Reinsurance News
US liability claims face mounting pressure from social inflation: Swiss Re
2nd October 2023
The United States insurance industry is grappling with a persistent wave of social inflation, with liability claims costs surging by an annual average of 16% over the last five years, according to Swiss Re Institute. This trend far outpaces the average rates of economic inflation, which have hovered around 4%. As ... Read the full article
RiverStone implements Clearwater platform to drive investment strategy
2nd October 2023
RiverStone International, the largest provider of legacy solutions in the Lloyd’s market, has successfully implemented the Clearwater platform to drive its investment strategy. Clearwater Analytics is a leading provider of SaaS-based investment management, accounting, reporting, and analytics solutions. According to the announcement, RiverStone selected the platform for its investment accounting and reporting ... Read the full article
Palisade Insurance Partners makes key changes in senior leadership positions
2nd October 2023
Independent Specialty managing general underwriter, Palisade Insurance Partners, LLC, has announced senior appointments across its business geography. Scott Stevenson has been appointed as the Head of US Risk, based in New York, and Mark de la Haye has been named Head of UK and Europe Risk, based out of London. John McNally, ... Read the full article
Jefferies highlights implications of weight loss drug GLP-1 on re/insurance sector
29th September 2023
In Jefferies' recent "Assessing the Wider Implications of a Slimmer Society" report, the firm's analysts underlined some of the key ways in which Glucagon-like peptide-1 receptor agonists (or GLP-1s) could affect the re/insurance sector. According to the analysts, GLP-1s were originally approved for use in 2005 as a treatment for Type ... Read the full article
Verisk revolutionises ISO Businessowners program to meet evolving business risks
29th September 2023
Verisk, a global data analytics and technology provider, has unveiled a substantial update to its ISO Businessowners (BOP) program, aiming to assist insurers in adapting to the dynamic landscape of contemporary business risks. As businesses continue to evolve in response to economic and technological shifts, this enhancement to the ISO BOP ... Read the full article
Aegon shareholders approve first step in redomiciliation to Bermuda
29th September 2023
Aegon, a leading international insurance and financial services company, received shareholder approval for the initial phase of its redomiciliation to Bermuda at an Extraordinary General Meeting (EGM). The decision, which represents a pivotal strategic shift for the company, was made during the EGM, where shareholders also voted in favour of several ... Read the full article
Aspen names Bobby Bianconi Global Head of Cyber
29th September 2023
Bermuda-based re/insurer, Aspen Insurance Holdings Limited, has announced the appointment of Bobby Bianconi as Global Head of Cyber. In his new role, based in Connecticut, Bianconi will lead Aspen’s Global Cyber underwriting team, overseeing its underwriting strategy and risk management capabilities. He will also maintain oversight of Aspen’s recently enhanced Cyber Risk ... Read the full article
AXIS and Stone Point launch casualty-focused collateralized reinsurer Monarch Point Re
29th September 2023
Bermuda-based insurer and reinsurer, AXIS Capital Holdings Limited, has partnered with Stone Point Credit Advisers LLC to launch Monarch Point Re, a new, Bermudian collateralized reinsurer with over $400 million of capital raised. The more than $400 million of equity includes a $75 million investment from a subsidiary of AXIS and ... Read the full article
Lemonade faces uphill battle as profitability remains elusive: BMO Capital Markets
29th September 2023
In a recent analyst report by BMO Capital Markets, Lemonade, the innovative insurtech company, has found itself in a precarious financial position, with its profitability prospects looking increasingly distant. The report highlights several key factors contributing to Lemonade's challenges, including its significant cash burn rate, rising reinsurance costs, and supply constraints ... Read the full article
Substantial work is needed to better understand and explain IFRS 17 results: WTW
29th September 2023
After insurers reported their half-year 2023 results under IFRS 17 for the first time, they believe substantial work is still needed to better understand and explain results under the new accounting framework, and improve business as usual reporting processes, a WTW survey revealed. The study, believed to be the industry’s most ... Read the full article
W. R. Berkley Corporation names Forte President of Berkley Public Entity
29th September 2023
W. R. Berkley Corporation has announced the appointment of John J. Forte as President of Berkley Public Entity. Berkley Public Entity is a provider of casualty insurance and reinsurance solutions for municipalities, counties, school districts, special public districts, public utilities and risk-sharing groups. Forte, who joined Berkley Public Entity as Senior Vice ... Read the full article
Groupama reports increased net income of €447m
29th September 2023
French insurer Groupama has released its first half of the year financial results reporting an improved net income of €447m, compared to pro forma net income at 30 June 2022 of -€96m (€232m in IFRS 4 standards at 30 June 2022). The group’s economic operating income was €612m, which includes property ... Read the full article
Athora Holding posts profit at first half of 2023 vs year ago loss
29th September 2023
Athora Holding Ltd., a European savings and retirement services group, has reported its half-year results of 2023, announcing a €59 million IFRS profit before tax, compared to a loss of €1.25 billion for the half year 2022. At the same time, the firm also reported an Operating Capital Generation (OCG) of ... Read the full article
AIG appoints Patricia Walsh as Executive Vice President and General Counsel
29th September 2023
American International Group, Inc. has announced the appointment of Patricia Walsh as its Executive Vice President and General Counsel, effective December 1, 2023. Walsh will report to Peter Zaffino, AIG Chairman & CEO, and will serve on AIG’s Executive Leadership Team. Rose Marie Glazer will remain Interim General Counsel until Walsh ... Read the full article
MSI and MS Transverse launch new high net worth homeowners program
29th September 2023
Millennial Specialty Insurance, LLC (MSI), an indirect subsidiary of BRP Group, Inc., has launched a new homeowners program catering to High-Net-Worth (HNW) customers in collaboration with MS Transverse. The enhancements to the policy include flexibility to insure homes with a replacement value of up to $10 million, choice of deductibles ranging ... Read the full article
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