Reinsurance News
Howden names Girishankar as Chair of Reinsurance, India
12th February 2025
Global insurance and reinsurance broker Howden has announced the appointment of industry veteran Nagarajan Girishankar as Chair – Reinsurance, India. Girishankar brings over 40 years of insurance broking experience to the role, with expertise spanning numerous sectors and lines of business, including property, marine, oil and gas energy, casualty, financial lines, ... Read the full article
GCube strengthens commitment to US renewables market with new hires
12th February 2025
GCube Insurance, an underwriter of renewable energy products, has announced the appointments of three new Associate Underwriters – Renewable Energy at its New York office. This move reinforces GCube’s commitment to the US renewables sector and its focus on developing specialised underwriting expertise to support market resilience. GCube remains fully committed to ... Read the full article
Re/insurance CEOs seeing efficiency gains from GenAI: PwC
12th February 2025
As per PwC's 2025 Global CEO Survey, 54% of insurance CEOs are reportedly seeing efficiency gains in their employees’ time from generative artificial intelligence (GenAI), while 27% of Insurance CEOs and 36% of banking and capital markets CEOs said they have witnessed revenue increases from GenAI. Despite this, the firm's latest ... Read the full article
AIG ‘grateful’ for partnerships after ‘very strong’ Jan 1 2025 reinsurance renewals: CEO Zaffino
12th February 2025
Global insurer AIG had another strong renewal season at 1.1 2025, with Chairman and Chief Executive Officer (CEO), Peter Zaffino, stating that since the reinsurance sector's major reset at the January 2023 renewals, the firm's consistency, strategy, placement, and execution has positioned it "very favourably." Zaffino discussed the primary insurer's 1.1 ... Read the full article
PIC to begin search for new CEO as Blackwell announces retirement
12th February 2025
Pension Insurance Corporation (PIC), a specialist insurer of defined benefit pension schemes, has announced that CEO, Tracy Blackwell is to retire after nearly two decades with the company. The board will conduct a search for her replacement, considering both internal and external candidates, and Blackwell will assist in the transition. Blackwell initially ... Read the full article
Mercury puts gross LA wildfire loss at up to $2bn, still undecided on one or two events for reinsurance
12th February 2025
Los Angeles, California-based insurer Mercury General expects gross losses from the January 2025 wildfires to amount to $1.6 billion to $2 billion, and net losses of between $155 million and $325 million, with the insurer yet to decide whether to designate the Palisades and Eaton fires as one or two ... Read the full article
LMG adds Chubb’s David Kirk to Board as IUA representative
12th February 2025
David Kirk, Division President of Chubb Global Markets, has joined the London Market Group (LMG) board as a representative of the International Underwriting Association (IUA). Kirk succeeds David Furby, Senior Vice President of Chubb Group and Regional President for Europe, the Middle East, and Africa. Kirk has been with Chubb for nearly ... Read the full article
Mercury’s CoR strengthens as premiums rise in 2024
12th February 2025
Mercury General Corporation, a provider of auto and homeowners insurance, reported robust underwriting growth in the fourth quarter of 2024, reflecting continued premium expansion and improved profitability. The company achieved strong growth, with net premiums earned rising to $1.35 billion in Q4 2024, a 18% increase from $1.14 billion in the ... Read the full article
FEMA lifts NFIP’s Helene loss estimate to up to $7.4bn
12th February 2025
The U.S. Federal Emergency Management Agency (FEMA) has estimated the range for total losses paid by the National Flood Insurance Program (NFIP) stemming from Hurricane Helene to be between $6.4 and $7.4 billion, based on data as of January 31st, 2025. FEMA has reported that as of February 6th, 2025, Hurricane ... Read the full article
Suncorp posts H1’25 net profit as natural hazard costs stay within budget
12th February 2025
Australian insurer Suncorp has reported net profit after tax of A$1.1 billion for H1 of its 2025 financial year, while gross written premium in its General Insurance business increased by 8.9% compared to the same period in the prior year. According to Suncorp, this net profit result includes a one-off gain ... Read the full article
MAPFRE RE sees premiums grow 6.7% in 2024 to €8.4bn
12th February 2025
MAPFRE RE, the reinsurance arm of Madrid-headquartered insurer MAPFRE, has reported premiums of nearly €8.4 billion for full-year 2024, marking a 6.7% increase from 2023. This total includes €6.6 billion from its reinsurance business and over €1.8 billion from its global risks division. The reinsurer’s combined ratio improved to 93.6%, down 2 ... Read the full article
Hannover Re names James Ng CEO of Malaysian Branch
12th February 2025
Global reinsurer Hannover Re has announced the appointment of James Ng as Chief Executive Officer of its Malaysian Branch in Kuala Lumpur. Ng brings over two decades of experience in the re/insurance industry, having held various roles in management, underwriting, and sales & distribution. He joined Hannover Re just over a year ... Read the full article
Sylvain Coutu to lead ASR Innovation and Sustainability
12th February 2025
Reinsurance Group, Africa Specialty Risks (ASR), has announced the appointment of Sylvain Coutu as Head of Innovation and Sustainability. In his new role, Coutu will lead ASR’s Parametric offering, responsible for underwriting, business development and management of the current portfolio. He will also be involved in product development and facilitating market expansion ... Read the full article
California FAIR Plan gains approval for $1bn assessment from member firms
12th February 2025
The California FAIR Plan Association, a consortium of all insurers licensed to provide property insurance in the state, has received approval for an additional $1 billion in funds from its member companies from Insurance Commissioner, Ricardo Lara, enabling the Plan to continue paying claims after the Los Angeles wildfires. In a ... Read the full article
AIG reports Q4’24 net income of $898m as GI net premiums climb 6%
12th February 2025
AIG has reported net income attributable to common shareholders of $898 million for Q4 2024, a significant increase from $86 million in the same period of 2023, while General Insurance net premiums written (NPW) rose to $6.1 billion. It is worth noting that in Q4 2024, AIG realigned its organisational ... Read the full article
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