Reinsurance News
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
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
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