Reinsurance News
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
Aon, DFC to provide $50m in war insurance for Ukrainian businesses
15th November 2024
The U.S. International Development Finance Corporation (DFC) will provide $50 million, in coordination with Aon, in political risk insurance (PRI) for a new reinsurance facility to ARX, an Ukrainian subsidiary of Fairfax Financial Holdings Limited, to support companies in Ukraine. This initiative aims to establish a range of war risk insurance ... Read the full article
Insurers urge EU to regulate private Third-Party Litigation Funding
15th November 2024
A coalition of eleven associations, spearheaded by Insurance Europe, is urging the European Commission to establish EU-wide regulations for private Third-Party Litigation Funding (TPLF). TPLF involves private investors, unconnected to the lawsuit, financing legal action in return for a portion of any financial award. This practice, Insurance Europe highlights, currently lacks ... Read the full article
SRG boosts claims capabilities with One Claim acquisition
15th November 2024
Insurance industry intermediary, Specialist Risk Group (SRG), has announced the acquisition of Essex-based One Claim Limited. The UK company provides broker partners and their clients with claims management support from initial notification through to settlement. Now sitting within SRG’s MGA pillar MX, the One Claim team has significant expertise in the motor ... Read the full article
UK government to consult on captive insurance framework, industry responds
15th November 2024
Rachel Reeves, Chancellor of the Exchequer, has revealed that the government is consulting on introducing a new framework for UK-based captive insurance companies to make the UK insurance market a more attractive hub for firms seeking efficient risk solutions. In an announcement outlining a package of reforms aimed at solidifying the ... Read the full article
Skyward Specialty launches new Life Sciences Liability insurance product
15th November 2024
Skyward Specialty, a property and casualty (P&C) insurer, has announced the addition of Life Sciences liability coverage to its Healthcare Solutions underwriting unit, which now will offer tailored protection for life sciences needs. The life sciences sector faces complex risks that demand specialised insurance solutions. Skyward Specialty’s Life Sciences liability coverage ... Read the full article
TWIA may need ~$5.8bn in reinsurance for 2025 as PML rises 20%
15th November 2024
The Texas Windstorm Insurance Association (TWIA) has projected that it might need almost $5.8 billion in reinsurance limit for 2025 as 20% exposure growth lifts its projected 1-in-100 year probable maximum loss (PML) to $7.8 billion, while total losses from hurricane Beryl are expected to almost deplete the Catastrophe Reserve ... Read the full article
Aspen reports Q3’24 underwriting income as GWP swell to $1.1bn
15th November 2024
Aspen Insurance has reported a Q3 2024 net income available to ordinary shareholders of $42.9 million, with an underwriting income of $33 million and a total combined ratio of 95.2%. The underwriting income figure of $33 million in Q3 2024 compares to $47.9 million in Q3 2023 and includes $54.8 million, ... Read the full article
Just Group completes £1.8bn buy-in with Trustee of G4S Pension Scheme
15th November 2024
Just Group, a specialist UK financial services company, has completed a £1.8 billion full buy-in with the Trustee of the G4S Pension Scheme, covering the benefits of around 22,500 members. This has become Just’s largest insurance de-risking transaction to date, as well as the largest publicly announced deal in the Bulk ... Read the full article
Generali posts strong GWP growth and 94% CoR for 9M’24 despite significant cat losses
15th November 2024
Italian insurer Generali has reported a 5% year-on-year increase in its net result to €3 billion for the first nine months of 2024, as gross written premiums (GWP) across the group rose 18% to €70.7 billion amid strong growth in both P&C and life. Group-wide, Generali's 9M 2024 consolidated operating result ... Read the full article
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