Steve Warwick joined as Managing Director, GC Access Asia Pacific at reinsurance broker Guy Carpenter. GC Access is Guy Carpenter’s MGA Solutions Specialty Practice, working with expertise, analytical capabilities, global reach and an expansive network of insurer and reinsurer relationships to efficiently match MGAs and carriers. Warwick is an experienced Chief Executive Officer with a demonstrated history of working in the insurance industry. Skilled in working with brokers, property & casualty insurance, risk management, insurance, and general insurance. He joins from Howden Tiger where ..read more

As the 2023 Atlantic Hurricane Season starts, it has been revealed that more than 33 million US properties are at risk of hurricane-force wind damage. In its 2023 Hurricane Risk Report, leading analytics and data-enabled solutions provider CoreLogic, has identified that more than 32 million single-family residences (SFRs), as well as an additional 1 million multifamily residences (MFRs) are at moderate, or more significant risk of sustaining damage from hurricane-force winds. According to the data, this damage could potentially have a combined reconstruction cost value (RCV) of $11.6 trillion ..read more

Spinnaker Insurance Company, a wholly owned subsidiary of Hippo Holdings Inc., has announced the successful sponsorship of Mountain Re Ltd. Series 2023-1 catastrophe bond. As part of the transaction, Spinnaker is entering into a reinsurance contract with Mountain Re that offers protection against a variety of perils, including named storms, fire following an earthquake, severe thunderstorms, and winter storms. The transaction also provides Spinnaker with a diversification of risk transfer capacity and access to capital markets. According to Hippo, the $110 million cat bond is a 10% upsize from ..read more

Global reinsurance broker Gallagher Re appointed Linda Johnson as Vice Chairperson for its North American team, effective immediately. In her new role, Johnson will be responsible for generating new business opportunities for large casualty and structured reinsurance solutions across North America, with a particular focus on the regions of New York and Minneapolis. Additionally, she will play a key role in talent recruitment and retention efforts throughout the region. Johnson will report to Tom Wafer, Chairman of Gallagher Re North America. With over 30 years of experience in the industry, Jo ..read more

The Mesoamerican Reef Fund and WTW have announced the appointment of AXA Climate as the insurance capacity provider that will support the MAR Insurance Programme in its third annual placement with financial support from the InsuResilience Solutions Fund and the United Nations Development Programme, building on earlier support from the Ocean Risk and Resilience Action Alliance. The MAR Insurance Programme, the central pillar of MAR Fund’s Reef Rescue Initiative, serves as a regional financial mechanism that uses parametric insurance to rapidly deploy funds for community-led response activities ..read more

Specialty property and casualty insurer Coaction has appointed William (Bill) Sloan as executive vice president and chief financial officer (CFO), effective immediately. In his new role, Sloan will oversee Coaction’s finance organisation, including accounting, controllership, financial planning and analysis, tax, investor relations, asset management, and treasury. He will be based at the company’s New York office. Sloan brings with him over 20 years of extensive experience in financial, capital markets, and strategic advisory roles. Prior to joining Coaction, he served as the managing director ..read more

Bermuda-based Treefrog Consulting has announced s Risk Management Services specifically designed to help organisations in the re/insurance, and ILS sector meet Bermuda Monetary Authority’s (BMA) new Insurance and Cyber Codes of Conduct regulations. Coming into effect on September 1, 2023, the BMA regulations call for the implementation of an effective Risk Management Framework (RMF), aimed at improving governance, risk management, and demonstrating adherence to industry best practices. Given the complexity of the RMF, which includes control frameworks, policies, checklists, procedures, and gui ..read more

Howden Tiger reports a significant increase in reinsurance rates, with risk-adjusted property-catastrophe pricing up 33% on average at June 1 renewals, reaching its highest level since inception. The rate increase fell within the range of 25% to 40%, with variations depending on the specific layer. This follows a 25% increase in rates observed in 2022, bringing the index to its highest level since its establishment. The rise in pricing was driven by persistent low levels of capital relative to risk, along with a combination of global and local pressures. Hurricane Ian had a significant impact ..read more

Shanghai’s intentions to build itself into a global reinsurance centre have been further bolstered by the news that an international reinsurance trading market, or reinsurance international board, will be launched in the near future, according to a report from China Daily. Zhang Zhongning, deputy director of the general office of the National Administration of Financial Regulation, broke the news at a conference earlier this week. “The trading system and related rules, such as registration management regulations for international reinsurance inflow business, clearing and settlement methods for ..read more

Allianz Holdings has announced that Simon McGinn, CEO of Allianz Commercial will be stepping down from his position, effective July 1,  2023. McGinn joined the company in 2004 as trading director, before later going on to take on the role of director, commercial broker markets. Fast forward to 2013, he was then appointed to the UK management board as general manger for Commercial and would go on to lead the business through a revision of its strategy driving modernisation, profitability and a growth culture. In 2016, he was then appointed to the role of general manager for Commercial and ..read more