Reinsurance News
Howden appoints Swiss Re’s Azman Noorani as Global Practice Leader, Surety
3rd December 2024
Global insurance intermediary group Howden has announced the appointment of Azman Noorani as Global Practice Leader, Surety, effective 1 November 2024. Noorani will report to Mark Wood, Head of Global Specialty Practices, and will lead Howden’s new Global Surety Practice. This initiative aims to expand on Howden’s existing surety capabilities, offering ... Read the full article
MetLife enters into £450m longevity swap with Merchant Navy Ratings Pension Fund
3rd December 2024
The Trustee of the £1 billion Merchant Navy Ratings Pension Fund (MNRPF) has entered into a transaction with Metropolitan Life Insurance Company (MetLife) to manage longevity risk of around £450 million of pensioner and dependant liabilities. This transaction provides long-term protection to MNRPF against costs resulting from pensioners or their dependants ... Read the full article
Saudi Arabia launches drought resilience initiative at UNCCD COP16
3rd December 2024
As part of Saudi Arabia's ongoing efforts to address the global impact of drought, the Kingdom, alongside its partners, has launched the Riyadh Global Drought Resilience Partnership at the opening of the 16th session of the Conference of the Parties (COP16) of the United Nations Convention to Combat Desertification (UNCCD). In ... Read the full article
WTW confirms return to treaty reinsurance broking market via Bain Capital joint venture
3rd December 2024
Global insurance brokerage WTW has confirmed its intention to re-enter the treaty reinsurance broking market via a joint venture with private investment firm, Bain Capital, with WTW set to hold a minority share in the new company. At its 2024 Investor Day later today, WTW will outline its growth and value ... Read the full article
Insurance industry “supercycle” likely to continue into 2025: ALIRT
3rd December 2024
The US property and casualty (P&C) insurance industry is experiencing a prolonged period of robust financial strength, with no clear end in sight. According to insurance research firm ALIRT, both commercial and personal lines are seeing record-high composite scores, indicating exceptional financial health. "We see no reason why this current supercycle ... Read the full article
Ryan Specialty unveils new notes offering to support acquisition opportunities
3rd December 2024
Ryan Specialty has revealed that net proceeds from a new $600 million notes offering will be utilised for future acquisition opportunities and investments consistent with its strategy. The specialty insurance services firm announced that Ryan Specialty, LLC, its indirect subsidiary, priced an offering of $600 million aggregate principal amount of additional ... Read the full article
NFIP claims paid for hurricane Helene flood losses rise to more than $1.4bn
3rd December 2024
The U.S. Federal Emergency Management Agency (FEMA) has reported that as of November 12th, 2024, more than 56,000 policyholders have filed claims following the landfall of hurricane Helene, with National Flood Insurance Program (NFIP) payments to policyholders for flood losses from the storm now above $1.4 billion. In late October, FEMA ... Read the full article
Liberty Mutual names Marc Orloff as President of GRS, North America
3rd December 2024
Liberty Mutual Insurance Global Risk Solutions (GRS) has appointed Marc Orloff as President for North America, effective January 1st, 2025, reporting to Neeti Bhalla Johnson, GRS President. Dieter Korte, currently Chief Underwriting Officer, GRS North America, Middle Market, will take on the additional responsibility of Interim President, GRS North America, Middle ... Read the full article
S&P revises Africa Re’s outlook to Positive
3rd December 2024
S&P Global Ratings has revised the African Reinsurance Corporation’s (Africa Re) financial rating outlook to Positive from Stable while affirming its A- global scale financial strength ratings. The rating agency highlighted Africa Re’s strong position in the African reinsurance market, noting its ability to sustain robust operating performance over the next ... Read the full article
Ageas UK reinforces commitment to growth in personal lines broker market with leadership changes
3rd December 2024
As part of its new strategic cycle, Ageas UK has made a number of changes to its Executive leadership team, adjustments that reflect the company's ongoing dedication to achieving growth within the personal lines broker market. As part of these leadership appointments, Adam Beckett, Chief Distribution Officer since 2021, will assume ... Read the full article
AIG completes sale of personal travel insurance & assistance business to Zurich
3rd December 2024
Global insurer American International Group, Inc. (AIG) has successfully closed the previously announced sale of its global individual personal travel insurance and assistance business, including Travel Guard, to Zurich Insurance Group. It was previously revealed that AIG agreed to sell Zurich these operations for $600 million in cash, with an ... Read the full article
Mark Benz named Head of Ascot U.S. Alternative Risk Solutions
3rd December 2024
Insurer and reinsurer Ascot has appointed Mark Benz as Executive Vice President, Head of Alternative Risk Solutions, based in the New York City area. Benz joins Ascot from AXA, where he reportedly built out the Group Captive Practice while leading the company's North American Alternative Risk Structures, overseeing all group captive ... Read the full article
wefox to sell key carrier to Swiss consortium led by BERAG
3rd December 2024
Insurtech wefox Holding AG has reached an agreement with a group of Swiss companies (led by independent Swiss pension service provider BERAG) on the sale of Liechtenstein-based wefox Insurance AG. This follows the news from June about a restructuring effort, during which it was revealed that the Liechtenstein-domiciled insurance carrier, ... Read the full article
Aon appoints Anne Corona as CEO of Enterprise Clients & Global Chief Commercial Officer
3rd December 2024
Aon, the global insurance and reinsurance broker, has named Anne Corona as the Chief Executive Officer (CEO) of Enterprise Clients and Global Chief Commercial Officer, effective January 1st, 2025. This appointment aligns with the firm's strategy to advance its commercial capabilities by deepening commercial alignment, integrating data and analytics, and service ... Read the full article
I-RE increases commercial property insurance limit to $15m
3rd December 2024
International Re (I-RE), a specialist captive insurance and reinsurance managing general agent (MGA), has increased its commercial property insurance limit up to $15 million from $5 million for its RE–PAID product. At the same time, the organisation can also now facilitate additional capacity to build towers of excess coverage up to ... Read the full article
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