News – Page 18
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Concrete returns from London market digital transformation – WTW
Analysis of 49 Lloyd’s syndicates showed early adopters showed a 6% improvement in their aggregate combined ratio, over those firms only just getting started on digital transformation.
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Climate change will add 10%+ to cost of US hurricanes over next 20 years – Aon
Aon’s work with Columbia University has come up with an estimate for the cost of climate change to the reinsurance industry’s peak peril.
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MS Amlin predicts “average” 2023 hurricane season
MS Amlin summarises this year’s data to predict 15 named storms, seven hurricanes, and three major hurricanes.
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AIG appoints Purtill new CFO
Interim CFO Sabra Purtill steps up to become the insurer’s new chief financial officer on a permanent basis.
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US P&C industry sustains $8.2bn Q1 underwriting loss
Underwriting losses, revealed in a Best report from the rating agency, follow $3.4bn underwriting profit in the same quarter of the preceding year.
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Generali to acquire Liberty Seguros for €2.3bn
Italy’s largest carrier, Generali, has announced it will buy Liberty Seguros, which operates in Spain, Portugal, Ireland and Northern Ireland, part of the Liberty Mutual group.
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Aon names Walker leader of restructured global credit reinsurance team
A restructuring creates a new global credit team within Aon’s Reinsurance Solutions arm.
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Aspen makes new CUO reinsurance appointment
John Welch joins Aspen after leaving rival AXA XL Re to be its US-based chief underwriter for reinsurance.
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Howden, Fidelis MGU strike deal to transfer oil from tanker off Yemen
Tanker FSO Safer has been moored in a state of disrepair off war-torn Yemen since 2015, a ticking timebomb for an environmental disaster.
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R&Q reorganises to sell Accredited arm, raises $50m equity
Randall & Quilter (R&Q) said it has completed a reorganisation to separate its legacy and programme management arms, to facilitate the sale of the latter, plus a capital raise of $50-60m.
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SCOR pays tribute to its chairman, Denis Kessler
It is with great sadness that GR has learned of the passing of Denis Kessler on June 9, 2023, at the age of 71. An editor’s note follows the obituary published by SCOR today.
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Guy Carpenter appoints ex SCOR chief exec Rousseau to EMEA, Global Capital CEO role
Laurent Rousseau joins the reinsurance broker in a newly-created position as CEO of EMEA and Global Capital Solutions.
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Turk appointed to CUO role at Lloyd’s
Lloyd’s has appointed Rachel Turk, formerly head of strategy at London market re/insurer Beazley, to a new chief underwriting officer role for the insurance and reinsurance market.
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Mapfre announces decarbonisation plans, 26% cut to climate footprint
Spanish insurer Mapfre is committed to reducing its operational carbon footprint by 50% and to becoming carbon neutral in all countries by 2030.
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TMK forms new standalone cyber, enterprise risk division
Tokio Marine Kiln said it wants to expand its presence in the standalone cyber market.
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Lockton Re names new North American prop fac leader
Senior reinsurance broking appointment joins Lockton from insurer Liberty Mutual.
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Masojada appointed SiriusPoint chair
Former Hiscox CEO Bronek Masojada is the new chair of Bermuda-based SiriusPoint.
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Global cyber market rockets in value - Guy Carp study
A Guy Carpenter report reveals more than three-fold increase in cyber insurance market value in four years, and models one-in-50 and one-in-200-year event cyber loss scenarios, topping out at a $33.4bn estimated potential market loss.
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NZIA receives more body blows as further insurers leave
The embattled net zero climate alliance has now lost nearly half its members.
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Senior departures announced from Allianz
Change at the top for Allianz’s commercial and personal lines businesses.