Reinsurance News
Tokio Marine HCC to acquire Gulf Guaranty Employee Benefit Services
19th July 2023
Tokio Marine HCC, a member of the Tokio Marine Group has signed a definitive agreement to acquire Gulf Guaranty Employee Benefit Services, Inc. (Gulf Guaranty). Gulf Guaranty is a third-party administrator and managing general underwriter that designs, underwrites and administers group gap medical plans for small and mid-sized businesses. The transaction, which ... Read the full article
Vortex Insurance parametric cover triggered at PGA TOUR Champions Event
19th July 2023
The DICK'S Sporting Goods Open received rain from June 23-25, triggering their rain insurance policy with Vortex Weather Insurance, which resulted in the tournament operator, Broome County Community Charities, receiving payouts that helped with lost revenue. Earlier this month, it was announced that for the second consecutive year, Vortex Weather Insurance ... Read the full article
AXIS Capital names Lori Bailey Head of Cyber and Technology
19th July 2023
AXIS Capital, a global specialty underwriter and provider of re/insurance solutions, has appointed Lori Bailey as Head of Cyber and Technology, a New York-based role. In her new role, Bailey will oversee the company’s Global Cyber and Technology team and will be responsible for shaping the division’s strategy, driving its profitability ... Read the full article
Flood Re sees GWP rise to £52m as initiative “mitigates impact of inflation”
19th July 2023
Flood Re has reported a "strong" financial and operational performance for the financial year 2022/23, despite "soaring inflation, rising claims costs, and the remorseless march of climate change." Flood Re, the joint initiative between the UK insurance industry and the UK Government to promote the availability and affordability of flood insurance, ... Read the full article
Only 15% of UK consumers display loyalty to single insurer: Capco study
19th July 2023
In a recent study conducted by Capco, the global technology and management consultancy, it was found that just 15% of UK consumers use a single insurer for all their policy needs. The research highlights both a challenge and an opportunity for insurers, as loyalty levels remain low, but there is a ... Read the full article
Allianz Trade in Asia Pacific makes key changes in senior management
19th July 2023
Allianz Trade in Asia Pacific has announced the appointment of Chris Markesteijn as Regional Head of Surety and Guarantees. The appointment will be effective from the 1st of August and will be based out of Singapore. Markesteijn will report directly to the Regional CEO of Allianz Trade in Asia Pacific, Paul ... Read the full article
Growing pressure on insurers as inflation raises concerns over reserve adequacy: Swiss Re
18th July 2023
Mounting uncertainties and increasing pressure on insurers due to inflationary forces, are raising concerns over reserve adequacy in the current economic environment, according to the latest sigma report by Swiss Re Institute. Industry analysts have observed that, excluding workers' compensation, reserve development in the US insurance industry has been unfavourably impacted ... Read the full article
MEDVIDA to manage Sa Nostra Vida’s run-off portfolio in agreement with VidaCaixa
18th July 2023
MEDVIDA, a leading insurance management company, has announced an agreement with VidaCaixa to manage a significant portion of Sa Nostra Vida's life insurance portfolio. The transaction, subject to regulatory approval by the Directorate General of Insurance and Pension Funds (DGSFP), is expected to be completed in the first half of next ... Read the full article
Thomas Miller names Dunseath Group Risk & Compliance Director
18th July 2023
Thomas Miller, an international provider of insurance services, has announced the appointment of Elliot Dunseath as its new Group Risk & Compliance Director, effective immediately. Dunseath brings to his new role 25 years of experience in risk and compliance, both within and outside of the insurance market. Throughout his career, he has ... Read the full article
Above-average insured losses driven by SCS in H1 2023: Gallagher Re
18th July 2023
In the first six months of 2023, global insured losses from natural catastrophes reached $52 billion, exceeding the decadal average by 18% and the 21st Century average by 39%, according to global reinsurance broker Gallagher Re's . The dominant factor behind these losses was ... Read the full article
Tokio Marine HCC’s data shows rising popularity of TRI, increased confidence amid M&A slowdown
18th July 2023
Despite a recent decline in mergers and acquisitions (M&A) activity over the past year, new data released by Tokio Marine HCC (TMHCC) emphasises the growing popularity of Transaction Risk Insurance (TRI) and its effectiveness in paying claims, contributing to increased confidence among industry professionals. TMHCC, a leading provider of TRI with ... Read the full article
AXA XL unveils carbon emissions project for marine clients
18th July 2023
AXA XL in the UK has launched its Excess Emissions Insurance product, which is set to help marine clients manage their environmental footprint and support action on carbon emissions. In partnership with ClimateSeed – an impact company that provides premium carbon removal and avoidance projects – the Excess Emissions Insurance product ... Read the full article
‘Bullseye effect’ amplifies storm impact in urban and suburban areas: Gallagher Re’s McConnell
18th July 2023
Increasing urban and suburban sprawl has resulted in a "bullseye effect," causing storms to impact a higher number of properties within a concentrated area, resulting in greater property damage and losses, Megan McConnell, Executive Vice President of Gallagher Re, told Reinsurance News in an interview. Reinsurance broker Gallagher Re points to ... Read the full article
Vesttoo confirms senior departures following investigation into claims of fraudulent collateral
18th July 2023
An Israeli tech publication has reported that insurtech Vesttoo is under investigation following the discovery of billions of dollars in "fraudulent collateral", with the fall-out prompting the departure of some of the leadership team. As first reported in publisher Calcalist's CTech yesterday, it's understood that "billions of dollars in collateral" are ... Read the full article
Marine loss from Russia-Ukraine conflict insignificant compared with aviation loss: Miller
18th July 2023
At around $400m, marine loss from the Russia-Ukraine war seems insignificant compared with the aviation loss, where more than 400 aircraft worth almost $10bn, have been stuck in Russia after lessees did not return the jets, according to Miller’s marine insurance market report. The marine insurance market expects to be impacted ... Read the full article
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