Reinsurance News
Insurance news
Insurance news of relevance to the reinsurance market.
Our focus is on insurance and reinsurance news for large account, commercial and specialty lines, as well as pure reinsurance and retrocession news, analysis, insight and interviews.
Miller appoints Kazuhiko Shinkai as Head of Non-Marine Japan Strategy
1st July 2024
Miller, an independent specialist (re)insurance broker, has announced Kazuhiko Shinkai's appointment as Head of Miller Non-Marine Japan Strategy, enhancing their Japanese operations through Lead Insurance Services Limited. Starting on July 1, 2024, Shinkai will manage Miller's Japanese operations and lead the expansion of the non-marine sector locally. Japan is a key growth ... Read the full article
Hong Kong officially begins risk-based capital regime for insurers
1st July 2024
Hong Kong’s risk-based capital (RBC) regime for the insurance industry has officially come into operation as of July 1, 2024. This follows the enactment of the Insurance (Amendment) Ordinance 2023, along with related subsidiary legislation and new guidelines or revised guidelines by the Insurance Authority (IA) that tie in with the ... Read the full article
Cyber insurance growth to shift to non-US markets by 2030: Howden
1st July 2024
Howden, the insurance intermediary group, has released its fourth annual cyber report, "Risk, Resilience and Relevance," noting market stabilisation last year due to improved cyber hygiene following a surge in ransomware claims in 2020 and 2021. According to the report, carriers and brokers have made notable strides in enhancing price stability, ... Read the full article
DWF boosts Australian presence with Proclaim acquisition
28th June 2024
DWF, a provider of integrated legal and business services, has announced its acquisition agreement with Proclaim, a claims management business in Australia, aiming to enhance its presence in the country. Group CEO, Sir Nigel Knowles, commented: "This acquisition will mark a significant step forward in our growth strategy, reinforcing our commitment ... Read the full article
Beyond Risk establishes strategic partnership with Eirion Risk
28th June 2024
Beyond Risk Topco Holdings, a provider of alternative risk financing solutions, has announced a strategic partnership with Eirion Risk Underwriters, a Managing General Agent (MGA) in specialty insurance placement. Eirion Risk was founded by industry experts Kellan and Casey Quinn, and particularly specialises in builders risk, property, terrorism, and CAT deductible ... Read the full article
DUAL Benelux names Aram Stoop as new Managing Director
28th June 2024
DUAL Benelux, a division of the international insurance underwriting firm DUAL Europe, has named Aram Stoop as its new Managing Director. Reporting to Olaf Jonda, CEO of DUAL Europe, Stoop steps into the position previously held by Peter Kegel, who founded DUAL Benelux in 2023 and has since left the company. Olaf ... Read the full article
Surge in cyber insurance market fuelled by regulatory shifts and global tensions: Morningstar DBRS
27th June 2024
Morningstar DBRS, a global credit rating agency, emphasises that cyber insurance is rapidly growing and essential in the digital age, projected to soar to $40 billion by decade's end amidst rising cyber threats and stringent data regulations. Morningstar DBRS highlights that Cyber insurance is a relatively new type of insurance designed ... Read the full article
Bloomberg reports UK insurance market upheaval with Allianz and AXA rate increases
27th June 2024
The insurance market in the UK is experiencing significant upheaval as Allianz and AXA, two global insurers, implement substantial rate hikes, according to a recent report by Bloomberg Intelligence (BI), a provider of financial analysis and research. Compared to other European markets, the price increases for personal lines in the UK ... Read the full article
The Mutual Group appoints Brett Humphrey as SVP & CFO
27th June 2024
The Mutual Group, an integrated insurance operations platform serving the mutual industry, recently announced the appointment of Brett Humphrey as Senior Vice President (SVP) & Chief Financial Officer (CFO). Humphrey, who has nearly 20 years of leadership experience in global financial services, will lead high-performing finance organisations within The Mutual Group. In ... Read the full article
California FAIR Plan to add commercial policies starting July
26th June 2024
The California FAIR Plan Association, a consortium of all insurers licensed to provide property insurance in the state, will expand its clearinghouse to include commercial policies such as those for farms and condominiums, beginning July 1. This expansion follows the enactment of Senate Bill 505 (Rubio) in 2023, reflecting a concerted ... Read the full article
Insurers must pay attention to heightened geopolitical risk, Broadstone
26th June 2024
Insurers can no longer avoid the need to explicitly quantify geopolitical risk in their pricing, modelling and risk management processes, says Broadstone, the independent pensions, employee benefits, investment and insurance consultancy. Broadstone's latest Insurance Risk Monitor states that the current decade is shaping up to be one of the most unprecedented ... Read the full article
GFIA warns IAIS ‘disproportionate’ focus on climate risks could overshadow other risk drivers faced by insurers
26th June 2024
The Global Federation of Insurance Associations (GFIA) warns against a ‘disproportionate’ focus on climate risks in its response to a consultation by the International Association of Insurance Supervisors (IAIS) on the supervision of climate risks in the insurance sector. GFIA is concerned about the proposed changes to the Insurance Core Principles ... Read the full article
inDrive teams up with MIC Global for driver accident and medical coverage
25th June 2024
MIC Global (MIC), a provider of comprehensive embedded micro insurance solutions, is teaming up with inDrive, an international platform specialising in mobility and urban services, as well as local insurers. Their goal is to introduce advanced micro insurance options to inDrive drivers and passengers globally, starting in Latin America. These offerings will ... Read the full article
Shaun Russ appointed Head of Crisis Management, London Market at Tokio Marine HCC
25th June 2024
Tokio Marine HCC (TMHCC) – Specialty Group, a division of the Tokio Marine HCC group, has announced the appointment of Shaun Russ as Head of Crisis Management for the London Market. This announcement coincides with Mark Hutton's promotion to Head of Crisis Management, International, in May 2024. Russ brings over 15 years ... Read the full article
FloodFlash expands coverage to all mainland US locations
24th June 2024
FloodFlash, the parametric flood insurance provider with sensor technology, has expanded its coverage to all mainland US locations. The company is known for offering flood insurance that exceeds the National Flood Insurance Programme (NFIP) in areas where private markets cannot provide quotes, especially in sectors like real estate, sports and entertainment, ... Read the full article
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