Reinsurance News
DARAG Bermuda concludes two North American captive transactions
19th July 2023
Legacy acquirer, DARAG Group, has announced the completion of two transactions with undisclosed North American captive insurance companies. The transactions have been written into DARAG Bermuda, the firm’s Bermudian insurance carrier. The first one was completed in May and the second was concluded in June 2023. They offer full legal finality for ... Read the full article
DUAL North America names Connie Germano as Chief Casualty Officer
19th July 2023
DUAL North America, Inc. (DUAL), a leading specialty insurance provider, has announced the appointment of Connie Germano as its Chief Casualty Officer (CCO). Germano's extensive industry experience and proven track record in driving business success make her a valuable addition to DUAL's leadership team. The appointment of Germano as CCO comes at ... Read the full article
Midwest shareholders advised to vote “FOR” proposed acquisition by Antarctica Capital
19th July 2023
Midwest Holding Inc. has announced that independent proxy advisory firms Institutional Shareholder Services, Inc. (ISS) and Glass Lewis recommended that Midwest shareholders vote "FOR" the proposed acquisition of Midwest by Antarctica Capital In May it was reported that Midwest and investment firm Antarctica Capital entered into a definitive merger agreement ... Read the full article
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
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