Reinsurance News
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
AEGIS London launches new Portfolio Solutions division
13th January 2025
Lloyd's syndicate AEGIS London has launched a new Portfolio Solutions division focusing on following third-party underwriting expertise in the London market, led by Richard Palengat. The new division aims to allow AEGIS London to engage with brokers in a broader range while writing a diverse portfolio of follow business, including broker ... Read the full article
Augment Risk appoints Swiss Re’s Jose Martinez as Associate Partner – Retrospective
13th January 2025
Augment Risk, a global risk capital and reinsurance solutions broker, has announced the appointment of Jose Martinez as Associate Partner – Retrospective. Martinez brings around two decades of re/insurance experience, with expertise in business administration, reinsurance claims, and accounting. He joins Augment Risk from Swiss Re, where he worked for five years, ... Read the full article
Arch Insurance (EU) promotes Duncan Smith to CEO
13th January 2025
Arch Insurance (EU) dac (AIEU) has promoted Duncan Smith to Chief Executive Officer, tasking him with leading the executive management team and driving the firm's growth plans across continental Europe. According to Arch, Smith’s appointment follows the decision by Søren Scheuer to step down as CEO of AIEU. Scheuer will reportedly ... Read the full article
Insured LA wildfire losses ‘to notably’ exceed $10bn: Gallagher Re
13th January 2025
Steve Bowen, Chief Science Officer at reinsurance broker Gallagher Re, states that the wildfires in Los Angeles County, particularly the Palisades Fire and Eaton Fire, are projected to become some of the most expensive in history, with total aggregated insured losses expected "to notably" exceed the $10 billion mark. The extent ... Read the full article
2024 UK financial services M&A activity hits highest volume in over a decade: EY
13th January 2025
In 2024, M&A activity in the UK financial services sector reached its highest annual volume since 2012, with UK banks, insurers, and asset managers publicly disclosing 380 deals, according to a recent EY report. This marked a 26% increase in deal volume compared to 272 deals in 2023. The total disclosed ... Read the full article
Analysts expect LA fires to be treated as single event as insured loss estimate rises to $25bn
13th January 2025
Analysts at Evercore ISI have estimated that insurance industry losses from the Los Angeles wildfires will be in the $20 billion to $25 billion range, and also expect the fires to be treated as one event which could help primary carriers reach their reinsurance coverage. The fires continued to burn and ... Read the full article
David Kim to lead Miller’s new Korea branch
13th January 2025
Independent specialist re/insurance broker Miller has further expanded into Asia with the launch of Miller Korea, led by David Kim as Head of Korea. Miller explained that the launch of its Korea branch marks another significant step in its expansion across Asia, including its acquisition of Japanese broker Lead Insurance Services ... Read the full article
Markel appoints Jack Taylor as Executive of Distribution Strategies and Business Development for Asia Pacific
13th January 2025
Markel, the insurance division of Markel Group Inc., has announced the appointment of Jack Taylor as Executive, Distribution Strategies and Business Development, Asia Pacific. Based in Singapore, Taylor will oversee broker engagement across the region. This newly created role aligns with Markel's strategic focus on enhancing its broker relationships in Asia Pacific ... Read the full article
Billions in insurance losses expected from LA wildfires, Moody’s reports
13th January 2025
Wildfires currently affecting the Los Angeles area are expected to lead to significant financial losses for insurers, according to Moody's Ratings, a provider of credit ratings, research, and risk analysis. As of January 9, 2025, the Palisades and Eaton fires remain uncontained, causing property damage and evacuations. The ... Read the full article
Centre for Disaster Protection appoints Emily White as Chief Finance and Operations Officer
13th January 2025
The Centre for Disaster Protection (the Centre), an organisation dedicated to helping countries and humanitarian agencies better prepare for and respond to natural disasters, has appointed Emily White as its Chief Finance and Operations Officer. This newly created role aims to position the Centre for its next phase of growth, enhancing ... Read the full article
RIMS names Kristen Peed as President for 2025
13th January 2025
The Risk Management Society (RIMS) has announced the appointment of Kristen Peed as its President for the 2025 term. Peed has been an active member of RIMS throughout her career, joining its global Board of Directors in 2018. She has served on the Executive Committee as Secretary, Treasurer, and, most recently, ... Read the full article
LA wildfires destroy over 10k structures, insured loss seen at ~$20bn
10th January 2025
The Los Angeles County wildfires are still burning and have now destroyed more than 10,000 structures, according to the Cal Fire authority, with insurance industry loss estimates still ranging from $10 billion to $20 billion, or higher if the fires continue to spread. Five fires continue to burn across LA. The ... Read the full article
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