Reinsurance News
NFIP’s Helene loss nears lower layer of its traditional reinsurance at $6.75bn
14th January 2025
The U.S. Federal Emergency Management Agency (FEMA) has raised its estimate for National Flood Insurance Program (NFIP) losses from hurricane Helene to $6.75 billion, which is near the lower layer of its 2024 traditional reinsurance coverage, as reported by our insurance-linked securities (ILS) focused sister publication, Artemis. Back in November, ... Read the full article
KBW raises LA wildfire insured loss scenarios to between $25bn and $40bn
14th January 2025
With the Palisades Fire now covering more than 23,000 acres and just 14% contained, and the Eaton Fire covering over 14,000 acres and 33% contained, according to California’s Department of Foresty and Fire Protection, analysts at KBW have raised their insured loss scenario estimate range for the Los Angeles wildfires ... Read the full article
Twelve Capital expects insurance stocks to withstand LA wildfire losses
14th January 2025
The ongoing wildfires in Los Angeles are expected to significantly impact the 2025 financial statements, but specialist re/insurance and investment manager Twelve Capital believes that the insurance stocks in its coverage universe have sufficient solvency and earnings capacity to withstand even the highest insured loss estimates. Twelve Capital notes that these ... Read the full article
Northern Re appoints Munich Re’s Amin Touahri to build ILS and capital solutions
14th January 2025
Cayman Island-domiciled Northern Re, a reinsurance firm focused on long-tail casualty business, has appointed Munich Re's Amin Touahri to advance the firm's initiatives in insurance-linked securities (ILS), capital solutions, and deal origination. Most recently, Touahri served as the Head of Department at HSB (Hartford Steam Boiler) where he was instrumental in ... Read the full article
Retrospective market stabilises in H2’24, strong activity seen in North America: Gallagher Re
14th January 2025
The retrospective market displayed signs of stabilisation in the second half of 2024, after the previous 18 months featured a contraction of counterparties offering cover, as well as increase in execution risk, amid material prior year adverse development across certain lines and jurisdictions, according to reinsurance broker Gallagher Re. As per ... Read the full article
Masahiro Koike to become Tokio Marine President & CEO
14th January 2025
Tokio Marine Holdings, Inc. has announced that Masahiro Koike has been appointed to President and Chief Executive Officer (CEO), and will assume his new position after a general shareholders meeting in late June. Koike, who has over three decades of experience in the insurance industry, is to succeed Satoru Komiya, who ... Read the full article
Enstar agrees $196m LPT with Atrium for discontinued portfolios
14th January 2025
Legacy specialist Enstar Group Limited's Lloyd's Syndicate 2008 has agreed a $196 million ground-up loss portfolio transfer (LPT) with Atrium Syndicate 609, relating to business underwritten in the 2023 and prior years of account. This LPT transaction involves Atrium Syndicate 609's discontinued portfolios, comprised of marine treaty reinsurance, property treaty reinsurance, ... Read the full article
California wildfires unlikely to affect P&C re/insurer ratings: Fitch
14th January 2025
In a new report, Fitch Ratings has confirmed that even though the Los Angeles wildfires will cause insured losses considerably higher than past events, they are not likely to affect ratings of property and casualty (P&C) insurers and reinsurers. The ratings agency expects insured losses to remain within ratings sensitivities for ... Read the full article
India’s insurance market set for growth: Swiss Re
14th January 2025
India's booming economy is fuelling rapid growth in its insurance market, predicted to be the G20's fastest-growing over the next five years, according to Swiss Re. This surge is driven by domestic consumption, private investment, and economic reforms, positioning India to become the world's third-largest economy by 2030, surpassing Germany and ... Read the full article
DUAL partners with Quotech for advanced marine underwriting technology
14th January 2025
DUAL Marine Europe has selected Quotech, a developer of integrated technology solutions for underwriting and broking teams, to provide underwriting technology for its Marine teams in Genoa and Rotterdam. DUAL has implemented Quotech’s Risque Marine, an advanced underwriting workbench designed specifically for the maritime insurance sector, at both locations. The Genoa-based team ... Read the full article
ASR appoints new Deputy Active Underwriters for Syndicate 2454
14th January 2025
Africa and Middle East focused re/insurance group, Africa Specialty Risks (ASR), has appointed Genevieve Ahinful and Suzan Pardesi as Deputy Active Underwriters of Syndicate 2454. Both will reportedly support Martin Boreham, the Active Underwriter of Syndicate 2454, further driving the syndicate's growth and expansion ... Read the full article
DARAG acquires run-off portfolio from wefox Insurance AG
14th January 2025
Legacy acquirer DARAG Group and wefox Insurance AG, the Liechtenstein-based insurer of wefox Group, have announced the transfer of a run-off portfolio, which includes Motor Damage, Third Party Liability, Private Liability, and Property business across Germany, Italy, and Switzerland. This transfer is part of the previously announced sale of wefox ... Read the full article
Lockton Re adds Moruzzi and Cope as Senior Brokers within International P&C
14th January 2025
Lockton Re, the reinsurance arm of the independent insurance broker, has appointed Daniel Moruzzi and Matthew Cope as Senior Brokers in its International Property & Casualty (P&C) Division based in London. Moruzzi is an industry veteran who began his career at Everest Re in 1999. There, he gained extensive knowledge and ... Read the full article
Autonomous lifts LA fire insured loss estimate to $25bn, warns of potential FAIR Plan insolvency
14th January 2025
Analysts at Autonomous have increased their insured loss estimate for the ongoing Los Angeles wildfires by 92% to $25 billion, forecasting a significant loss of up to $8 billion for California's FAIR Plan. As the fires continue to burn and affect over 40,000 acres, with more than 12,000 structures reported to ... Read the full article
Altor Re launches in London to provide ILS & reinsurance services
14th January 2025
Altor Re Ltd, a new London-based business specialising in placing insurance-linked securities (ILS) and reinsurance business globally, has officially launched. Established in October 2024, the firm is reportedly "poised to revolutionise" the reinsurance brokerage landscape, leveraging advanced data-driven techniques to meet its clients' evolving needs. Altor Re services encompass innovative risk transfer ... Read the full article
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