Reinsurance News
Salama appoints Mohamed Ali Bouabane as Group CEO
8th April 2025
Regional insurer Salama Islamic Arab Insurance Company (Salama) has appointed Mohamed Ali Bouabane as its new Group Chief Executive Officer (CEO), effective immediately. Salama is one of the longest-established Sharia-compliant Takaful solutions providers listed on the Dubai Financial Market, with a paid-up capital of AED 939 million. Previously, Bouabane was the CEO ... Read the full article
Regulatory landscape & reinsurance costs a challenge post LA wildfires: Morningstar DBRS
7th April 2025
California's strict regulatory environment, coupled with high reinsurance costs, has intensified challenges for insurers in the aftermath of the January 2025 wildfires, according to Morningstar DBRS. The wildfires, which burned over 16,000 structures across some of Southern California’s wealthiest communities, became the costliest wildfire event in U.S. history, as reported by ... Read the full article
CyberCube tools to boost Maury Donnelly & Parr sales enablement process
7th April 2025
Retail insurance brokerage Maury Donnelly & Parr has partnered with CyberCube, a provider of cyber risk analytics, to enhance its sales enablement process. As part of the agreement, Maury Donnelly & Parr will license CyberCube’s Broking Manager and Prep Module tools, which will enable the broker to quantify and help mitigate ... Read the full article
Brit Re becomes one of ABIR’s latest members
7th April 2025
Brit Re, the Bermuda-based reinsurance platform of Brit, has joined the Association of Bermuda Insurers and Reinsurers (ABIR), as the organisation’s membership reaches record high. ABIR represents the public policy interests of Bermuda's international re/insurers, and currently has 34 member carriers and three intermediaries in its Broker Advisory Cabinet. The organisation has ... Read the full article
Ambac meets pre-closing conditions for $420m sale to Oaktree
7th April 2025
Ambac Financial Group, Inc., an insurance holding company, has announced that it has met all necessary pre-closing conditions under the purchase agreement for the sale of Ambac Assurance Corporation (AAC) and Ambac UK (AUK) to funds managed by Oaktree Capital Management, L.P. The transaction was first announced in June 2024, ... Read the full article
Start Network receives $727K ARC Replica insurance payout for drought relief in Somalia
7th April 2025
Start Network has received a significant insurance payout of $727,855 through the African Risk Capacity (ARC) Replica programme. This crucial funding will enable rapid cash transfers to 10,500 households in Somalia grappling with the devastating effects of drought. The ARC Replica program is a partnership between ARC and humanitarian organisations like Start ... Read the full article
Chubb appoints Kamran Mazhar as CEO, Arabia
7th April 2025
Chubb Arabia, part of the global insurance carrier, has appointed Kamran Mazhar as its new Chief Executive Officer (CEO). In his role, Mazhar will lead Chubb Arabia's strategic direction and business operations. Additionally, he will focus on driving growth and strengthening Chubb Arabia's market position in the Kingdom of Saudi Arabia. Mazhar has ... Read the full article
Japanese insurers turn to reinsurance and acquisitions for growth opportunities: AM Best
7th April 2025
Facing a mature domestic market with limited growth potential due to a shrinking and aging population, Japanese insurers are expanding into international markets, like the US and Australia, and making acquisitions to diversify revenue and sustain long-term growth, a recent AM Best report has revealed. Japan’s insurance industry is highly consolidated, ... Read the full article
Gallagher Re appoints Thomas Dubecq as Head of International Regional Retro
7th April 2025
Reinsurance broker Gallagher Re has announced the appointment of Thomas Dubecq as Head of International Regional Retro. Dubecq joins Gallagher Re from Guy Carpenter, where he spent the past five years, most recently serving as Chairman, Africa, overseeing the development of the company's footprint in Africa alongside colleagues from MMC Group. Before ... Read the full article
Baltimore Bridge collapse highlights complexities of marine liability claims & importance of adaptability: Howden
7th April 2025
As the marine re/insurance sector marks the one-year anniversary of the Baltimore Bridge collapse, the industry continues to navigate the long-term implications of what has been one of its most significant loss events for the industry in recent years, global re/insurance broker Howden highlights. While initial estimates placed the potential cost ... Read the full article
CelsiusPro expands Climate Resilience Solutions team with five new members
7th April 2025
CelsiusPro Group is strengthening its Climate Resilience Solutions offerings with the addition of a highly experienced Disaster Risk Finance (DRF) team. Joining Global Parametrics, a CelsiusPro Group company since September 2023, the team brings extensive project management and consulting experience from their previous roles at the WTW Climate and Resilience Hub, ... Read the full article
Beazley promotes Sydonie Williams to Head of International Cyber Risks
7th April 2025
Specialty insurer Beazley has promoted Sydonie Williams to Head of International Cyber Risks. Williams will assume the role immediately, having previously held the position of Focus Group Leader, RoW, Cyber Risks. Beazley highlighted that since joining the firm in 2019, Williams has exhibited outstanding leadership and deep expertise, playing a key role ... Read the full article
EU approves €1.5bn Polish reinsurance scheme for transport in Ukraine
7th April 2025
The European Commission has approved, under EU State aid rules, a €1.5 billion (PLN 6.4 billion) Polish scheme to provide State-supported reinsurance of insurance for transport on the territory of Ukraine. Poland, through its public export credit agency (KUKE), will offer reinsurance to cover war-related risks, such as damage from military ... Read the full article
VIG Re reports 9.2% growth in GWP for FY’24
7th April 2025
The reinsurance arm of Vienna Insurance Group, VIG Re, has reported preliminary, unaudited full-year 2024 gross written premiums (GWP) growth of 9.2% to €983.3 million, driven by its third-party reinsurance and VIG business segments. The reinsurer has delivered solid financial results despite above-average catastrophe losses, including the European floods in VIG ... Read the full article
Insurance sector could add up to £59bn to UK annual GDP with gen AI by 2038: Accenture
7th April 2025
Growth in the insurance sector driven by generative artificial intelligence (gen AI) has the potential to inject up to £59 billion to the UK annual Gross Domestic Product (GDP) by 2038, according to a recent report by Accenture. According to the "Generating Growth: How Generative AI can power the UK's reinvention" ... Read the full article
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