Reinsurance News
Robust new business momentum continues at Canada Life Re with strong 2024 performance
10th February 2025
Canada Life Reinsurance, part of Great West Lifeco, had a strong fourth quarter of new sales on the back of strong market conditions, as the company's contractual service margin (CSM) grew 40% year-on-year. When compared with Q4 2023, Canada Life Re's CSM increased to CAD 2.436 billion from CAD 1.745 billion, ... Read the full article
Piraeus targets 70% stake in CVC’s Ethniki Insurance for €469m
10th February 2025
Piraeus Financial Holdings has agreed to enter into exclusive discussions with CVC Capital Partners' Fund VII to potentially acquire a 70% stake in CVC's Ethniki Insurance for €469 million. Ethniki Insurance is a Greek composite insurer covering the whole spectrum of insurance products with a c.14% market share (c.17% in life ... Read the full article
CatIQ lifts industry loss estimate for 2024 Calgary hailstorm 10% to C$3.25bn
10th February 2025
CatIQ, a Toronto-based independent catastrophe insurance data provider and subsidiary of PERILS, has released its fourth industry loss estimate for the Calgary hailstorm that struck Alberta on August 5, 2024. The latest estimate, reflecting data collected six months after the event, has risen to CAD 3.25 billion—a 10% increase from the ... Read the full article
Pool Re may seek more private market retro after changes to agreement with HM Treasury
10th February 2025
As Pool Re, the UK’s government-backed terrorism reinsurer, prepares for its renewal, changes to the company's retrocession agreement with HM Treasury suggests the reinsurer could require much more private market retrocession coverage when compared with previous years. Today, HM Treasury, the UK government's economic and finance ministry, published the retrocession agreement ... Read the full article
Howden launches new UK renewable energy quote and bind platform
10th February 2025
Howden’s Power & Renewable Energy team has launched a UK quote and bind platform, fully accredited by Lloyd’s and exclusive to Howden’s retail network. Announced in a recent LinkedIn post, the platform is backed by London insurers with capacity of up to £100 million per declaration. This facility offers Howden’s clients a ... Read the full article
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
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