Reinsurance News
IAG to release A$200m of COVID-19 business interruption provision
3rd February 2025
Following a Federal Court case management hearing on December 5, 2024, regarding the class action filed against its subsidiary, Insurance Australia Limited (IAL), IAG has announced plans to release A$200 million from its A$380 million COVID-19 business interruption provision. The Federal Court of Australia’s case management hearing also ordered that the ... Read the full article
Bermuda re/insurers’ underwriting results to weaken but strong returns should persist: Fitch
3rd February 2025
According to global ratings agency Fitch Ratings, due to premium rates being pressured and the increase in loss costs, Bermuda-domiciled re/insurers' underwriting results are expected to deteriorate in 2025, although strong returns should continue as capital remains "robust." Bermuda-based insurer and reinsurers are expected to continue producing favourable returns in 2025 ... Read the full article
Colthrop Board Mill Pension Scheme completes £23m buy-in with Aviva
3rd February 2025
The Colthrop Board Mill Pension Scheme has completed a £23 million buy-in with Aviva, securing the benefits of 69 deferred members and 152 pensioners. First Actuarial led the transaction, working closely with Aviva and legal adviser, Osborne Clarke to complete. First Actuarial provided actuarial, investment and administration services. Aviva provided an attractive ... Read the full article
Milliman elects Bret Linton as Chair of the Board
3rd February 2025
Milliman, a global consulting and actuarial firm, has announced the election of Bret Linton as its next Chair of the Board. Linton will succeed Ken Mungan, who is completing a 10-year term as Chair. Linton brings extensive experience in leading global teams and working across both the employee benefits and management consulting ... Read the full article
CGC commits $200m to GreenieRE to expand clean energy insurance and unlock private capital
3rd February 2025
The Clean Growth Coalition (CGC), a nonprofit dedicated to accelerating clean energy investment, has announced a $200 million investment in GreenieRE, a reinsurance company focused on removing financial barriers in the insurance market. This investment aims to lower costs and accelerate the large-scale deployment of clean energy technologies. Over the next decade, ... Read the full article
The Clear Group appoints Oscar Holloway as Managing Director, M&A
3rd February 2025
The Clear Group, an insurance broker, has appointed Oscar Holloway as its Managing Director, M&A to lead the group’s M&A strategy, building on the progress made since Goldman Sachs’ investment in 2022. In 2024, Clear completed 12 acquisitions to successfully broaden its capabilities by adding UK regions, specialist niches, wholesale and ... Read the full article
Aon optimistic about future of dynamic reinsurance market: Andersen, President
31st January 2025
After reporting 6% organic revenue growth in its Reinsurance Solutions business in the fourth quarter of 2024, broking group Aon remains optimistic about the future of reinsurance, executives at the firm said today. As we wrote earlier, Aon's Reinsurance Solutions generated revenue of $351 million in Q4'24 and 6% organic ... Read the full article
Safety National announces new leadership structure, Csik to retire as President
31st January 2025
Safety National Casualty Corporation announced John Csik will retire as President and as a member of executive management after nearly four decades at the company. Gus Aivaliotis, Chief Underwriting Officer, will assume the role of Deputy Chief Executive Officer and Cyndee Morton, Chief Operating Officer, will assume the role of President. Following ... Read the full article
The Hartford reports Q4’24 net premium growth
31st January 2025
The Hartford has announced its financial results for the fourth quarter of 2024, reporting a net income of $848 million, which increased 11% from $766 million over the same period in 2023. According to the firm, this growth was mainly driven by improvement in the P&C loss and loss adjustment expense ... Read the full article
AI opportunities for insurance industry are real and meaningful, says Aon CEO Case
31st January 2025
In an interview with CNBC at Davos 2025, Greg Case, CEO of Aon, emphasised that the opportunities presented by artificial intelligence (AI) are “real and meaningful” for the insurance and reinsurance industry. During the interview, Case also acknowledged the significant challenges posed by volatility, noting that these can be overcome through ... Read the full article
AM Best: Addressing California’s wildfire losses and the urgent need for insurance market reform
31st January 2025
In AM Best's Briefing: Reinsurance – January 1 Renewals and What to Expect in 2025, insurance experts, including Carlos Wong-Fupuy, Senior Director at AM Best and Kyle Rhodes, President of North American operations at TransRe, discussed the long-term implications of California’s ongoing wildfire crisis for the insurance market, with a ... Read the full article
Insurance cooperatives and mutual societies in Brazil: Major changes with new law
31st January 2025
2025 is poised to be a busy year for the Brazilian re/insurance market with the approval of the new Insurance Law and sanction of Complementary Law No. 213/2025, which legalizes the operations of mutual societies and regulates the operations of insurance cooperatives, partners and of counsel at Brazilian law firm ... Read the full article
Aon reports strong Q4’24 result as Reinsurance Solutions delivers 6% organic revenue growth
31st January 2025
Global broking group Aon's Reinsurance Solutions segment delivered 6% and 7% organic revenue growth for the fourth quarter and full year 2024, respectively, as the firm highlights another "strong quarter of performance" and "outstanding" full year result. Group-wide, Aon has today announced year-on-year total revenue growth of 23%, or 6% on ... Read the full article
Argenta appoints Karen Collier as Construction & Engineering Underwriter
31st January 2025
Argenta Syndicate Management Limited, a Lloyd’s managing agency, has announced the appointment of Karen Collier as Construction & Engineering Underwriter, effective immediately. Based in London, she will report directly to Phil Hancock, Unit Head of Construction and Engineering. Collier, a seasoned professional with over a decade of experience in the insurance ... Read the full article
Reinsurance capacity strong despite rising cats and adverse casualty trends: S&P
31st January 2025
Bolstered capital from strong earnings in 2024 led to ample capacity and strong reinsurer capital positions, contributing to a more orderly renewal season despite ongoing challenges from natural catastrophes and adverse casualty trends, according to a recent S&P report. “The January 1, 2025, reinsurance renewals marked a return to normalcy after ... Read the full article
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