Reinsurance News
Steve Hearn to succeed Bronek Masojada as PPL Chair
11th July 2023
Steve Hearn has been appointed as the new Chair of Placing Platform Limited, succeeding Bronek Masojada who will step down at the end of July. Hearn is a long-time industry leader in the London insurance market, having served most recently as CEO of Inver Re, a reinsurance broker part of ... Read the full article
US severe weather causes ‘historic’ insurance losses in first half of 2023: BMS Re
11th July 2023
According to BMS Re, a specialised reinsurance broker, in the first half of 2023, severe weather events wreaked havoc across multiple states in the US, leading to historic losses for the insurance industry. Texas, in particular, has suffered the most, with insurance losses exceeding $7.2 billion. Other states, including Illinois, Kentucky, ... Read the full article
US mortgage reinsurance demand sets new record in 2022: Aon
11th July 2023
US mortgage reinsurance demand set a new record in 2022 with the government-sponsored enterprises (GSEs) Fannie Mae & Freddie Mac, as well as the six US mortgage insurers (US MIs) purchasing more than $18 billion of total reinsurance limit. In Aon’s mid-year Reinsurance Market Dynamics report, analysts highlighted that in 2023, ... Read the full article
Intact Financial reports estimated catastrophe losses for Q2 2023 of $421m
11th July 2023
Intact Financial Corporation has announced the estimated catastrophe losses for Q2 2023 of approximately CAD421 million on a pre-tax basis, net of reinsurance. Catastrophe loss in personal lines total CAD252 million all of which relate to Canada. Meanwhile, commercial lines have seen a loss of CAD83 million in Canada, CAD62 million in ... Read the full article
DUAL Asset forms strategic partnership with Chaucer
11th July 2023
DUAL Asset, a subsidiary of the DUAL Group, has announced a significant new collaboration with Chaucer, reinforcing its position as a leading global provider of legal indemnity insurance. As part of the agreement, Chaucer will contribute £100 million of quota share capacity to support DUAL Asset's UK and European Commercial Real ... Read the full article
Compre welcomes Daniel Fiehn as group COO
11th July 2023
International legacy group Compre has announced the appointment of Daniel Fiehn as group Chief Operating Officer (COO), effective immediately. Reporting to group chief executive officer Will Bridger, Fiehn will be responsible for IT /data, change and facilities, with a particular focus on driving the use of technology and data across the ... Read the full article
NSM Insurance Group acquires Shield Commercial Insurance Services
11th July 2023
Specialty insurance provider NSM Insurance Group has completed its acquisition of California-based Shield Commercial Insurance Services. Shield is exclusively focused on underwriting business for small and mid-sized contractors, offering coverages for General Liability, Excess Liability, Workers' Compensation, Inland Marine and Contractors Professional & Pollution Liability. Bill McKernan, President of NSM Insurance Group, ... Read the full article
SRS expands further into Latam with Delgado’s appointment
11th July 2023
Independent insurance company manager, Strategic Risk Solutions (SRS), has announced the appointment of Luis Delgado as Latam Regional Director. In his new role, Delagdo will be responsible for leading SRS’s business development strategies and the geographical expansion of the firm into Latin America. He has been relocated to Colombia to establish ... Read the full article
US personal lines insurance rates experience slight decrease in Q2: MarketScout
11th July 2023
According to a report by MarketScout, personal lines insurance rates in the US experienced a slight decrease, with the composite rates dropping to 4.4% in the second quarter of 2023 from 5% in the first quarter. "Insurers were feeling pretty good in the second quarter," said Richard Kerr, CEO of MarketScout ... Read the full article
Zurich NA unveils cyber insurance offering targeted for middle market businesses
11th July 2023
Zurich North America has unveiled a cyber insurance offering designed specifically for middle market businesses. The Zurich Cyber Insurance Policy Concierge Suite includes not only cyber insurance coverage, but also loss-prevention and resilience services such as a breach coach and a cybersecurity hotline available 24/7. Cyber Concierge, which has the ability to ... Read the full article
Ardonagh Advisory acquires AMS Insurance Solutions
11th July 2023
Ardonagh Advisory has announced the acquisition of AMS Insurance Solutions Ltd, further bolstering the firm's presence in the southwest of England. According to Ardonagh, AMS is a highly regarded regional broker, providing commercial and personal lines insurance, with specialisms in construction, manufacturing, liability and warehousing and distribution products as well as ... Read the full article
Sory Diomande named new CEO Santam Re & International
11th July 2023
Sory Diomande has become the new Chief Executive Officer (CEO) Santam Re & International at Santam Insurance, the largest general insurer in South Africa. Santam Re was formed in 2010, it only transacts proportional and non-proportional TREATY reinsurance for both marine and non-marine classes. No facultative reinsurance capacity is offered. It offers ... Read the full article
DUAL appoints Gustavo Baraldi Head LATAM Reinsurance for Financial Lines & Casualty
11th July 2023
Gustavo Baraldi has joined as the Head LATAM, Reinsurance for Financial Lines & Casualty, DUAL Group. The role is based out of São Paulo in Brazil and was effective from July 2023. DUAL is an underwriting business founded in 1998. The company is one of the largest international MGA's with over ... Read the full article
US commercial insurance rates steady in Q2: MarketScout
10th July 2023
MarketScout has reported that composite US commercial insurance rates were steady in Q2 2023, with business across the country seeing an average rate increase of 5% in the quarter. Richard Kerr, CEO of MarketScout and Novatae Risk Group, commented, “While the composite rate held steady in the second quarter, there was ... Read the full article
Beazley ESG Consortium continues growth as capacity moves to follow syndicate 5623
10th July 2023
Specialist insurer Beazley has unveiled the next phase of its ESG consortium, with Beazley’s dedicated ESG capacity being provided solely by 5623 from 1st January 2024, subject to regulatory approval Through the combination of its size, cost effectiveness and expertise as a leading follow syndicate, 5623 is "well placed" to deliver ... Read the full article
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