Reinsurance News
Swiss Re calls for coordinated effort to mitigate flood risks in UK
14th February 2025
Jason Richards, CEO of P&C Reinsurance for the UK & Ireland at Swiss Re, is calling for a coordinated effort by the government, re/insurers, and the broader business community to build more resilient infrastructure to mitigate the growing risks of floods and winter storms, especially where development in flood-prone areas ... Read the full article
DUAL North America expands coverage for fine art and valuable assets
14th February 2025
DUAL North America, a provider of specialised insurance solutions, has secured $100 million in per-risk capacity for fine art, jewellery, couture, wine, spirits, and other high-value assets. This significant boost to DUAL’s offerings provides higher coverage limits and enhanced protection for clients in these sectors. Designed to meet the changing demands of ... Read the full article
Codispoti to lead Chubb’s Excess Casualty for Major Accounts team
14th February 2025
Global insurer Chubb has announced the appointment of Sam Codispoti as Executive Vice President of Major Accounts Excess Casualty, effective immediately. In his new role, Codispoti will lead Chubb's Excess Casualty division, setting its strategic direction and overseeing operations. he will be responsible for developing and implementing customised ... Read the full article
Strategic consolidation to drive re/insurance M&A activity in 2025, poll suggests
14th February 2025
After a challenging period for mergers and acquisitions (M&A) in the global re/insurance sector, industry analysts have suggested that 2025 could be the year the market turns, fuelled primarily by strategic consolidation, according to a recent Reinsurance News poll. The poll revealed that 49% of the hundreds of respondents believe strategic ... Read the full article
Sompo International’s GPW reach $12.47bn in 3Q FY’24
14th February 2025
Sompo International’s commercial P&C business has reported that gross premiums written reached $12.47 billion in the first nine months of the 2024 fiscal year (3Q FY2024), up $542 million from the same period of 2023, driven by growth in Global Markets and Reinsurance. Of the total gross premiums written figure for ... Read the full article
Marco Capital closes RITC transaction for Coverys Syndicate 1975
14th February 2025
European P&C insurance run-off group Marco Capital Holdings Limited has completed a Reinsurance to Close (RITC) transaction with Coverys Syndicate 1975. Effective January 1, 2025, the RITC covers Syndicate 1975's 2022 and prior years of account. The reinsurance is underwritten by Marco's dedicated RITC Syndicate 1254, which is managed by Polo ... Read the full article
Claims paid for California wildfires reach $6.9bn: Commissioner Lara
14th February 2025
As of February 5, 2025, $6.94 billion has been paid out to insurance policyholders in Southern California for residential and commercial claims related to the January wildfires. This figure was provided in the latest update from California Insurance Commissioner Ricardo Lara’s public consumer claims tracking system. These payouts are helping individuals secure ... Read the full article
Assurant’s California wildfire losses could exceed $150m cat reinsurance retention
14th February 2025
In its outlook for 2025, US specialty insurance group Assurant has reported that its catastrophe losses from the California wildfires are expected to “approach or slightly exceed” its per-event catastrophe reinsurance program retention of $150 million. The firm issued this update on the impact of the Los Angeles wildfires as part ... Read the full article
Collaboration needed to tackle rising nat cat losses: Vickers, Gallagher Re
14th February 2025
As reinsurers navigate the complexities of rising natural catastrophe losses, James Vickers, Chairman of Gallagher Re International, discusses their efforts to support primary insurers while emphasising the need for broader collaboration to ensure risks are managed and priced effectively. In a recent video interview with Reinsurance News, ... Read the full article
Sompo forms global P&C and Wellbeing business segments
14th February 2025
Sompo Holdings has announced it will restructure its business into two global segments: Sompo Property and Casualty re/insurance (Sompo P&C) and Sompo Wellbeing, effective April 1, 2025. Sompo P&C will combine Sompo International Holdings’ insurance and reinsurance operations with its commercial and consumer P&C business in Japan. James Shea, currently Chairman and ... Read the full article
Tokio Marine’s international segment sees increased profits with 5.4% net premium growth
14th February 2025
Tokio Marine Holdings has announced its results for the fiscal year third quarter of 2024 (January to September), highlighting strong growth in its international non-life insurance business. Net premiums written for the international segment reached JPY 2,383.5 billion, a 5.4% increase compared to JPY 2,351.4 billion in Q3 2023. The company ... Read the full article
MS Re’s FY’24 Q3 result boosted by strong underwriting and investment performance
14th February 2025
MS Reinsurance (MS Re), a global reinsurance provider, delivered strong financial growth in the first nine months of fiscal year 2024, driven by solid underwriting performance, significant premium expansion, and strong investment gains. MS Re’s underwriting performance remained strong, with insurance service profit rising to $215 million, an increase of $56 ... Read the full article
Carrow Insurance appoints Matt Davis as Business Development Underwriter
14th February 2025
Newly launched MGA Carrow Insurance has announced the appointment of industry veteran Matt Davis as Business Development Underwriter, a Dublin-based role. With over three decades of expertise in the insurance industry, spanning MGAs and direct insurers, Davis joins Carrow from Euro Insurances DAC, where he most recently served as Head ... Read the full article
Commercial lines renewal rate growth slows in January: Ivans
14th February 2025
Ivans, a division of Applied Systems, has released its January 2025 Ivans Index results, showing that more major commercial lines saw a deceleration rather than an acceleration in average premium renewal rates year over year. Month over month, Commercial Auto, BOP, and Commercial Property saw decreases in renewal rate changes, while ... Read the full article
Fairfax sees record underwriting profit of $1.8bn in 2024
14th February 2025
Fairfax Financial Holdings' consolidated undiscounted combined ratio for its property and casualty insurance and reinsurance operations improved to 92.7% in 2024, resulting in a record underwriting profit of $1.79 billion, despite absorbing higher catastrophe losses of $1.01 billion. This compares to an undiscounted combined ratio of 93.2% and an underwriting profit ... Read the full article
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