Reinsurance News
BMS Re strengthens fac reinsurance division with key appointments
5th July 2023
BMS Re, the specialty reinsurance arm of the global broking group BMS, has appointed Steve Housse as the managing director and leader of the facultative practice, and Dan Shea as the senior vice president of property facultative. Housse and Shea will be located in Atlanta, Georgia. Housse brings with him extensive ... Read the full article
Velocity Risk accelerates MGA-carrier hybrid strategy, secures AM Best A- Rating
5th July 2023
Velocity HoldCo., LLC, the holding company for Velocity Risk Underwriters, and Velocity Claims LLC, is expanding its business to now include a rated E&S insurance carrier in all 50 US states. The new carrier, Velocity Specialty, which is led by Phil Bowie and Jake Rothfuss, along with majority shareholder Oaktree Capital ... Read the full article
Aon collaborates with AbsoluteClimo to advance climate modelling
5th July 2023
Aon has announced a multi-year collaboration with Asia Pacific climate data and analytics provider AbsoluteClimo to help advance climate modelling for climate-based perils. It adds to Aon’s growing suite of analytical and academic initiatives to bring the latest climate science to our arsenal, helping to evolve our risk understanding and drive ... Read the full article
Brokerslink introduces new governance structure with advisory board addition
5th July 2023
Brokerslink has unveiled a new governance structure, incorporating an Advisory Board alongside its existing Board of Directors. This transformation comes as a result of the merger between Brokerslink Management AG and Brokerslink AG, with the latter becoming the sole legal entity. The strategic shift aims to bolster the company's global reach and ... Read the full article
Improved timing & concurrence at mid-year renewals: Guy Carpenter
5th July 2023
Broader market trends seen at January 1 continued at mid-year renewals, but with improved timing and concurrence around terms and conditions, according to Guy Carpenter, a leading global risk and reinsurance specialist and a business of Marsh McLennan. Guy Carpenter suggested that while property pricing saw continued risk-adjusted rate increases in ... Read the full article
BIBA appoints Graeme Trudgill as its next Chief Executive
5th July 2023
Graeme Trudgill, the current Executive Director of The British Insurance Brokers' Association (BIBA) has been appointed to succeed Steve White as BIBA’s next Chief Executive. White announced his plans to retire at The BIBA Conference in Manchester in May. He leaves as the longest serving CEO having completed ten years ... Read the full article
Aviation reinsurance market faces challenges and uncertainty: Gallagher Re
5th July 2023
The aviation reinsurance market continues to grapple with challenges and uncertainty, according to global reinsurance broker Gallagher Re's latest report on the aviation insurance market. While there are some signs of improvement in aviation retro capacity levels, the overall landscape "remains fragile". Pricing in the aviation reinsurance market has been hardening as ... Read the full article
Brookfield Reinsurance confirms $4.3bn acquisition of American Equity (AEL)
5th July 2023
Brookfield Reinsurance, a capital solutions business that provides insurance and reinsurance services to individuals and institutions, is set to acquire American Equity Investment Life Holding Company (AEL) for $4.3 billion, taking the firm's deployed or committed capital since inception to more than $10 billion. Brookfield first invested in AEL in ... Read the full article
WTW appoints Plotnek to lead its merged Private Assets & Capital Management team
5th July 2023
WTW, a global advisory and broking firm has appointed Anthony Plotnek to lead its recently combined Private Assets and Capital Management (PACM) team within its Insurance Consulting and Technology (ICT) business. Within the role, Plotnek will be based in London, where he will report to Marcus Bowser, Managing Director, UK and ... Read the full article
Turning science & data into actionable insights is key, says Aon’s Shedden
5th July 2023
"As climate change and socio-economic factors lead to ever more damaging catastrophe events, we need to get better at turning science and data into actionable insights," suggests Paul Shedden, Global Head of Analytics at Aon's Reinsurance Solutions. Shedden states that extreme weather stats were broken again in 2022, as the year ... Read the full article
Addresscloud and Skyblu announce partnership
5th July 2023
Addresscloud, a cloud-based location intelligence platform, and geospatial data and AI solutions provider Skyblu have partnered to give insurers access to a rich suite of address-level perils data for locations across mainland Europe. There has been increasing insurer demand for help in underwriting and pricing property level risk in the wake ... Read the full article
Global cyber insurance premiums could exceed $50bn by 2030: Howden
5th July 2023
International insurance broker Howden has suggested that the size of the cyber insurance market could reach $50 billion by 2030, though the realisation of this potential is tied to three key factors: distribution, tail-risk management and attracting capital. "If these challenges can be navigated successfully, the cyber market is on the ... Read the full article
Stable expands price risk platform into Energy, Fertilizer and Packaging sectors
5th July 2023
Stable has announced the expansion of its price risk management platform into the Energy, Fertilizer and Packaging sectors. The company’s vision with the move is to continue its rapid rollout as the world's largest parametric insurance platform. Simultaneously, Stable has also launched its Commercial Insurance capability, licensed as a Class 3a ... Read the full article
PERILS places first industry loss estimate for Emilia-Romagna floods at €377m
5th July 2023
Catastrophe loss data aggregator PERILS AG has placed its initial industry loss estimate for the floods in the Emilia-Romagna region of Italy during the period of 2 to 22 May 2023 at €377m. According to PERILS, this estimate of the insurance loss is based on data collected from the majority of ... Read the full article
Ryan Specialty completes trio of acquisitions
5th July 2023
International specialty insurance firm Ryan Specialty has completed the acquisitions of Socius Insurance Services, Point6 Healthcare, and ACE Benefit Partners, Inc. In early June, Ryan Specialty signed definitive agreements to acquire certain assets of ACE, a medical stop loss general agent, and Point6, a distributor of medical stop loss insurance, ... Read the full article
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