Reinsurance News
Aon launches L&H reinsurance practice in India
23rd January 2025
Global professional services firm Aon has launched a life and health reinsurance practice in India to drive new capital into the sector, naming Renuka Nar and Neha Shah to key leadership roles. According to Aon, the new practice will help bring sustainable reinsurance capacity to India’s life and health insurance sector, ... Read the full article
LA wildfires may erode over 30% of combined nat cat budgets of Europe’s big four: Fitch
23rd January 2025
At $35 billion, roughly the mid-point of insurance industry loss estimates from the devastating Los Angeles wildfires, Fitch Ratings estimates that 30% of the aggregate natural catastrophe budgets set by Europe's big four reinsurers for 2025 may be eroded. With the two main fires, Palisades and Eaton now 70% and 95% ... Read the full article
Prudential Financial to reinsure $7bn Japanese Whole Life Block with Prismic
23rd January 2025
Prudential Financial, Inc. has signed an agreement to reinsure a portion of its recently originated Japanese whole life policies with a subsidiary of Bermuda-based life and annuity reinsurance company Prismic Life. Under the terms of the agreement, Prismic, sponsored by Prudential and Warburg Pincus and supported by a group of global ... Read the full article
Everest appoints Jim Williamson as permanent Chief Executive Officer
23rd January 2025
The Board of Directors of Everest Group, Ltd., a global underwriting leader in property, casualty, and specialty reinsurance and insurance solutions, has appointed Jim Williamson as President and Chief Executive Officer (CEO), effective immediately. Williamson is a market veteran with over two decades of industry experience and has served in roles ... Read the full article
Cowbell appoints Tim Regilio as Head of Western US Territory
23rd January 2025
Cowbell, a cyber insurance provider for small and medium-sized enterprises (SMEs), has appointed Tim Regilio as Head of the Western US Territory. In this role, Regilio will provide strategic direction, lead a sales team to drive revenue, expand market share, and build strategic partnerships across the western U.S. He will report directly ... Read the full article
ACIL calls for Federal action to reduce premiums in Northern Australia
23rd January 2025
The Australian Consumers Insurance Lobby (ACIL) has made a submission to the Federal Government Pre-Budget Consultation to reinvest surplus funds from the Cyclone Reinsurance Pool into reducing insurance premiums and strengthening resilience in Northern Australia. Residents of Northern Australia face some of the country’s highest insurance premiums, often 2-3 times higher ... Read the full article
QBE appoints Andrea Marega as European Product Manager for Professional Indemnity
23rd January 2025
QBE, a global insurance and reinsurance company, has appointed Andrea Marega as European Product Manager for Professional Indemnity, a newly created role aimed at supporting updates to its underwriting operations. Marega joins QBE from Allianz Commercial, where he served as Senior Global Financial Lines Underwriter in Munich, Germany. Effective January 20, ... Read the full article
Descartes launches “next generation” parametric tornado coverage for solar farms
22nd January 2025
Global corporate insurer Descartes Underwriting has launched a new parametric insurance product to protect utility-scale solar farms against tornado damage. The product’s coverage leverages satellite data and cutting-edge analytics to protect investments in the renewable energy transition. Specifically, it focuses on safeguarding photovoltaic solar farms in the United States with a generation ... Read the full article
Verisk puts LA wildfire insurance industry loss at between $28bn and $35bn
22nd January 2025
Verisk's Extreme Event Solutions division has estimated that insured losses to property from both the Palisades and Eaton Fires in Los Angeles, California, will land between $28 billion and $35 billion, driven by losses to residential risks. As containment efforts continue for the two largest fires to burn across Southern California ... Read the full article
KatRisk expands probabilistic flood model to Mexico, Central America & the Caribbean
22nd January 2025
In a move to help communities prepare for climate-related disasters, catastrophe modelling software company KatRisk is bringing its advanced flood modelling software to Mexico, Central America, and the Caribbean. The company's probabilistic models will provide crucial insights into the growing risks of both inland flooding and tropical cyclones. KatRisk, acquired by Read the full article
Arch Capital promotes Prashant Nema to EVP & Deputy Chief Operations Officer
22nd January 2025
Bermuda-based insurer and reinsurer Arch Capital Group has promoted Prashant Nema to Executive Vice President (EVP) and Deputy Chief Operations Officer. Nema, who has served as EVP and Chief Information Officer (CIO) since 2020, will retain his CIO responsibilities while assuming additional oversight of Arch’s Global Services Organisation. He will continue ... Read the full article
DUAL Europe launches Cyber Active Protect solution
22nd January 2025
DUAL Europe has launched DUAL Cyber Active Protect, a new product that combines comprehensive cyber insurance with cyber prevention services. DUAL’s product will reportedly offer cutting-edge identity security, powered by Silverfort, and a highly effective All-in-One Cybersecurity Platform, powered by Cynet, ensuring robust cyber defence alongside insurance coverage. "By offering advanced cybersecurity ... Read the full article
QBE and Pen Underwriting extend partnership with $400m+ capacity deal
22nd January 2025
Pen Underwriting, a subsidiary of Arthur J. Gallagher & Co., has extended its long-term strategic partnership with QBE in the UK and Ireland in a new £420m capacity deal. This collaboration involves the multi-year renewal of two major capacity deals in highly specialist areas. Building on a 25-year relationship, in terms of ... Read the full article
Travelers ups catastrophe XoL reinsurance cover for 2025 with higher retention
22nd January 2025
US primary insurer Travelers has raised the retention limit of its catastrophe excess-of-loss (XoL) reinsurance treaty for 2025 by $500 million. The 2025 treaty, which covers the accumulation of certain property losses arising from one or more occurrences, provides for recovery of up to $3.675 billion (a slight increase from ... Read the full article
SanlamAllianz Re assigned “Excellent” credit ratings from AM Best with stable outlook
22nd January 2025
Pan-African reinsurer SanlamAllianz Re Ltd (SAZ Re) has been assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent), both with a stable outlook by AM Best. This positive assessment highlights SAZ Re's financial standing, with AM Best acknowledging the company's strong balance sheet, ... Read the full article
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