Reinsurance News
W. R. Berkley sees highest-ever net income in record setting 2024
28th January 2025
W. R. Berkley Corporation has announced that it achieved its highest-ever net income in 2024, along with setting several other financial records during the year. W. R. Berkley's net income for 2024 stood at $1.76 billion, up from $1.38 billion for the full year 2023, while the firm's gross and net ... Read the full article
Sompo promotes Jasmine Chan to SVP Ceded Reinsurance APAC
28th January 2025
Sompo, a global provider of commercial and consumer property and casualty (P&C) re/insurance, has appointed Jasmine Chan as Senior Vice President, Ceded Reinsurance, Asia Pacific (APAC). In this role, Chan will coordinate with Commercial and Consumer underwriting leads across APAC, while also overseeing market and broker management in collaboration with the ... Read the full article
Everest reports total reserve strengthening of $1.7bn for 2024
28th January 2025
Global re/insurer Everest Group, Ltd. has revealed that it expects to record full year 2024 net income of between $1.3 billion and $1.4 billion, despite total reserve strengthening across the business of $1.7 billion for the year. Alongside the net income range, Everest expects to generate non-GAAP net operating income in ... Read the full article
Liberty Mutual announces $2.8bn property cat occurrence reinsurance, $500m aggregate limit
28th January 2025
Insurer Liberty Mutual has $2.8 billion of property catastrophe occurrence reinsurance limit excess a $1 billion retention, with one reinstatement, for its domestic business as of January 1st, 2025, alongside some aggregate coverage, the company has announced. Liberty has disclosed its reinsurance coverage for its domestic business as of January 1 ... Read the full article
Enact secures additional XOL reinsurance coverage for 25/26 book years
28th January 2025
Enact has revealed that its flagship legal entity, Enact Mortgage Insurance Corporation, has secured approximately $225 million and $260 million of additional excess of loss (XOL) reinsurance coverage. These credit risk transfer (CRT) transactions cover a portion of the expected new insurance written for the 2025 book year (policies written from ... Read the full article
Aviation market navigates ‘new normal’ with ongoing challenges for 2025: Howden Re
28th January 2025
The aviation industry had a mixed year in 2024, with ‘new normal’ loss conditions persisting for much of the year and marked by a tragic crash in South Korea as well as ongoing uncertainty surrounding the fate of aircraft stranded in Russia, Howden Re has noted in a recent report. Despite ... Read the full article
Hiscox appoints Lynne Biggar and June Yee Felix to its Board
28th January 2025
Specialist insurer Hiscox has appointed Lynne Biggar and June Yee Felix as Independent Non-Executive Directors on its Board. As part of its Board succession planning, Lynn Pike and Anne MacDonald will not seek re-election at the 2025 AGM and will step down following the conclusion of their nine-year terms. Colin Keogh, Hiscox ... Read the full article
CatIQ lifts Jasper wildfire industry loss estimate to CAD 1.2bn
28th January 2025
Catastrophe Indices and Quantification Inc. (CatIQ) has released its fourth industry loss estimate for the wildfire that impacted Jasper, Alberta, from July 22 to August 17, 2024, now totalling CAD 1.23 billion. This updated estimate marks an increase from the initial figure of over CAD 880 million in August 2024 ... Read the full article
Relm launches FALTAWEB3 to combat crypto exchange bankruptcies
28th January 2025
Relm Insurance, a specialty insurance carrier supporting emerging and innovative industries, has launched FALTAWEB3, a bespoke risk transfer solution that aims to address the growing risk of crypto exchange bankruptcy. With this new solution, asset managers, broker/dealers or custodians can give their customers peace of mind in the event that they ... Read the full article
Gabrielle Folliard joins AXIS as Head of Claims for Global Markets
28th January 2025
Bermuda-based insurer and reinsurer AXIS Capital has announced the appointment of Gabrielle Folliard from Canopius as Head of Claims, Global Markets. Folliard's new role includes leading the claims team for the company's Global Markets division, overseeing all related operations. She will also drive claims process improvements, ensuring they align with broader AXIS ... Read the full article
U.S. casualty reserve development the biggest wildcard for reinsurers in 2025, say analysts
27th January 2025
Moody's insurance executives have identified U.S. casualty reserve development as the biggest wildcard for reinsurers in 2025, according to analysts at TD Cowen. Based on conversations with Moody's regarding their property & casualty outlook for 2025, TD Cowen stated that the rating agency anticipates the reinsurance industry's recent strong profitability will ... Read the full article
Chubb names Stapleton CUO & Neu EVP, Financial Lines, Overseas General Insurance
27th January 2025
Global property and casualty insurer Chubb has announced two key leadership appointments within its Overseas General Insurance (COG) business, Tim Stapleton as Chief Underwriting Officer (CUO) and Jason Neu as Executive Vice President (EVP), Financial Lines. As CUO of COG, a newly created role, Stapleton will be responsible for advancing the ... Read the full article
Ageas Re grows book at Jan 1, accelerates specialty lines development amid softening cat market
27th January 2025
Ageas Re, the reinsurance arm of international insurance group Ageas, grew its book at the January 1st, 2025, renewals, securing €34 million of profitable new business as the firm accelerated its strategy to develop its specialty lines offering in anticipation of a softening catastrophe market. The reinsurer notes that it completed ... Read the full article
Hitesh Patel to succeed Paul Meader as Chair of Canopius Managing Agents
27th January 2025
Hitesh Patel has been appointed as the new Chair of Canopius Managing Agents (CMA), by Canopius Group, a global specialty and property and casualty (P&C) re/insurer, effective April 1st, 2025, subject to regulatory approval. Patel takes over from Paul Meader, who made significant contributions to the company, having served as an ... Read the full article
Weinstein leads Mangrove into Florida market following OIR approval
27th January 2025
Mangrove Property Insurance Company, a newly formed Florida insurer led by industry expert Stephen Weinstein, has been approved by Florida’s Office of Insurance Regulation (OIR) to provide property and casualty (P&C) insurance to the state's homeowners. Mangrove, reportedly established with the vision of providing sustainable, long-term P&C solutions tailored to the ... Read the full article
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