Reinsurance News
Marsh McLennan completes $7.75bn acquisition of McGriff
18th November 2024
Marsh McLennan has completed its acquisition of insurance broking and risk management services provider McGriff Insurance Services, LLC. Founded in 1886, McGriff provides commercial P&C insurance, surety, employee benefits, and personal lines insurance solutions to businesses and individuals across the US. Marsh McLennan initially announced this acquisition in September, stating ... Read the full article
Randall Rixon appointed VP of Partnerships at APOLLO Insurance
18th November 2024
APOLLO Insurance, a Canadian digital insurance provider, has announced the appointment of Randall Rixon as Vice President of Partnerships. Rixon will be responsible for enhancing APOLLO’s embedded tenant insurance services for multi-family landlords and driving business growth through REITs and property management firms throughout Canada. "We’re thrilled to welcome Randall to the ... Read the full article
Ryan Specialty acquires Innovisk from Abry Partners and BHMS
18th November 2024
Abry Partners, a Boston-domiciled private equity firm, and BHMS Investments, LP, a Connecticut-domiciled private equity firm, have completed the sale of Innovisk to Ryan Specialty, a global specialty insurance services firm. Founded in 2017, London-headquartered Innovisk has a diverse, non-correlated portfolio of seven specialty MGUs, with lines of business including environmental, ... Read the full article
Helios expects value of the capacity fund to decrease to £75m at year-end 2024
18th November 2024
Lloyd's focused investment vehicle, Helios Underwriting, has updated the value of the company's value of capacity portfolio, now expecting to decrease to £75 million at 31st December 2024. Michael Wade, Chairman of Helios, commented: "The Freehold Capacity Portfolio has continued to deliver value to shareholders and we have realised £14m of ... Read the full article
Go Balance, AMI Specialty, and CFC introduce advanced insurance for natural capital credits
18th November 2024
Go Balance Ltd, a provider of high-quality JREDD+ carbon credits, is proud to reveal a unique insurance feature for its Natural Capital Credits, setting a new benchmark for security and trust within the voluntary carbon market. This feature offers buyers a streamlined, all-in-one solution: NCCs that include comprehensive insurance coverage is ... Read the full article
SRG appoints Jaya Taylor as Global Head of Group Regulatory Affairs, Risk and Compliance
18th November 2024
Specialist Risk Group (SRG), a specialist insurance intermediary, majority-owned by Warburg Pincus and Temasek, announces the appointment of Jaya Taylor as global leader for Group Regulatory Affairs, Risk, and Compliance reporting to CEO, Warren Downey. A seasoned governance and compliance expert, Taylor joins the SRG team from her role as Global ... Read the full article
GIC Re’s underwriting loss narrows for H1’24, CoR stands at 111.64%
15th November 2024
GIC Re, the Indian public sector reinsurer, has reported an underwriting loss of approximately ₹2,376.95 crore for the half year ended on September 30th, 2024, (H1 2024), as compared to a loss of around ₹3,029.04 crore for the same period in 2023. The reinsurer’s combined ratio improved slightly at 111.64 % ... Read the full article
Aon and Fathom launch new Florida Flood Model for state insurers to assess exposures
15th November 2024
Aon, a global professional services firm, has been certified by the Florida Commission on Hurricane Loss Projection Methodology (FCHLPM) to launch its new Florida Flood v3.0 model statewide to assess flood exposures in the state and inform re/insurers' rate filings. Florida Flood v3.0 was developed by Impact Forecasting, Aon’s catastrophe model, ... Read the full article
Holger Nieswandt to succeed Christoph Lamby at R+V Re
15th November 2024
The Supervisory Board of R+V Versicherung AG, the parent company of the German R+V Group, has named Holger Nieswandt as a member of the Management Board. Effective April 2025, Nieswandt will oversee R+V Re. Currently serving as Head of Research & Development at R+V Re, he will succeed Christoph Lamby, who ... Read the full article
Progressive reports $207m in October vehicle losses from Helene and Milton
15th November 2024
Progressive, the property and auto-focused insurance group, reported $206.5 million in incurred vehicle losses, including boats and recreational vehicles, on a companywide basis related to Hurricane Milton and unfavourable development from Hurricane Helene for October 2024. Progressive explained that, given Helene and Milton struck just two weeks apart and damaged many ... Read the full article
Generali’s nat cat budget to rise for 2025 but major changes to reinsurance not expected: Marco Sesana
15th November 2024
Global insurer Generali's natural catastrophe losses came in roughly 100 basis points above budget for the first nine months of 2024, and as the firm's portfolio continues to expand a higher nat cat budget is expected for 2025, although major changes to its reinsurance structure aren't anticipated, according to Marco ... Read the full article
Aegis Executive Risks launches comprehensive management liability insurance programme
15th November 2024
Aegis Executive Risks (AER), a division of Aegis General Insurance Agency and K2 Insurance Services, is pleased to announce the launch of its new Management Liability insurance program. This comprehensive offering is designed to protect executives, directors, officers, and businesses, providing critical coverage that strengthens leadership teams and enhances organisational resilience. The ... Read the full article
Notable insured losses expected from California mountain fire: Aon
15th November 2024
The recent mountain fire which broke out on November 6 in Ventura County of Southern California is expected to drive notable insured losses, according to global insurance and reinsurance broking group Aon. The start of the wildfire in southern California on November 6, 2024, was preceded by extreme wind gusts exceeding 75 ... Read the full article
EPIC strengthens leadership team with key executive promotions
15th November 2024
EPIC Insurance Brokers & Consultants, a national insurance brokerage firm, is strengthening its leadership team with two significant executive promotions to better serve its specialised clients and employees. Philip V. Moyles has been appointed as Co-President, joining Tom O’Neil in the role, while Gregg Bundschuh takes on the role of Chief ... Read the full article
Argyle and MSI partner to enhance SME insurance in Australia
15th November 2024
Argyle Insurance and Mitsui Sumitomo Insurance have entered into a multi-year capacity agreement, marking the start of a strategic partnership aimed at enhancing business insurance options for Australian SMEs. Beginning January 1, 2025, this partnership will enable Argyle to offer a business insurance package with an extended combined limit of up ... Read the full article
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