Reinsurance News
Maiden Holdings reports $158m Q4’24 net loss
10th March 2025
Maiden Holdings, Ltd. has released its financial results for the fourth quarter of 2024, revealing a net loss of $158.0 million, a stark contrast to the $20.8 million net loss reported for the same period in 2023. The substantial increase in losses is primarily attributed to a higher underwriting loss of ... Read the full article
Praveen Reddy appointed President & CEO of Penn-America Underwriters
10th March 2025
Global Indemnity Group, LLC (GBLI) has announced the appointment of Praveen K. Reddy as the new President and Chief Executive Officer (CEO) of Penn-America Underwriters, LLC, its new subsidiary. Formed following an internal reorganisation announced earlier this year, Penn-America Underwriters is GBLI’s distribution and specialised services group that focuses on the ... Read the full article
U.S. commercial insurance rates moderate to 5.6% in Q4’24: WTW
10th March 2025
WTW's Commercial Lines Insurance Pricing Survey (CLIPS) has revealed that U.S. commercial insurance rates continued to rise in the fourth quarter of 2024, albeit at a more moderate pace. As per WTW's CLIPS, carriers reported an aggregate price increase of 5.6% in the fourth quarter of 2024, down from the rate ... Read the full article
PIB Group expands MGA division with acquisition of Litica
10th March 2025
PIB Group, a specialist insurance intermediary, has expanded its MGA division with the acquisition of Litica, a litigation insurance provider. Founded in 2019 by Stephen Bolster and Steve Ruffle, MGA Litica specialises in a range of insurance-backed solutions for private and corporate clients involved in litigation or arbitration. Originally established in London, ... Read the full article
AM Best revises issuer credit rating outlook to positive for Arch Capital
10th March 2025
AM Best has revised the outlooks to positive from stable for the Long-Term Issuer Credit Ratings (Long-Term ICRs) for Arch Capital Group Ltd. and its subsidiaries. The credit rating agency also affirmed the global re/insurer’s Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term ICRs of “aa-” (Superior) of Arch ... Read the full article
PERILS places initial industry loss estimate for windstorm Éowyn at €619m
10th March 2025
Zurich-domiciled catastrophe insurance data provider, PERILS, has placed its initial industry loss estimate for extratropical windstorm “Éowyn”, also known as “Gilles” at €619 million, based on loss data collected from the affected insurers. The storm, which generated very strong winds affecting the Republic of Ireland, Northern Ireland, and the Central Belt ... Read the full article
Gallagher’s acquisition of AssuredPartners pushed back amid regulatory review
10th March 2025
Arthur J. Gallagher (AJG) has received a request for additional information as part of the Hart-Scott-Rodino (HSR) filing for its proposed acquisition of AssuredPartners, extending the transaction's closing date to the second half of 2025. For those unfamiliar, AJG entered into a definitive agreement in December last year to acquire ... Read the full article
Lloyd’s pegs LA wildfire loss at $2.3bn as FY’24 GWP rises 6.5%
10th March 2025
The specialist Lloyd's insurance and reinsurance marketplace has announced a net loss estimate of around $2.3 billion for the Los Angeles, California wildfires, as the market reports another strong year of underwriting profit and top-line growth. Lloyd's is scheduled to release its full year 2024 results on March 20th but has ... Read the full article
Pool Re initiates consultation on reintegration of terrorism coverage for SMEs
10th March 2025
Pool Re, the UK’s government-backed reinsurer for terrorism-related risks, has launched a market consultation aimed at exploring the possibility of including terrorism coverage as a standard feature in commercial property insurance for small and medium-sized enterprises (SMEs). The consultation, which will run until April 2025, seeks input from Pool Re’s members, ... Read the full article
Lockton Re appoints Gallagher Re’s Tom Meyer as Head of Specialty in London
10th March 2025
Lockton Re, the reinsurance arm of independent insurance broker Lockton, has appointed Tom Meyer as Head of the Specialty Division in London, succeeding Paul Upton, who takes on the role of Chairman for the unit. Since 2023, Meyer has served as the Managing Director of Specialty at Gallagher Re. Prior to ... Read the full article
PCRIC makes payout on coral reef policy following tropical cyclone Rae
10th March 2025
The Pacific Catastrophe Risk Insurance Company (PCRIC) has made its first-ever payout to an NGO client, Fiji’s Vatuvara Foundation, under a parametric insurance policy following the impact of tropical cyclone Rae. The Vatuvara Foundation’s policy with PCRIC reportedly provides coverage for tropical cyclone risk affecting a highly valued coral reef in ... Read the full article
Amy Sherk named Fairfax CFO as Debbie Chalkley takes on India role
10th March 2025
Property and casualty re/insurance holding company, Fairfax India Holdings Corporation, has appointed Debbie Chalkley as the Chief Financial Officer (CFO) of Fairfax India, taking over from Amy Sherk, who has been named CFO of Fairfax, the controlling shareholder of Fairfax India, effective today. Sherk will remain a Vice President of Fairfax ... Read the full article
FTP acquires Coastal Flood Underwriters
10th March 2025
Independent MGA and wholesale insurer FTP, INC. has acquired Coastal Flood Underwriters, LLC, a provider of flood insurance solutions. This acquisition aligns with FTP’s commitment to strengthen and deliver comprehensive and tailored flood insurance solutions. The move will also allow FTP to execute its long-term strategy of expanding its specialty insurance offerings ... Read the full article
Travelers reports rise in ransomware activity in Q4’24 Cyber Threat Report
10th March 2025
The Travelers Companies, Inc., a provider of property and casualty insurance, has released its Q4 2024 Cyber Threat Report, revealing a notable surge in ransomware activity. The report, based on data gathered from ransomware leak sites, highlights an increase in the number of organisations targeted by ransomware groups last quarter. These groups ... Read the full article
AmTrust Title appoints James Gosdin as Head of Direct Underwriting
10th March 2025
AmTrust Title, a wholly owned subsidiary of AmTrust Financial Services, has expanded its presence in Texas with the appointment of James Gosdin as Head of Direct Underwriting. Gosdin joins AmTrust Title from Stewart Title Guaranty Company, where he served as Senior Vice President and Chief Underwriting Counsel. He has extensive experience ... Read the full article
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