Reinsurance News
Moody’s changes Aon’s rating outlook to positive, cites improving profitability
27th June 2023
Moody’s Investors Service has changed Aon’s rating outlook to positive from stable based on the company’s record of improving profitability, its healthy free cash flow, and Moody’s expectation that Aon will maintain financial leverage toward the low end of its historical range. The rating agency has also affirmed the Baa2 senior ... Read the full article
Relation Insurance names Tim Hall as CEO
27th June 2023
Insurance brokerage Relation Insurance Services, has announced that Tim Hall, President, has been appointed CEO. He will succeed Joe Tatum who will remain a member of Relation's Board of Directors. A seasoned insurance and financial services leader, Hall has played a leading role in Relation's strategic growth initiatives, while also having ... Read the full article
AM Best recognizes Accredited as an Independent Rating Unit, maintains A- Financial Rating
27th June 2023
Global non-life specialty insurer R&Q Insurance Holdings Ltd. has announced that AM Best has recognized Accredited as an independent ratings unit, distinct from R&Q. AM Best has maintained the Financial Strength Rating of A- (Excellent) of Accredited Specialty Insurance Company (ASI), Accredited Surety and Casualty Company, Inc. (ASC) and Accredited Insurance ... Read the full article
MetLife makes several key leadership appointments
27th June 2023
MetLife Inc., one of the world’s leading financial services companies has made several leadership changes. The firm has announced that Steven J. Goulart, Chief Investment Officer and President of MetLife Investment Management, will retire on August 31, 2023, in line with the firm’s age-65 retirement policy. At the same time, MetLife Chief ... Read the full article
Vortex’s supplemental parametric hurricane insurance now available
27th June 2023
Vortex Insurance’s supplemental parametric hurricane insurance is now available online for for small and medium-sized businesses in parts of the US. Launched on March 2023, the insurtech company stated its supplemental hurricane insurance will work to cover gaps left in place by traditional insurance policies. The one-year supplemental coverage is triggered ... Read the full article
Insurance industry demonstrates resilience against market challenges: S&P
26th June 2023
The insurance industry is demonstrating its ability to withstand potential adverse market or economic developments, according to panelists at the 39th Annual S&P Global Ratings Insurance Conference. Amidst concerns such as higher inflation and fluctuating interest rates, industry leaders shared insights on how different segments within the insurance sector can navigate ... Read the full article
Darr becomes Guy Carpenter new Global Head of Peril Advisory
26th June 2023
Josh Darr has been named Managing Director, Global Head of Peril Advisory at Guy Carpenter, the global risk and reinsurance specialist and a business of Marsh McLennan. Darr was appointed to his new role following over three years as Managing Director, Head of North America Peril Advisory at Guy Carpenter. He joined ... Read the full article
UK motor insurance records worst performing year in a decade in 2022: EY
26th June 2023
The UK motor insurance market witnessed its worst performing year in a decade in 2022, with further losses expected to take place this year. After the market experienced a profitable year in 2021, when the sector recorded a Net Combined Ratio (NCR) of 96.6%, motor insurers would go on to witness ... Read the full article
Reinsurance Advisory Board appoints Charlie Shamieh chair
26th June 2023
Insurance Europe’s Reinsurance Advisory Board (RAB) has appointed Gen Re chairman Charlie Shamieh as its new chair following the sad death of SCOR's Denis Kessler, who had held the position since September 2021. Shamieh has more than 37 years of experience in the life & health and property & casualty insurance ... Read the full article
Europe poised to lead in addressing evolving cyber risks: FERMA
26th June 2023
A joint report from Federation of European Risk Management Associations (FERMA) and its industry partners emphasises the need for collaboration among stakeholders in the risk and insurance industry to tackle evolving cyber risks and positions Europe as a potential global leader in developing solutions to address these risks. A joint report ... Read the full article
Moody’s RMS’ outlook for near-normal 2023 hurricane season amid competing factors
26th June 2023
Moody's Risk Management Services (RMS) has reviewed outlooks for the 2023 hurricane season, saying they are indicating that a near-normal season is most likely due to the competing and opposing influence of key factors such as the El Niño-Southern Oscillation (ENSO) and above-average North Atlantic Sea surface temperatures. While the overall ... Read the full article
Kettle offering parametric hurricane reinsurance in the US using Reask’s model & data
26th June 2023
Climate analytics and technology driven risk modelling firm Reask, has entered into a partnership with InsurTech MGA Kettle, which will allow Kettle to offer location-level, wind speed-based parametric hurricane reinsurance in the US. According to the announcement, this new partnership will allow Kettle to expand its climate-related offering to include parametric ... Read the full article
Reinsurers’ expertise, support sets them apart from alternative capital providers: DBRS
26th June 2023
DBRS Morningstar investment analysts assert that reinsurers' expertise in risk selection and underwriting, coupled with their ability to support new market expansions and product development, sets them apart from alternative capital providers. As the frequency and severity of insurable events increase due to factors such as pandemics, global warming, and geopolitical ... Read the full article
Waleed Jabsheh to succeed Wasef Jabsheh as IGI CEO
26th June 2023
The Board of Directors of International General Insurance Holdings have announced that effective July 1, 2023, founder and current Chairman and CEO Wasef Jabsheh will become Executive Chairman, while current President Waleed Jabsheh will assume the role of CEO. According to IGI, these changes come as part of the succession plan ... Read the full article
Tokio Marine HCC International promotes Des Burke to Group COO
26th June 2023
Des Burke, who led the transformation of Tokio Marine HCC International's technology and establishment of its architectural capabilities as Chief Information Officer, has been promoted to Group Chief Operations Officer. Burke first joined TMHCCI in 2021 from Lloyd’s and has over two and a half decades of experience in operations and technology ... Read the full article
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