Reinsurance News
Moody’s maintains stable outlook on US life insurance
9th December 2024
Moody's Ratings has issued a stable outlook for the US life insurance sector in 2025, citing steady economic growth, and sustained high interest rates as key drivers. Moody's forecasts that the US economy will grow at a pace of 2% in 2025 and 1.8% in 2026, while also expecting long-term interest ... Read the full article
Honduras receives CCRIF payout of $4.7m following excessive rainfall event
9th December 2024
Excessive rains have triggered a payout of $4.665 million from the Caribbean Catastrophe Risk Insurance Facility (CCRIF) within two weeks for The Government of Honduras. The event took place from 14th to 19th of November, significantly impacting roads and cutting off several communities. Honduras joined the CCRIF in 2024, purchasing parametric insurance ... Read the full article
K2 International opens box at Lloyd’s of London
9th December 2024
K2 Group Holdings Limited, a division of K2 Insurance Services and a London-based specialty insurance and reinsurance underwriting platform, has announced the opening of its box in Lloyd’s of London. Three divisions of K2 International will be represented: K2 Rubicon Specialty, K2 Crisis Management and K2 Property D&F. Key underwriters will be ... Read the full article
Invesco appoints Joe Steidl as Head of UK Insurance distribution
9th December 2024
Global asset manager Invesco has announced the appointment of Joe Steidl as Head of UK Insurance Distribution. Based in London, Steidl will report to Sachin Bhatia, Head of UK Pensions & EMEA Consultant Relations. In his new role, Steidl will join the UK distribution management team, where he will be responsible for ... Read the full article
Gallagher to acquire AssuredPartners for $13.45bn
9th December 2024
Arthur J. Gallagher & Co. today announced it has signed a definitive agreement to acquire AssuredPartners, a US insurance broker with client capabilities across commercial property/casualty, specialty, employee benefits and personal lines, for a gross consideration of $13.45 billion from GTCR. The transaction is considered the largest sale of a US ... Read the full article
IRB Re gets first ILS structure in Brazil approved by regulator
9th December 2024
The Brazilian insurance regulator, Superintendence of Private Insurance (SUSEP), has approved the country's first insurance-linked securities (ILS) structure, Andrina, sponsored by IRB Re. The authorisation allows Andrina Sociedade Seguradora de Propósito Específico, or Andrina Special Purpose Insurance Company, to issue Letra de Risco de Seguro (Insurance Risk Letters), the designated term ... Read the full article
Miller names Elizabeth McGonagle as Head of Power, Asia Pacific
9th December 2024
Independent specialist re/insurance broker Miller has appointed Elizabeth McGonagle as Head of Power, Asia Pacific, a role based in Singapore effective January 2025. McGonagle holds over a decade of experience in the sector, most recently as Regional Director for Howden Singapore, where she led their power client service and broking capabilities. Before ... Read the full article
UK personal injury discount rate increase positive for insurers: AM Best
9th December 2024
AM Best believes the recent changes to the UK's personal injury discount rate (PIDR), also known as the Ogden Discount Rate, will positively impact the country's non-life insurers. The UK government announced an increase in the rate from -0.25% to 0.50%, which will become effective from January 11, 2025. The PIDR is ... Read the full article
Insurance costs against government defaults driven up by falling oil prices in Middle East: Chaucer
9th December 2024
The cost of insuring against sovereign debt defaults in the Gulf states has risen significantly over the past year, bucking the global trend, according to new research from Chaucer, a global specialty re/insurance group. This increase comes despite an overall 15% decline in the cost of Credit Default Swaps (CDS) across ... Read the full article
UNHCR & ARC provide payouts to Malawi nationals and refugees dealing with drought
9th December 2024
Amid a crippling drought characterised by a delayed onset of rains and prolonged dry spells, refugees at Dzaleka Camp in Malawi received funds last month to prepare for the new agricultural season. These funds were facilitated as part of the African Risk Capacity (ARC) Group’s response in Malawi, in partnership with ... Read the full article
LMA introduces new index to track global injury awards
9th December 2024
The Lloyd’s Market Association (LMA), representing the interests of insurance market participants at Lloyd's, has revealed the International Bodily Injury Index, a resource that tracks personal injury awards globally. This index is a strategic, three-year project led by the LMA’s International Liability business panel, designed to monitor social inflation by analysing ... Read the full article
American Integrity Insurance appoints Jon Ritchie as President
6th December 2024
American Integrity Insurance Group, a provider of residential property insurance in Florida, has announced the promotion of Jon Ritchie to President. Ritchie, who joined the company in 2019 as Chief Operating Officer, has reportedly been instrumental in driving American Integrity’s growth and success, thanks to his leadership and strategic vision. In his ... Read the full article
Trustees urged to look beyond price when selecting insurers: Hymans Robertson
6th December 2024
A new paper from Hymans Robertson, a leading pensions and financial services consultancy, advises trustees of defined benefit (DB) pension schemes to look beyond price when selecting an insurer for buy-in or buy-out transactions. While cost remains a critical factor as schemes approach buy-out and wind-up, the report highlights the importance ... Read the full article
Andy Bills to serve as Chief Revenue Officer of Risk Solved
6th December 2024
Global risk engineering and risk data solution provider, Risk Solved, has appointed Andy Bills to the newly created role of Chief Revenue Officer, designed to build on its existing sales and revenue generation activity. Bills is a market veteran and brings over 30 years of sales and consulting experience in developing ... Read the full article
J.P. Morgan forecasts positive growth outlook for life insurance sector
6th December 2024
Despite life insurance facing a challenging decade, analysts at J.P. Morgan expect a better growth outlook for the sector moving forward. In its recent report, the firm noted that most advanced life markets, including developed markets in Asia like Hong Kong, have not seen meaningful growth over the past 5-10 years. However, ... Read the full article
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