Reinsurance News
Financial Services and Markets Bill receives Royal Assent
29th June 2023
"The LMG has been at the forefront of calls for a more proportionate and accountable regulatory framework and the final Bill closely reflects the measures that we have asked for over the last 18 months," The London Market Group said as it welcomed the Royal Assent of the Financial Services ... Read the full article
Insurtech funding drops to 2018 levels, but $7 trillion market opportunity persists: Report
29th June 2023
The first half of 2023 witnessed a significant decline in venture capital funding for insurtech start-ups, reaching levels similar to 2018. According to the report "The State of Global Insurtech" prepared by Dealroom.co, Mundi Ventures, MAPFRE, NN Group, and Generali, insurtech investments amounted to $2.4 billion, a 45% decrease compared to ... Read the full article
86% of catastrophe and natural disaster losses in APAC uninsured in 2022: Aon
29th June 2023
Insurance and reinsurance broker Aon's recently published Weather, Climate and Catastrophe Report: Asia Pacific Insights, identifies global natural disaster and climate trends in the region, highlighting a large protection gap in the region. The report reveals that natural disasters in the Asia Pacific (APAC) region in 2022 caused $80 billion in ... Read the full article
K2 signs new multi-year deal with Moody’s RMS
29th June 2023
K2 Insurance Services LLC, an independent specialty insurance program manager, has signed a new multi-year deal with global catastrophe risk modeling and solutions firm, Moody's RMS. The new multi-year deal, which covers three of K2's managing general agents (MGAs), K2 CAT, K2 Property D&F, and Vikco Insurance Services LLC, includes the ... Read the full article
Lockton Re sees double-digit organic growth in FY23
29th June 2023
Lockton's reinsurance business, Lockton Re, has seen a double-digit organic growth, contributing to the growth in global revenue to $3.1 billion for FY23. The independent insurance broker has reported revenue growth of 17% on a constant currency basis, with reported organic revenue growth at 16% for its fiscal year ending April ... Read the full article
ICW Group Insurance Companies promotes John Novak to President
29th June 2023
ICW Group Insurance Companies, a group of property and casualty carriers, has announced the promotion of John Novak to President. His remit will include leading the company's multi-line growth strategy, expanding its value-added service offerings and driving the company's digital transformation. Along with serving as President, Novak, an industry veteran with ... Read the full article
WTW partners with Clyde & Co to enhance climate risk management solutions
29th June 2023
Global advisory and broking firm, WTW, has announced a strategic collaboration with global law firm Clyde & Co to strengthen its climate risk management offerings. Leveraging their long-standing relationship, WTW will integrate Clyde & Co's climate legal and risk expertise into its climate analytics and consulting services. This collaboration aims to assist ... Read the full article
Topsail Re promotes Hubicki to SVP, Underwriting Manager
29th June 2023
Topsail Re, a Cayman islands based reinsurer has promoted Eric Hubicki to Senior Vice President, Underwriting Manager. Since joining the firm in 2020 as SVP, Hubicki has been an integral part of the company, specialising in reinsurance marketing, underwriting and account management. Before he joined Topsail Re, Hubicki spent just under eight ... Read the full article
R&Q sees FY 2022 operating loss of $33m, cites adverse Legacy development
29th June 2023
Despite seeing strong growth in its Accredited business in 2022, R&Q Insurance Holdings has reported a pre-tax operating loss of $33.3 million, impacted by $32 million of adverse development and the transition to a fee-based revenue model at R&Q Legacy. R&Q's Accredited business saw Gross Written Premiums of $1.8 billion in ... Read the full article
Brown & Brown appoints Paul Krump and Bronislaw Masojada to its board
29th June 2023
Brown & Brown, a leading insurance brokerage firm, appointed two Paul Krump and Bronislaw Masojada, to its board of directors. H. Palmer Proctor, Jr., Brown & Brown's lead independent director and chair of the Nominating/Corporate Governance Committee, expressed his confidence in the newly appointed directors. Proctor acknowledged Krump and Masojada as highly ... Read the full article
American Financial appoints John Berding as President
29th June 2023
American Financial Group appointed John B. Berding as the new President of AFG, effective immediately. Berding, who currently serves as the President of American Money Management Corporation (AMMC), will continue his role in addition to his new responsibilities. The position of President was previously jointly held by Carl H. Lindner III and ... Read the full article
Parametric insurance leaving the niche: Moody’s RMS & Swiss Re Corporate Solutions interview
29th June 2023
Helped by the capabilities of solutions such as Moody’s RMS’ HWind, parametric insurance is being leveraged more broadly to the benefit of the entire value chain, according to Callum Higgins, Moody’s RMS, and Martin Hotz, Swiss Re Corporate Solutions. Our insurance-linked securities (ILS) focused sister publication, Artemis, Read the full article
Latin America’s insurance market stable but inflation clouds outlook: AM Best
29th June 2023
Despite contending with economic headwinds and the related challenges, Latin America’s insurance market remains sound with premium levels nearing those last seen in 2019, credit rating agency AM Best stated in a new report. The Best’s Special Report, “Tighter Financial Conditions, Political Polarization, and Stubborn Inflation Cloud Latin America’s Economic Outlook,” ... Read the full article
Fidelis to raise up to $241.5m from IPO, as shares price below marketed range
29th June 2023
Reflecting challenging market conditions for any company attempting an initial public offering (IPO) of its shares at this time, global insurance and reinsurance player Fidelis Insurance Holdings Limited has priced its IPO well below the marketed guidance range, now looking set to raise up to $241.5 million. In addition, the company ... Read the full article
Athene Holding makes several senior key appointments
29th June 2023
Athene Holding Ltd. has announced that Michael Consedine, former Chief Executive Officer of the National Association of Insurance Commissioners, has joined Athene as Executive Vice President, Head of U.S. Government and Regulatory Relations. Consedine will report to John Golden, who has been named Executive Vice President, Global Head of Insurance Regulation ... Read the full article
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