Reinsurance News
Cytora partners with hyperexponential to enable ‘supersonic underwriting’
4th July 2023
Digital risk processing platform Cytora has partnered with hyperexponential, a pricing decision intelligence company, to provide commercial insurers with a more streamlined and informed understanding of risk. The platform partnership drastically reduces the time for underwriters to make decisions on risks they want to write, reducing quote turnaround time to minutes ... Read the full article
Owais Ansari set to become CEO, Life & Health, MENA at Munich Re
4th July 2023
Global reinsurance giant Munich Re has announced that Owais Ansari has been appointed as Chief Executive Officer, Life & Health, Middle East and North Africa (MENA), with effect from September 1, 2023. According to the announcement, his appointment is subject to regulatory approval. In the role, Ansari will be based in Dubai, ... Read the full article
AIG & Stone Point successfully close agreement to form high net worth MGA
4th July 2023
AIG has announced that its definitive agreement with funds managed by Stone Point Capital to form an independent Managing General Agency specialising in the High Net Worth and Ultra High Net Worth markets called Private Client Select Insurance Services (PCS) has successfully closed. AIG and the re/insurance-focused private equity firm Stone ... Read the full article
EY appoints Phil Vermeulen to EMEIA Insurance Leader
4th July 2023
EY, a multinational professional services firm has appointed Phil Vermeulen to EMEIA Insurance Leader. Vermeulen takes over the role from Peter Manchester, who has led the European insurance business since 2017. Manchester will retire from the partnership later this year. In his new role as EMEIA Insurance Leader, Vermeulen will hold responsibility ... Read the full article
Fidelis raises $89.4 million following closing of IPO
4th July 2023
Fidelis Insurance Holdings Limited has announced the closing of its initial public offering of an aggregate of 15,000,000 common shares at a price to the public of $14.00 per share, generating estimated net proceeds of $89.4 million. According to Fidelis, this included 7,142,857 common shares sold by the Company and 7,857,143 ... Read the full article
Markel taps Swiss Re veteran as its new CUO for APAC
4th July 2023
Markel Group Inc.'s insurance subsidiary, Markel has announced the appointment of Kevin Leung as Chief Underwriting Officer (CUO) for its Asia Pacific (APAC) operations. He will report to Christian Stobbs, Managing Director of Markel’s International division in Asia Pacific, and will be based in Singapore. In his new role, Leung's remit ... Read the full article
Suncorp adjusts reinsurance program & drops aggregate XoL protection amid hardening market
4th July 2023
Brisbane headquartered insurer Suncorp has adjusted its reinsurance program structure for the 2024 fiscal year in light of material market hardening, reducing the top of the tower by $400 million at the same time as increasing the retention by $100 million, and opting against the renewal of its aggregate excess ... Read the full article
Pen Underwriting names Anderson Head of Operations at Vessel Protect
4th July 2023
Pen Underwriting, a multi-class, multi-territory managing general agent (MGA), has appointed Munro Anderson as Head of Operations at Vessel Protect, a specialist underwriter of marine war risks. According to the announcement, Anderson’s hire shows the firm’s continued investment in its new marine specialism, and follows its April entry into the sector ... Read the full article
Global Parametrics & One Acre Fund partner with Howden to expand parametric scheme
4th July 2023
Global Parametrics (GP) and One Acre Fund have partnered with international insurance group, Howden, to bolster its parametric protection scheme in Rwanda this year. Howden has provided premium subsidy to support the expansion of this scheme in the country, allowing One Acre Fund to purchase more coverage and extend its assistance ... Read the full article
RACQ Insurance joins the Australian Cyclone Reinsurance Pool
4th July 2023
One of Queensland’s leading insurers, RACQ Insurance, has joined the Federal Government’s Cyclone Reinsurance Pool prior to the 2023-24 cyclone season. This announcement comes after insurer Suncorp Group announced last week that it has joined the pool as well. Queenslanders have continued to face the devastating impacts of extreme weather. ... Read the full article
Zurich’s Tim Bailey appointed President of ABI
4th July 2023
The Association of British Insurers (ABI) has announced that Tim Bailey, UK CEO, Zurich, has been appointed as President. At the same time, the ABI has also confirmed that Clare Bousfield, Chief Executive, Retail and Savings, M&G plc, has been named the new Deputy President. Both appointees take up their roles ... Read the full article
Insurance industry to support sustainable development of blue economy: Swiss Re Institute
3rd July 2023
In the quest for a more sustainable future, the insurance industry is stepping up to play a vital role in supporting the development of the blue economy, according to a recent Swiss Re Institute report. As waterways and oceans continue to be recognised as crucial resources for life on Earth and ... Read the full article
CCRIF receives $4.7m from EU to subsidise parametric insurance program
3rd July 2023
The European Union has provided $4.7 million to members of the Caribbean Catastrophe Risk Insurance Facility (CCRIF) to subsidise its 2023 parametric insurance program. Provided through a programme administered by the World Bank, the EU funds enabled CCRIF to provide discounts of approximately 14% on the gross premium of members’ tropical ... Read the full article
Italy’s top insurers, Allianz and banks come to Eurovita’s rescue: reports
3rd July 2023
Italy's top four insurers and Germany's Allianz have agreed on a multi-billion euro rescue deal for Eurovita, industry supervisor IVASS said on Friday, as reported by Reuters. This comes after months of work to broker an accord which also involves 25 banks. Earlier this year, Eurovita became the first Italian insurance ... Read the full article
Guy Carpenter completes acquisition of Israel reinsurance broker Re Solutions
3rd July 2023
Guy Carpenter, a leading global risk and reinsurance specialist and a business of Marsh McLennan, has completed its previously announced acquisition of Re Solutions, now Guy Carpenter Israel. Asaf Grinstein, formerly CEO of Re Solutions, has been named CEO at Guy Carpenter Israel. According to the firm, Guy Carpenter Israel is ... Read the full article
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