Reinsurance News
US personal lines market returns to profit in 2024 amid improved conditions: Fitch
28th May 2025
Fitch Ratings, a global credit ratings agency and financial information provider, reports that the US personal lines insurance market returned to underwriting profitability in 2024 after three consecutive years of losses. Fitch reports that the sector’s statutory combined ratio dropped from 107% in 2023 to 97% in 2024, marking a 10-point ... Read the full article
Markel to accelerate underwriter insights with mea AI platform expansion to Canada
28th May 2025
Insurer and reinsurer Markel is expanding mea Platform’s generative AI (GenAI) solution to Canada, where it will be applied across Markel Canada’s underwriting operations to automate the extraction of unstructured data from submission-related documents. This move follows the successful deployment of the solution within Markel’s London Wholesale operations. The re/insurer initiallyRead the full article
Novel launches with Bredahl as CEO, Bonneau as Chairman
28th May 2025
Novel Financial Holdings, a new independent holding company that will oversee insurance carriers supporting managing general underwriters (MGUs), has launched with former PartnerRe CEO Jacques Bonneau as Chairman and Howden Re’s Rob Bredahl as CEO. The executive team also includes Chris Coleman as Chief Financial Officer and David Drury as Head ... Read the full article
CLARA Analytics reveals breakthrough in early insurance fraud detection
28th May 2025
CLARA Analytics, a provider of artificial intelligence technology for commercial insurance claims optimisation, has released new research demonstrating that advanced machine learning can identify signs of potential fraud just two weeks after a claim is filed—dramatically ahead of traditional fraud detection timelines. Published in November 2024, the study analysed 2,867 property ... Read the full article
Travelers to sell Canadian personal & most of commercial arm to Definity Financial
28th May 2025
Property and casualty insurer, The Travelers Companies, Inc., has agreed to sell the personal insurance business and the majority of the commercial insurance business of Travelers Canada to Canadian property and casualty insurer Definity Financial Corporation for approximately $2.4 billion. The transaction is expected to close in the first quarter of ... Read the full article
MNK Group appoints Alex Noorbaccus as Chief Risk Officer
28th May 2025
MNK Group, the independent global group of insurance companies, has appointed Alex Noorbaccus as its new Group Chief Risk Officer. In this role, Noorbaccus will be responsible for accelerating the development and rollout of the Group’s risk management framework as MNK Group expands its offices and geographic footprint. He will ensure appropriate ... Read the full article
Hannover Re welcomes SCOR’s Maguire as Global Head of L&H Traditional Business
28th May 2025
Hannover Re has announced the appointment of Gavin Maguire as Global Head of the reinsurer’s newly established division, L&H Traditional Business. Maguire offers valuable strategic insight and a collaborative approach, drawing on his deep expertise in business development, pricing, underwriting, data analytics, claims, and technical accounting, underpinned by a strong actuarial ... Read the full article
AXIS enhances Global Markets team structure with several organisational changes
28th May 2025
AXIS, a provider of specialty insurance and reinsurance solutions, has announced a number of organisational changes to further enhance underwriting and operational performance within AXIS Global Markets. Sara Farrup, Head of Global Markets, commented: “As part of AXIS’s commitment to continual progress and leadership in specialty, we are aligning several of ... Read the full article
Tokio Marine GX launched to further promote green transformation
28th May 2025
Tokio Marine Holdings, Inc. has launched Tokio Marine GX, a new international offering aimed at advancing green transformation, founded upon GCube, an underwriter of renewable energy products. The launch furthers the Group’s efforts toward carbon neutrality and the transition to a decarbonised society. Tokio Marine Group aims to contribute to social development ... Read the full article
DARAG announces LPT and PTA deal with European carrier
28th May 2025
DARAG Deutschland AG, the German insurance carrier of DARAG Group, has completed a loss portfolio transfer (LPT) with a European carrier. This deal, the firm stated. Will be followed by a portfolio transfer (PTA) with the carrier. Tom Booth, CEO of DARAG, commented: “Our track record of successful transactions in Europe makes ... Read the full article
SFMI selects Cyberwrite to strengthen its cyber insurance capabilities
28th May 2025
Following a comprehensive global evaluation by Samsung Financial C-Lab Outside, Samsung Fire & Marine Insurance (SFMI) has selected Cyberwrite to strengthen its cyber insurance capabilities, citing Cyberwrite’s expertise in cyber catastrophe modelling, AI-driven real-time underwriting analytics, and broker enablement. The collaboration will reportedly focus on strengthening SFMI’s ability to assess the ... Read the full article
Gallagher Re hires Aon’s Jang as Korea CEO
28th May 2025
Global reinsurance broker Gallagher Re has appointed Aon's Chulmin Jang as Chief Executive Officer (CEO) for Gallagher Korea, effective May 28th, 2025. PhilWon Jeong, the current CEO of Gallagher Korea, will transition to the role of Chairman, Gallagher Korea. Most recently, Jang served at global insurance and reinsurance broker Aon as President ... Read the full article
Peak Re NA launch shows ‘our commitment to expanding into key global markets,’ says CEO Hahn
28th May 2025
Hong Kong-based reinsurer Peak Re has launched and had rated a new North American underwriting entity, Peak Reinsurance North America Ltd. (Peak Re NA), domiciled in Bermuda, demonstrating the company's commitment to growing its footprint in key markets around the world. Peak Re NA is licensed as a Class 3B insurer, ... Read the full article
Kestrel & Maiden combine to form publicly listed specialty program group
28th May 2025
Kestrel Group LLC and Maiden Holdings, Ltd. have announced the successful completion of their combination, forming a new publicly listed specialty program group. The two companies initially announced in December 2024 that they had entered into a combination agreement. Maiden Holdings received shareholder approval for all proposals related to ... Read the full article
Re/insurers a vital partner in infrastructure development in Africa: AIO
28th May 2025
Re/insurers can play a vital role in supporting infrastructure development in Africa through risk mitigation solutions and by acting as significant institutional investors, according to a recent report by the African Insurance Organisation (AIO). The report highlights Africa’s significant infrastructure deficit. The continent needs $495.6 billion annually until 2030 to meet ... Read the full article
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