Reinsurance News
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
Allstate sells its Group Health business to Nationwide for $1.25bn
31st January 2025
US primary insurer, The Allstate Corporation, has entered into a definitive agreement to sell its Group Health business to Nationwide for $1.25 billion in cash, adjusted for the closing balance sheet, and subject to standard closing conditions including regulatory approvals. Nationwide stated that this acquisition will serve as a foundation for ... Read the full article
UIB names Marek Ambrozewski as MD of Aviation Division
31st January 2025
United Insurance Brokers Ltd (UIBL), an independent insurance broker specialising in global risk management solutions, has announced the appointment of Marek Ambrozewski as Managing Director of its Aviation Division, effective January 2025. Ambrozewski succeeds Miles Taffs, who will be departing the company at the end of the first quarter. With over ... Read the full article
A. J. Gallagher sees net earnings hit $1.47bn in 2024 amid strong segment growth
31st January 2025
Global insurance broker A. J. Gallagher & Co. has reported net earnings for 2024 of $1.47 billion, up from $966 million in 2023, driven by further improvements in both its brokerage and risk management segments. Net earnings in the firm's brokerage segment rose to $1.69 billion in 2024, up from $1.17 ... Read the full article
Willis hires Marsh’s Pat Donnelly as Head of Risk & Broking, NA
31st January 2025
Brokerage Willis, a WTW business, has appointed Pat Donnelly as the Head of Risk & Broking (R&B), North America (NA), reporting to Lucy Clarke, President of R&B. Donnelly will be based in Chicago and is expected to join the company in the second quarter of 2025. He is a proven leader in ... Read the full article
Baltimore bridge collapse to affect direct pricing in marine space: Gallagher Specialty
31st January 2025
The catastrophic collapse of the Francis Scott Key Bridge in Baltimore, caused by the allision of the MV Dali, has sent shockwaves through marine reinsurers and is expected to affect direct pricing in the marine space, according to Gallagher Specialty. In its Marine Hull & Machinery and War Risks Market Report, ... Read the full article
Westfield Specialty Intl. expands PV and aviation war team
31st January 2025
Westfield Specialty International, an insurance and reinsurance provider known for delivering tailored risk solutions, is continuing its strategic growth by bolstering its political violence (PV) and aviation war underwriting team with three notable hires. Hector Threlfall and Charlie Fellows have joined the Political Violence and War team as Senior Underwriter and ... Read the full article
IDF appoints Swiss Re’s Menzinger as Chair of OpCo, succeeding Douglas
31st January 2025
The Insurance Development Forum (IDF) has announced the appointment of Ivo Menzinger, Managing Director of Public Sector Business at Swiss Re, as Chair of its Operating Committee (OpCo). Menzinger succeeds Rowan Douglas CBE, CEO of Climate Risk & Resilience at Howden, who led the creation of the IDF between 2012-2015, and ... Read the full article
Rising demand for flood insurance as 90% seek full coverage after 2024 hurricanes: Neptune Flood survey
31st January 2025
Neptune Flood, a provider of private flood insurance in the United States, has released findings from its fifth annual Neptune Consumer Survey of Flood Awareness, which highlights growing demand for tailored flood insurance solutions. Conducted in collaboration with the University of South Florida St. Petersburg Customer Experience Lab, the survey provides insights ... Read the full article
Mark Moitoso named President of ICW Group Insurance Companies
31st January 2025
California-domiciled, privately held insurance company, ICW Group Insurance Companies, has appointed Mark Moitoso as President, effective immediately. In this role, he will oversee the company’s underwriting and shared services operations, drive growth, and expand its product line. Based at ICW Group’s headquarters in San Diego, Moitoso succeeds Kevin Prior, who will ... Read the full article
Selective Insurance reports 10% rise in NPW for Q4’24
30th January 2025
For the fourth quarter of 2024, Selective Insurance has reported a 10% rise in net premiums written (NPW) to $1.089 billion from Q4 2023's $991.5 million, while full year 2024 NPW grew 12% year-on-year to $4.6 billion from $4.1 billion in 2023. Starting with the quarter, the insurer has reported a ... Read the full article
Jack Harding named Next Gen Committee Chair of the MGAA
30th January 2025
The Managing General Agents’ Association (MGAA) has announced the appointment of its new Next Gen Committee Chair: Jack Harding, Senior Underwriter at Miramar Underwriting Limited. Harding is succeeding Kajal Pankhania, Director at MGA incubator DA Strategy, and will be in charge of leading the Committee in its mission to engage, represent, ... Read the full article
AnaCap acquires majority stake in Edge Group to drive Italian market expansion
30th January 2025
AnaCap, a private equity firm specialising in financial services, technology, and software investments across Europe, has acquired a majority stake in the insurance brokerage firm Edge Group. This investment represents a key milestone for AnaCap’s latest flagship fund and marks its second major platform acquisition in Italy, following the purchase of ... Read the full article
No market hysteria but LA wildfire loss could temper reinsurance rate reductions seen at Jan 1: MMC
30th January 2025
Executives at global broking group Marsh McLennan (MMC) said today that although it's too early to tell exactly what impact the recent Los Angeles, California wildfires will have on the property market, moving forward, the magnitude of industry loss could temper risk-adjusted reinsurance rate reductions witnessed at the January 1st ... Read the full article
Great American promotes Vanessa Teo to Deputy CEO of its Singapore Branch
30th January 2025
Great American Insurance Group has announced the promotion of Vanessa Teo to Deputy Chief Executive Officer of its Singapore Branch, under the flagship insurer, Great American Insurance Company. In her expanded role, Teo will continue overseeing Finance & Operations while also taking on broader strategic responsibilities. Teo has been with Great American ... Read the full article
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