Reinsurance News
QBE appoints new Independent Non-Exec Director
6th October 2023
Global insurer QBE Insurance Group Limited has appointed Steve Ferguson as an Independent Non-Executive Director to the QBE Group Board. Ferguson’s appointment will be effective from 1 November 2023, subject to satisfactory completion of relevant regulatory approvals. Mike Wilkins, Chairman of the QBE Group Board, commented, “It is my pleasure to welcome ... Read the full article
Going exclusive a “powerful move” for pension schemes when approaching buy-in/buy-out: Report
6th October 2023
Running an exclusive process when approaching the insurance market for a buy-in or buy-out could lead to a better outcome for pension schemes than a traditional auction process, according to Hymans Robertson’s Ian Church. The Head of Core Transactions and Risk Transfer Specialist said: “Pension schemes traditionally focus on running an ... Read the full article
wefox appoints Wismer as Group CFO, Wesemann becomes new CIO
6th October 2023
Insurtech wefox has appointed Jonathan Wismer as its new Group Chief Financial Officer (CFO), while Co-founder and current CFO, Fabian Wesemann, has been named the new Chief Investment Officer (CIO). Wismer joins the company’s executive team, and he will also report to Julian Teicke, founder and CEO of the company. Wismer, an ... Read the full article
Strong Q3’23 expected for reinsurance and auto insurers: Goldman Sachs
6th October 2023
In a recent report, Goldman Sachs offers an optimistic outlook for the insurance industry's third-quarter earnings, particularly favouring reinsurance and auto insurers. The analysis suggests that property catastrophe reinsurers are poised for a robust quarter, driven by strong earnings and favourable pricing trends. Goldman Sachs anticipates that property catastrophe reinsurers will deliver ... Read the full article
Adam Berger named Joyn Insurance CUO
6th October 2023
Insurtech Joyn Insurance has announced the appointment of Adam Berger to Chief Underwriting Officer, effective immediately. “Adam joined our team earlier this year and immediately made an incredible impact, working hand-in-hand with our underwriters and distribution team,” said Seraina Macia, CEO of Joyn Insurance. He continued: “We’re delighted to elevate Adam to ... Read the full article
mea platform hires Graeme Asquith as UK Managing Director
6th October 2023
mea, the AI powered processing platform for the global insurance industry, has appointed Graeme Asquith to the role of UK Managing Director. According to the announcement, this is a brand new role which heavily reflects mea’s rapid global growth, as well as the substantial opportunity that intelligent process automation represents for ... Read the full article
DBRS selects Morningstar Sustainalytics to provide property-level climate hazard risk data
6th October 2023
Credit rating agency DBRS Morningstar has announced that it has selected Morningstar Sustainalytics as a provider for property-level climate hazard risk data. According to the announcement, DBRS Morningstar analytical teams will consider Morningstar Sustainalytics global data on physical risks that are related to climate hazards, which includes different time horizons, as ... Read the full article
Aviva takeover talk unsurprising, but whole acquisition seems unlikely, say analysts
6th October 2023
As news of a potential takeover of large UK insurer Aviva emerged this morning, analysts suggest that while rumours are unsurprising, an acquisition of the whole Group seems unlikely given its position in the UK life sector. After The Times newspaper cited talk of a potential takeover of Aviva, citing Allianz, ... Read the full article
Markel names Brook Styles head of cargo
6th October 2023
Markel, the insurance operations within Markel Group Inc., has appointed Brook Styles as head of cargo, with immediate effect. He takes on the new role from Richard Burnett, who will transition to head of cargo underwriting. Styles first joined Markel in 2006, during which time the firm said he acquired valuable underwriting ... Read the full article
Ascend appoints Newfront Insurance’s Exec Chairman to advisory board
6th October 2023
Ascend, a leading financial operations automation platform, has announced that Newfront Insurance's Executive Chairman, Kurt de Grosz, will be joining Ascend's advisory board. Overall, he bring over 25 years of leadership experience and industry expertise towards the role. His expansive career includes founding BenefitPoint - acquired by Vertafore - and ABD Insurance ... Read the full article
Radian closes $353m mortgage insurance-linked notes transaction
6th October 2023
Radian Group Inc.'s wholly owned subsidiary, Radian Guaranty, has obtained $353 million of fully collateralized excess of loss reinsurance coverage from Eagle Re 2023-1 Ltd. covering eligible mortgage insurance policies written by Radian Guaranty from April 1 to December 31, 2022. Eagle Re has funded its reinsurance obligations by issuing four ... Read the full article
Definity erodes aggregate reinsurance treaty as Q3 catastrophe losses hit CAD122m
6th October 2023
Canadian property and casualty insurer, Definity Financial Corporation, has reported estimated catastrophe losses for Q3 2023 of CAD122 million, with events in the quarter leading to the full erosion of its catastrophe aggregate reinsurance treaty limit for the year. The company warns that the estimated cat losses will negatively impact operating ... Read the full article
Wildfires in British Columbia cause insured losses of more than $720m: IBC
6th October 2023
Catastrophe Indices and Quantification Inc. estimates over $720 million in insured losses have been attributed to wildfires in the Okanagan (McDougall Creek) and Shuswap (Bush Creek East), resulting in these wildfires being named the most costly insured event ever recorded in British Columbia and the tenth costliest in Canada’s history. Aaron ... Read the full article
iprism acquires property MGA SK Underwriting
6th October 2023
Specialist commercial, property and high net worth Managing General Agent (MGA) iprism, has acquired property focused MGA, SK Underwriting Limited for an undisclosed fee. SK Underwriting was formed in 1999 and it is based in Kent. It offers a range of Commercial small and medium-sized enterprises (SMEs) products, principally focused on ... Read the full article
ICS likely to be the most regulatory development for global insurers in 2024: Fitch
6th October 2023
According to Fitch Ratings, the finalisation of the Insurance Capital Standard (ICS), a new global solvency standard for internationally active insurance groups, is likely to be the most significant regulatory development for global insurers in 2024. The agency explained that a public consultation on the ICS as a prescribed capital requirement ... Read the full article
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