Reinsurance News
AXA XL backs Bahamas debt swap with $30mn insurance
22nd November 2024
AXA XL, the property & casualty (P&C) and specialty risk division of global insurer AXA, is providing $30 million in insurance to the Bahamas conservation debt swap, which aims to unlock $124 million for ocean protection. In a bold move to prioritise marine conservation and address climate change, the Bahamas has ... Read the full article
Legal & General completes record $2.2bn in US PRT business in 2024
22nd November 2024
Legal & General has completed a record $2.2 billion in Pension Risk Transfer (PRT) business in the US in 2024, marking its largest year in the market to date. Having entered the US PRT market nine years ago, Legal & General completed its first transaction with Royal Philips in 2015. Since ... Read the full article
AM Best maintains positive outlook on DUAE segment
22nd November 2024
Ratings agency AM Best maintains a positive market segment outlook for the delegated underwriting authority enterprise (DUAE) segment, driven by sustained growth and niche expertise, despite potential challenges arising from capacity issues and rapid expansion. The DUAE distribution channel continues to increase its market share, supported by strong and consistent premium ... Read the full article
Austral Re reports strong growth in LatAm surety insurance market
22nd November 2024
Brazilian reinsurer Austral Re has achieved steady growth since launching its strategic plan for Guarantee Insurance in Latin America (LatAm) two years ago, with subscribed premiums reaching R$ 100 million by September and an expected R$ 110 million by year-end, a 40% increase from the previous year. Austral Re operates in ... Read the full article
Itasca MGA backs financing for Elevate Capital Partners in E195-E2 aircraft deal
22nd November 2024
Itasca MGA Limited, an aviation-focused managing general agent formed by Castlelake and Pine Walk Capital, a subsidiary of The Fidelis Partnership, announced its insurance support for Elevate Capital Partners in securing a financing solution for two E195-E2 aircraft. "Itasca is pleased to provide support to Elevate Capital Partners as it takes ... Read the full article
South Korea’s Hanwha Life to acquire majority stake in US-based Velocity Clearing
22nd November 2024
Hanwha Life, a South Korean life insurance company, has agreed to acquire a 75% stake in the parent of Velocity Clearing, an US-based global financial services firm. The Velocity Clearing management team will retain the remaining minority stake in the company. With this acquisition, Hanwha Life will establish a presence in the ... Read the full article
Insurers’ reaction to cat events could impact issuer and instrument credit quality: S&P
22nd November 2024
The overall ability of insurance to offset financial risks stemming from catastrophic events, including climate-related events, is relevant to the creditworthiness of issuers and debt instruments outside of the insurance sector, according to S&P Global Ratings. In a new report released by the firm, it states how insurers do not “bear the ... Read the full article
Oceanview Re promotes Stelian Dragan to President and CEO, Bermuda
22nd November 2024
Oceanview Reinsurance Ltd., the Bermuda-domiciled reinsurance subsidiary of Oceanview Holdings Ltd., has promoted Stelian Dragan to the newly created role of President and Chief Executive Officer (CEO) of its Bermuda operations, effective immediately. In the new role, Dragan will oversee Oceanview Re’s operations as it aims to deliver innovative reinsurance solutions ... Read the full article
Proposed fossil-fuel capital surcharges will not impact European insurer ratings: Fitch
22nd November 2024
Fitch Ratings has stated that the recently proposed capital surcharges by the European Insurance and Occupational Pensions Authority (EIOPA) on fossil fuel-related assets will not impact the ratings of European insurers. These surcharges are unlikely to significantly impact insurers' financial stability ratios, as most have limited exposure to fossil fuel-related equities ... Read the full article
CFC expands European presence with new Amsterdam office
22nd November 2024
CFC, an insurance provider specialising in cyber risk, has announced the launch of a new office in Amsterdam as part of its ongoing expansion in Europe. This new office will focus on strengthening CFC’s transaction liability offering for brokers and clients in Northern, Central, and Eastern Europe. Additional products will be ... Read the full article
Ascot appoints Anthony Mandica as Group Head of Internal Audit
22nd November 2024
Ascot, the Bermuda-based global specialty insurance group, has announced the appointment of Anthony Mandica as Group Head of Internal Audit. Mandica will remain based in Ascot’s Iselin, New Jersey office, reporting both to the Ascot Group Limited Audit Committee and to Michael Sevi, Ascot Group General Counsel. In this newly created role, ... Read the full article
CCRIF SPC pays Government of Panama $26.7m after excess rainfall
21st November 2024
CCRIF SPC (Caribbean Catastrophe Risk Insurance Facility Segregated Portfolio Company) has paid The Government of Panama $26.7 million within two weeks of a rainfall event that affected that country from October 31st to November 4th, 2024. Francisco Álvarez, Director at the Directorate of Investments, Concessions and State Risks (DICRE), explained that ... Read the full article
Jonathan Ng joins Chaucer Singapore as Class Underwriter in Political Risk
21st November 2024
Global speciality insurance and reinsurance group, Chaucer has announced the appointment of Jonathan Ng as a new Class Underwriter in Political Risk, Singapore. The executive is joining Chaucer from AXA XL, where he specialised in political risk underwriting in Catlin’s Lloyd’s syndicate. During his time ... Read the full article
Canada Life Re posts Q3’24 earnings of $210m
21st November 2024
Canada Life Reinsurance, a provider of reinsurance solutions for life and health, recorded solid earnings of $210 million for the third quarter of 2024, accounting for 20% of Canada Life Assurance Company's total earnings for the period. For the quarter, Canada Life Assurance Company's base earnings hit a record $1.06 billion, ... Read the full article
Allstate’s October cat load takes YTD losses to $4.84bn
21st November 2024
Allstate, the US primary insurer has reported estimated catastrophe losses of $286 million for the month of October, which includes $102 million, pre-tax from hurricane Milton, taking total catastrophe losses for October year-to-date to $4.84 billion or $3.82 billion, after-tax. Allstate's $286 million ($226 million after-tax) catastrophe losses for October also ... Read the full article
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