Reinsurance News
Global M&A activity up 15% in 2024 led by surge in large deals: WTW
14th January 2025
In 2024, the number of global mergers and acquisitions (M&A) deals valued over $100 million increased by 15%, rising from 619 in 2023 to 710, according to WTW’s Quarterly Deal Performance Monitor (QDPM). This growth was mainly driven by a surge in large transactions (worth between $1 billion and $10 billion), ... Read the full article
Grant Smith named Head of Transport and Logistics at Markel
14th January 2025
Markel, the insurance division of Markel Group Inc., has announced the appointment of Grant Smith as the head of its Transport and Logistics team, effective immediately. In his expanded role, Smith will oversee the development of underwriting strategies aimed at achieving sustainable and profitable growth within the Transport and Logistics sector. His ... Read the full article
Sentry acquires non-standard auto insurance provider The General
14th January 2025
Sentry Insurance, the US-based mutual insurance group, has completed its acquisition of non-standard auto (NSA) insurance provider The General, from American Family Insurance. This $1.7 billion transaction marks Sentry's largest acquisition in its 120-year history. Based in Nashville, Tennessee, The General was acquired by American Family Insurance in 2012. From what we understand, ... Read the full article
AXA XL names Richard Burggraf Head of Excess Casualty for US East Zone
14th January 2025
Richard Burggraf has been appointed Head of Excess Casualty for the US East Zone at AXA XL, the property and casualty (P&C) and specialty risk division of global insurer AXA. Burggraf will be based in New York to lead and grow the Excess Casualty underwriting team in support of North America's ... Read the full article
Re/insurance industry well capitalized to absorb LA wildfire losses: KBRA
13th January 2025
While the Los Angeles wildfires are anticipated to be a major catastrophe event for the insurance industry, a new report from KBRA has highlighted that the sector is generally well capitalized to absorb the losses, although some individual carriers may be more heavily impacted than others. With industry losses from ... Read the full article
Peter Hirs to succeed Howard Smith as Starr CFO
13th January 2025
Starr has announced the appointment of Peter Hirs as the company’s chief financial officer, effective January 13. Hirs will be taking over the role from Howard I. Smith, who is retiring after a long and successful career spanning over 40 years at Starr and its related entities. Smith has been leading Starr's ... Read the full article
Canada’s total catastrophe insured losses reach record $8.5bn in 2024: CatIQ
13th January 2025
Total insured losses from catastrophic events across Canada reached CAN $8.5 billion in 2024, marking the country's largest loss year on record, according to CatIQ, Canada’s provider of insured loss and exposure indices. This insured loss figure significantly surpassed the previous record of CAN $6.2 billion set in 2016. The total number ... Read the full article
Ben Wathen promoted to Chief Claims Officer for Gallagher Re
13th January 2025
Reinsurance broker Gallagher Re has announced Ben Wathen has been promoted to lead its Global Claims Advocacy team as Chief Claims Officer. Wathen brings to his new role over two decades of claims expertise, a client-focused approach, and a diverse background spanning underwriting, claims, and broking. The executive has been part of ... Read the full article
Lloyd’s appoints Alexander Baugh as new Council member
13th January 2025
Lloyd’s, a marketplace for insurance and reinsurance, has announced the appointment of Alexander Baugh as an independent nominated member of Lloyd’s Council, Chair of Lloyd’s Risk Committee, and a member of Lloyd’s Audit Committee. Neil Maidment, the current Chair of Lloyd’s Risk Committee, will step down from Lloyd’s Council at the ... Read the full article
WTW launches CyCore Asia, a cyber insurance facility for Hong Kong and Singapore
13th January 2025
WTW, an advisory, broking, and solutions company, has introduced CyCore Asia, a new cyber insurance facility tailored for companies in Singapore and Hong Kong. Underwritten by QBE Insurance Group and AXA XL, CyCore Asia provides up to USD 15 million in primary insurance capacity (or the currency equivalent) and is designed ... Read the full article
BHSI appoints SCOR’s Bertrand Le Gall as Head of Casualty, France
13th January 2025
Berkshire Hathaway Specialty Insurance (BHSI), a commercial property, casualty, and specialty insurer, has announced the appointment of Bertrand Le Gall as Head of Casualty in France. Le Gall brings two decades of industry experience to his new role. He joins BHSI after 17 years at SCOR, where he most recently served ... Read the full article
Moody’s to acquire geospatial AI intelligence provider CAPE Analytics
13th January 2025
Moody’s Corporation has reportedly agreed to acquire CAPE Analytics, a provider of geospatial AI intelligence for residential and commercial properties across the U.S., Canada, and Australia. According to Moody’s, it will combine its Intelligent Risk Platform and catastrophe risk modelling with CAPE's geospatial AI analytics, building a property database that provides ... Read the full article
KBW estimates of insurers’ net LA wildfire losses points to reinsurance recoveries
13th January 2025
Forecasting that the ongoing Los Angeles wildfires will drive insurance and reinsurance industry losses of $20 billion, analysts at KBW have estimated net losses from the fires for numerous insurance carriers, based on individual firms' 2023 market share of exposed lines of business, suggesting reinsurance recoveries for some under their ... Read the full article
Oaktree names Cyril Martin MD and Head of EMEA Insurance Solutions
13th January 2025
Cyril Martin has joined global investment manager Oaktree as Managing Director and Head of EMEA Insurance Solutions, a London-based role. In his new position, Martin will be crucial in expanding and managing Oaktree’s insurance client network across the EMEA region, while simultaneously spearheading the development and implementation of insurance analytics globally, ... Read the full article
PIF acquires 23.08% stake in Saudi Re
13th January 2025
The Public Investment Fund (PIF), Saudi Arabia's sovereign wealth fund, has announced the acquisition of a 23.08% stake in Saudi Reinsurance Company (Saudi Re) through a capital increase and subscription to new shares. This deal was first announced in October 2023, when Saudi Re signed a non-binding memorandum of understanding ... Read the full article
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