Reinsurance News
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
IRB Brasil Re names Mauricio Quintella as Chairman of Board of Directors
5th July 2023
IRB-Brasil Resseguros S.A. has received official communication sent by the Federal Union indicating that former Minister of State, Mauricio Quintella Malta Lessa, will assume the position of IRB Brasil Re Board of Directors Chairman. The Federal Union makes this move as the holder of the Golden Share, pursuant to Articles 8, ... Read the full article
Stability prevails in intl. liability and professional lines renewals: Gallagher Re
5th July 2023
In the realm of international liability and professional lines, the recent renewals unfolded with relative calm, indicating stability in the market, according to Gallagher Re's 1st View renewals report on International Casualty. The majority of renewals were concentrated in Australia and New Zealand, with only a few in Europe. This commentary ... Read the full article
RLI announces promotions within Claim and Claim Counsel teams
5th July 2023
Specialty insurer RLI has announced promotions within its Claim and Claim Counsel teams, effective immediately. Cory Figiel, who joined RLI in 2016 as Director, Claim Counsel, has been promoted to Vice President, Claim. With this promotion, Figiel will assume executive leadership responsibility for Professional Liability, Environmental Liability, and Executive Products Group claims. Her ... Read the full article
Alan Gray appoints Seth Patel as CEO, Mike Ceppi transitions to Senior Advisor
5th July 2023
The advisory group to insurers, reinsurers and risk managers, Alan Gray LLC has announced the appointment of Seth Patel as Chief Executive Officer (CEO) as of July 1, 2023. This announcement comes in light of Mike Ceppi transitioning to the role of a Senior Advisor at the company. Bill O’Farrell, Chairman of ... Read the full article
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