Reinsurance News
Regulatory nod paves way for Everest’s expansion into Italy
26th November 2024
Bermuda-based re/insurer Everest Group, Ltd. has announced its expansion into the Italian market, following regulatory approval to operate in the country under the name Everest Insurance (Ireland) DAC, Succursale Italiana. The launch in Italy follows Everest’s recent expansion into other key international markets, including Australia, Colombia and Mexico. Headquartered ... Read the full article
Sergio Lottimore named VP of Credit, Bond & Political Risk Reinsurance of Hamilton Re
26th November 2024
Hamilton Re, the Bermuda-domiciled re/insurance underwriting platform of Hamilton Insurance Group, Ltd. has appointed Sergio Lottimore as Vice President (VP) of Credit, Bond and Political Risk Reinsurance. The new Credit, Bond and Political Risk Reinsurance offerings will be incorporated within the Specialty Reinsurance portfolio, further expanding Hamilton's offerings to clients. Lottimore will ... Read the full article
Berenberg analysts expect stable reinsurance pricing at Jan ’25 renewals
26th November 2024
Analysts at Berenberg have said that in light of the strong performance of the reinsurance sector in recent years and the fact there's no build up of excess capital, reinsurance pricing at the January 1st, 2025, renewals is expected to be stable. According to analysts, stability at 1.1 could drive an ... Read the full article
AM Best maintains stable outlook for South Korea’s non-life insurance sector
26th November 2024
AM Best has maintained a stable outlook for South Korea's non-life insurance sector, citing moderate industry growth driven by long-term business as insurers focus on securing stable future profits under IFRS 17 accounting standards. The global ratings agency noted that new regulations are encouraging insurers to enhance profitability despite growing competition, ... Read the full article
Federato secures $80m in Series C funding to expand global reach
26th November 2024
Federato, an AI-powered underwriting platform for the insurance industry, has secured $80 million in total funding, which includes its latest Series C round. The $40 million round was spearheaded by StepStone Group (NASDAQ: STEP), a global private markets investor, with backing from existing investors Emergence Capital, Caffeinated Capital, and Pear VC. These ... Read the full article
Howard Dean appointed President of the FOIL for 2025
26th November 2024
Howard Dean, Partner at Keoghs, has been named President of the Forum of Insurance Lawyers (FOIL), an organisation representing 8,000 lawyers and paralegals across 61 corporate firms, for 2025, succeeding Pete Allchorne, Partner at DAC Beachcroft. Dean has been an active member of FOIL's Costs and CPR & Protocols Specialist Focus ... Read the full article
Bishop Street to acquire MGA Landmark Underwriting
25th November 2024
Bishop Street Underwriters, a multi-boutique insurance platform, has announced that it will acquire Landmark Underwriting, a specialty focused managing general agent (MGA) in the London Insurance market. The financial terms of the acquisition were not disclosed and it is subject to United Kingdom’s Financial Conduct Authority regulatory approval. Landmark Underwriting provides multi-disciplined ... Read the full article
Ceres proposes federal climate risk reinsurance program to build resilience
25th November 2024
In a recent report, Ceres calls for the consideration of a federal climate risk reinsurance program as part of its 10-point plan to help the U.S. insurance industry build resilience against increasing climate disasters. As climate change accelerates, causing more frequent and severe weather events, the insurance industry faces significant challenges. ... Read the full article
IRB (Re) identifies Brazil’s insurance coverage gap as a key opportunity: Goldman Sachs
25th November 2024
Brazilian reinsurer IRB (Re) views Brazil’s insurance coverage gap as a significant long-term opportunity, according to Goldman Sachs, following a meeting with IRB CEO Marcos Falcão and Head of Investor Relations Natasha Nakagawa on November 18, 2024. The climate events in Brazil in 2024, including floods in the South and droughts ... Read the full article
Spain floods highlight role of state-backed reinsurance for climate risks
25th November 2024
A recent report from Fitch Ratings has highlighted the vital role of the state-managed catastrophe insurer, Consorcio de Compensación de Seguros (CCS), in strengthening the Spanish insurance market's resilience to climate risks, as demonstrated by the recent floods that struck the country. For those unaware, the flash floods claimed over 220 ... Read the full article
Swiss Re’s Xabier Gallardo joins WTW’s Natural Resources, CRB NA team
25th November 2024
Global insurance brokerage WTW has announced the appointment of Xabier Gallardo as Senior Director of Client Relationship Management within the Natural Resources division of Corporate Risk and Broking, North America (CRB NA). In this role, Gallardo will focus on optimising client outcomes and driving strategy execution across WTW’s Natural Resources sector, ... Read the full article
Canadian life insurance new premium climbs to CAD 478m in Q3: LIMRA
25th November 2024
Total Canadian life insurance new annualised premium jumped 4% to (CAD) $478 million in the third quarter of 2024, according to LIMRA’s Retail Canadian Life Insurance Sales Survey. During Q3'24, policy count dropped 17%, which was largely due to term life sales declines. John Carroll, senior vice president and head of Life ... Read the full article
Von Mesterhazy named as new MD for Allianz UK Specialty business
25th November 2024
Allianz UK has announced the appointment of Isabella Von Mesterhazy as Managing Director for its Specialty business, effective 1 December 2024, subject to regulatory approval. Von Mesterhazy will be taking over the role from Kieran O’Keeffe, incumbent MD for Specialty, who will be retiring at the end of the year. In her ... Read the full article
US insurers to benefit from Nearmap peril models following approval in 27 jurisdictions
25th November 2024
Nearmap, a provider of property intelligence to insurers, has received regulatory approval for its predictive AI-powered peril models and scores to be adopted for rating and pricing in 26 states, plus Washington, D.C. The AI models developed by Nearmap are used in predictive vulnerability and claim scores covering wildfire, hurricane, wind, ... Read the full article
Pension de-risking surge as 93% of sponsors plan full liability divestment: MetLife
25th November 2024
LIMRA, a research and consulting organisation in the insurance and financial services industries, reports that pension risk transfer (PRT) transactions increased by 14% in the first half of 2024 compared to the same period in 2023. Meanwhile, MetLife, a global provider of insurance, annuities, and employee benefit programmes, reports in its ... Read the full article
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