Reinsurance News
Bishop Street Underwriters acquires Ethos Transactional
11th November 2024
Bishop Street Underwriters, a RedBird Capital Partners portfolio company, has acquired Ethos Specialty’s Transactional Liability unit. Financial terms were not disclosed. This acquisition, Bishop Street noted, further strengthens its platform and expands its suite of specialised client solutions while continuing to drive strong underwriting profitability. Ethos Transactional concentrates on managing risks associated ... Read the full article
Brown & Brown hires Deloitte’s Paul Gallagher as controller
11th November 2024
Insurance brokerage Brown & Brown has hired Paul Gallagher as its new controller, a role which will see him provide strategic guidance and leadership for all of the firm's financial operations, including SEC and financial reporting, controls and compliance, acquisitions, planning and strategic decision-making. As controller, Gallagher will also play a ... Read the full article
Brighthouse Financial completes transaction to reinsure its fixed and payout annuities
11th November 2024
Brighthouse Financial, Inc., the US-domiciled annuities and life insurance provider, has completed a reinsurance transaction with a third party to reinsure a legacy block of its fixed and payout annuities. The transaction was previously discussed on the company’s earnings call for the quarter ended September 30, 2024, during which it revealed ... Read the full article
Optio appoints Davenport group CRO amid continued expansion
11th November 2024
Specialty managing general agent (MGA) Optio Group has announced the appointment of Insi Davenport to the newly created executive role of group chief risk officer (CRO), effective immediately. With more than 25 years of industry experience, Davenport’s expertise spans enterprise risk management, regulatory compliance, operational risk and M&A. Prior to joining Optio ... Read the full article
Ardonagh Specialty appoints Aon’s Dan Walsh as CUO
11th November 2024
Ardonagh Specialty, part of the Ardonagh Group, has recently appointed Dan Walsh as Chief Underwriting Officer (CUO). Walsh is an experienced insurance executive, bringing 30 years of industry experience to his new role. He joins Ardonagh Specialty from Aon, where he spent nearly seven years, most recently serving as Chief Underwriting Officer ... Read the full article
Hannover Re expects stable P&C reinsurance market terms, additional demand in 2025: CEO Henchoz
11th November 2024
European reinsurance company Hannover Re is expecting a broadly flat risk-adjusted rate environment for the property and casualty (P&C) market in 2025, which supports its combined ratio guidance of less than 88% for next year, with terms in the segment projected to be stable amid strong demand and a disciplined ... Read the full article
BMS establishes BMS Bacchus for comprehensive winery protection
11th November 2024
BMS Group (BMS), a re/insurance broker, has introduced BMS Bacchus, a specialised stock throughput insurance solution for wineries. Designed to protect wine throughout its lifecycle—from grape harvest through production, storage, and distribution—BMS Bacchus provides a centralised tool for wineries to make informed choices about risk management and resource allocation using advanced ... Read the full article
Professional Liability specialist underwriting manager Doe & Emuss launches
11th November 2024
Doe & Emuss (D&E), a boutique Professional Liability underwriting manager, has launched with approved coverholder status at Lloyd’s. Founded and led by industry veterans David Doe, Chief Executive, and Paul Emuss, Managing Director, D&E will place and manage Professional Liability portfolios, underwriting policies on Lloyd’s paper supported by eight to ten ... Read the full article
Flood preparedness to benefit re/insurers & policyholders: Swiss Re Institute
11th November 2024
While protective measures like dykes, dams, and floodgates can be expensive, their financial benefits can outweigh post-disaster rebuilding expenses by up to ten times, according to a new study from the Swiss Re Institute. The firm observed that economic losses caused by natural catastrophes reached an estimated $280 billion in 2023, ... Read the full article
CEA’s risk transfer and reinsurance program contracts to $8.5bn after non-renewals
11th November 2024
The size of the California Earthquake Authority's (CEA) reinsurance and risk transfer program has contracted by 7% to $8.5 billion after the entity opted against renewing $648.5 million of traditional reinsurance protection that expired at the end of July 2024. As reported by Artemis, our insurance-linked securities (ILS) focused sister publication, ... Read the full article
PIB acquires French medical malpractice insurer BEA Group
11th November 2024
PIB Group Ltd, a specialist insurance intermediary, has entered the French market with the strategic acquisition of medical malpractice insurance business BEA Group and its subsidiaries. This investment, representing PIB's 100th deal, marked a significant milestone in PIB Group's continuous European expansion strategy. It serves as a solid foundation for future growth ... Read the full article
Cytora partners with Kroll to enhance digital risk processing for insurers
11th November 2024
Cytora, a premier digital risk processing platform, has formed a strategic alliance with Kroll, a leading independent global risk and financial advisory firm. This collaboration will allow commercial insurance underwriters to obtain real-time replacement cost values for assets around the world. As a result, underwriters will have a clearer understanding of ... Read the full article
Underinsured Gen Z seeks more coverage: GA
11th November 2024
A recent survey by the Geneva Association reveals that appetite for more insurance is highest among Gen Z respondents (32%), particularly for private health and property insurance. The survey, conducted globally by the Geneva Association, polled 28,000 households across France, Germany, Italy, Japan, Spain, the U.K., and the U.S. It focused ... Read the full article
Hannover Re lifts 2024 profit target as 9M net income reaches €1.8bn and losses fall within budget
11th November 2024
Large European reinsurer Hannover Re has raised its profit target for 2024 on the back of a 30.4% rise in net income to €1.8 billion for the first nine months of the year, as the reinsurance service result increased by more than 36% to €2.1 billion. Across the group, gross reinsurance ... Read the full article
Southlake Specialty enters into partnership with Risk Exchange, Accelerant
11th November 2024
Southlake Specialty Insurance Company, part of the Texas-based Southlake Financial Group, which specialises in program-focused property and casualty (P&C) insurance, has entered into a partnership with Accelerant, the data-driven Risk Exchange. Readers will recall that Accelerant launched its Risk Exchange platform in 2023, to help further support specialty underwriters and ... Read the full article
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