Reinsurance News
Mercury to ‘aggressively pursue subrogation’ for Eaton wildfire: CFO Stalick
13th February 2025
Executives at California-based insurer Mercury General Corporation said yesterday that the company will "aggressively pursue subrogation", particularly for the Eaton Fire, as there's strong evidence utility equipment caused the event. As part of its 2024 earnings release, Mercury provided an update on the Los Angeles wildfires, announcing a gross ... Read the full article
Corebridge Financial reports hike in net income for Q4 & FY’24 at $2.2bn
13th February 2025
Corebridge Financial, the American multinational financial services company, has reported 2024 fourth-quarter net income of $2.2 billion compared to a loss of $1.3 billion in the prior year's quarter, as the firm’s full-year 2024 net income rose to $2.2 billion from $1.1 billion in 2023. Corebridge explained that the variance was ... Read the full article
Lancashire anticipates up to $165m in losses from California wildfires
13th February 2025
Lancashire Holdings has estimated its aggregate net ultimate losses from the recent wildfires in California at $145 million to $165 million. According to the firm, this preliminary estimate has been derived from a combination of market data and assumptions, a limited number of provisional loss advice, limited client loss data and ... Read the full article
Everest Insurance Intl. appoints AIG’s van Keimpema Head of Liability & Industry Practices
13th February 2025
Eelco van Keimpema has been appointed Head of Liability and Industry Practices, Europe for Everest Insurance International, part of global insurer and reinsurer Everest. van Keimpema, who has over two decades of industry experience, is joining Everest following 16 years at AIG, where he most recently served as Head of Casualty ... Read the full article
HDI Global SE’s financial strength rating upgraded to AA- by S&P Global Ratings
13th February 2025
S&P Global Ratings has upgraded the credit ratings of HDI Global SE, Talanx Primary Insurance Group, and their subsidiaries from “A+” (Strong) to “AA-” (Very Strong), with a stable outlook. This positive adjustment also applies to the Talanx Primary Insurance Group, reflecting the consistent enhancement of HDI Global SE’s balance sheet ... Read the full article
Colin Ross to lead operational delivery across flood forecasting for Previsico as COO
13th February 2025
Previsico, the actionable flood warning insurtech, has announced the promotion of Colin Ross to Chief Operating Officer (COO). In his new position, Ross will be responsible for overseeing technical operations and project management, ensuring the smooth delivery of Previsico's advanced IoT systems in both the UK and US. His expanded role includes ... Read the full article
Broker Insights extends Hiscox partnership
13th February 2025
Broker Insights, a data analytics provider for the UK commercial insurance sector, has extended its partnership with global specialist insurer, Hiscox with a new three-year agreement. This new agreement extends their collaboration to nine consecutive years, demonstrating their ongoing commitment to regional brokers. As an early adopter and the longest-standing partner of ... Read the full article
Jed Rhoads joins Radian’s Board of Directors
13th February 2025
Radian Group Inc. has announced the appointment of seasoned reinsurance executive Jed Rhoads to its Board of Directors. Rhoads brings over 40 years of industry experience, including a decade in senior executive roles at Markel Group. Most recently, he served as President and Chief Underwriting Officer for Markel’s Global Reinsurance Division, overseeing ... Read the full article
Potential $200bn of insured cat losses could recalibrate the entire industry: AIG CEO
12th February 2025
During global insurer AIG's full-year 2024 earnings call, CEO Peter Zaffino provided a sobering outlook for the insurance and reinsurance industry, forecasting that after the extremely costly Los Angeles wildfires, 2025 could see insured catastrophe losses surpass $200 billion. This outlook follows the release of the company’s strong ... Read the full article
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
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