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Somerset Reinsurance Brokers News & Blog

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Talcott enters major reinsurance agreement with Japan Post Insurance

Talcott Financial Group, a life insurance provider specialising in risk solutions, has announced a reinsurance agreement between its subsidiary, Talcott Life Re, Ltd., and Japan Post Insurance Co., Ltd. As part of the transaction, Talcott Life Re will reinsure a ¥550 billion ($3.6 billion) portfolio of in-force payout annuities, while Japan Post Insurance will retain […] The post Talcott enters major reinsurance agreement with Japan Post Insurance appeared first on ReinsuranceNe.ws.

Everest promotes Jeanmarie Giordano to North America CUO

Beth Musselwhite

Global reinsurance and insurance firm Everest has announced the promotion of Jeanmarie Giordano to the role of North America Chief Underwriting Officer. With nearly three decades of industry experience, Giordano brings extensive expertise to her new position. She joined Everest in September 2024 as Chief Underwriting Officer for Financial Lines & Specialty. Prior to that, […] The post Everest promotes Jeanmarie Giordano to North America CUO appeared first on ReinsuranceNe.ws.

Phoenix Specialty welcomes experienced construction underwriter

Phoenix Specialty (Phoenix), a construction-focused MGA, has strengthened its team with the addition of a new construction underwriter, reinforcing its commitment to growth following a year of significant expansion. Timothy Christmas joins Phoenix from RSA Insurance, where he served as a Senior Construction Underwriter. His career also includes roles at Zurich and Allianz UK, giving […] The post Phoenix Specialty welcomes experienced construction underwriter appeared first on ReinsuranceNe.ws.

Mitsui Sumitomo Insurance and Aioi Nissay Dowa Insurance to merge

Kassandra Jimenez-Sanchez

MS&AD Insurance Group Holdings, Inc. announced its Board of Directors has decided to move forward with specific discussions and preparations for the merger of its two core domestic non-life insurance subsidiaries, Mitsui Sumitomo Insurance Co., Ltd. and Aioi Nissay Dowa Insurance Co., Ltd. In a statement MS&AD outlined its vision of “Creating a world-leading insurance […] The post Mitsui Sumitomo Insurance and Aioi Nissay Dowa Insurance to merge appeared first on ReinsuranceNe.ws.

Deadly earthquake strikes Myanmar, triggering widespread devastation

A powerful 7.7 magnitude earthquake has struck Myanmar, causing widespread devastation, triggering tremors as far as Bangkok, Thailand, leading to building collapses, significant loss of life, and prompting Myanmar to declare a state of emergency. Myanmar’s state media has reported that buildings have collapsed in at least five cities and towns. Two bridges and an […] The post Deadly earthquake strikes Myanmar, triggering widespread devastation appeared first on ReinsuranceNe.ws.

Reinsurers must adapt strategies to align with risk introduced by GLP-1 therapies: Gallagher Re

Gallagher Re, a reinsurance brokerage and risk management services provider, has released a report on the impact of GLP-1 receptor agonists on medical trends and reinsurance. According to the report, as these therapies continue to reshape medical trends and insurance structures, reinsurance providers will need to adapt their strategies to align with the evolving risk […] The post Reinsurers must adapt strategies to align with risk introduced by GLP-1 therapies: Gallagher Re appeared first on ReinsuranceNe.ws.

EPIC appoints James Enelow as Executive Managing Principal, Client Engagement

Beth Musselwhite

EPIC Insurance Brokers & Consultants, a provider of insurance and risk management services, has announced the appointment of James Enelow as Executive Managing Principal, Client Engagement. In this role, Enelow will lead a coordinated approach to client engagement, aligning EPIC’s top talent and solutions with clients facing complex challenges. His leadership will ensure EPIC delivers […] The post EPIC appoints James Enelow as Executive Managing Principal, Client Engagement appeared first on ReinsuranceNe.ws.

2024 a strong year for insurance carrier earnings despite pricing shifts and rising peril losses: Howden Re

Kassandra Jimenez-Sanchez

In 2024, global insurance carriers experienced a year of improved underwriting performance and capital recovery, which contrasted with growing concerns around reserving volatility and widening loss gaps, according to a recent analysis by Howden Re. One of the report’s central themes is the stabilisation of pricing following a period of significant increases. While renewal volumes […] The post 2024 a strong year for insurance carrier earnings despite pricing shifts and rising peril losses: Howden Re appeared first on ReinsuranceNe.ws.

hyperexponential launches suite of AI-powered capabilities

Insurtech hyperexponential (hx) has launched a suite of AI-powered capabilities, hx AI, at its first AI event in London. According to the insurtech, hx AI is designed to revolutionise pricing, actuarial and underwriting productivity and decision-making in the insurance industry. To increase insurers’ efficiency and profitability, hx AI introduces tools that harness automation and complex, […] The post hyperexponential launches suite of AI-powered capabilities appeared first on ReinsuranceNe.ws.

Tokio Marine Kiln appoints James Wilson as Head of Special Risks

Tokio Marine Kiln (TMK), a global specialty insurer, has appointed James Wilson as Head of Special Risks, starting in the autumn. In his new role, Wilson will report to Vivek Syal, Chief Underwriting Officer for TMK, and is tasked with expanding the firm’s portfolio to establish lead market positions across all key lines. TMK’s Special […] The post Tokio Marine Kiln appoints James Wilson as Head of Special Risks appeared first on ReinsuranceNe.ws.

Myanmar Junta Asks for Aid as Death Toll From Massive Quake Nears 150

Myanmar’s military leader requested international aid on Friday to help deal with the aftermath of a massive earthquake that they said has left at least 144 people dead. The quake on Friday measured 7.7 in magnitude, according to the US …

Rate Reductions Begin to Fade for D&O Buyers: Lockton

Broker Lockton early this week issued its outlook of the mostly buyer-friendly U.S. property/casualty market with eye on potential changes in directors and officers liability. The latest edition of the Lockton Market Update noted public and private D&O insurance buyers …

South Korea Contains Main Blazes in Week-Old Forest Fires

South Korean authorities have contained the main blazes in the country’s largest forest fire on record, a minister said on Friday, as rain and better weather allowed more helicopters to fly and dump water, dousing the flames. Spread by strong …

Italian Fund Managers Add to Uncertainty in Generali Board Tussle

A group of Italian fund managers said on Friday it would put forward four candidates for the new board of Generali, adding to uncertainty over the outcome of a key shareholder vote at the country’s biggest insurer. A shareholder clash …

Arctic Sea Ice Shrinks to Record Winter Low as Earth Heats Up

The Arctic Ocean likely had the smallest winter ice cover in 47 years of satellite records this season, with just 5.53 million square miles of sea ice covering the region at its peak on March 22. That’s 510,000 square miles …

People Moves: Cotton Named COO at Mangrove, Thomas VP at Summit

The recently formed, Florida-based Mangrove Property Insurance Co. has named former Olympus Insurance COO as chief operating officer and elevated four others to management roles at the startup. Tim Cotton, who spent almost four years at Olympus as COO and …

Italy’s No. 2 Insurer Unipol Aims to Boost Bank Distribution Channel

Italian financial group Unipol aims to generate 1 billion euros ($1.1 billion) in capital over the next three years to boost its finances and have money for investments. Unveiling its “Stronger/Faster/Better” plan for 2025-2027, Italy’s second biggest insurer said on …

Consumer Watchdog Seeks to Vacate Discrimination Case it Already Won

The top U.S. consumer finance agency on Wednesday asked a court to undo an enforcement case which the watchdog had already won last year, accusing prior agency officials of abusing their power as they sought to enforce diversity, equity and …

NHTSA Probes More Than 2 Million Hondas Over Engine Restarting Concerns

The National Highway Traffic Safety Administration said on Friday it was opening an engineering analysis into 2.2 million Honda vehicles over concerns related to its engine restarting. Complainants allege the engine fails to restart on its own from a complete …

Study: Economic Uncertainty Diverting Executive Attention From Sustainability

It’s the economy stupid, and it seems that a lot of executives are using their brain power on their current worries rather than on the climate concerns of tomorrow—despite those concerns materializing in the here and now. Executives are focused …

Fla. House Subcommittees Vote to Repeal PIP Law, Pass Two Other Insurance Bills

The Florida House subcommittee on insurance advanced two hotly debated bills Thursday, one supported by insurance agents but another that was opposed by agents and carriers alike. And another subcommittee voted to repeal the auto insurance personal injury protection law …

Family of Ironworker Who Died on Job Awarded $12 Million

A Pennsylvania cement company has agreed to pay $12 million to the family of an ironworker who fell to his death while attempting to set up a temporary catwalk at the company’s plant in Stockertown. In July 2021, the decedent …

Trucking Firm Operator Who Lied About Safety History to Regulator Is Sentenced

The operator of an interstate trucking company who was convicted by a federal jury of making false statements to federal regulators about the company’s safety rating has been sentenced to 45 months in prison. Prosecutors identified the man as Tony …

A Look at Some Numbers Behind Delaware’s Law for Corporations

Delaware is poised to give corporate officers more protections in its courts against shareholder lawsuits after criticism by billionaire Elon Musk and other influential business titans that rattled top public officials in what they call the corporate capital of the …

Pinnacol Assurance Giving $15M Dividend to Colorado Businesses

Pinnacol Assurance announced its 2025 general dividend will return roughly $15 million to more than 47,000 workers’ compensation insurance policyholders across Colorado. Th dividend marks the 10th consecutive year Pinnacol has returned dividends to Colorado businesses. The 2025 dividend, which …

California Agency Issues Guidelines for Healthcare Providers Affected by LA Wildfires

The California Department of Managed Health Care issued an all-plan letter designed to provide flexibility for health plans to assist healthcare providers impacted by the Los Angeles wildfires. Related: LA Municipal Utility Says No Evidence Energized Power Line Caused Fire …

Missouri DCI to Send Consumer Specialists to Jefferson and St. Louis Counties

Consumer specialists with the Missouri Department of Commerce and Insurance (DCI) will participate in Multi-Agency Resource Centers (MARC) to answer insurance questions and help those impacted by the severe storms in Jefferson and St. Louis Counties. MARCs are one-stop shops …

Measles Count Grows as Outbreak Spreads to Kansas

The measles outbreaks in West Texas and New Mexico have surpassed a combined 370 cases, and two unvaccinated people have died from measles-related causes. Measles is caused by a highly contagious virus that’s airborne and spreads easily when an infected …

West Texas Lawmakers Want to Divert Oil and Gas Taxes to Address Oil Patch Repairs

The fracking boom that resuscitated the Texas oil fields has also beaten up the infrastructure in the Permian Basin, the state’s biggest oil and gas drilling region. More heavy trucks drove through small towns, tearing up roads. Companies built temporary …

People Moves: Everest Re Taps Haines From Carpenter as Global Head of Engineering; MGA Aqueous Promotes Dorrell to New Role as Head of P/C

This edition of International People Moves details appointments at Everest Re and the MGA Aqueous Underwriting. A summary of these new hires follows here. Everest Re Taps Haines From Carpenter as Global Head of Engineering Everest Reinsurance, the reinsurance division …

Texas Lt. Gov. Threatens Overtime Session to Force THC Ban

Lt. Gov. Dan Patrick said he will move to force an overtime session of the Legislature if lawmakers fail to ban THC or tighten Texas’ bail laws — two of his top priorities — before the current session ends in …

AM Best Revises Outlooks to Stable for Members of ISMIE

AM Best has revised the outlooks to stable from negative and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of ISMIE Mutual Insurance Company and ISMIE Indemnity Company (collectively known as …

State Farm Insurance Agents Can Now Offer Personal Loans

Andrew G. Simpson

In the latest expansion of the alliance between State Farm and U.S. Bank, State Farm customers can apply for U.S. Bank personal loans for up to $50,000 working directly with their insurance agent. The new offering joins the existing suite …

Massachusetts Probes Robinhood Again, This Time Over March Madness Betting

REUTERS EXCLUSIVE Massachusetts’ top securities regulator has begun an investigation into trading platform Robinhood’s decision to launch a prediction-markets hub that allows users to bet on the outcomes of a range of events, including March Madness college basketball tournaments. Massachusetts …

Eight Corvettes Stolen from Kentucky Plant But Found Later, Some with Minor Damage

LOUISVILLE, Ky. (AP) — Thieves took eight Corvettes from the lot of a Kentucky automobile plant where the legendary muscle car is built, but officers recovered the vehicles and made an arrest, police said. The cars were taken from the …

Sompo Granted Licenses to Write Primary Insurance in Belgium and the Netherlands

Sompo, the global property and casualty re/insurer, announced it has been granted licenses by the regulatory authorities to write primary insurance in Belgium and the Netherlands. Sompo said the development extends its commercial P/C insurance capabilities and product offerings in …

Nashville Group Gearing Up for Major League Baseball Stadium

NASHVILLE, Tenn. (AP) — Music City Baseball is teaming with a property company in hopes of buying land that could one day serve as the home of a Major League Baseball team. The deal between Music City Baseball and Lincoln …

State Farm Wins Dismissal of Homeowners’ Class Action Over Use of Xactimate Software

Andrew G. Simpson

A federal judge has dismissed a proposed class action filed on behalf of Pennsylvania homeowners who believe that State Farm undervalued their property damage claims in its use of the Xactimate software that is popular with insurers. The lead plaintiffs, …

Miami Insurance Broker Sentenced to 3.5 Years in Condo Premium Finance Scheme

A federal judge on Wednesday sentenced a Miami insurance broker to 41 months in prison and more than $5 million in restitution for defrauding a Georgia credit union by obtaining loans for condominium associations’ premium financing, then using the loans …

Hannover Re Renews Cloud Outage Catastrophe Bond, Structured by Parametrix

Hannover Re has renewed a cyber catastrophe bond that provides $20 million worth of retrocessional protection against the accumulation of losses caused by a sustained cloud-outage event during 2025-2026. Cumulus Re II is 45% larger than the first iteration of …

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