Reinsurance News
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
Verisk hires Samantha Vaughan as Chief Privacy Officer
14th July 2023
Global data analytics and technology provider Verisk has appointed Samantha Vaughan as Chief Privacy Officer, effective immediately. In her new role, Vaughn will lead the development and implementation of policies to protect the data entrusted to Verisk, At the same time, she also help ensure the integrity of Verisk’s data practices, ... Read the full article
Kin announces expansion into catastrophe-prone Arizona
14th July 2023
Kin, a direct-to-consumer home insurance firm has expanded its presence into Arizona, bringing home and property insurance to the state. This marks Kin’s first move into the US Southwest - where the housing boom is contending with climate risk - and it builds upon the insurtech’s growth and success in coastal, ... Read the full article
Reinsurer exposure to Q2 cat losses to be constrained by rising attachment points: KBW
14th July 2023
KBW has reported that in Q2 2023, it expects most underwriters to report "chunky-but-manageable catastrophe losses," reflecting the US weather, adding that reinsurers' exposure is materially constrained by rising attachment points. Analysts expect property reinsurers to bear some losses, notably from smaller insurers exposed to the intense storms between June 10 ... Read the full article
Obsidian names Jeff Wittlich as CUO
14th July 2023
Obsidian Insurance Group, a leading facilitator and supporter of specialty insurance programs, has appointed Jeff Wittlich as its Chief Underwriting Officer (CUO). With a background in reinsurance and program insurance, Wittlich brings extensive experience and industry connectivity to his new role. William Jewett, CEO of Obsidian, expressed his enthusiasm for Wittlich's addition ... Read the full article
PVI Insurance & NongHyup P&C sign MOU agreement to increase collaboration
14th July 2023
PVI Insurance Corporation and Seoul-based NongHyup Property and Casualty Insurance (NongHyup P&C) recently signed a Memorandum of Understanding (MOU) to secure their comprehensive business cooperation at PVI Insurance's headquarters in Hà Nội. According to the announcement, the five-year agreement is designed to reinforce collaboration in a number of key areas, such ... Read the full article
Ryan Specialty appoints new CEO and CUO of National Programs unit
14th July 2023
International specialty insurance firm, Ryan Specialty, has announced the appointment of Dawn D’Onofrio to Chief Executive Officer (CEO) and Brian Alvin to Chief Actuary and Chief Underwriting Officer (CUO) of Ryan Specialty National Programs, effective immediately. Ryan Specialty’s suite of programs provides access to insurance solutions to meet the needs of ... Read the full article
Economic impact of cybercrime on business predicted to reach $10.5 trillion by 2025: Cybersecurity Ventures
13th July 2023
The threats that are posed by new technologies such as artificial intelligence (AI), which had consistently reduced since 2021, is now predicted to be a growing threat for the next 12 months ahead, according to Beazley's latest Risk & Resilience report: Spotlight on: Cyber & Technology Risks 2023. The report highlighted ... Read the full article
PPL experiences accelerating trend in uptake and usage of Next Gen platform
13th July 2023
Placing Platform Limited (PPL) experienced an accelerating trend in the uptake and usage of its Next Gen platform during June, with the number of risks added per week increasing by 100% in the last week of the month. In June, PPL initiated a campaign to encourage users to transition to the ... Read the full article
WTW expands North America ICT business with two senior hires
13th July 2023
Broking and solutions firm WTW has appointed two senior directors, Maryellen Allegretti and Patrick Anderson-Higgins, within the firm's Insurance Consulting and Technology (ICT) operation in North America. Both appointments further bolster ICT's expertise, technical knowledge, and presence as it strengthens its position as an industry leader in the Personal and Commercial ... Read the full article
Arthur J. Gallagher acquires Benchmark Commercial Insurance Services
13th July 2023
Arthur J. Gallagher & Co. has announced the acquisition of Carlsbad, California-based Benchmark Commercial Insurance Services. Benchmark is a retail insurance agency that has been offering commercial and personal risk management and insurance solutions to business owners in San Diego and the surrounding area for the last two and a half ... Read the full article
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