Reinsurance News
Lynn O’Leary named Intact’s US President for Specialty
21st November 2024
RSA Luxembourg S.A. (RSAL) has announced that Lynn O’Leary, following a successful two-year stint as Chief Executive Officer (CEO) Luxembourg, will return to the US to oversee Intact’s Specialty Lines business as President, US, in the first quarter of 2025. Nadia Cote will succeed O’Leary as CEO of Europe, pending regulatory ... Read the full article
Commercial P&C premiums across all account sizes rise by 5.1% in Q3’24: CIAB
21st November 2024
In the third quarter of 2024, premiums across all account sizes rose by 5.1% within the commercial property and casualty (P&C) insurance market, roughly the same as the 5.2% recorded in the previous quarter, according to The Council of Insurance Agents & Brokers’ (CIAB) latest quarterly survey. In fact, Q3'24 marked ... Read the full article
Cyber threats, climate change, and BI lead insurance concerns: Munich Re & Triple-I
21st November 2024
Cyber threats, climate change, and business interruption (BI) are the top risk concerns among key marketplace segments in the insurance industry, according to a new survey by Munich Re America and Triple-I. The RiskScan 2024 survey highlights key risk concerns across five categories: insurance risks, market dynamics, natural disasters, emerging technologies, ... Read the full article
Optio continues European expansion with completion of Den Hartigh acquisition
21st November 2024
Managing general agent (MGA) Optio Group has completed the acquisition of Netherlands and Brussels based MGA Den Hartigh Beheer & Exploitatie B.V., a specialist in B2B insurance solutions. Established in 1916, Den Hartigh offers a variety of property and casualty insurance products. This includes coverage for land-based equipment, marine assets, and high ... Read the full article
Aon appoints Magnus Roe as Global Chief Data and Analytics Officer
21st November 2024
Global professional services firm Aon has appointed Magnus Roe as its Global Chief Data and Analytics officer, supporting the firm’s strategy to enhance commercial solutions through advanced analytical capabilities. Based in Singapore, Aon’s global analytics hub, Roe will lead Aon's global data and analytics team to innovate and leverage the firm’s ... Read the full article
RGA to reinsure $4.1bn of Manulife subsidiary’s legacy blocks
21st November 2024
Reinsurance Group of America (RGA) and John Hancock, a subsidiary of Manulife Financial Corporation (Manulife), have entered into a $4.1 billion reinsurance transaction, including $1.9 billion of long-term care (LTC) reserves. The transaction includes the aforementioned LTC reserves and also a legacy block of U.S. structured settlements with $2.2 billion of ... Read the full article
LatAm insurance growth projected to decelerate in 2025, Swiss Re Institute
21st November 2024
Latin American insurance growth is projected to decelerate in 2025, with total insurance premiums in the region expected to grow 3.8% in real terms, down from an estimated 7.6% in 2024, according to a new report from Swiss Re Institute. The firm explained that while non-life lines have benefited from hard ... Read the full article
Kristy Furrer elected Chairwoman of Assurex Global Board of Directors
21st November 2024
Assurex Global, a privately held commercial insurance, risk management, and employee benefits brokerage group, has announced the election of Kristy Furrer as Chairwoman of its Board of Directors. Furrer, who is Senior Vice President at Woodruff Sawyer, was elected during the 2024 Annual Shareholders' Meeting held on October 31 in Washington, ... Read the full article
Coalition highlights 68% surge in ransomware claims severity
21st November 2024
Coalition, an active insurance provider aimed at preventing digital risks before they occur, has released its 2024 Cyber Claims Report: Mid-Year Update, which highlights new trends in cyber threats and their effects on Coalition policyholders in the first half of 2024. One key finding from the report was a 68% increase ... Read the full article
CFC names Janine Fenwick as APAC Transaction Liability Practice Leader
21st November 2024
CFC, an insurance provider specialising in cyber risk, has expanded its rapidly growing transaction liability team by appointing Janine Fenwick as Transaction Liability Practice Leader, Asia Pacific (APAC). Based in Melbourne, Fenwick will provide strategic leadership to the onshore transaction liability team, established following the acquisition of Solution Underwriting in ... Read the full article
Asbestos and environmental losses holding steady: AM Best
21st November 2024
A recent report by AM Best maintains its estimate of ultimate net asbestos losses at $100 billion and environmental losses at $46 billion, based on year-end 2023 data. AM Best observed that while incurred losses rose slightly in 2023, paid losses decreased significantly. The industry has now funded 96% of its ... Read the full article
Verisk launches program to enhance fire protection capabilities
20th November 2024
Global data analytics and technology provider, Verisk has introduced LOCATION® Property Protection Score™ (PPS), which provides insurers with a score that reflects the fire protection capabilities at a specific address level. This score helps insurers accurately rate and underwrite personal lines homeowners risks, Verisk explained. LOCATION PPS builds on Verisk’s LOCATION® Public ... Read the full article
Delphi hires Jeffrey Lebovitz as Executive VP and CFO
20th November 2024
Insurance holding company Delphi has announced the appointment of Jeffrey Lebovitz as Executive Vice President and Chief Financial Officer. In his new role, Lebovits will leverage his over 20 years of experience with major investment firms and global investment banks to oversee the financial operations of Delphi and be responsible for ... Read the full article
Embroker report reveals 93% of startups now use cyber insurance
20th November 2024
Embroker, a digital insurance platform simplifying the insurance process for businesses, has released its "2024 Cyber Risk Index: Startup Edition," revealing a steady rise in cyber insurance adoption with a focus on simplicity, resilience, and investor appeal in a shifting cyber risk landscape. Nearly all startups now carry cyber insurance, with ... Read the full article
Aon’s NFP acquires certain assets of AnchorGroup
20th November 2024
NFP, a subsidiary of Aon and a global insurance brokerage and consultancy, has announced the acquisition of certain assets of EBA Services LLC dba AnchorGroup. Kiehl Hutchings from AnchorGroup will join NFP as Vice President of Benefits and will report to Kelly Smith, Senior Vice President of Benefits. Kate Henry, President of ... Read the full article
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