Reinsurance News
Farmers Insurance to limit home policies in California, APCIA responds
10th July 2023
Farmers Insurance is capping its new homeowners policies in California starting this month, marking yet another major carrier limiting its coverage in the state. “Effective July 3, Farmers will limit new homeowners insurance policies in California to a level consistent with the volume we projected to write each month before recent ... Read the full article
WTW to include climate data into property broking
10th July 2023
Global advisory and broking firm, WTW has incorporated climate data into its broking property renewals to help clients understand their long-term risks relating to their property portfolio. The data enables the assessment of future exposures to climate change by evaluating a series of key climate indicators which helps companies to optimise ... Read the full article
Florida’s insurance market overcomes challenges and shows signs of growth: Aon
10th July 2023
Florida's insurance market has made a significant turnaround during the 2023 mid-year renewal, providing a much-needed boost to the state's insurers, according to Aon's Reinsurance Market Dynamics report. Despite worries following Hurricane Ian about a possible shortage of capacity for Florida-based insurers, catastrophe reinsurance capacity was accessible during the mid-year renewal, ... Read the full article
Global Atlantic raises over $2.4bn for second co-investment vehicle
10th July 2023
Life and annuity re/insurance firm Global Atlantic Financial Group has closed a more than $2.4bn third-party capital raise for its second reinsurance co-investment vehicle, Ivy Co-Invest Vehicle II LLC (Ivy II). Ivy II is a reinsurance co-investment vehicle through which Global Atlantic brings third-party capital into its business to augment its ... Read the full article
Insured cat losses in Q223 estimated to reach ~$17bn: Goldman Sachs
10th July 2023
Insured losses from major natural catastrophes in the second quarter of 2023 are estimated to reach ~$17 billion, Goldman Sachs has revealed. This includes ~$13 billion from the US, driven by hail and severe convective storms over southern states and Texas. The ~$17 billion loss is modestly above the 10-year Q2 average, ... Read the full article
Marco Capital acquires Guernsey-based Kelvin Re
10th July 2023
Marco Capital Holdings Limited, the European P&C insurance run-off group, has announced the acquisition of Kelvin Re Limited. Terms of the sale were not disclosed. Kelvin Re is a Guernsey based reinsurance company, authorised by the Guernsey Financial Services Commission. Humboldt Re, Marco’s 100% owned Guernsey subsidiary - acquired in ... Read the full article
Aviation lessors contest insurance dispute hearings in Russia: Reuters
10th July 2023
A host of over 40 aviation leasing firms who are struggling with insurers over who should bear up to $10 billion in costs for 400 jets stuck in Russia are urging the High Court to allow a reinsurance dispute to be heard in London, not Moscow, according to a recent ... Read the full article
Maria Morzello promoted to CRO Bermuda & NA, AXA XL Re
10th July 2023
Maria Morzello has been promoted to the role of Chief Risk Officer (CRO), Bermuda & North America at AXA XL Reinsurance. Based in Stamford, Connecticut, she takes on this new role after spending over two years serving as a Senior Risk Manager. An experienced veteran across the industry, Morzello brings over two ... Read the full article
Emerging Asia poised to lead global economic growth: Swiss Re
10th July 2023
Emerging Asia is set to become the primary driver of global economic growth in the coming years, according to the latest sigma report by Swiss Re Institute. With China's economy reopening and experiencing a recovery in demand, Swiss Re forecasts emerging Asia to achieve a growth rate of 5.4% in 2023 ... Read the full article
Inver Re forms Bermuda-based re/insurer & segregated accounts company
10th July 2023
Inver Re has announced the set up of a Bermuda-based Class 3 re/insurer and segregated accounts company, Inver Re (Bermuda) SAC Ltd. According to the firm, Inver Re (Bermuda) SAC Ltd. (Inver SAC) was registered in Bermuda by the regulator the Bermuda Monetary Authority (BMA) on May 24th 2023. Inver Re told ... Read the full article
Actuarial and compliance consultancy firm OAC joins the MGAA
10th July 2023
OAC, an actuarial and compliance consultancy services firm, has joined the Managing General Agents’ Association (MGAA). The firm is part of the Broadstone Group following its acquisition in April 2023. It offers a range of services to MGAs ranging from actuarial services such as pricing, portfolio analysis, modelling and optimisation to ... Read the full article
Tokio Marine Kiln expands cyber team with series of appointments
10th July 2023
Tokio Marine Kiln (TMK) has announced a series of appointments to further bolster its presence within the cyber market. Firstly, the company has confirmed that Aoife Woulfe, former Head of intellectual property (IP) at TMK, has been appointed to the position of Head of delegated cyber. In her previous role as ... Read the full article
UK consumers demand improved customer experience in insurance, highlight AI as key priority: Study
10th July 2023
A study by Future Processing and Censuswide found that about one-third of UK consumers feel insurance companies are not improving customer experience, with Artificial Intelligence (AI) being a key priority for enhancement. The findings of the research indicate that insurance companies can benefit from integrating AI technology into their operations to ... Read the full article
Growth, inflation and interest rate trajectories are diverging: Swiss Re
10th July 2023
COVID-19 and the war in Ukraine highly impacted the global economic and policy cycles, but now that the base effect of these shocks is fading idiosyncratic domestic factors will regain the main drivers of diverging cycles in the second half of this year, according to the Swiss Re Institute. As growth, ... Read the full article
Athora appoints Michael Koller as Chief Risk Officer
10th July 2023
Athora, a European savings and retirement services group, has appointed Michael Koller as Group Chief Risk Officer, succeeding Lukas Ziewer, who stepped down from the role in May. Koller has more than three decades of industry experience and was most recently CRO at MS Amlin. Before this, he was Group Risk Director ... Read the full article
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