Reinsurance News
The soft reinsurance market is decidedly over, insurers must adapt: DBRS Morningstar
14th July 2023
Global property reinsurance prices increased sharply in 2023 on lower capacity, above-average catastrophe losses, higher inflation, and more financial and macroeconomic volatility, with analysts at DBRS Morningstar predicting tougher reinsurance market conditions to continue as the soft market is "decidedly over." As noted by analysts, the last six years have seen ... Read the full article
CPIC P/C increases premiums 14.3% YOY
14th July 2023
The accumulated primary insurance premium of China Pacific Property Insurance Co., Ltd. (CPIC P/C), a subsidiary of China Pacific Insurance Company (CPIC), amounted to RMB104.948 billion, representing a year-on-year increase of 14.3% in the January to June period. In the CPIC P/C segment, automobile insurance amounted to RMB50.765 billion, representing a ... Read the full article
Charles Taylor Adjusting appoints Stephen Thorpe to key leadership role
14th July 2023
International loss adjusting firm, Charles Taylor Adjusting has appointed Stephen Thorpe, a respected industry veteran to a key leadership role within the new Charles Taylor regional hub in Singapore. Effective as of July 1 2023, Thorpe became Managing Director (Asia) – Property, Casualty, Special Technical Risks in addition to his existing ... Read the full article
P&C insurers face increased cat losses in Q2, reinsurers find relief: BMO Capital Markets
14th July 2023
Property and casualty insurers have witnessed a rise in catastrophe losses during the second quarter, while reinsurers have experienced a decrease as they move away from frequency risks, according to analysts at BMO Capital Markets. "... reRead the full article
Global cat rates surge by 27% YTD; US leads with 35% increase: RBC
14th July 2023
Global catastrophe rates have surged by 27% year-to-date, with the United States experiencing the highest increase at 35%, according to RBC Capital Markets. The property catastrophe rate indexes have reached levels not seen since 2006, when a significant number of new insurers emerged, including notable companies like Lancashire. Across various sub-segments, insurance ... Read the full article
Reinsurance broker Augment launches backed with up to $100m from Altamont
14th July 2023
Reinsurance broker Augment has announced its official launch, backed with up to $100 million in funding from private equity firm Altamont Capital Partners. Amidst the emergence of ever more complex risks, macroeconomic volatility, and an evolving regulatory landscape, Augment believes that a one-size-fits-all approach is no longer sufficient. With global reach and ... Read the full article
Natalie Gleed joins Club Vita as US Head of Business Development
14th July 2023
Club Vita, an independent longevity data analytics company, has announced the appointment of Natalie Gleed as Head of Business Development, US. According to the announcement, Gleed’s hire was in response to growing demand for longevity analytics to support Pension Risk Transfer activity in the US and Club Vita’s increasing presence in ... Read the full article
NEXT Insurance strengthens commitment to agents with Ivans Download integration
14th July 2023
NEXT Insurance, a digital insurtech, has announced its integration with Ivans Download for General Liability and Workers' Compensation policies. According to NEXT, this feature offers a seamless exchange of policy data between the firm and its appointed agents, furthering the company's commitment to facilitating an efficient process for agents and the ... Read the full article
Victor names Ashleigh Cashman President of ICAT
14th July 2023
Victor, a global managing general underwriter (MGU), has announced the appointment of Ashleigh Cashman as President of International Catastrophe Insurance Managers LLC (ICAT), its US property catastrophe managing general agency (MGA). In her new role, effective 17 July, Cashman will be responsible for the overall growth, innovation, and talent development for ... Read the full article
WTW names Mascaro Hospitality Segment Leader within CRB, North America
14th July 2023
Broking firm WTW has hired Sompo International's Juan Mascaro as Hospitality Segment leader a part of the Real Estate, Hospitality, and Leisure Division within its Corporate Risk and Broking (CRB), North America. Mascaro brings more than 20 years of experience towards his new role. He has a diverse background that spans ... Read the full article
H1 2023 nat cat losses in line with historical averages: RBC
14th July 2023
At $35 billion, insured natural catastrophe losses in the first half of 2023 were roughly in line with historical averages, according to RBC Capital Markets. “We estimate a large loss tally of $37 billion at the half-year, of which $35 billion are nat cat events with convective storms in the US ... Read the full article
SRS promotes Elyse Dandeker to Deputy MD for Guernsey and Head of European Operations
14th July 2023
Independent insurance company manager, Strategic Risk Solutions (SRS), has announced the promotion of Elyse Dandeker to Deputy Managing Director of the SRS Guernsey office and Head of European Operations. Dandeker will be reporting to Peter Child, the SRS Europe CEO. In the new role, Dandeker will serve as a key member of ... Read the full article
Goldman Sachs still expects double-digit premium growth in reinsurance brokerage
14th July 2023
Analysts at Goldman Sachs still expected reinsurance broking businesses to report double-digit premium growth in the second quarter of 2023, as well as strong results in retail property and casualty (P&C) globally. In a recent report, analysts discuss pricing and exposure growth for insurance and reinsurance brokers in the Americas. As well ... Read the full article
Helios acquires entire issued capital of Chorlton Underwriting
14th July 2023
In line with its strategy of increasing underwriting capacity through acquisition, Helios Underwriting has acquired the entire issued capital of Chorlton Underwriting Limited for a total consideration of £1,996,830. Of this total, £200,000 has been satisfied by the issue of 123,457 ordinary shares of £0.10 each in the Company (New Ordinary ... Read the full article
Outgoing Flood Re Chair urges urgent action to adapt to climate change
14th July 2023
Mark Hoban, former City Minister and outgoing Chair of Flood Re, has issued a stark warning, emphasising the urgent need for the UK to adapt to climate change and prepare for an increased risk of flooding. In Flood Re's newly released "Transition Plan," which examines flood risk over the next two ... Read the full article
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