Reinsurance News
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
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
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
