Tower places additional NZ$100mn in reinsurance reinstatement coverNew Zealand insurer Tower Limited has placed an additional NZ$100mn ($62.52mn) of reinsurance reinstatement cover following the heavy flooding that struck Auckland earlier this year.
Liberty Mutual GRS appoints Thielen as global head of cyberLiberty Mutual’s Global Risk Solutions (GRS) has appointed Chubb’s Patrick Thielen as its global head of cyber and Jelmer Andela to the newly created role of head of cyber underwriting at Liberty Specialty Markets (LSM).
Insurers face small European flood impact despite economic bill “in billions”: AonTotal economic losses from the severe flooding that has struck Italy and several other countries in southern and central Europe in recent weeks are anticipated to reach into the billions of euros, according to Aon.
Castel appoints Williams as its chief risk officerArch-owned Castel Underwriting Agencies has appointed IQUW’s Anthony Williams as its chief risk officer.
Consilium launches Abbotts-led cyber, tech, and fintech divisionConsilium, the specialty (re)insurance broking business of the Aventum Group, has launched a new cyber, tech, and fintech division with Tom Abbotts appointed as its lead.
UK motor premiums are “strongest Q1 datapoint” in 10 years: NumisData from the Association of British Insurers (ABI) has revealed that average motor insurance premiums increased 2 percent quarter to quarter during the first three months of 2023, a deceleration from Q4 2022’s average 8 percent increase.
Miller Re’s former exec chairman MacDonald departs to launch Ri3k ConsultingMiller Re has terminated the directorship of former executive chairman Ken MacDonald, who has left the firm to launch Ri3k Consulting.
Howden CAP appoints senior trio to expand surety divisionHowden has appointed the senior trio of Kevin Barrett, Patrick Shields and Warren Withfield to enhance the surety division of its capital, advisory and placement business, Howden CAP.
Wefox raises $110mn with JP Morgan and Barclays backed facilityBerlin-based Wefox has secured $110mn in funding through a revolving credit facility from JP Morgan and Barclays alongside the closure of a $55mn Series D funding round.
Chaucer promotes Tighe as group head of ESGChaucer has promoted Simon Tighe to its group head of ESG in addition to his role as group head of investments and treasury at the firm.
Coalition: 2022 cyber claims frequency drops 22% but severity sees modest increaseCyber risks stabilised slightly during 2022 as a 22 percent decrease in the overall claims frequency, although there was a slight uptick in the severity of claims experienced, according to cyber MGA Coalition.
IRB Brasil Re posts first underwriting profit in seven quartersIRB Brasil Re has posted a slim underwriting profit of R$3.7mn for Q1 2023, its first in seven quarters, as its combined ratio improved 7.7 percentage points as part of the reinsurer’s performance improvement drive.
London market’s “top pick” Beazley remains “fundamentally undervalued”: BerenbergBeazley’s shares remain “fundamentally undervalued”, with the London-listed insurer continuing to be the “top pick” within the London market, according to Berenberg analyst Tryfonas Spyrou.
Axa targets €4.7bn P&C earnings for FY23 as cat ri exposure cut backs continueAxa’s group CFO Alban de Mailly Nesle has said the group is focused on “growing where we want to grow” as it continues to trim its natural catastrophe exposure within its reinsurance book, while commercial lines saw pricing discipline maintained during the first quarter of 2023.
RPC: UK D&O claims wave likely to follow rise in insolvenciesInvestigations into directors of insolvent companies for alleged misconduct have risen 36 percent over the course of 2022, RPC has warned.
Axa XL makes dual senior appointments of Potter and RoughleyAxa XL has promoted Tom Potter to global underwriting manager for general liability and appointed Robert Roughley as client & distribution leader for Canada.
Axa XL appoints Bendavid as global lead on innovationAxa XL has appointed Dan Bendavid as global lead on innovation within its operations & technology team.
Skuld posts $32mn FY profit amid benign claims environmentSkuld has posted a net financial result of $32mn for the 2022/23 year amid a benign claims environment which saw loss activity well below the historical average.
Hiscox adds Boucher as independent non-executive directorHiscox has appointed Beth Boucher as an independent non-executive director.
Chubb names Mason as EVP of international casualtyChubb has appointed Adam Mason as executive vice president of casualty for its Overseas General Insurance segment.