Reinsurance News
Arthur J. Gallagher announces acquisition of Altman Insurance Services
4th October 2023
Arthur J. Gallagher & Co., a global insurance brokerage, risk management and consulting services firm, has acquired Louisville, Kentucky-based WLA Insurance, LLC, dba Altman Insurance Services. Terms of the transaction were not disclosed. Altman Insurance Services provides employee benefits brokerage and consulting services to both large and small group businesses across ... Read the full article
Aon looks to expand capabilities in India with acquisition of Global Insurance Brokers
4th October 2023
Global insurance and reinsurance broker Aon is looking to enhance its risk capital capability offering in India with the acquisition of Global Insurance Brokers, a composite re/insurance brokerage offering services across 17 offices. Once the deal completes, which remains subject to regulatory approval, the Indian broker will transition to Aon's brand ... Read the full article
HIVE & Allianz Commercial collaborate to underwrite new product
4th October 2023
HIVE Underwriters Ltd. and Allianz Commercial are collaborating to underwrite Aviation Hull War and Excess Third-Party Aviation War Liabilities (XS AVN52) classes with immediate effect. With capacity from Allianz, the facility utilises HIVE’s risk analytics and exposure management systems. Bruce Carman, HIVE’s Chief Underwriting Officer, commented: “HIVE is continually looking to enhance ... Read the full article
Commercial auto insurance underwriting losses surge in 2022: AM Best
4th October 2023
The U.S. commercial auto insurance segment faced a substantial setback in 2022, with underwriting losses skyrocketing to $3.3 billion, as revealed by a recent report from AM Best. This downturn came on the heels of nearly breakeven results in the previous year. Commercial auto insurance has persistently been one of the ... Read the full article
Aspida names Alex Seidita as new CIO
4th October 2023
Aspida Holdings, Ltd., a provider of retirement and reinsurance solutions, has named Alex Seidita as its new Chief Information Officer (CIO), taking over from Joe Lurie, who has served as the firm's CIO since its inception and is to retire at the end of 2023. Seidita takes on oversight of Aspida’s ... Read the full article
iA Financial acquiring Vericity in $170m transaction
4th October 2023
Vericity, Inc. has entered into a definitive merger agreement with iA American Holdings, Inc., a subsidiary of iA Financial Corporation, Inc., to be acquired in an all-cash transaction valued at approximately $170 million. Vericity is majority-owned by J.C. Flowers & Co., a private investment firm, who is selling its stake in ... Read the full article
638 insurer groups were “insurer billionaires” in 2022: Insuramore
4th October 2023
According to recently updated global rankings by Insuramore, 638 insurer groups worldwide, across life/annuity, health and, P&C, were “insurer billionaires” in 2022, with gross direct premiums for the year of more than $1 billion. The analysis shows that there were 32 groups that became “insurer billionaires” in 2022 including several based ... Read the full article
DARAG completes captive transaction in Benelux
4th October 2023
DARAG, an international re/insurance group and legacy acquirer, has completed an agreement between an undisclosed Benelux based captive, the captive’s policyholder and DARAG’s German insurance carrier DARAG Deutschland AG. According to the announcement, the parties have agreed that DARAG shall assume expired long term liability insurance policies. By way of the ... Read the full article
Tremor founder launches insurance communications platform, fuse
4th October 2023
Sean Bourgeois, the former founder of innovative online reinsurance marketplace Tremor, has launched his next venture, a secure communications platform for the global commercial insurance industry named fuse. According to Bourgeois, Founder & CEO, fuse offers retail, wholesale and reinsurance brokers, insureds, insurers and reinsurers a 24/7 available web-based platform to ... Read the full article
Coalition & MS&AD partner up to provide cybersecurity insurance solutions in Japan
4th October 2023
Coalition, a pioneering Active Insurance provider, has entered into a strategic partnership with MS&AD Insurance Group, the largest non-life insurer in Japan and across the ASEAN region, to provide cybersecurity monitoring solutions to small and medium-sized businesses (SMBs). Recently, MS&AD Insurance Group launched the MS&AD Cyber Risk Finder, the company's very ... Read the full article
GIC Re hires Ramaswamy N as its new Chairman and Managing Director
4th October 2023
General Insurance Corporation of India has appointed Ramaswamy N as its new Chairman and Managing Director (CMD), effective from October 1, 2023. According to the announcement, this appointment follows the decision by the Ministry of Finance, Government of India. A renowned veteran across the sector, Ramaswamy brings a deep level of expertise ... Read the full article
PRA to conduct dynamic general insurance stress test in 2025
4th October 2023
UK regulator the Prudential Regulation Authority (PRA) has revealed plans to conduct a dynamic general insurance stress test in 2025. The objectives of this dynamic stress test, which is scheduled to take place in 2025, are threefold. The PRA aims to evaluate the solvency and liquidity resilience of the insurance industry ... Read the full article
Aventum appoints Hasani Jess as Chief Technology Officer
4th October 2023
International insurance and reinsurance group, Aventum, has appointed Hasani Jess as the Group’s first Chief Technology Officer (CTO), in line with the company’s vision to build a sophisticated technology ecosystem to enable sustainable growth ambitions. Hasani brings 25 years of experience as a technologist across a wide range of industries. Prior ... Read the full article
US Q3 insured losses modestly below 10-year average: Goldman Sachs
4th October 2023
"Globally, we see ~$27bn of insured losses, with the US generating ~$17bn of the losses, which is modestly below the 10-year 3Q average," suggest analysts at Goldman Sachs. According to the firm's analysts, the majority of the US quarterly losses stemmed from the wildfires in Hawaii, and the impacts of Hurricane ... Read the full article
Catastrophe bond market on track for record year despite muted Q3: Report
4th October 2023
Catastrophe bond and related insurance-linked securities (ILS) issuance in the first nine months of 2023 increased approximately $2 billion year-on-year to $10.9 billion, with $549 million of new risk capital brought to market in the third-quarter, according to the latest Artemis report. The Artemis Q3 2023 cat ... Read the full article
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