Reinsurance News
YoY decrease in rate changes across all commercial lines in Q4’24: Applied Systems
10th February 2025
Applied Systems has released the fourth-quarter 2024 results of the Applied Commercial Index, the Canadian insurance industry’s premium rate index, showing a decline in average premium renewal rate increases across all lines, with a 5.02% rise in Q4’24, down from 7.55% in Q4’23. Quarter over quarter, Q4’24 results revealed a decrease ... Read the full article
CNA Financial’s Q4’24 net income impacted by pension settlement
10th February 2025
Chicago-based insurer CNA Financial Corporation reported a net income of $21 million for the fourth quarter of 2024, a lower figure compared to the $367 million reported during the same period in 2023. According to the insurer, the quarter’s net income includes $290 million after-tax loss from a previously announced pension ... Read the full article
MS Amlin launches Dubai Credit and Political Risk offering, appoints Elshiekh as Senior Underwriter
10th February 2025
Insurer and reinsurer MS Amlin is further strengthening its presence in the Middle East and North Africa (MENA) region with the launch of a new Credit and Political Risk offering in Dubai. “Expanding into this class in the MENA region reinforces our commitment to helping clients trade with confidence in this ... Read the full article
WTW unveils updates to Radar rating and analytics engine
10th February 2025
WTW, an advisory, broking, and solutions firm, has enhanced its Radar rating and analytics engine with the launch of its Rating, Pricing, and Underwriting accelerator for Guidewire. Radar, WTW’s external rating engine, is designed for the insurance industry, providing real-time analytics and decision-making for pricing and underwriting. The new Guidewire accelerator streamlines ... Read the full article
MAPFRE Re names Javier San Basilio as general manager
10th February 2025
Javier San Basilio has been appointed general manager of MAPFRE Re, taking on direct coordination of the regional divisions and responsibility for the development of large clients and brokers, among other functions. This appointment is part of MAPFRE Re’s organisational restructure, aimed at advancing its strategic objectives, including further development of ... Read the full article
Gov supported cyber risk pool would encourage greater adoption: Lockton Re
10th February 2025
Oliver Brew, Cyber Practice Leader, International, at Lockton Re, has emphasised the possibility of a cyber catastrophe in the coming years which could "far exceed the private insurance market," as the reinsurance broker's new report explores options for public-private partnerships to address extreme cyber events. The report, "Cyber risk pools and ... Read the full article
Rokstone appoints Howden’s Winsley as Capacity Manager & Broker Relationship Director
10th February 2025
Rokstone, an international specialty re/insurance MGA and part of the Aventum Group, has announced the appointment of Rob Winsley as Capacity Manager and Broker Relationship Director. In his new role, he will be responsible for overseeing distribution across all lines of business, identifying new growth opportunities, expanding into new areas, and ... Read the full article
Cytora launches latest version of its digital risk processing platform
10th February 2025
Cytora, a provider of AI-powered solutions for insurers, has released Cytora Platform 3.0, the latest version of its digital risk processing platform, which enhances capabilities by harnessing agentic AI. As per Cytora, Version 3.0 digitises any transaction, regardless of size and complexity, with zero training required, enabling insurers to digitise their ... Read the full article
Carbon names Byrne as Chairman, Watson appointed NED
10th February 2025
Carbon Underwriting Limited, a specialist independent managing general underwriter and Lloyd’s syndicate, has announced the appointment of Paddy Byrne as Chairman and Michael Watson as Non-Executive Director (NED). These appointments, subject to regulatory approval, coincide with the planned departure of Chairman Rupert Atkin. Byrne is an experienced executive with a background in ... Read the full article
Converge expands cyber insurance capacity through partnership with Obsidian
10th February 2025
Converge Insurance, a company specialising in cyber risk management and underwriting, has secured underwriting capacity from Obsidian Insurance Group, strengthening its ability to provide comprehensive cyber coverage for businesses with up to $1 billion in revenue. Backed by a panel of top-tier reinsurers, this partnership reinforces Converge’s commitment to offering tailored, ... Read the full article
UK needs £1bn+ annual flood defence investment to tackle climate risks, experts warn
10th February 2025
The UK urgently needs long-term flood defence investment exceeding £1 billion per year to keep pace with climate risks, according to analysis by flood risk modelling firm Fathom, which Flood Re, a joint initiative between the UK Government and the insurance industry, commissioned. The research has revealed that existing flood defences ... Read the full article
Clear Group acquires Irish broker Phelan Caswell Insurances
10th February 2025
Insurance intermediary Clear Group has acquired Dublin-based broker Phelan Caswell Insurances Ltd (PCI), including its financial planning assets. Founded in 1998, PCI - formerly BHP Insurances Ltd - provides comprehensive insurance offerings to over 2500 clients nationwide, specialising in commercial insurance types and sectors such as construction, hospitality and events. PCI has ... Read the full article
AXIS hires Swiss Re’s Siravo as Head of Ceded Re, NA
10th February 2025
Insurer and reinsurer AXIS Capital has announced the appointment of Emilia Siravo as Head of Ceded Re, North America. In her new role, Siravo will drive the firm’s North America Ceded Re strategy and execution, contributing to the development of the company’s gross and net portfolio. Siravo joined AXIS following more than ... Read the full article
Specialty MGA UK strengthens construction team with Senior Underwriter appointment
10th February 2025
Specialty MGA UK, a managing general agent focused on providing additional capacity for specialty lines, has expanded its construction team with the appointment of Sam Hui as Senior Underwriter for Onshore Construction and Energy. Hui is a highly experienced insurance and reinsurance professional with over 30 years in construction and energy ... Read the full article
AM Best highlights strain on re/insurers from California wildfires and rising FAIR Plan policies
10th February 2025
AM Best, a credit rating agency specialising in the insurance sector, reports that the recent surge of wildfires across Southern California has deepened existing challenges for insurers, worsening underwriting performance, increasing reinsurance exposure, and destabilising the market. Since January 7, 2025, over 30 wildfires—including the Palisades and Eaton fires—have scorched the ... Read the full article
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