Reinsurance News
Jensten appoints Matthew Gibson as Group M&A Director
5th October 2023
Jensten, a UK broking and underwriting businesses, has announced the appointment of Matthew Gibson as Group M&A Director. His appointment strengthens Jensten's senior team, the firm stated, and comes as the business prepares to announce further acquisition deals. Gibson brings to his new role two decades of experience in the broking sector ... Read the full article
Insurtech Reserv raises $20m Series A round to accelerate growth
5th October 2023
Reserv, a leader in AI-driven insurance claims processing, has announced the close of its $20M Series A round of financing to expand its generative AI claims data analysis tools. This latest funding round was co-led by Altai Ventures and Bain Capital Ventures (BCV) with participation from AXIS Capital, Arch Capital Group, ... Read the full article
Aviation reinsurance market faces challenges and ongoing dispute amid diverging trends: Gallagher
5th October 2023
In the latest edition of Plane Talking, re/insurance broker Gallagher noted that as the aviation reinsurance and retrocession markets approach the final quarter of 2023, they continue to grapple with a range of complex challenges and evolving market dynamics. In its Q3’23 edition of Plane Talking, Gallagher noted that one significant ... Read the full article
Record 89% of U.S. companies eye full divestment of pension liabilities: MetLife’s 2023 Poll
5th October 2023
The U.S. pension risk transfer market is on a record-breaking trajectory, with an overwhelming 89% of companies planning to divest all their defined benefit (DB) pension plan liabilities, according to MetLife's 2023 Pension Risk Transfer Poll. This indicates that the momentum witnessed in recent years is set to continue, with an ... Read the full article
Ascot Group appoints Mark Wilcox as CFO
5th October 2023
Bermuda-based global specialty insurance firm Ascot Group has named Mark Wilcox as its new Group Chief Financial Officer, reporting to Group CEO and President Jonathan Zaffino, effective November 8, 2023. Wilcox joins Ascot from Selective Insurance Group, where he led global finance operations and capital management strategy, as well as ... Read the full article
Nuveen names Kyrylo Sukhanenko Managing Director, Head of UK Insurance
5th October 2023
Global investment management firm Nuveen is strengthening its UK insurance offering with the appointment of Kyrylo Sukhanenko as Managing Director, Head of UK Insurance. In his new role, based in London, Sukhanenko will be responsible for further developing Nuveen’s UK insurance client segment, playing a pivotal role in the firm’s product ... Read the full article
Peak Re posts net profit in H1’23 vs year-ago net loss
5th October 2023
Hong Kong-based global reinsurer Peak Re has recorded a net profit of $160 million for the first half of 2023, compared to the prior year’s net loss of $103 million. Peak Re reported reinsurance revenue of $750 million, reflecting a slight decrease from $971 million in the same period in 2022. Property ... Read the full article
US life insurers not at risk from commercial real estate exposure: Fitch
5th October 2023
US Life Insurers to withstand commercial real estate deterioration (CRE) exposure thanks to their stable investment portfolios, which include high-quality, diversified exposures, conservative underwriting, strong liquidity and effective asset-liability management (ALM), according to Fitch Ratings. Therefore, analysts expect CRE losses to remain within ratings sensitivities, given the strength of diversified portfolios, ... Read the full article
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
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