Reinsurance News
US P&C industry sees $8.2bn net underwriting loss in Q1: AM Best
16th June 2023
The US property & casualty (P&C) witnessed an $8.2 billion net underwriting loss in the first quarter of 2023, compared with a $3.4 billion gain in the same prior-year period, according to preliminary results. Combined ratio for the P&C industry deteriorated by 6.1 percentage points to 102.0 in Q123, compared to ... Read the full article
Legal & General names António Simões Group Chief Executive Officer
16th June 2023
Joining from Banco Santander, António Simões has been named Group Chief Executive Officer of Legal & General, subject to regulatory approval. According to the announcement, his appointment follows a rigorous, global, selection process managed by Sir John Kingman, Group Chair. Simões will succeed Sir Nigel Wilson as Group CEO. Sir Nigel has ... Read the full article
INSUREtrust launches private equity division to address cyber risks in M&A
16th June 2023
INSUREtrust, a cyber insurance and risk management broker within Starwind Specialty, has announced the establishment of its Private Equity Division. This newly formed business unit will be spearheaded by Florence Levy, who assumed the role of Executive Vice President at INSUREtrust in March 2023. Recognising the challenges associated with assessing digital, technology, ... Read the full article
Auto insurance customer satisfaction decreases as rates continue to increase: J.D. Power
16th June 2023
31% of US auto insurance customers experienced a rate increase during the past year as the industry raises rates an average of 15.5%, and insurers continue to battle through the forces of record high loss ratios. At the same time, auto insurers also lost an average 12 cents on every dollar ... Read the full article
“We will find a way to provide significant capacity” to cyber, says Swiss Re’s Lot
15th June 2023
Despite its challenges and its ever changing nature, Swiss Re’s CUO P&C Re, Gianfranco Lot, is convinced that the industry will be able to provide significant capacity to cyber risks. Cyber insurance is a growing line, and just like natural catastrophes, it requires a lot of modelling, Swiss Re stated during ... Read the full article
Growing frequency and severity of nat cats drives demand for quick, detailed information: ICEYE
15th June 2023
According to ICEYE, the insurance industry and emergency response agencies will increasingly rely on quick and detailed information about natural catastrophes due to their growing frequency and severity. The recent satellite launch not only reinforces the effectiveness of existing solutions but also enables the development of advanced capabilities to assist the ... Read the full article
Hilb Group names Aida Sukys as Chief Financial Officer
15th June 2023
The Hilb Group has appointed Aida Sukys as Chief Financial Officer, where she will serve on the senior executive team and lead the financial initiatives of the firm. Sukys holds more than two and a half decades in senior financial roles, having most recently served as Chief Financial Officer of Washington, ... Read the full article
Generali to acquire Liberty Seguros for $2.5bn
15th June 2023
Liberty Mutual Insurance has agreed to sell its Madrid headquartered personal lines and small commercial insurance business, Liberty Seguros, S.A., to Generali Group for USD 2.5 billion (EUR 2.3 billion), subject to customary closing adjustments. The deal includes Liberty Seguros operations in Ireland, Northern Ireland, Portugal, and Spain. Liberty Mutual's other European ... Read the full article
Allstate estimates cat losses for May at $885 million
15th June 2023
U.S. primary insurer Allstate has announced estimated catastrophe losses for May of $885 million or $699 million, after-tax. According to Allstate, May's catastrophe losses include 12 events estimated at $893 million, with approximately 70% of the losses related to two wind and hail events. This was partially offset by favourable reserve reestimates ... Read the full article
London market companies investing in tech show 6-point outperformance advantage: WTW
15th June 2023
According to a new analysis by the global advisory, broking and solutions company, WTW, the London Market is beginning to demonstrate tangible results on the back of technological innovations in order to position firms for long-term profitable growth. WTW conducted an analysis of 49 syndicates that make up approximately 85% of ... Read the full article
Reask raises $6.55m total in investment funding
15th June 2023
Climate analytics and technology driven risk modelling firm Reask, has raised a total of $6.55m in investment funding, with its most recent seed round reaching $4.6m. With its latest funding, Reask will add more hazard coverage and grow its team internationally to better service customers, the company stated. The latest seed round ... Read the full article
Topsail Re names RobLee Womack, Jr as Senior VP of Underwriting
15th June 2023
Cayman islands-based reinsurer Topsail Re has appointed RobLee Womack, Jr. as its new Senior Vice President of Underwriting. With over 35 years of experience in the re/insurance industry, Womack brings a wealth of knowledge and expertise to his new role. Womack's career in the re/insurance industry began on the insurance underwriting side, ... Read the full article
Coalition unveils vulnerability scoring system designed to mitigate cyber threats
15th June 2023
Cyber insurance provider Coalition, has unveiled the Coalition Exploit Scoring System (Coalition ESS), a vulnerability scoring system designed to help risk managers mitigate potential cyber threats. Developed by Coalition Security Labs - the firm's research and innovation center - Coalition ESS is a security risk prioritization scoring system that leverages real-time ... Read the full article
Hafize Gaye Erkan resigns from Marsh McLennan’s board of directors
15th June 2023
Marsh McLennan announced that Hafize Gaye Erkan has resigned from her position as a member of the company's Board of Directors, effective immediately. Erkan's departure comes following her recent appointment as the Governor of Türkiye's Central Bank. Erkan served as a member of the Board since early 2022. Her roles included serving on ... Read the full article
WTW appoints Todd Lynady as Multinational Trade Credit leader
15th June 2023
WTW, the global advisory, broking, and solutions company has announced the appointment of Todd Lynady as Multinational Trade Credit leader. He will be based in New York and reporting to Pieter van Ede, WTW’s Global Head of Trade Credit. van Ede commented on his hire, “We are thrilled to welcome Todd ... Read the full article
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