Reinsurance News
Reinsurers to remain disciplined at mid-year despite severe NSW floods: BofA
23rd May 2025
The severe flooding across the Mid North Coast and Hunter regions of New South Wales (NSW) is not expected to derail the strong FY25 outlook, with reinsurers likely to remain disciplined at mid-year renewals, according to analysts at BofA Securities. On 21st May, 2025, the Insurance Council of Australia (ICA) declared ... Read the full article
AM Best upgrades credit ratings of Fairfax and Allied World Assurance
23rd May 2025
Credit rating agency AM Best has upgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to “a-” (Excellent) from “bbb+” (Good) and the Long-Term Issue Credit Ratings (Long-Term IR) on the unsecured debt and preferred equity of Canadian financial holding company, Fairfax Financial Holdings Limited. Additionally, the company’s subsidiaries, Fairfax (US) Inc. ... Read the full article
Up to $7bn May storm losses reinforce SCS reclassification need: Gallagher Re
23rd May 2025
With a preliminary insured loss estimate ranging from $4 billion to $7 billion for the severe weather events across the U.S. between May 14 and 20, Gallagher Re's Chief Science Officer and Meteorologist, Steve Bowen, has argued that it's well beyond time to abandon the semantic classification of severe convective ... Read the full article
S&P upgrades QBE’s ratings on improved underwriting and pricing discipline
23rd May 2025
S&P Global Ratings has raised its long-term issuer credit rating on QBE Insurance to 'A' from 'A-', and has also raised the issuer credit and financial strength ratings on its core operating entities to 'AA-' from 'A+'. According to S&P, the upgrade reflects its view that QBE’s earnings resilience has strengthened, ... Read the full article
Jamie Chambers named AXA XL CEO of Greater China
23rd May 2025
AXA XL, the property and casualty (P&C) and specialty risk division of global insurer AXA, has announced the appointment of Jamie Chambers as Chief Executive Officer (CEO) of Greater China, effective June 20, 2025. In this expanded role, Chambers will continue to lead the company’s Hong Kong business while also taking ... Read the full article
Insurance sector holds firm against tariffs: MAPFRE
23rd May 2025
MAPFRE Economics, the research arm of MAPFRE, a Spanish-domiciled insurer, in its latest Economic and Industry Outlook report, notes that the insurance sector holds firm against President Trump’s tariffs. However, lower economic activity globally could impact the industry, so the optimistic outlook forecast at the beginning of 2025 has cooled down ... Read the full article
Great-West Lifeco announces Rix-Broom’s appointment as CEO, Europe
23rd May 2025
Great-West Lifeco Inc. has announced Lindsey Rix-Broom, currently CEO of Canada Life U.K., has been appointed as CEO, Europe, effective July 1, 2025. This move follows the news that David Harney, currently President & COO, Europe and Capital & Risk Solutions, will be taking over the role of President & CEO, ... Read the full article
Insurance protection gap widens as flood risk accelerates in Texas: Neptune
23rd May 2025
Increased flood vulnerability in Texas has revealed a widening insurance gap that threatens to increase the financial loss of future flood events, a new report from the Neptune Research Group has revealed. Experts predict that over the next three decades, over 2.1 million properties will face flood exposure, and over 200,000 ... Read the full article
Intact Insurance Specialty names Aaron Belair as President of Technology, NA
23rd May 2025
Intact Insurance Specialty Solutions, the US insurance subsidiary of Intact Financial Corporation, has appointed Aaron Belair as its new President of Technology, North America (NA), based in San Francisco. In the role, he will focus on strengthening broker relationships, delivering tailored solutions, fostering a culture that attracts talent, and accelerating Intact's ... Read the full article
UIB appoints Sean Scales as Associate Director in Marine Division
23rd May 2025
Insurance and reinsurance Lloyd’s broker, United Insurance Brokers Ltd (UIBL), has announced the appointment of Sean Scales as Associate Director within its Marine Division. In his new role, Scales will focus on North American cargo and stock throughput business, driving new business and supporting the continued growth of UIBL’s Marine Division. Scales ... Read the full article
Property cat rates expected to fall ~10% at June 1 but market dynamics still favourable: KBW
22nd May 2025
KBW, an investment bank focused on insurance and reinsurance markets, has provided a detailed outlook on the upcoming June 1, 2025, reinsurance renewals, along with projections for the January 1, 2026 renewal season. According to KBW’s recent discussions with top industry executives during their Bermuda tour, property catastrophe excess-of-loss reinsurance rates ... Read the full article
Insurance investment outsourcing hits $4.5trn, private markets see more interest: Clearwater Analytics
22nd May 2025
In its latest report, Clearwater Analytics has disclosed that unaffiliated general account insurance assets under management (AUM) grew 24% year-over-year to a huge $4.5 trillion. The report, produced in partnership with DCS Financial Consulting and titled, “2025 Insurance Investment Outsourcing Report (IIOR),” also shows private market assets AUM grew by 34% ... Read the full article
Protecdiv adds David Castillo as EVP, Head of Construction and Surety Solutions
22nd May 2025
Insurance and reinsurance broker Protecdiv has appointed David Castillo to the newly created role of Executive Vice President (EVP) and National Construction Practice Leader. In the role, Castillo will lead the strategic growth and development of the broker’s construction and surety business. The appointment aligns with Protecdiv’s larger plans to expand its ... Read the full article
Hiscox targets double-digit Retail premium growth by 2028
22nd May 2025
During its Capital Markets Day, specialist insurer Hiscox outlined its strategy to deliver attractive and sustainable returns for shareholders, stating that its ambition for the Retail segment is to accelerate premium growth to double digits by 2028 by continuing to gain market share across its sizeable serviceable addressable markets. The Capital ... Read the full article
AM Best warns NOAA disaster data cutoff could hinder insurers’ response to secondary perils
22nd May 2025
AM Best, the credit rating agency, has issued a cautionary statement regarding the US National Oceanic and Atmospheric Administration’s (NOAA) decision to cease updates to its billion-dollar weather disaster database, warning that this move could significantly impair insurers’ ability to monitor and respond to escalating secondary peril losses. The NOAA database, ... Read the full article
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