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EPIC expands Financial Services division with creation of new group

21st March 2023

EPIC Insurance Brokers & Consultants, a retail property and casualty insurance brokerage and employee benefits consultant, has expanded its Financial Services division with the creation of its newly formed Insurance Capital Solutions (ICS) group. EPIC states that ICS will align and coordinate origination, placement, and service capabilities across four key business ... Read the full article

ABIR announces string of leadership appointments

21st March 2023

The Association of Bermuda Insurers and Reinsurers (ABIR) has announced changes in the leadership of its most influential committee and an expansion of its working groups’ focus areas, drawing on the professional talent of member companies. The firm has announced that Jim Paugh, of Arch Re, has been appointed Co-Chair of ... Read the full article

Challenging times for aviation, specialty lines remain attractive to reinsurers: Aon’s Skilton

21st March 2023

Aviation lines face challenging reinsurance renewals in 2023, yet specialty lines continue to provide reinsurers with opportunities, according to Aon’s Global Head of Specialty and Aviation, Mark Skilton. Having experienced complex and challenging reinsurance renewals on January 1st, aviation insurers face an uncertain market in 2023, a trend that according to ... Read the full article

Fenix24 gets funding from insurtech investor Eos Venture Partners

21st March 2023

Cyber disaster recovery firm Fenix24 has announced a $5 million investment by Eos Venture Partners, a prominent insurtech investor. Fenix24, a sister company of Conversant Group, provides a professional cybersecurity force focused exclusively on restoring companies after cyber breach events. The firm states that Eos' investment will support it in serving additional ... Read the full article

Latin America continues to present reinsurers with opportunities, says Aon

16th March 2023

According to a report from Aon's Reinsurance Solutions, Latin America continues to present reinsurers with a host of diversification and growth opportunities. Aon's report suggests the renewal outcomes in Latin America varied by territory at January 1, with many catastrophe and loss-exposed markets experiencing price increases and capacity constraints. Property catastrophe reinsurance ... Read the full article

Limited downside risk to UK insurers following SVB failure: Jefferies

16th March 2023

Considering the risks to asset/liability duration matching, credit losses and insured losses, analysts at Jefferies have concluded that there is limited downside risk to UK insurers following the failure of the Silicon Valley Bank (SVB). According to Jefferies, insurers are not vulnerable to a run on assets like banks are. The ... Read the full article

AXA exposure to SVB banking crisis seen as minimal: Berenberg

16th March 2023

Berenberg has reported that AXA should face relatively low exposure to the collapse of Silicon Valley Bank (SVB) and the shockwaves this crisis has sent through the banking sector. Analysts note that AXA has €66 million invested in senior bonds of Silicon Valley Bank and €300m in US regional banks, and ... Read the full article

Inigo reports $28.7m pre-tax profit for 2022

15th March 2023

Specialty re/insurer Inigo has published a pre-tax profit of $28.7m for 2022 alongside a combined ratio of 94.4%. In its second full year of operation, the start-up led by Richard Watson, also reported growing Gross Written Premiums (GWP), which increased 95% to $801.5m. According to the announcement, Inigo’s net assets grew from ... Read the full article

Shekar Pannala joins The Hartford as CIO for P&C

14th March 2023

Property and casualty insurer, The Hartford has appointed Shekar Pannala to the newly created role of Chief Information Officer (CIO) for Property & Casualty. With broad technology experience, built over a 30-year career, Pannala will lead technology across the company’s Personal Lines, Small Commercial and Middle & Large Commercial businesses. He will ... Read the full article

MGA Nirvana launches in London following management buyout from Castel

9th March 2023

Nirvana, a managing general agent (MGA), has launched in London after acquiring Nirvana Risk Partners, - a leading media, tech and cyber underwriter, from MGA formation platform Castel Underwriting Agencies in a management buyout. Backed by a number of leading insurance carriers, Nirvana has been set up by Founding Directors Kabir ... Read the full article

Lloyd’s sees uptick in reinsurance submissions in recent weeks: Tiernan

9th March 2023

The Lloyd’s insurance and reinsurance market is seeing an uptick in reinsurance submissions in the first-quarter of 2023, as syndicates and participants work through the impacts of the January renewals, according to Chief of Markets Patrick Tiernan. At the same time, Tiernan noted that, only those syndicates that demonstrate they can ... Read the full article

PIC completes £142mn buy-in of Spirent Communications pension plan

9th March 2023

Pension Insurance Corporation plc (PIC), a specialist insurer of defined benefit pension funds, has announced that it has concluded a full buy-in transaction with the Trustees of the Spirent Communications plc Staff Pension & Life Assurance Plan. The transaction was completed during the fourth quarter of 2022, meaning that all defined ... Read the full article

David Porter joins Miller’s Bermuda office as Account Executive

7th March 2023

Specialist re/insurance broker, Miller Insurance Services LLP, has appointed David Porter as Account Executive within its Bermuda office. Based in Bermuda, Porter brings nearly 20 years of industry experience towards his new role, having held multiple leadership roles across various companies. He began his career in 2005 working at Everest Reinsurance Company, ... Read the full article

Ariel Re leverages Lloyd’s LB2 structure as it raises $270m of new capital for growth

6th March 2023

Global reinsurer Ariel Re has secured $270 million of capital from investors as it looks to take advantage of exciting growth opportunities in the year ahead. The new capital was raised from five new institutional investors and family office investors, while existing backers Pelican Ventures and JC Flowers & Co have ... Read the full article

Cowbell launches 24/7 policyholder guide service

6th March 2023

Cowbell, a cyber insurance provider for small and medium-sized enterprises (SMEs), has announced the launch of Cowbell 365, an around-the-clock service that offers policyholders support for risk improvement and incident response. The new service will provide 24-hour availability, 365 days of the year. Theresa Le, chief claims officer at Cowbell, commented on ... Read the full article