Reinsurance News
OneDegree Group to strengthen its expansion into digital assets insurance
3rd July 2023
OneDegree Group has closed a $55 million Series B round, that is set to strengthen its expansion into digital assets insurance and generative AI-enabled insurtech solutions. The funding will also be used to broaden the company’s product offering, and further expand the market of its direct-to-consumer insurance products. Thomas G. Tsao, Co-founder ... Read the full article
R&Q Insurance Holdings appoints Jerome Lande as Non-Executive Director
3rd July 2023
R&Q Insurance Holdings appoints Jerome Lande of Scopia Capital Management as Non-Executive Director, bringing a significant addition to its leadership. The decision to appoint Lande stems from the Purchase and Exchange Agreement made between R&Q and Scopia Capital Management. The appointment is subject to the successful completion of due diligence checks, which ... Read the full article
Global reinsurer capital increased to $605bn in Q1, reports Aon
30th June 2023
Aon's recent mid-year Reinsurance Market Dynamics report shows that global reinsurer capital rose by 5%, or $30 billion, to $605 billion over the three months to March 31, 2023. The insurance and reinsurance broker's analysis states the key factors for this increase were retained earnings, recovering asset values, and new inflows to ... Read the full article
Suncorp joins the Australian Cyclone Reinsurance Pool
30th June 2023
Insurer Suncorp Group has announced that it has joined the Federal Government’s Cyclone Reinsurance Pool. Lisa Harrison, CEO of Insurance Product & Portfolio at Suncorp Group, confirmed all eligible customers at the point of renewal and any new business policies for home, strata, landlord and small business property insurance across the ... Read the full article
Aegon to shift legal domicile to Bermuda
30th June 2023
Life insurer and asset manager Aegon has announced it is transferring its legal domicile to Bermuda. Its headquarters will remain in the Netherlands and it will also stay a Dutch tax resident. The group’s supervision will move from the Dutch Central Bank (DNB) to the Bermuda Monetary Authority (BMA). This, according to ... Read the full article
Revenue among the key drivers of cyber model divergence: Guy Carpenter
30th June 2023
There is a notable degree of variability across cyber catastrophe vendor model outputs, according to a recent study which revealed a number of parameters driving discrepancies, including revenue, industry sector classification and differing treatment of specific coverages. Guy Carpenter’s report, titled Under the Lens: Investigating Cyber Vendor Model Divergence, investigates the ... Read the full article
ICISA officialises Active Re’s membership in the association
30th June 2023
Reinsurance company Active Re has become a member of the International Credit Insurance & Surety Association (ICISA). This membership will offer the Active Re the opportunity to participate in conferences, seminars, and other specialised events where they will be able to connect with other professionals in the reinsurance market, sharing information ... Read the full article
Capacity stable at Australia & NZ mid-year renewals as insurers adjust to higher retentions: Aon
30th June 2023
Insurers in Australia and New Zealand are adjusting to higher net retentions as reinsurers continue to move away from frequency risk amid consecutive years of heavy major catastrophe losses in the region. But despite the headwinds and increased demand for protection, capacity was stable and sufficient thanks to the support ... Read the full article
Fitch forecasts resilient credit fundamentals for Japanese non-life insurers in FYE24
30th June 2023
Fitch Ratings has projected that the credit fundamentals of Japanese non-life insurance groups are expected to maintain their resilience throughout the financial year ending in March 2024 (FYE24). Despite facing profitability challenges in FYE23, the three major insurers in Japan, namely MS&AD Insurance Group Holdings, Inc., Tokio Marine Holdings, Inc., and ... Read the full article
Lemonade partners with General Catalyst to create Synthetic Agents for financial growth
30th June 2023
Lemonade, a digital insurance firm powered by AI and social impact, has partnered with General Catalyst (GC), a leading venture firm and an early investor in Lemonade, to create Synthetic Agents, a financial structure that unlocks growth without depleting cash. Under the program, which will commence on July 1, 2023, General ... Read the full article
AXA announces new decarbonisation targets
30th June 2023
AXA has revealed its targets to drive the decarbonisation of various P&C insurance portfolios, with the firm stating it will reduce the absolute carbon emissions of its largest commercial insurance clients by 30% by 2030. AXA's targets also include increasing its business in the field of renewable energies, and more broadly ... Read the full article
Insured catastrophe losses in Q2 2023 should be less than $10bn: JP Morgan
30th June 2023
Insured losses from major natural catastrophes in the second quarter of 2023, driven by storms in the US, are estimated to be less than $10 billion, JP Morgan has revealed. This includes ~$7 billion from the US storms during the month of June, which analysts estimate to be the largest contributor ... Read the full article
Chubb promotes Zelda Mostert to Country President for South Africa
30th June 2023
Global re/insurer Chubb announced the promotion of Zelda Mostert to the position of Country President for South Africa. Mostert, currently serving as Chief Financial Officer for the region, will take on the new role with effect from July 1. As Country President, Mostert will assume responsibility for managing the performance, strategy, and ... Read the full article
Falvey Insurance promote Isabelle Therrien to EVP, Head of Cargo
30th June 2023
Falvey Insurance Group has announced the appointment of Isabelle Therrien into the newly created role of Executive Vice President, Head of Cargo. This strategic leadership role will report directly to the recently appointed Chief Underwriting Officer, Tom Nasso, upon his joining Falvey later this year. As the Head of Cargo, Therrien’s ... Read the full article
Vienna Insurance Group announces change in management
30th June 2023
Vienna Insurance Group (VIG) has announced that Hartwig Löger will take over the Chairman’s position of the Managing Board from Elisabeth Stadler. According to the firm, at the end of August 2022, Stadler announced she would not renew her mandate, which runs until 30 June 2023. She has been CEO of VIG ... Read the full article
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