Space Labs, a cutting-edge Earth imagery and geospatial data company, for expanded imagery coverage. According to the announcement, integrating imagery from Near Space Labs into the Betterview Property Intelligence Platform will enable insurers to enhance the recency, frequency, and geographical coverage of property intelligence in ... Read the full article
Kita works with Chaucer on carbon credit claims
16th October 2023
Lloyd's coverholder and carbon insurance specialist, Kita, working closely with lead capacity provider Chaucer, has introduced the ability to pay insurance claims in replacement carbon credits. Clients of its flagship Carbon Purchase Protection Cover insurance now have the option to receive insurance claims in carbon credits. The company has secured Letters of ... Read the full article
Declining interest rates causing increased reinvestment risk for insurers in China: AM Best
16th October 2023
Declining interest rates in China are said to have led to narrowing spreads and increased reinvestment risk for domestic insurance firms, which ultimately places a greater onus on insurers' asset-liability management. Global ratings agency AM Best, has stated that with yields of 10-year government bonds remaining below 3% across the past ... Read the full article
Munich Re and DWS approved for acquisition of biogas plant owner Weltec
13th October 2023
Munich Re alongside investment firm DWS have been approved by the European Commission Directorate-General for Competition to acquire biogas plants operator, Weltec Holding. The transaction relates primarily to the operation of biogas and biomethane plants and the trading of its outputs, including electricity, heat, and fertiliser in Germany. DWS is a global ... Read the full article
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