Reinsurance News
Aon collaborates with Fathom to enhance Climate Risk Monitor solution
19th December 2024
Aon has expanded its Climate Risk Monitor solution, launched in March this year, to include enhanced flood risk capability through its most recent collaboration with flood expert, Fathom. This partnership looks to assist clients to better understand the influence of a changing climate on flood perils worldwide. The Climate Risk Monitor allows ... Read the full article
Reinsurance pricing to remain mostly flat through 2025: Deutsche Bank
19th December 2024
Deutsche Bank has released its 2025 outlook for European and UK P&C insurers, highlighting the increasing importance of efficiency in the face of evolving P&C market dynamics. The report notes that primary insurers have outperformed reinsurers in 2024 in terms of relative share price performance, particularly given reserving issues at SCOR. Heading ... Read the full article
Crescent Specialty achieves Lloyd’s of London Coverholder status
19th December 2024
Crescent Specialty, an MGA and Wholesale Brokerage firm, has announced that it is now a Lloyd's of London Coverholder. Headquartered in Houston, Texas, Crescent Specialty is an independent, employee-owned business initially dedicated to the energy and marine industries. The company combines industry veterans with emerging talent to ensure professionalism, creativity, and long-term ... Read the full article
Airways Pension Scheme completes £340m longevity swap with MetLife
19th December 2024
The Trustees of the Airways Pension Scheme have completed a £340 million longevity swap transaction with Metropolitan Tower Life Insurance Company, a subsidiary of MetLife, and Zurich UK. This arrangement aims to help to mitigate the financial risks associated with increasing lifespans, as well as to enhance the long-term security for ... Read the full article
Chubb’s Westchester promotes Nick Gatt to Head of Programs
19th December 2024
Chubb’s excess and surplus lines division, Westchester, has promoted Nick Gatt, formerly Chief Operating Officer (COO) for Westchester Programs, to Head of the division. In the new role, he reports to Dave Lupica, Division President of Westchester. Gatt will oversee strategy, underwriting and profitability for the organization. Gatt succeeds Franklin Sanders, who has ... Read the full article
MGA Volt increases capacity for US onshore power and renewable energy risks by 50%
19th December 2024
London-based Volt Underwriting, a Lloyd’s approved coverholder, has announced a significant increase in its underwriting capacity for 2025, as it has secured a new $37.5 million binding authority for onshore power and renewable energy risks in the US and internationally. This represents a 50% increase in Volt's capacity to underwrite these ... Read the full article
DAE reaches $319m in cumulative settlements for stranded aircraft
19th December 2024
Dubai Aerospace Enterprise (DAE) has revealed that it has received $201 million in cash settlements over the past three months from selected insurance companies for aircraft previously leased to airline carriers in the Russian Federation. For context, hundreds of aircraft and engines remain stranded in Russia due to sanctions imposed by ... Read the full article
EIOPA stress test reveals EU insurers can withstand surging geopolitical risks
19th December 2024
The European Insurance and Occupational Pensions Authority (EIOPA) has published the results of a stress test, in which it assessed European insurers' ability to manage the economic and financial fallout from a resurgence of geopolitical tensions. According to EIOPA, the test subjected European insurers to an adverse scenario marked by an intensification ... Read the full article
Kevin O’Regan and John Mok appointed to key roles in PartnerRe’s Life team
19th December 2024
Bermuda-based reinsurance company PartnerRe has announced updates within its Life leadership team, appointing Kevin O'Regan as CEO, Global Longevity, and expanding John Mok's role to CEO, Life & Health APAC & EMELA, both effective January 1, 2025. These appointments follow Chris Shanahan's appointment as CEO, Life & Health, also effective ... Read the full article
McElhiney to lead Augment’s newly launched captive & alternative risk transfer solutions offering
19th December 2024
Reinsurance broker Augment Risk has launched its newly created captive and alternative risk transfer solutions offering, and appointed Steve McElhiney to lead this new venture. Augment Risk's new captive and alternative risk transfer solutions offering has been designed to complement the firm's broader strategy: providing essential capital and risk solutions that ... Read the full article
Swiss Re execs outline industry challenges and growth drivers for 2025
19th December 2024
Looking ahead to 2025, Swiss Re's Business Unit CEOs highlight that the re/insurance industry faces geopolitical instability, social tensions, and economic uncertainty—factors that could significantly impact the industry and potentially drive up claims. Additionally, losses from natural disasters continue to rise, with 2024 marking the fifth consecutive year that insured losses ... Read the full article
Cytora & Moody’s RMS to help insurers overcome climate & natural disaster challenges
19th December 2024
Cytora, the digital risk processing platform has entered into a partnership with Moody's RMS, the global catastrophe risk modeling and solutions company, in a move that is set to help insurers weather climate and natural disaster risk. According to the announcement, Moody’s RMS Location Intelligence API, which provides catastrophe peril insights ... Read the full article
PERILS raises industry loss estimate to €2.08bn for September Central Europe floods
19th December 2024
Zurich-based catastrophe insurance data provider PERILS has updated its industry loss estimate for the floods in Central Europe and Italy from September 14–20, 2024, raising the total to €2.08 billion from the initial estimate of €1.886 billion released last month. Most of the losses were concentrated in Austria, the Czech ... Read the full article
Elysian launches with Grace Hanson as co-founder and CEO
19th December 2024
Elysian, a revolutionary AI-orchestrated Third Party Administrator (TPA) for the insurance industry, has announced its official launch with $3 million in pre-seed funding led by American Family Ventures. Co-founded by insurance industry veteran Grace Hanson and Dinyar Mistry, Elysian is set to redefine commercial liability claims handling starting January 1, 2025. Elysian ... Read the full article
ECB and EIOPA propose EU-level solution to mitigate impact of natural disasters
19th December 2024
The European Central Bank (ECB) and the European Insurance and Occupational Pensions Authority (EIOPA) have proposed an EU-level approach to reduce the economic impact of natural disasters, building on existing national and EU structures. The proposal consists of two complementary pillars. The first is an EU public-private reinsurance scheme aimed at ... Read the full article
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