Reinsurance News
Reinsurance News
Reinsurance industry news, analysis, insight and interviews.
Reinsurance market news coverage provided everyday, on the top reinsurers and insurers, covering news topics of relevance to the reinsurance sector, as well as commercial and specialty insurance.
Canopius appoints Chris Getty as new cyber underwriter
18th June 2024
Canopius Group, a global specialty and property and casualty (re)insurer, has announced the immediate appointment of Chris Getty as Cyber and Technology Underwriter. Getty will enhance Canopius’ cyber and technology capabilities and will report directly to Mike Shen, Head of Cyber & Technology for the London Market. Shen added: “Chris is a ... Read the full article
June US SCS flooding spurs anticipation of hundreds of millions in insured losses: Aon
17th June 2024
Aon, a professional services firm providing risk, retirement, and health solutions, has released a weekly catastrophe report showing that since June 11, Southern Florida has faced substantial financial losses due to prolonged and excessive rainfall and severe convective storms (SCS). This has led to significant flash flooding and expected economic and ... Read the full article
Proactive risk management key for 2024: Gallagher
17th June 2024
(Re)insurance broking group Gallagher's new report highlights the necessity for businesses and communities to adopt proactive risk management strategies, in light of global uncertainties in 2024. The year is marked by the potential for civil unrest, terrorism, and political violence due to upcoming elections worldwide. In the UK, environmental activism has caused ... Read the full article
DARAG and UnipolSai form service partnership
17th June 2024
DARAG Group, a (re)insurance specialist in discontinued business and capital and operational relief, has entered into a service agreement with UnipolSai Assicurazioni S.p.A. (Unipol), an Italian insurer within the Unipol Group. Unipol is a major player in non-life insurance and motor vehicle third-party liability (TPL) in Italy. Under this agreement, DARAG Deutschland ... Read the full article
Insurance industry adapts to new challenges, experts reveal at S&P conference
14th June 2024
At S&P Global Ratings' 40th Annual North American Insurance Conference, industry experts discussed current trends and challenges, agreeing that while the insurance landscape has evolved over the past four decades, the industry has successfully adapted. Elizabeth Heck, Chairman, President, and CEO of Greater NY Mutual, emphasised that the adaptability comes from ... Read the full article
Global trends & promising outlook for MGA & MGU revenues in 2023: Insuramore
14th June 2024
Managing General Agents (MGAs), Managing General Underwriters (MGUs), and cover-holder groups have amassed approximately USD 23.9 billion in revenues worldwide in 2023, according to a recent report by industry analysis firm Insuramore. The bulk of this revenue, ranging between 70% and 75%, stemmed from direct commercial P&C insurance, while the remaining ... Read the full article
Trisura Group reveals new senior management team
14th June 2024
Trisura Group Ltd, a specialty insurance provider operating in surety, risk solutions, and corporate insurance, announces several senior management appointments across the organisation. Richard Grant, who has been with Trisura Canada since its inception, has been appointed Chief Underwriting Officer. Initially leading the Corporate Insurance practice and most recently serving as ... Read the full article
AM Best expects Asian Re’s underwriting and operating performance to improve
14th June 2024
AM Best, a global credit rating agency for the insurance sector, has reaffirmed Asian Reinsurance Corporation (Asian Re), a regional non-life reinsurer, with a Financial Strength Rating of B+ (Good) and a Long-Term Issuer Credit Rating of “bbb-” (Good), both with a positive outlook. AM Best expects that Asian Re’s execution ... Read the full article
BILTIR report analyses Bermuda’s long-term insurance market status
14th June 2024
The Bermuda International Long Term Insurers and Reinsurers (BILTIR), a trade association with over 70 member (re)insurance companies and service providers, has published a report examining the history and present condition of Bermuda's long-term insurance sector. The report, "Building for the Long Term: Examining the History, Future, and Importance of Bermuda’s ... Read the full article
Swiss Re & Appian expand partnership for underwriting workbench in EMEA & Asia
13th June 2024
In partnership with reinsurer Swiss Re, Appian, a technology company known for its software solutions, is expanding its Connected Underwriting Life Workbench solution into select countries across Asia Pacific, Europe, the Middle East, and Africa (EMEA). Integrated with Swiss Re's automated life insurance underwriting solution, Magnum, the Appian Connected Underwriting Life ... Read the full article
AM Specialty Insurance Group acquires Pinpoint Insurance Solutions
13th June 2024
AM Specialty Insurance Company (ASIC), an Excess and Surplus (E&S) insurance firm and an accredited reinsurer, has announced the acquisition of Pinpoint Insurance Solutions, a national programme administrator, managing general agency (MGA), and surplus lines brokerage. Brad J. Sickinger, President of Pinpoint US, said: "We are thrilled to join AM Specialty ... Read the full article
US P/C insurance maintains discipline in face of higher inflation: S&P
13th June 2024
S&P Global Ratings, a provider of credit risk insights, reports that as inflationary pressures rise, US property/casualty insurers navigate sector challenges while maintaining disciplined reserving practices. In response to mounting inflationary pressures, US P/C insurers adapt by maintaining disciplined reserving practices, navigating sector-specific challenges with strategic planning. S&P underscores the industry's resilience, ... Read the full article
European P&C insurers vulnerable with reinsurers unlikely to restore coverage levels: Moody’s
12th June 2024
Moody's, a credit rating agency, has released a report highlighting that European property and casualty (P&C) insurers are facing a structural, rather than cyclical, increase in vulnerability to weather events. This change is primarily due to the steep reduction in reinsurance availability and rising costs, forcing primary insurers to bear a ... Read the full article
Insurance premiums and policies rise in China in Q1 2024
10th June 2024
The China National Financial Regulatory Administration (CNFRA), responsible for overseeing the stability and compliance of China's financial sector, has released its supervisory statistics for the first quarter of 2024, highlighting significant increases in insurance premiums and the number of new policies. By the end of the first quarter of 2024, insurance ... Read the full article
Current hard market not characterised by shortage of available capital, AM Best
10th June 2024
Unlike previous hard reinsurance market cycles, this current one is not characterised by a shortage of available capital, according to analysts at global ratings agency, AM Best. The agency recently revised its sector outlook for the global reinsurance industry from stable to positive, citing an expectation of robust reinsurer profit ... Read the full article
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