Reinsurance News
Hard reinsurance market cycle to continue in 2024, says Munich Re’s Jurecka
16th June 2023
Christoph Jurecka, CFO of Munich Re, anticipates that the hard market cycle will persist into 2024, unless 2023 proves to be a very benign year for natural catastrophes. Jurecka recently spoke with analysts at Goldman Sachs, and noted that there is still a considerable supply-demand imbalance with capital not yet ready ... Read the full article
Compre expands partnership with Clearwater Analytics
16th June 2023
Clearwater Analytics, a leading provider of SaaS-based investment management, accounting, reporting, and analytics solutions, has announced the expansion of its partnership with Compre Group Holdings (Compre), an international legacy group based in Bermuda. Compre, which has experienced significant growth over the past three years, aims to achieve greater investment returns and ... Read the full article
Lightning strikes resulted in over $950m in homeowners insurance claims in 2022: Triple-I
16th June 2023
In 2022, lightning strikes caused over $950 million in homeowners insurance claims across the United States, according to the Insurance Information Institute (Triple-I). The data, released to coincide with Lightning Safety Awareness Week (June 18-24), revealed that more than 62,000 policyholders filed claims, with California alone accounting for $125 million of ... Read the full article
Exdion names Steven Salar President of insurance operations
16th June 2023
Exdion Solutions, a developer of commercial insurance policy management and data analytics software, has appointed Steven Salar President and Head of Insurance Operations. With more than three decades of experience in commercial and personal lines in property & casualty insurance, Salar will manage Exdion’s North American business. Exdion markets its policy management ... Read the full article
Wildfire risk “clearly insurable”, will remain part of nat cat portfolio: Swiss Re
16th June 2023
Despite being a peril that is difficult to assess, Swiss Re's Gianfranco Lot suggests that wildfire risk is "clearly insurable" as he anticipates it will still form part of the firm's nat cat portfolio going forward. “Wildfire is part of what we call secondary perils, and we've invested into understanding the ... Read the full article
Hiscox partners with Ivalua to digitally transform Source-to-Pay processes
16th June 2023
International specialist insurer Hiscox has selected Ivalua, a provider of cloud-based Spend Management software, to digitise its global procurement operations with its Source-to-Pay (S2P) solution. Hiscox has over 1.5 million retail customers across the UK, Europe, Asia and the US. It offers a range of specialist insurance products in both commercial ... Read the full article
Paul Davies named Vice Chair of Aon
16th June 2023
Global professional services firm Aon has announced the appointment of Paul Davies to the role of Vice Chair. Reporting to Aon CEO Greg Case, Davies will step away from his day-to-day client responsibilities and take on a new strategic role advising on the evolving risk management landscape and the development of ... Read the full article
Consistently high ROEs needed to attract fresh reinsurance capital: Lot, Swiss Re
16th June 2023
A positive track record of a high return on equity (ROE) is needed to attract fresh capital to the reinsurance industry, despite the substantially higher pricing seen throughout the year, according to Gianfranco Lot, Chief Underwriting Officer (CUO) of P&C Re at global reinsurance giant Swiss Re. Pricing in the reinsurance ... Read the full article
Carriers have more favourable view than brokers on LMG’s PRR plans
16th June 2023
90% of carriers and 77% of brokers had a favourable or neutral view on the proposed plans within the LMG Data Council’s Process, Roles and Responsibilities (PRR) consultation, according to the group. The PRR Consultation project, run by the LMG’s Data Council, sought market feedback on the recommendations for what the ... Read the full article
Berkshire (BHSI) hires Head of Customer & Broker Engagement for US Central
16th June 2023
Berkshire Hathaway Specialty Insurance (BHSI) has appointed Gabriel Poppie as Head of Customer & Broker Engagement for the US Central Region. Based in Chicago, Poppie joins BHSI with more than two decades of experience within the insurance industry. Throughout his career he has held numerous sales leadership, distribution and customer relationship roles ... Read the full article
Howden acquires German marine broker Northern Lloyd
16th June 2023
International insurance broker Howden has acquired Bremen-based broker Northern Lloyd, one of the leading marine brokers in Northern Germany. The acquisition of Northern Lloyd reinforces Howden’s strategy to become the market leader for marine business in Germany, the broker stated. According to the announcement, by constructing a team with local, specialist expertise, ... Read the full article
BoE’s PRA warns UK life insurers of key risks in FundedRe arrangements
16th June 2023
UK regulator the Prudential Regulation Authority (PRA), part of the Bank of England, wrote to life insurers to highlight the key risks about the use of funded reinsurance (FundedRe). FundedRe involves transferring the significant risks of both asset/investment and longevity to a reinsurer, effectively transferring all the substantial risks associated with ... Read the full article
June hailstorm in Texas drives insured losses of over $1 billion: KCC
16th June 2023
Catastrophe modeller Karen Clark & Company (KCC) has estimated that the June hailstorm in Texas has caused insured losses of over $1 billion. "From June 10th to 13th, a stationary frontal boundary from Texas to Georgia divided a warm, humid air mass over Texas from a cooler, drier one across the ... Read the full article
Verisk bolsters anti-fraud claims solution with AI powered image forensics
16th June 2023
Global data analytics and technology provider Verisk is expanding its anti-fraud claims solution with artificial intelligence that will enable insurers to identify potential fraud in claims photos with "lightning speed and laser precision." "Drawing on millions of claims images in Verisk’s databases, including the loss history database ClaimSearch, the image forensics ... Read the full article
Aon Bermuda names Natalie Rose its new Chief Commercial Officer
16th June 2023
Natalie Rose has been named as the Chief Commercial Officer for insurance and reinsurance broker Aon in Bermuda. Rose's remit will include catalyzing the growth of Aon's broking, insurance-linked securities (ILS) and captive management business in Bermuda and centring the Aon United strategy. Rose is a market veteran with a dynamic re/insurance ... Read the full article
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