MNK Re, an independent broker of specialist risks into Lloyd’s, has announced the appointment of Mark Ritson as Director of Energy. In this role, Ritson will focus on expanding MNK Re’s energy portfolio, leading efforts to develop and secure more business for the firm’s energy team. Manoj Kumar, CEO of MNK Group, expressed enthusiasm for […]
Swiss Re has reiterated its 2024 financial targets, including Group net income of more than USD 3.6 billion, following the announcement of its H1 2024 results last week, which were strong despite reserve additions. The global reinsurer reported profit of USD 996 million and net income of USD 2.1 billion, with the latter attributed to […]
While the combination of higher interest rates and more favourable mortality trends have led to improved conditions for life/annuity (L/A) reinsurers, it has also created more competition, with some backed by alternative investment managers or large private equity firms, according to global ratings agency AM Best. In a new report, the agency states that new […]
Reinsurance Group of America (RGA), a provider of life and health reinsurance, has announced it has finalised a deal with American National Insurance Company, a provider of insurance and financial services, and its affiliates to reinsure a varied portfolio of life insurance business through a coinsurance arrangement. As part of the agreement, around $3.5 billion […]
SageSure has collaborated with Markel, the insurance division of Markel Group, to introduce new capacity to its Expanded Markets program. SageSure Expanded Markets will initially distribute Markel’s insurance products in Louisiana, South Carolina, and Texas, with plans to expand to additional states in the future. Dan Maloney, Vice President of Expanded Markets at SageSure, expressed […]
Corebridge Financial, Inc., a provider of retirement, life, and asset management solutions, announced the immediate appointment of Edward Bousa as an independent director to its Board of Directors. Bousa is a distinguished portfolio manager with more than 40 years of experience in the mutual fund industry. Renowned for his thorough evaluations and analyses of companies […]
Canadian property and casualty insurer Definity Financial Corporation has estimated a negative impact on operating income of approximately $150 million, net of reinsurance recoveries, arising from catastrophe losses in July and August 2024. The estimated losses account for approximately $0.97 per common share, net of taxes and reinsurance. The reinsurance recoveries include fully utilising the […]
Global property and casualty (P&C) insurer Chubb has appointed Amelie Fava-Verde to the newly created role of Senior Vice President of North America Chubb Resilience Services. In her new role, Fava-Verde’s remit includes building and leading a team focused on the development and delivery of resilience and recovery services. This position aims to expand Chubb’s […]
Sompo, a subsidiary of the company responsible for the insurance and reinsurance operations of Sompo Holdings Group outside of Japan, has announced its partnership with Palantir Technologies Inc., a vendor of artificial intelligence (AI) systems. With this initiative, Sompo will leverage Palantir’s data integration and AI solution – which the insurer will invest on over […]
Analysts at Morningstar DBRS predict that the total insured losses from the recent UK riots will be manageable for British insurers, estimating that they will remain below £250 million. The impact on the insurance industry is expected to be limited, as claims under £1 million per property can be covered by local police authorities under […]
