Reinsurance News
ICW Group enters E&S market with new business unit, ICW Specialty
20th June 2025
California-domiciled privately held insurance company, ICW Group Insurance Companies, has launched a new Excess and Surplus (E&S) business unit, ICW Specialty. The unit is being launched through VerTerra Insurance, ICW Group's Excess and Surplus lines insurer. Operating out of Atlanta, ICW Group will build ICW Specialty's products and “go-to-market and distribution strategies” ... Read the full article
Marco Capital acquires R&Q Gamma, marking third transaction with parent
20th June 2025
European P&C insurance run-off group Marco Capital has acquired R&Q Gamma Company Limited, subject to regulatory approval. Marco Capital explained that R&Q Gamma, formerly The Royal London General Insurance Company Ltd, was established in 1983 and put into run-off in 1999. It was purchased by R&Q Insurance Holdings Ltd in 2016 to ... Read the full article
Walaa Cooperative Insurance acquires majority stake in DIFC-based fac reinsurance MGA Aspire
20th June 2025
Last month, Walaa Cooperative Insurance Company, a listed Saudi insurer, completed its acquisition of an 88% stake in Aspire Underwriting Agency Ltd. (AUAL), a Managing General Agent (MGA) based in the Dubai International Financial Centre (DIFC). The transaction was approved by both the Dubai Financial Services Authority and the Saudi Insurance ... Read the full article
S&P lifts ratings on Fairfax’s core re/insurance subsidiaries
20th June 2025
S&P Global Ratings has raised its long-term issuer credit and financial strength ratings on Fairfax Financial's core re/insurance operating subsidiaries, which include Odyssey Re and Allied World, to 'AA-' from 'A+'. The rating agency has additionally raised its long-term issuer credit rating on Fairfax to 'A-' from 'BBB+', and assigned a ... Read the full article
Concert hands Kenneth Carter additional Chief Risk Officer role
20th June 2025
Concert Group, a privately owned insurance holding company, has expanded Kenneth Carter's role in the company to include Chief Risk Officer, along with serving as Chief Claims Officer. Carter joined Concert in October 2024 as Chief Claims Officer, and now will have expanded responsibilities for all aspects of risk for ... Read the full article
ADGM plans to establish Insurance Association in Abu Dhabi
20th June 2025
ADGM has announced plans to establish the Insurance Association within its jurisdiction, marking a key milestone in advancing the insurance and reinsurance sectors both within ADGM and across the United Arab Emirates (UAE). ADGM is an International Financial Centre in the capital of the UAE, operating across Al Maryah Island and ... Read the full article
Send names Chief People Officer to support growth strategy
20th June 2025
Send Technology Solutions Ltd (Send), an insurtech firm, has named Will Sparkes as its new Chief People Officer. The appointment comes as the company looks to formalise and expand its approach to people operations during a period of ongoing growth. Sparkes has held HR roles at both large corporates—including Informa and ... Read the full article
Fitch upgrades QBE ratings, citing strong financial performance
20th June 2025
Credit rating agency Fitch Ratings has upgraded the Long-Term Issuer Default Rating (IDR) of QBE Insurance Group Limited to ‘A’ from ‘A-’ and raised the Insurer Financial Strength (IFS) Ratings of its core subsidiaries to ‘AA-’ from ‘A+’. The outlook for all ratings is stable. Fitch pointed to QBE’s improved financial ... Read the full article
AmRisc launches Illinois-domiciled reciprocal insurance exchange
19th June 2025
AmRisc, a subsidiary of CRC Group, has launched an Illinois-domiciled, reciprocal insurance exchange, Calais Reciprocal Insurance Exchange, which has already been assigned a financial strength rating of A- (Excellent) by AM Best. Calais is backed with $100 million of funding that will provide additional capacity for AmRisc's coastal commercial E&S property ... Read the full article
High Court ruling on Russia / Ukraine aircraft test case has credit implications for re/insurers: Morningstar DBRS
19th June 2025
Last week, the High Court of Justice in London ruled in favour of aircraft lessors for the 2021 and 2022 underwriting years, a key development in the ongoing Russia-Ukraine aviation litigation, and one which analysts at Morningstar DBRS warn has potential credit implications for insurers and reinsurers. We reported last ... Read the full article
Q1’25 property claims hit five-year low despite severe weather: Verisk
19th June 2025
According to Verisk’s Quarterly Property Report, claims volume continued to decline in the first quarter of 2025, reaching a five-year low despite significant weather events in several regions. The quarter ended with a total of 1,059,323 claims, comprising 700,394 non-catastrophe (non-CAT) claims—the lowest in five years—and 358,929 catastrophe (CAT) claims. Overall claim ... Read the full article
Mosaic develops hybrid coverage to support orphaned well projects in North America
19th June 2025
Mosaic Insurance, a specialty insurer focused on complex and emerging risks, has introduced a new product aimed at supporting efforts to remediate abandoned and orphaned oil and gas wells across North America. The company’s environmental division has created a hybrid insurance solution that combines elements of pollution and well control coverage. The ... Read the full article
AEGIS London names Sarah Yuile to strengthen International Casualty team
19th June 2025
AEGIS London, a syndicate at Lloyd’s, has named Sarah Yuile as an underwriter in its International Casualty team. This strategic hire reflects the company’s focus on enhancing its underwriting expertise and advancing the growth of its International Casualty portfolio across priority markets. Yuile brings significant experience in the Canadian insurance sector. She ... Read the full article
CNA launches new brand Cardinal E&S
19th June 2025
CNA Financial Corporation has launched Cardinal E&S, a new brand dedicated to the excess and surplus (E&S) market, offering specialised insurance solutions tailored to brokers handling complex, hard-to-place risks. According to CNA, Cardinal E&S will partner with wholesale brokers through its dedicated, specialised underwriting teams focused on casualty, property, healthcare and ... Read the full article
Howden names Patrick De Baets as CEO of Belgium
19th June 2025
Howden, the global insurance and reinsurance broking group, has appointed Patrick De Baets as Chief Executive Officer (CEO) of its Belgium operation, effective immediately. De Baets has over three decades of industry experience, having held senior leadership roles across Belgium and Europe. Most recently, he led Foyer Assurances’ Belgian business, and ... Read the full article
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