Reinsurance News
M&S estimates £300m hit to operating profit from recent cyberattack
21st May 2025
Large British retailer Marks & Spencer (M&S) has disclosed that the recent cyber attack is estimated to impact Group operating profit by approximately £300 million for 2025/26. As a reminder, on 22 April 2025, M&S announced it was responding to a cyber incident that had disrupted its operations. The attack is ... Read the full article
Reinsurance capacity growth supports Philippine’s non-life insurance stable outlook: AM Best
21st May 2025
Credit rating Agency AM Best has maintained a stable outlook on the Philippine non-life insurance market, citing growth factors and steady increase in the availability of reinsurance capacity in the country, which is expected to mitigate catastrophe risks for insurers while preserving market share. The agency anticipates that price corrections in ... Read the full article
Munich Re Ventures closes $125m fund from HSB
21st May 2025
After a decade of investing in companies at the intersection of risk and technology, Munich Re Ventures (MRV), the venture capital arm of Munich Re Group, has closed its fifth fund of $125 million from its founding limited partner, HSB. The funding will be used to invest in Built World startups ... Read the full article
US cyber insurance market remains profitable amid slower growth in 2024: Fitch
21st May 2025
Fitch Ratings, a provider of credit ratings, commentary, and research, reports that the US cyber insurance market continued to deliver strong underwriting profits in 2024, even as the pace of premium growth began to slow. According to Fitch Ratings, property and casualty insurers saw their third consecutive year of profitable results ... Read the full article
Sproutr secures Altai Ventures-led seed funding to fuel growth
21st May 2025
Sproutr, a boutique insurance product design and build firm, has raised an undisclosed amount in seed funding that will be used to accelerate the execution of its technology roadmap and scale its growing team. The seed round was led by Altai Ventures, a venture capital firm that concentrates on the fintech ... Read the full article
Japan’s Zenkyoren & Germany’s SV secure $100m in quake reinsurance from cat bond
21st May 2025
German insurer SV SparkassenVersicherung (SV) has entered the catastrophe bond market with the successful completion of its debut cat bond, Liongate Re, securing $100 million in fully collateralized reinsurance, in collaboration with Japanese mutual insurer Zenkyoren. Named after the company’s headquarters at the “Löwentor” in Stuttgart, Liongate Re was issued via ... Read the full article
MSIG USA names Kent Ziegler as CFO & Chief Administrative Officer
21st May 2025
MSIG USA, an insurance subsidiary under MSIG Holdings, has appointed Kent Ziegler as Chief Financial Officer (CFO) and Chief Administrative Officer, reporting to Chief Executive Officer, Peter McKenna. Ziegler takes on oversight of all aspects of the company's finance and administrative functions, including financial reporting, acquisition strategy and integration, planning and ... Read the full article
Resolution Life closes block reinsurance transaction with Anshin Life in Japan
21st May 2025
Global life insurance group Resolution Life has entered into a reinsurance agreement with Tokio Marine & Nichido Life Insurance Co. Ltd. (Anshin Life), a domestic life insurance subsidiary of Tokio Marine Holdings, its first block transaction since Nippon Life's proposed acquisition of Resolution Life. The transaction covers an in-force portfolio ... Read the full article
David Kimmel joins Converge Insurance as CFO
21st May 2025
Converge Insurance, a company specialising in cyber risk management and underwriting, has announced the appointment of David Kimmel as its new Chief Financial Officer. Kimmel is joining the company with over 35 years of experience across insurance, investment banking, and emerging technologies. As Converge accelerates its expansion and strengthens its leadership in ... Read the full article
Marsh launches Data Centre Insurance and Risk Management Services offering
21st May 2025
Insurance broker Marsh has announced the launch of its Data Centre Insurance and Risk Management Services, to support global clients across data centre and digital infrastructure lifecycle to safeguard critical assets. This new offering has been designed to address the unique challenges faced by data centre operators and related sectors, including ... Read the full article
Jon Kattman named Head of Inland Marine at Aspen Insurance
21st May 2025
Jon Kattman has been appointed Head of Inland Marine at Aspen Insurance, where he will lead the underwriting team, overseeing its strategy and risk management operations. Kattman, who holds over 14 years of dedicated underwriting experience, has served at Aspen since 2017, most recently as Senior Vice President, Head of Field ... Read the full article
Tornado outbreak likely costliest US severe weather event of 2025
21st May 2025
In what is currently regarded as the costliest severe weather event of 2025, a widespread tornado outbreak across the U.S. Midwest and Southeast has resulted in substantial economic and insured losses, with Cotality estimating that approximately 63,000 properties may have been damaged nationwide and total reconstruction costs nearing $16 billion. The ... Read the full article
Insurance Europe urges greater clarity on EIOPA’s AI Opinion
21st May 2025
Insurance Europe supports the European Insurance and Occupational Pensions Authority (EIOPA)’s draft AI Opinion for providing clarity on applying existing insurance legislation to AI systems; however, it warns that the current draft may unintentionally introduce new requirements, lack proportionality, and create confusion due to overlapping regulations. While Insurance Europe agrees with ... Read the full article
Verisk adds Christopher Perry and Sabra Purtill to its Board of Directors
21st May 2025
Data analytics and technology provider Verisk has revealed that Christopher J. Perry and Sabra R. Purtill have been elected to the company’s Board of Directors, effective immediately. Perry, who has over 25 years of experience in banking, brokerage, and financial information services, is currently the President of Broadridge Financial Solutions, a ... Read the full article
Third Point aims to transition Malibu Life Re into London-listed reinsurance platform
21st May 2025
Third Point LLC, the New York based alternative asset manager, has proposed an all-share combination with Malibu Life Reinsurance SPC, a Cayman Islands-based life and annuity reinsurance platform launched by Third Point in May 2024. The proposed transaction has been unanimously recommended by the firm's Strategy Committee following the conclusion ... Read the full article
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