Reinsurance News
Optalitix partners with Tokio Marine HCC to transform London market pricing
29th January 2025
Insurtech firm Optalitix, specialising in data analytics and pricing solutions, has partnered with Tokio Marine HCC International (TMHCCI), a recognised specialty insurer, to enhance its London Market underwriting and pricing systems. Optalitix’s advanced platform was chosen to deliver a faster and more adaptable solution for digitising and improving pricing accuracy across ... Read the full article
AXA XL appoints Tim Whisler as Head of Wholesale Solutions in the Americas
29th January 2025
AXA XL, the property and casualty (P&C) and specialty risk division of global insurer AXA, has appointed Tim Whisler as Head of Wholesale Solutions in the Americas. In his new role, Whisler will report to Lucy Pilko, CEO of Americas, and oversee the company’s strategy for the Programs and Excess & ... Read the full article
There are lingering questions about long-term profitability of casualty business: Vickers, Gallagher Re
28th January 2025
In a recent video interview with Reinsurance News, James Vickers, Chairman of Gallagher Re’s International division, discussed the current state of the casualty reinsurance market, addressing key issues like pricing and capacity constraints. Vickers pointed out that while improvements have been made in terms of ... Read the full article
Jireh and SRS partner to serve the ILS sector
28th January 2025
Jireh Risk Advisors has partnered with Strategic Risk Solutions (SRS) in Bermuda to set a new service standard in the insurance-linked securities (ILS) market. As part of this collaboration, the two firms have jointly launched Strata ILS Ltd., an unrestricted Special Purpose Insurer (SPI) licensed by the Bermuda Monetary Authority. It ... Read the full article
Muhamed Majeed named Chief Actuary at Oceanview Re
28th January 2025
Oceanview Reinsurance Ltd., a subsidiary of Oceanview Holdings Ltd., has announced the appointment of Muhamed Majeed, F.S.A., F.C.I.A., as its Chief Actuary, effective 20 January 2025. In this role, Majeed will lead Oceanview Re’s actuarial operations, encompassing product development, pricing strategy, and risk management. With more than 15 years of experience in ... Read the full article
Apollo partners with WNS to enhance third-party syndicate offering
28th January 2025
Apollo, an independent specialist re/insurer, has entered into a long-term strategic partnership with WNS, a digital transformation and services provider, to enhance its new third-party syndicate partnership offering. Through this collaboration, WNS delivers tailored solutions that leverage technology, data, and domain-focused resources to support Apollo's third-party syndicate partnership business. The partnership’s new ... Read the full article
Bermuda market to have a meaningful share of LA wildfire insured losses: Fitch
28th January 2025
Fitch Ratings has noted that the Bermuda market will have a meaningful share of insured losses from the recent California wildfires for both primary business and reinsurance, however, it does not expect ratings to be affected given plentiful capital levels. According to a new report from Fitch, underwriting results for Bermuda-based ... Read the full article
Gallagher Specialty welcomes WTW’s Bradley as Head of North America Construction
28th January 2025
Gallagher Specialty has announced the appointment of Garbiella Bradley as Head of North America Construction specialising in casualty risks. In her new role, based in the UK within the Specialty Construction division, Bradley will be responsible for expanding the construction team and building on the products and services the firm offers ... Read the full article
MGT Insurance expands with new surplus lines company
28th January 2025
MGT Insurance, an AI-powered commercial neo-insurer, has announced the launch of MGT Specialty, a surplus lines (E&S) company designed to broaden the insurer’s market presence and offer increased flexibility to the 35 million small businesses across the US. MGT Specialty aims to serve new and underserved markets by offering tailored solutions ... Read the full article
Sebastian Lotz joins Beazley as Aviation Underwriter, DACH
28th January 2025
Specialty insurer Beazley has announced the appointment of Sebastian Lotz to the newly-created role of Aviation Underwriter, DACH, with immediate effect. Based in Munich, Lotz will spearhead the development of Beazley's aviation offerings in Germany, Switzerland, and Austria (DACH region), reporting to Dirk Froese, Head of Aviation. Lotz brings a wealth of ... Read the full article
2024 UK property insurance payouts to hit £5.5bn, highest since 2007: Deloitte
28th January 2025
According to a new analysis by Deloitte, UK property insurance claims are expected to hit £5.5 billion for 2024, the highest payout since 2007, which was the year of the summer floods. The claims for Q4 2024 could total £1.4 billion, which when coupled with previously published industry data, will give ... Read the full article
Brown & Brown’s revenue grows 15.4% with net income down 21.9% in Q4’24
28th January 2025
Brown & Brown, the insurance brokerage, has released its unaudited results for the fourth quarter of 2024, reporting a 15.4% growth in total revenues, to $1.2 billion, and a net income of $210 million, 21.9% lower compared to the same period last year. Commissions and fees increased by 15.4% as well ... Read the full article
AIG expands Jon Hancock’s responsibilities amid business restructure
28th January 2025
AIG has announced an expanded global leadership role for Jon Hancock as the company reorganises its business into three distinct segments: North America Commercial Insurance, International Commercial Insurance, and Global Personal Insurance. According to the firm, Hancock will continue to lead the International Commercial Insurance business and will assume additional responsibility ... Read the full article
MSIG USA names Siobhan O’Brien head of cyber insurance
28th January 2025
MSIG USA, an insurance subsidiary under MSIG Holdings, has announced the appointment of Siobhan O'Brien as head of cyber insurance. With over two decades of experience in cyber insurance and professional liability, O'Brien will lead the expansion of the company's cyber insurance portfolio, developing innovative solutions to address the evolving cyber ... Read the full article
State Farm pays almost $500m to customers from LA wildfires
28th January 2025
As of January 27, 2025, auto and homeowners insurer State Farm has received over 10,100 claims for home and auto damage caused by the California wildfires, and has already paid nearly half a billion dollars to customers. This marks a significant increase from the 6,700 claims received as of January ... Read the full article
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