Reinsurance News
MarshBerry acquires London-based M&A advisory firm IMAS
12th October 2023
MarshBerry, a financial advisory and consulting firm, has acquired IMAS Corporate Finance LLP (IMAS), a M&A advisory firm in the United Kingdom (UK) insurance and wealth segments. According to the announcement, this partnership expands MarshBerry’s global reach while continuing to offer unmatched local expertise in North America and Europe. With this acquisition, ... Read the full article
Vagenende re-joins Allianz as Commercial Managing Director Benelux & Nordics
12th October 2023
Allianz Commercial has announced the appointment of Elke Vagenende to the role of Commercial Managing Director for its ‘Benelux and Nordics’ region. According to the announcement, Vagenende will re-join Allianz during the first quarter of 2024 to lead this newly established region. She will also represent Allianz’s full set of Property ... Read the full article
Canadian insured losses surpass $3 billion in 2023 amidst secondary perils: CatIQ
12th October 2023
Canada has seen insured losses exceeding $3 billion in 2023, driven predominantly by secondary peril events, according to CatIQ. Severe convective storms, floods, and wildfires have taken the forefront in the country's disaster landscape, making it a year marked by costly catastrophes. This disconcerting development comes as a stark reminder of the ... Read the full article
Marsh McLennan names Pat Tomlinson as President of Mercer
12th October 2023
Marsh McLennan has appointed Pat Tomlinson as the President of Mercer, a key division of the global insurance and reinsurance broker. In this newly assumed role, Tomlinson will report to Martine Ferland, who continues to serve as Mercer CEO and Vice Chair of Marsh McLennan. Ferland will oversee Mercer's regional leadership until ... Read the full article
Generative AI revolutionises reinsurance, unleashing unprecedented opportunities: Inver Re
12th October 2023
Reinsurance broker Inver Re is making waves in 2023 with the integration of advanced generative AI, setting the stage for a revolutionary transformation in the field. The impact of this technology is poised to reshape the way unstructured data is processed and unlock a multitude of opportunities. While Artificial Intelligence (AI) has ... Read the full article
Allianz Partners & bolttech to offer embedded insurance solutions in APAC & US
12th October 2023
Allianz Partners and bolttech, an international insurtech, have announced a partnership that will see the two companies provide embedded device and appliance protection insurance across Asia Pacific (APAC) and the United States. This strategic agreement aims to bring together each firm's strengths to offer best-in-class solutions enabling business partners to add ... Read the full article
Erik Keller appointed Head of Liability at QBE Europe
12th October 2023
QBE Europe has announced the appointment of Erik Keller as Head of Liability, effective 1 January 2024. Keller brings to his new role three decades of experience in commercial insurance, having spent most of his career in multinational business. His most recent, and current, role is as Regional Underwriting Manager for ... Read the full article
Ukraine launches Marsh McLennan-supported war risk data platform
12th October 2023
Ukraine has activated a data platform, supported by Marsh McLennan, that will allow insurers, investors and governments to analyse war risks in the country. Re/insurance brokerage Marsh McLennan supported the Government of Ukraine in designing and testing the platform to help in the nation’s recovery and transformation. The data platform brings together ... Read the full article
Aventum names Robert Moorehead-Lane as Chief Risk Officer
12th October 2023
Aventum, a (re)insurance group, announced the appointment of Robert Moorehead-Lane as its Chief Risk Officer. This newly established role underscores Aventum's unwavering commitment to efficient risk management and delivering value to its employees, partners, and clients, as the company continues to thrive in an ever-evolving industry landscape, the company said. Moorehead-Lane brings ... Read the full article
Fidelis MGU and Castlelake create new aviation-focused MGA
12th October 2023
Global, aviation-focused alternative investment manager, Castlelake and Pine Walk, a specialist managing general agent (MGA) platform and wholly owned subsidiary of Fidelis MGU, have announced the creation of a new aviation-focused MGA. Itasca MGA will specialise in underwriting, structuring and managing risk associated with secured commercial aviation financing on behalf of ... Read the full article
SI Re promotes Dr. Robert Salzmann to Head of Underwriting
12th October 2023
Swiss reinsurer SIGNAL IDUNA Reinsurance Ltd (SI Re), headquartered in Zug, has recently announced the promotion of Dr. Robert Salzmann to the position of Head of Underwriting, effective from 1 October 2023. In his new role, Dr. Salzmann will report directly to the company's CEO and will also assume responsibility for ... Read the full article
Fitch has upgraded Oman Re’s IFS rating to ‘BBB-‘
12th October 2023
Fitch Ratings has upgraded Oman Reinsurance Company SAOG's (Oman Re) Insurer Financial Strength (IFS) rating to 'BBB-' from 'BB+, and assigned it an stable outlook. According to the announcement, this rating decision continues to reflect Oman Re's exposure to investment risk via its asset concentration in the Omani banking system. It also ... Read the full article
Bermuda remains the ILS jurisdiction of choice
12th October 2023
With the outstanding catastrophe bond and related insurance-linked securities (ILS) market at an all time high on the back of a record-breaking first half of the year, the industry is meeting in Bermuda over the next two days for the annual Convergence event to discuss the market ... Read the full article
Canadian insurance industry maintains profitability amid challenges in 2022: AM Best
12th October 2023
A recent report from AM Best reveals that Canada's insurance sector demonstrated resilience in 2022, with both property/casualty (P/C) and life/annuity (L/A) segments maintaining their stability despite ongoing challenges. In the P/C sector, insurers reported a net income of CAD 6.6 billion in 2022, marking the fourth consecutive year of underwriting ... Read the full article
AIG names McElroy Chair of GI, Bailey CEO NA Insurance, Hancock CEO International
12th October 2023
Insurer American International Group (AIG) has made several changes in its general and international insurance senior management, as it reorganises to position itself for further growth. The current Chief Executive Officer, of General Insurance, David McElroy, will assume the newly created role of Chairman, General Insurance. Don Bailey, who currently serves as ... Read the full article
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