Reinsurance News
FuSure Reinsurance secures Composite License from Hong Kong
24th March 2025
FuSure Reinsurance has successfully secured a long-term insurance authorisation (Class A and Class D) from the Hong Kong Insurance Authority (HKIA) and upgraded its existing General Insurance operations into a Composite License. FuSure has reportedly established a core reinsurance business in the Greater China region since its inception in 2021. It ... Read the full article
FGR announces FG RE Corporate Member Limited sale
24th March 2025
FG Reinsurance Holdings, LLC (FGR), an indirect wholly owned subsidiary of Fundamental Global Inc., has entered into an agreement to sell its entire issued share capital of FG RE Corporate Member Limited. The sale agreement of FG RE, a company incorporated and registered in England and Wales, was executed on March ... Read the full article
Willis adds Harb as Global Data Strategy Leader & Sargent as Global Digital Platforms Leader
24th March 2025
Brokerage Willis, a WTW business, has appointed Kate Harb as Global Data Strategy Leader and Dermot Sargent as Global Digital Platforms Leader, underlining the firm's ongoing commitment to digitisation and the delivery of a data-driven strategy. Harb, in the new role, will lead efforts to create a clear data strategy across ... Read the full article
EagleView expands drone services for streamlined property claims and repair estimates
24th March 2025
EagleView, a provider of drone and asset intelligence solutions for the insurance industry, is broadening its drone services to give insurance carriers more comprehensive options for property inspections, analysis reports, and repair estimates. The company’s current platform, EagleView Assess, employs American-made drones to capture high-quality imagery and uses machine learning and ... Read the full article
Chua named SEADRIF’s Implementation and Program Development Specialist
24th March 2025
The Southeast Asia Disaster Risk Facility (SEADRIF) Insurance Company has announced the appointment of Shannen Nicole Chua as the Implementation and Program Development Specialist. In her new role, Chua, who will be crucial in driving the company's growth, will lead SEADRIF’s the implementation of the work program with the Philippine government ... Read the full article
Nagaland processes first claim under Parametric Disaster Insurance
24th March 2025
Nagaland has successfully processed its first claim under the Disaster Risk Transfer Parametric Insurance Solution (DRTPS), marking a significant step towards improving the state's disaster management efforts. In 2024, the Nagaland State Disaster Management Authority (NSDMA), in collaboration with SBI General Insurance, introduced this innovative multi-tier DRTPS agreement to strengthen disaster ... Read the full article
LA wildfires an earnings event that will mostly affect US renewals: S&P
21st March 2025
Despite significant losses from the California wildfires in January 2025, S&P Global Ratings considers it an earnings event and expects it to mostly affect US renewals rather than global markets, according to Taoufik Gharib, Director & Lead Analyst, Reinsurance Ratings. Speaking during S&P’s Fourth Quarter U.S. Insurance Webinar, Gharib noted that ... Read the full article
Jason Koh joins Everest Re from Swiss Re to lead APAC Financial Risk
21st March 2025
Everest Reinsurance, part of Bermuda-based Everest Group, has confirmed the appointment of Jason Koh from large European reinsurer Swiss Re as Head of Financial Risk, Asia Pacific (APAC). Koh joined Everest Reinsurance last month following more than seven years with Swiss Re, where he most recently served as Vice President, Senior ... Read the full article
Gallagher Re estimates insured losses of up to $3bn from March US Tornado outbreak
21st March 2025
From March 13-16, 2025, intense weather conditions across parts of the US led to numerous hazards, with preliminary assessments from reinsurance broker Gallagher Re estimating insured losses between $1-3 billion, making it the year's first billion-dollar severe convective storm (SCS) event. Steve Bowen, Chief Science Officer at Gallagher Re, explained that ... Read the full article
2024 a record year with close to 300 buy-in transactions completed: Hymans Robertson
21st March 2025
2024 saw a record 299 defined benefit (DB) pension scheme buy-ins being completed, an increase of one third from the previous record of 226 buy-ins completed in 2023, according to analysis by Hymans Robertson. The total business written in 2024 is projected to reach 47.6bn, the second-highest yearly volume after the ... Read the full article
Japan reinsurance renewals to experience increased rate pressure compared to Jan 1, poll reveals
21st March 2025
Following the January reinsurance renewals, the industry's focus now shifts to the critical April 1 renewals in Japan, navigating a landscape shaped by recent natural catastrophes and economic uncertainties. A recent Reinsurance News poll asked readers their market expectations for Japanese property catastrophe reinsurance rates, which revealed a close split. 40% of ... Read the full article
Ignite Specialty Risk launches litigation insurance products in EEA
21st March 2025
Ignite Specialty Risk, a provider of litigation risk insurance, has expanded into the European Economic Area (EEA) with the launch of its litigation insurance products, including After The Event (ATE), and single risk and portfolio Capital Protection Insurance (CPI). These offerings, Ignite stated, strengthen the company’s existing footprint in the United ... Read the full article
Gallagher appoints Stephen Smith to senior role in UK & Ireland Retail division
21st March 2025
Insurance and reinsurance broking group Gallagher has announced the appointment of Stephen Smith as Managing Director of Broking & Placement for its UK & Ireland Retail division. Smith will join Chief Executive Officer Nick Harris' UK & Ireland executive team. In his new role, Smith will lead Gallagher's retail broking strategy in ... Read the full article
US P&C insurance industry generated $170bn net income in 2024: Verisk, APCIA
21st March 2025
According to Verisk, a provider of data analytics and technology solutions, and the American Property Casualty Insurance Association (APCIA), the primary national trade association for home, auto, and business insurers, the US property and casualty insurance industry is estimated to have earned $170 billion in net income for 2024. However, it's ... Read the full article
Fortitude Re announces $4bn reinsurance agreement with Taiyo Life
21st March 2025
FGH Parent, together with its subsidiary, global reinsurance company Fortitude Re, has announced the signing and closing of a $4 billion reinsurance transaction between Fortitude International Reinsurance Company (FIRL) and Taiyo Life Insurance Company (Taiyo Life), a wholly owned subsidiary of T&D Holdings (T&D). Effective February 28, 2025, Taiyo Life has ... Read the full article
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