Reinsurance News
BNY and Conduent partner to deliver seamless end-to-end PRT solution
11th December 2024
The Bank of New York Mellon Corporation (BNY) and Conduent Incorporated have formed a strategic alliance to deliver insurers and pension acquirers an end-to-end pension risk transfer (PRT) solution through a single, streamlined platform. As pensions become increasingly costly and complex to manage, this collaboration enables companies to de-risk their balance ... Read the full article
SRS adds four new experts to Luxembourg team
11th December 2024
Strategic Risk Solutions (SRS), an independent insurance company manager, is expanding its Luxembourg office with the appointment of four new and experienced experts to its team. This includes Alain Sougnez as an additional licensed manager, who is joining SRS Luxembourg to help support captives from corporates originating from France, Belgium, Spain, ... Read the full article
CyberCube adds St. Andrews as new Broking Manager client to boost growth
11th December 2024
CyberCube, a provider of cyber risk analytics, has unveiled a new partnership with St. Andrews Insurance Brokers, the Canada-based retail brokerage to utilise CyberCube’s Broking Manager. According to the announcement, this partnership will allow St. Andrews to model businesses' potential cyber losses, allowing them to better protect their clients and gain ... Read the full article
TWIA Board approves 22% increase in reinsurance budget for 2025
10th December 2024
At today's Board meeting, staff at the Texas Windstorm Insurance Association (TWIA) approved the 2025 budget, which includes $485 million of ceded premiums, up on 2024's $397 million, amid continued exposure growth and a subsequent lift in its projected 1-in-100 year probable maximum loss (PML). As we wrote previously, TWIA ... Read the full article
Corebridge Financial announces Board changes including new Chairman
10th December 2024
Corebridge Financial, an American multinational financial services company, has announced changes to its Board of Directors. Alan Colberg has been elected as Chairman of the Board of Corebridge Financial, succeeding Peter Zaffino, Chairman and CEO of AIG, who will step down after serving in the role since November 2021. Colberg has been ... Read the full article
Aon’s NFP strengthens West Texas presence with Capstone Strategies acquisition
10th December 2024
NFP, a subsidiary of Aon and a global insurance brokerage and consultancy, has announced the acquisition of Capstone Strategies, LLC, a property and casualty (P&C) and benefits broker based in Midland, Texas. Blake Johnston and Brandon Sheppard, the founders of Capstone Strategies, will join NFP as senior vice presidents and report ... Read the full article
Professional indemnity insurance rates plunge amid new competition, says Clyde & Co
10th December 2024
Professional indemnity (PI) insurance rates are falling at an unprecedented pace, with 56% of market participants predicting no rate increases in 2024, according to a new report from law firm Clyde & Co. The findings highlight the growing impact of competition from new entrants, particularly Managing General Agents (MGAs), which are ... Read the full article
Reinsurance industry in strong position to absorb any potential future volatility: Artex
10th December 2024
The global reinsurance industry is in a strong position and has ample buffers to absorb potential headwinds in the second half of 2024, according to the Artex Risk Solutions’ report, The Alternative View. The market has reported strong results for the first half of 2024, with increased capital, improved underwriting profitability, ... Read the full article
SRG acquires specialist insurance broker R3
10th December 2024
Specialist Risk Group, an insurance intermediary backed by Warburg Pincus and Temasek, has announced the acquisition of specialist insurance broker, R3. This marks SRG’s eleventh acquisition in 2024, following previous acquisitions which include Stonehatch, Capulus, and Anthony James Insurance Brokers. R3 provides customised insurance solutions to various sectors, including ... Read the full article
Optalitix partners with PwC to enhance pricing platform adoption in the London Market
10th December 2024
Specialist data analytics solutions provider Optalitix has formed a strategic partnership with PwC to enhance implementation services and support for users of Optalitix Quote, the company’s underwriting and pricing platform for insurers. This collaboration combines Optalitix’s advanced technology with PwC’s actuarial expertise and contract services in the insurance sector, focusing on ... Read the full article
AIG closes sale of Corebridge stake to Nippon Life
10th December 2024
Global insurer American International Group, Inc. (AIG) has closed its previously announced sale of approximately 120 million shares of its Corebridge common stock to Nippon Life Insurance Company. The selling price of the stock, as previously reported, was decided at $31.47 per share, for an aggregate purchase price of $3.8 ... Read the full article
Ben Sloop to succeed James Drinkwater as Amwins Group President
10th December 2024
Global specialty insurance provider Amwins Group, has announced the appointment of Ben Sloop as President, effective January 1, 2025. He will be taking over the role from James Drinkwater who will transition into the role of Vice Chair of Amwins while remaining active as Executive Chairman of Amwins Global Risks, continuing ... Read the full article
Allianz launches life reinsurance sidecar Sconset Re
10th December 2024
Global insurer Allianz has established a new independent strategic reinsurance platform called Sconset Re Ltd., which will be capitalized through equity investments from high-quality institutional partners. Located in Bermuda, Sconset Re will specialise in assuming Fixed Indexed Annuity product risk and its asset management, and will aim to deliver more efficient ... Read the full article
New domiciles are impacting the landscape of the European captive insurance segment: AM Best
10th December 2024
New European captive domiciles are seeing growth in company formations, including redomicilations from other jurisdictions, according to AM Best. In a new report, the agency reveals that France is leading the way in terms of new captive formations in Europe in 2023 and 2024. In 2023, five new captive licences were ... Read the full article
CCRIF’s parametric insurance delivers record $85m in payouts after Hurricane Beryl
10th December 2024
The CCRIF issued a total of US$85 million in record time to governments and non-sovereign policyholders in the Caribbean impacted by Hurricane Beryl, marking the largest payout in the organisation's history, and underscoring its growing role in disaster risk financing across the region, Conor Meenan from the Centre for Disaster ... Read the full article
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