Reinsurance News
CCR RE gets €200m capital injection as SMABTP & MACSF take control
3rd July 2023
A consortium comprised of SMABTP and MACSF have completed the acquisition of a majority shareholding in French reinsurer CCR RE, and also injected an additional €200 million of capital into the reinsurer, following relevant approvals being granted by the regulatory bodies. The acquisition represents a "strategic diversification project" for the two ... Read the full article
Property cat loss hit rates in Florida up 30-40% in mid-year renewal: Gallagher Re
3rd July 2023
Global reinsurance broker Gallagher Re released its latest 1st View renewals report, which highlights the trends and dynamics at the July 1 reinsurance renewals. Within the report, the broker highlighted the United States property market at the renewals. One notable figure was that catastrophe loss hit business in Florida increased 30-40%, ... Read the full article
SiriusPoint & Compre complete $1.3bn reinsurance LPT
3rd July 2023
Bermuda-based insurer and reinsurer SiriusPoint, and global legacy acquirer, Compre, have completed their previously announced $1.3 billion ground-up reinsurance loss portfolio transfer (LPT), underwritten by Pallas Reinsurance Company Ltd. This LPT was first announced in early March and sees Compre assume around $1.3 billion of reserves related to a diversified ... Read the full article
Coaction Global appoints Erin Bagley as EVP and General Counsel
3rd July 2023
The privately-held specialty insurance company, Coaction Global, Inc, has announced the appointment of Erin Brennan Bagley as Executive Vice President (EVP) and General Counsel, effective immediately. Bagley is an industry veteran with more than 20 years of experience as a lawyer in the insurance industry. Her remit in the role is ... Read the full article
Assured Guaranty asset management arm acquired by Sound Point Capital
3rd July 2023
Assured Guaranty, a Bermuda-based holding company, has completed the business combination of Assured Guaranty’s asset management business with Sound Point, becoming a significant equity holder. As part of the transaction, Assured Guaranty has contributed its entire equity interest in Assured Investment Management LLC and, with certain AHP-related exceptions, its related asset ... Read the full article
Allianz AGCS names Oskar Buchauer as its new Chief Financial Officer
3rd July 2023
Allianz Global Corporate Specialty SE (AGCS) has appointed Oskar Buchauer as its new Chief Financial Officer (CFO). With effect from September 1, 2023, Claire-Marie Coste-Lepoutre, CFO of AGCS for more than four years, will hand over to Buchauer who currently serves as Head of Allianz Group Actuarial, Planning and Controlling and ... Read the full article
Expectations “much better managed” at July renewals: Gallagher Re’s Vickers
3rd July 2023
Gallagher Re's James Vickers, Chairman International, has asserted that the July renewals were “much better managed” and “stable”, as the pricing and structural market dynamics that defined 1.1 continued, with mid-year placements catching up and aligning with prevailing market undercurrents. Speaking to Reinsurance News alongside the release of Gallagher Re’s ... Read the full article
Tech-savvy insurance carriers set to outperform competitors: Socotra survey
3rd July 2023
In a recent survey conducted by Socotra, a leading core platform provider for modern insurers, it has been found that insurance carriers who invest in technology to enhance the customer service experience for brokers and agents are poised to outperform their less tech-savvy competitors. The survey, titled "Becoming the Preferred Provider: ... Read the full article
TMK hires Rob Partridge to its marine division as a Cargo Underwriter
3rd July 2023
Tokio Marine Kiln has announced the appointment of Rob Partridge to its marine division as a Cargo Underwriter with immediate effect. He will be reporting to Richard Hooks, the Departmental Head of Marine & Energy and the role will be based in London. Partridge is a market veteran who brings more ... Read the full article
Fusion launches Madrid branch and names Filippo Cibin as Partner
3rd July 2023
Fusion Specialty Europe (Fusion), a leading insurance provider, has announced the establishment of its Southern Europe branch in Madrid and the appointment of Filippo Cibin as partner, effective immediately. The move comes as part of Fusion's ongoing growth strategy in European insurance markets. Cibin, a seasoned professional with extensive experience in the ... Read the full article
Lemonade secures quota share reinsurance contracts
3rd July 2023
Lemonade Insurance and Lemonade Insurance Company (LIC) have secured property per risk excess of loss reinsurance (PPR contract) to protect its business, effective from July 1, 2023 until June 30, 2024. Under the PPR Contract, claims in excess of $750,000 are 100% ceded up to a maximum recovery of $2.25 million, ... Read the full article
Guy Carpenter appoints Les Loh as the CEO of Southeast Asia & Korea
3rd July 2023
Les Loh has been appointed as the CEO of Southeast Asia & Korea by Guy Carpenter. The role will be based out of Singapore. Loh’s remit in this position will include leading a talented and motivated team with trust and supporting them in fulfilling the client's and partners’ needs. Loh joined Guy ... Read the full article
Turkey earthquake industry insured loss estimated at $5bn: CRESTA
3rd July 2023
The Kahramanmaras Earthquake Sequence affecting Turkey and Syria which occurred on the 6th of February has been the largest international catastrophe insurance loss to date in 2023 outside of the US, with an industry loss of $5 billion, according to CRESTA. This information stems from CLIX, the CRESTA Industry Loss Index, ... Read the full article
Continued pricing and structural dynamics at July reinsurance renewals: Gallagher Re
3rd July 2023
Gallagher Re, the global reinsurance broker, has released its latest 1st View renewals report, highlighting the trends and dynamics at the July 1 reinsurance renewals, which indicates a continuation of pricing and structural dynamics similar to those observed during the January 1 and April 1 renewal periods. Despite significant year-on-year increases, ... Read the full article
BHSI names Dimitry Zilberud Head of Marine, Retail US
3rd July 2023
Berkshire Hathaway Specialty Insurance (BHSI) has announced that Dimitry Zilberud, Head of Marine, Australasia, has been appointed to the additional role of Senior Vice President, Head of Marine, Retail US. Zilberud has more than 25 years of insurance industry experience. Based in Sydney, he joined BHSI in 2015 as Head of ... Read the full article
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