Reinsurance News
Growth in US insurance companies’ private equity investments slowed in 2022: AM Best
5th October 2023
US insurance companies experienced a notable slowdown in their private equity investments in 2022, with a modest 3.3% increase to reach $132.0 billion, according to a recent report by AM Best. This slowdown followed two years of remarkable growth in the sector. Life/annuity insurers, responsible for the lion's share of the ... Read the full article
Insurtech Allium Data secures $750k funding from Markd
5th October 2023
Insurtech startup Allium Data, Inc., has secured a pre-seed funding round of $750,000 from Markd, an insurance/insurtech-focused venture capital firm. The firm intends to use the funds to accelerate its growth and go-to-market strategy for all platform products. Established in 2022, the company has several products currently in market. The ... Read the full article
Vessel Protect reaffirms support for commercial operators looking to export Ukrainian grain
5th October 2023
Vessel Protect, a specialist war risk underwriter and part of Pen Underwriting, has reaffirmed its commitment to supporting commercial operators who are looking to export Ukrainian grain, as the new maritime corridor "begins to gain traction". Munro Anderson, Head of Operations at Vessel Protect, noted that the firm is seeing renewed ... Read the full article
Accelerant provides capacity to Rainbow’s new BOP for the restaurant industry
5th October 2023
Rainbow launches an annual term Business Owner's Policy (BOP) tailored to the restaurant industry, entering the admitted commercial multi-peril market with capacity through insurtech Accelerant. The company's digital insurance products are available to independent agents and brokers through direct appointment, or via participating digital partners. Rainbow’s BOP is to provide agents and ... Read the full article
Insurance brokers poised for another strong quarter despite some deceleration: Goldman Sachs
5th October 2023
Goldman Sachs' latest report highlights a positive outlook for insurance brokers in the Americas as they head into the third quarter of 2023. Despite expectations of some deceleration in growth, brokers are set to enjoy above-average organic growth, thanks to a favourable broking environment. The report suggests that several factors are contributing ... Read the full article
Re/insurers need the right tech to increase allocation to private markets: SS&C’s Ramsay
5th October 2023
During a recent interview with Reinsurance News, Jereme Ramsay, Director, Business Development & Client Relations, Bermuda, SS&C Technologies, explained that if re/insurers are looking to increase allocation to private markets, then they need to make sure they have a "combination of the right technology as well as operational and accounting ... Read the full article
African reinsurance markets witness growth and stability in 2021/2022
5th October 2023
The African reinsurance landscape in 2021/2022 demonstrated a mix of notable growth and stability across both life and non-life sectors, as revealed by recent market data. Among the top 14 markets, the African life reinsurance market experienced significant growth, with a year-on-year increase of USD 193 million, reaching a total of ... Read the full article
Concert secures ‘Excellent’ rating for Indigo RRG from AM Best
5th October 2023
Concert Insurance Group (Concert) has announced that AM Best has assigned an "A-" (Excellent) rating with a stable outlook to Indigo Risk Retention Group, Inc. (Indigo RRG). This rating comes after Indigo RRG received a Preliminary Credit Assessment from AM Best in August. The ratings are a result of Indigo RRG ... Read the full article
Homeowners renewal rates surge in September 2023: KBW
5th October 2023
In a recent report, KBW (Keefe, Bruyette & Woods) has unveiled that homeowners' insurance renewal rates have experienced a significant uptick in September 2023. The estimated industry-wide renewal rate change for homeowners' insurance policies stood at a remarkable +9.2% year-over-year (YoY) during September. This represents a notable acceleration from August, which saw ... Read the full article
Chubb hires Gordon Mackechnie as its new Chief Technology Officer
5th October 2023
Property & Casualty insurance giant Chubb has appointed Gordon Mackechnie as its new Chief Technology Officer. A seasoned technology leader, Mackechnie joins Chubb following a seven year tenure at Deutsche Bank. In his most recent role at the firm, he served as Chief Technology Officer. Prior to that, he spent just under ... Read the full article
Fiducia MGA names Brian Laflin senior development underwriter
5th October 2023
Specialty insurance managing general agent (MGA) Fiducia has named Brian Laflin as a senior development underwriter. Laflin joins the Leeds-based MGA from Lonham Group, where he was a senior underwriter writing for both Chaucer syndicate and company. He has also previously held senior underwriting and development roles with Marsh and Aon MGA’s ... Read the full article
Heritage Insurance estimates Q3 cat losses of $40m
5th October 2023
Super-regional P&C insurance holding company, Heritage Insurance Holdings, Inc., has reported estimated retained catastrophe losses of $40 million for the third quarter of 2023. Heritage noted that the catastrophe losses during Q3 stem from the Maui Wildfire, which represents the majority of the retained catastrophe loss amount, as well as Hurricane ... Read the full article
Monument Re appoints Elsinghorst as CEO as Maske steps down
5th October 2023
Life reinsurer Monument Re Limited has announced that Manfred Maske has stepped down from his role as Group Chief Executive Officer (CEO), effective September 19th, 2023, and has been replaced by Carlo Elsinghorst. Elsinghorst joined the company in 2020 as CEO of Ireland making his way to being appointed as the ... Read the full article
SCOR exercises call option to buy 9m of its shares held by Covéa
5th October 2023
The board of directors of French reinsurance giant SCOR have authorised the partial exercise of the call option to purchase 9,000,000 SCOR shares held by Covéa, representing 5.01% of SCOR’s share capital. Under the June 2021 settlement agreement entered into between SCOR and Covéa in the presence of the Autorité ... Read the full article
MGT Partners launches MGT Insurance with CM Select acquisition
5th October 2023
MGT Partners, a privately owned organisation backed by experienced insurance executives and investors, has acquired CM Select from Church Mutual, a leading insurer of religious organisations in the US. The completed acquisition marks the launch of MGT Insurance, the new name for CM Select. The new tech-enabled risk solutions platform will ... Read the full article
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