Reinsurance News
B.P. Marsh’s funds reach £74.1m amid continued strong performance
24th February 2025
In its latest trading update, B.P. Marsh & Partners has revealed that group funds reached £74.1 million as of 31 January 2025, up from £40.5 million a year earlier, supported by a strong pipeline of potential new and follow-on investments. B.P. Marsh reportedly completed two disposals during the year, while three ... Read the full article
UK P&I Club ‘pleased’ with outcome of 2025 renewal despite Baltimore bridge losses
24th February 2025
The UK P&I Club has successfully completed the 2025 P&I renewal, gaining new business in 2024, which is expected to slightly increase its market share for the upcoming policy year, despite challenges such as the significant "Dali" incident. The Club is focused on enhancing the quality of its membership to better ... Read the full article
QBE NA partners with InnSure to support pilot program to address flood risk
24th February 2025
The QBE North America Foundation has partnered with nonprofit InnSure and the City of Salem, Massachusetts, to implement a pilot program aimed at increasing resilience to climate-driven flood risks. The program will explore ways to reduce flood vulnerabilities for both individual homeowners and renters, as well as the broader community, particularly ... Read the full article
Westfield Specialty expands marine team with underwriter Ben Beaumont
24th February 2025
Westfield Specialty International, a provider of specialty insurance and reinsurance solutions, has bolstered its marine team with the appointment of Ben Beaumont as a cargo underwriter. Based in London, Beaumont will work closely with Matt Jenkins, Class Underwriter for Cargo, as part of the company’s efforts to strengthen its capabilities in ... Read the full article
Berkshire Hathaway’s re/insurance underwriting gain rises to $9bn in 2024 as firm pegs LA wildfire loss at $1.3bn
22nd February 2025
Berkshire Hathaway, the Warren Buffett-run holding company and conglomerate, has reported a 66% year-on-year rise in net underwriting earnings for its insurance and reinsurance businesses in 2024 to $9.02 billion. 2024 was another strong year for Berkshire's re/insurance operations as the underwriting performance of its Berkshire Hathaway Reinsurance Group and GEICO ... Read the full article
UK insurance premium growth forecast to stabilise over next three years: EY
21st February 2025
The UK insurance sector is predicted to experience steady but slowing growth in premium income over the next three years as economic conditions stabilise and premium rises ease, according to the latest EY ITEM Club Outlook for Financial Services. The forecast anticipates a return to more normal premium increase levels, averaging ... Read the full article
AFG elects Craig Lindner Jr. & David Thompson to its Board
21st February 2025
American Financial Group, Inc. (AFG) has announced the election of Craig Lindner Jr. and David Thompson to its Board of Directors. Additionally, James Evans will not stand for reelection at the 2025 Annual Meeting of Shareholders but will continue to serve as Executive Consultant, a role he has held since 2014. Lindner ... Read the full article
Rankiteo aims to revolutionise cyber insurance with data-driven underwriting
21st February 2025
Rankiteo, a cybersecurity risk management company, aims to revolutionise the cyber insurance industry by introducing a more scientific, data-driven approach to underwriting, leveraging advanced actuarial science, AI-driven risk modelling, and statistical methodologies. Rankiteo is a cybersecurity startup founded by former SwissRe/AXA cybersecurity expert Jeremy Canale in collaboration with Maochao Xu, Director ... Read the full article
European insurers face rising costs and regulatory challenges with AI governance: Fitch Ratings
21st February 2025
Fitch Ratings, a global credit rating agency, reports that the European insurance sector will face rising regulatory challenges and associated costs as the European Insurance and Occupational Pensions Authority (EIOPA) embarks on a public consultation to refine AI governance and risk management practices. Launched on 12 February 2025, the consultation will ... Read the full article
MSCI and Swiss Re partner to boost climate risk assessment for financial sector
21st February 2025
Research provider MSCI is partnering with Swiss Re Reinsurance Solutions to enhance the financial sector’s ability to assess, manage, and mitigate their physical climate risk. This collaboration will see the combination of MSCI’s GeoSpatial Asset Intelligence with Swiss Re’s proprietary natural catastrophe and climate risk data and insights. This will give financial ... Read the full article
Lloyd’s platform benefits most attractive for strategic gains, poll suggests
21st February 2025
Following Convex Group's recent approval in principle for syndicate 1984 at Lloyd's and AIG's launch of syndicate 2478, we asked our readers their thoughts on the strategic advantages driving these global re/insurers' ventures into the world's oldest insurance and reinsurance marketplace. Most respondents (41%) cited the benefits of the Lloyd’s platform ... Read the full article
Bishop Street completes acquisition of MGA Landmark Underwriting
21st February 2025
Bishop Street Underwriters, a multi-boutique insurance platform owned by RedBird Capital Partners, has completed its acquisition of Landmark Underwriting, a specialty managing general agent (MGA) in the London insurance market. The deal, first announced in November 2024, marks Bishop Street’s first expansion beyond North America, further strengthening the capabilities of ... Read the full article
QBE able to ‘meaningfully reduce’ cat reinsurance retentions at Jan 1 renewal
21st February 2025
Australian insurance carrier QBE secured "meaningfully" lower retentions for its catastrophe reinsurance programmes at the January 2025 renewal, driven by recent exposure reductions and improved portfolio quality. Alongside its full year 2024 results, the global insurer and reinsurer has provided an update on the outcome of its recent reinsurance renewal. The firm's ... Read the full article
AIG elects Salesforce’s Juan Perez as Independent Director to its Board
21st February 2025
Global insurer American International Group (AIG), Inc. has elected Juan Perez, Executive Vice President and Chief Information Officer (CIO) of Salesforce to its Board of Directors as an Independent Director, effective immediately. Perez has over three decades of experience leading strategic technology initiatives at Fortune 500 companies and is a distinguished ... Read the full article
QBE’s profits surge in 2024 as underwriting performance tracks ahead of plan
21st February 2025
Australian insurer QBE has revealed a 2024 net profit after tax of $1.779 billion, up from $1.355 billion in 2023, while its combined operating ratio improved to 93.1% from 95.2%, driven by favourable catastrophe experience and more stable central estimate reserves. According to QBE, underwriting profitability tracked ahead of the firm's ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
