Reinsurance News
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
Willis appoints Marsh’s Komorizono as Head of Risk & Analytics for CRB, Japan
12th February 2025
Brokerage Willis, a WTW business, has appointed Marsh’s Kohsuke Komorizono as Head of Risk & Analytics for Corporate Risk & Broking (CRB) in Japan. Komorizono will be based in Tokyo and report to Roy Nakazawa, Head of Japan and Head of Corporate Risk & Broking in Japan. He will also be part ... Read the full article
Aon Securities arranges $500m surplus note for California-based CSAA
12th February 2025
Insurance and reinsurance broker Aon's investment banking and capital markets division, Aon Securities, has structured and placed $500 million surplus notes issued by Northern California insurer CSAA Insurance Exchange, Reinsurance News understands. The $500 million, 8.125% surplus notes, due February 2045, have been assigned a Long-Term Issue Credit Rating of “a-” ... Read the full article
Lockton appoints Paul Rodriguez as National Surety Practice Leader
12th February 2025
Independent insurance broker Lockton has announced the appointment of Paul Rodriguez as National Surety Practice Leader, succeeding Patrick Pribyl, who will transition to Chairman of the National Surety Practice. Pribyl, who has been with Lockton since 1991, served as National Surety Practice Leader since 2020. In his new role, he will ... Read the full article
Cyber business interruption demands equal attention as other cyber risks: IUA
12th February 2025
Cyber business interruption (BI) risks should be given the same priority as information technology (IT) security controls and ransomware threats, according to a new report released by the International Underwriting Association (IUA). The report, produced in partnership with Baker Tilly, examines claims data from recent years and finds that while understanding ... Read the full article
Andrew Tongue to lead IQUW’s Credit and Political Risks offering
12th February 2025
Specialty and property re/insurer IQUW has strengthened its Credit and Political Risk team with the appointment of Andrew Tongue as Lead Underwriter, reporting to Chris Wilkinson, Head of Specialty. Tongue will head the established team and play a pivotal role in shaping IQUW’s enhanced product offering in this space. The team's ... Read the full article
ICEYE and SATIM partner to develop AI-powered SAR imagery analysis products
12th February 2025
ICEYE, a provider of satellite-based disaster management solutions, has partnered with AI technology company, SATIM, to develop new AI-powered Synthetic-aperture radar (SAR) imagery analysis products. By combining ICEYE's high-quality SAR satellite imagery with SATIM's advanced AI capabilities, the partnership aims to create products that enable rapid and reliable detection and classification ... Read the full article
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