Reinsurance News
AM Specialty Insurance appoints Peter B. Smith as a non-executive director
6th July 2023
AM Specialty Insurance Company (ASIC), an Excess and Surplus (E&S) insurance firm and an accredited reinsurer, has appointed Peter B. Smith as a non-executive director. Smith has over three decades of experience in the insurance sector, having held executive leadership roles at insurance organisations in both the U.S. and internationally. Most recently, ... Read the full article
Euclid Fiduciary names Keith Lavigne as CUO, Management Liability
6th July 2023
Euclid Fiduciary, a division of Specialty Program Group LLC (SPG), has announced the appointment of Keith M. Lavigne as the Chief Underwriting Officer (CUO), Management Liability. This strategic move aims to expand Euclid Fiduciary's management liability insurance and related executive liability insurance products while ensuring long-term profitable underwriting results for its ... Read the full article
Increased pressure from reinsurers to place cyber separately at renewals: Gallagher Re
6th July 2023
According to Gallagher Re's 1st View report, cyber insurance carriers continued to explore standalone cyber placements at the mid-year renewals in response to increasing pressure from reinsurers. Gallagher's report also noted that incumbent reinsurance markets continued to grow following improved rate and portfolio optimisation across cyber insurance risk, building on the ... Read the full article
Legal & General Retirement reports £6.8bn of PRT year-to-date
6th July 2023
Legal & General Retirement Institutional (LGRI), the UK bulk annuity division of Legal & General, has made strong progress in multiple sectors, including Pension Risk Transfer (PRT), individual annuities, and US protection, transacting £6.8 billion of PRT year-to-date and experiencing a notable rise in pension schemes approaching the insurance market. Alongside ... Read the full article
Howden acquires Media Insurance Brokers International
6th July 2023
International insurance broker, Howden, has announced that it has acquired Media Insurance Brokers International Limited, a major independent UK and Irish film and television broker. This acquisition significantly enhances Howden’s media and entertainment offering while reflecting the company’s strategy to be the preeminent choice for Sports & Entertainment clients. MIB has been ... Read the full article
S&P upgrades CCR RE’s ratings following acquisition
5th July 2023
S&P Global Ratings has announced an upgrade in the issuer credit and financial strength ratings of French reinsurer CCR RE, raising them from 'A-' to 'A, following news of acquisition by SMABTP. The rating upgrade comes in the wake of SMABTP, in partnership with MACSF, successfully acquiring a majority stake ... Read the full article
Chubb promotes Benson to Chief Revenue Officer, Commercial Insurance
5th July 2023
Tim Benson has been promoted to the role of Chief Revenue Officer - Commercial Insurance at global re/insurer Chubb. A highly experienced veteran across the industry, Benson has worked for Chubb for over 18 years. In his most recent role, he served as Executive Vice President - Analytics and Sales Enablement. Prior ... Read the full article
Spring Insure grows Financial Lines team with two new hires
5th July 2023
Specialist financial and commercial lines MGA, Spring Insure has announced the appointment of two new hires, James O’Halloran as Development Underwriter and Charlie Cooper as Underwriter. According to the announcement, these appointments form part of Spring Insure’s plans to significantly expand its footprint in the UK and European FinPro sector. The two ... Read the full article
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
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