Reinsurance News
Reinsurance getting more competitive as capital levels rise, says Evercore
10th January 2025
According to Evercore's reinsurance renewals report, growth in dedicated reinsurance capital is expected to outstrip growth in demand, resulting in pressure being put on property catastrophe pricing that will likely accelerate throughout 2025. The firm noted that capital levels continue to increase and have reached new heights in 2024. Readers may ... Read the full article
AM Best places VSIC’s ratings under review with positive implications
10th January 2025
Global credit ratings agency AM Best has placed Velocity Specialty Insurance Company’s (VSIC) Financial Strength Rating of A- and Long-Term Issuer Credit Rating of “a-” under review with positive implications. This is following the recent announcement that FM, a commercial property insurer, will acquire VSIC. The deal is expected to ... Read the full article
Capital supply was sufficient to meet demand for most placements at 1.1 casualty renewals: Howden
10th January 2025
Differentiation was a key focal point leading up to the 1.1.2025 casualty reinsurance renewals, however, whilst there was a considerable focus on litigation risk and loss cost trends in the US, outcomes were reportedly determined by loss experience, underlying rate change and reserve development on individual portfolios, according to broker ... Read the full article
The Hartford appoints Morris Tooker as Company President
10th January 2025
Property and casualty (P&C) insurer The Hartford has announced the appointment of Morris Tooker as Company President, effective February 1, 2025. In this new role, Tooker will oversee Personal Lines in addition to his current responsibilities, which include Small Commercial, Middle & Large Commercial, Global Specialty, Enterprise Sales & Distribution, and ... Read the full article
Mercury expects LA wildfire losses to exceed reinsurance retention limit
10th January 2025
Mercury General Corporation has provided a preliminary assessment of the recent wildfires in Southern California, expecting losses to exceed its reinsurance retention level of $150 million. Since January 7, 2025, extreme wind-driven wildfires have caused widespread destruction across Southern California. The fires are ongoing, and it will take time before Mercury ... Read the full article
SBLI partners with Swiss Re to enhance its underwriting process
10th January 2025
The Savings Bank Mutual Life Insurance Company of Massachusetts (SBLI) has partnered with Swiss Re to enhance its life underwriting process with Swiss Re’s Underwriting Ease solution, a digital tool that summarises key risk factors for underwriters, speeding up decision-making beyond automation. Underwriting Ease seamlessly integrates into existing workflows and connects ... Read the full article
89% of executives plan to expand cyber insurance for technological vulnerabilities: Chubb
10th January 2025
Cybersecurity and technological disruption are identified as the top threats to business growth, with over 89% of executives planning to expand their cyber insurance coverage to address increasing technological vulnerabilities, according to a report by Chubb. The findings come from a Harris Poll survey of 500 business leaders involved in risk ... Read the full article
AXA XL appoints Katherine Gerber as Head of Energy Transition in the Americas
10th January 2025
AXA XL, the property and casualty (P&C) and specialty risk division of global insurer AXA, has announced the appointment of Katherine Gerber as Head of Energy Transition in the Americas. In this role, Gerber will leverage AXA XL’s expertise and global reach to help clients navigate the challenges of energy transition ... Read the full article
California wildfire unpredictability may drive insurers to reconsider risk appetite: AM Best
10th January 2025
The longer-term impact on California's insurance market from the Los Angeles County wildfires may be substantial, as insurers will further re-examine their appetites for wildfire risk as it has become highly unpredictable concerning location, intensity and seasonality, according to a new report from AM Best. The Cal Fire Authority has noted ... Read the full article
Xceedance appoints Brandon Nuttall as Chief Digital & AI Officer
10th January 2025
Xceedance, a global provider of technology and digital solutions, has announced the appointment of Brandon Nuttall as Chief Digital & AI Officer. In his new role, Nuttall will collaborate with clients to leverage Generative AI in designing, building, and delivering insurance products that better resonate with end users. He will focus ... Read the full article
New Energy Risk partners with Topsoe to support its electrolyzer projects
10th January 2025
New Energy Risk (NER), a specialist managing general underwriter and a wholly owned division of Paragon Insurance Group, has partnered with Topsoe to become the preferred insurance provider for its hydrogen electrolyzer business. NER will assist in the global deployment of Topsoe’s electrolyzer technology by facilitating cost-effective financing for the company’s ... Read the full article
Mosaic appoints Karen Reilly and David Barr to lead environmental liability sector
10th January 2025
Specialty insurer Mosaic Insurance has announced the appointments of Karen Reilly as Head of US, Environmental Liability, and David Barr as Head of International, Environmental Liability. Reilly and Barr will focus on developing innovative products to address emerging environmental risks while helping clients navigate an increasingly complex regulatory landscape. Their goals ... Read the full article
Pen Underwriting names Robert Dobson as Marine Claims Manager
10th January 2025
Pen Underwriting, a provider of tailored insurance solutions, has announced the appointment of Robert Dobson as Marine Claims Manager. He will oversee the diverse range of specialisations within Pen’s rapidly growing marine division. The company’s expanding team of technical underwriting and risk management experts covers areas such as ports and terminals, ... Read the full article
California wildfires unlikely to materially affect reinsurers’ 2025 earnings: Berenberg
10th January 2025
Analysts at Berenberg believe the California wildfires are unlikely to result in a material impact on 2025 earnings for the reinsurers it covers. In a recent report, Berenberg highlighted three key reasons why the impact of the current wildfires on re/insurers is expected to be less severe than the 2018 Camp ... Read the full article
Erin Lynch appointed CEO of CAC Group
10th January 2025
CAC Group, a national insurance broker and advisor comprised of CAC Specialty and CAC Agency, has announced the appointment of Erin Lynch as Chief Executive Officer, effective in the first quarter of 2025. Mike Rice, the current CEO, will take on the role of Vice Chairman, focusing on his board responsibilities ... Read the full article
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