Reinsurance News
SanlamAllianz Re assigned “Excellent” credit ratings from AM Best with stable outlook
22nd January 2025
Pan-African reinsurer SanlamAllianz Re Ltd (SAZ Re) has been assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent), both with a stable outlook by AM Best. This positive assessment highlights SAZ Re's financial standing, with AM Best acknowledging the company's strong balance sheet, ... Read the full article
Travelers posts stronger underwriting gain for 2024 despite rise in cat losses
22nd January 2025
Primary insurer Travelers has reported improved underwriting results for both the fourth quarter and full year 2024, as an increase in net favorable prior year reserve development more than offset a rise in catastrophe losses for both periods. Travelers has today reported net income of $2.1 billion for Q4'24 and $5 ... Read the full article
Aon flags 60% protection gap as nat cat losses reach $368bn in 2024
22nd January 2025
According to Aon, global insurance losses in 2024 were 54% higher than the 21st-century average, covering $145 billion of the $368 billion in natural disaster damages, leaving a protection gap of $223 billion, or 60%. The $368 billion in economic losses caused by natural disasters in 2024, driven primarily by hurricanes ... Read the full article
DIFC and Lloyd’s partner to develop future talent in the insurance sector
22nd January 2025
DIFC Academy, the educational platform of the Dubai International Financial Centre (DIFC), has signed a Memorandum of Understanding (MoU) with the specialist Lloyd’s re/insurance marketplace to support the development of future talent in the insurance sector. This partnership will expand the reach of Lloyd’s Academy, an educational platform for risk professionals ... Read the full article
Munich Re execs confident on €6bn profit target despite LA wildfire impact: Reports
22nd January 2025
Executives at Munich Re, one of the world's largest reinsurance companies, confirmed recently that although the Los Angeles wildfires will be a major loss for the firm, it will remain below its provision for natural catastrophe events, with the reinsurer confident of achieving its net profit target of €6 billion ... Read the full article
Ascot appoints Everest’s Herman as Group Head of Underwriting Performance Management
22nd January 2025
Ascot, a Bermuda-domiciled global specialty insurer, has appointed Eric Herman to the newly created role of Group Head of Underwriting Performance Management, based in the company’s Iselin, New Jersey office. In this role, Herman reports to Elizabeth Johnson, the Group's Chief Operating Officer and Mark Pepper, the Group's Chief Underwriting Officer. His ... Read the full article
Seed Group and Phinsys partner to enhance financial & regulatory compliance in UAE insurance sector
22nd January 2025
Phinsys, a finance automation software provider for the re/insurance industry, has partnered with Dubai-based multinational conglomerate, the Seed Group, to accelerate financial and regulatory compliance operations in the UAE, and broader MENA region’s, insurance sector. Phinsys, a UK-based firm, brings to this collaboration its expertise in advancing the insurance sector by ... Read the full article
Arch Insurance Intl. names Thompson as Offshore Energy Underwriting Manager & Brown as Senior Energy Advisor
22nd January 2025
Arch Insurance International, a division of Bermuda-domiciled re/insurer Arch Capital Group, has promoted Elizabeth Thompson to Offshore Energy Underwriting Manager and appointed James Brown as a Senior Energy Advisor, effective immediately. The pair will be based in London and report to Jake Gibbs, Head of Marine and Energy. In the new role, ... Read the full article
Shruti Saxena to lead WTW’s P&C Canadian ICT team
22nd January 2025
WTW has announced the appointment of Shruti Saxena as Director within the Property and Casualty (P&C) Canadian Insurance Consulting & Technology (ICT) team. In her new role, based in Toronto, Saxena will be responsible for expanding WTW’s presence in the Canadian market, taking on Appointed Actuary responsibilities, and supporting the corporate ... Read the full article
MiKargo247 collaborates with Falvey Insurance to expand global cargo insurance solutions
22nd January 2025
MiKargo247, an all-mode Insurtech platform for one-way, spot cargo insurance, has partnered with Falvey Insurance Group, a specialist in marine and cargo insurance, to enhance its global offerings. This collaboration extends MiKargo247’s coverage beyond trucking to include air, ocean, and cross-border transit options, offering greater flexibility and protection for businesses worldwide. Through ... Read the full article
Resilience reveals key leadership promotions amidst accelerated global growth
22nd January 2025
Resilience, a cyber risk company specialising in insurance and cyber risk management solutions, has announced several key promotions as it continues its rapid global expansion. The company has consolidated its core insurance operations under George Kotsiopoulos, who has been named President, Insurance. Kotsiopoulos, an insurance executive, will oversee Resilience’s global underwriting strategy, ... Read the full article
Vermont’s captive insurance industry sets new records
22nd January 2025
The Vermont Department of Economic Development (DED) has recently revealed that 2024 marked a record-breaking year for growth, positioning it among the top ten highest growth years since the introduction of captive insurance legislation in 1981. In 2024, Vermont welcomed 41 new captive insurance companies, bringing the total number of licensed ... Read the full article
Marsh Asia promotes Martin Beck and Robert Jones
22nd January 2025
Insurance broker and risk advisor Marsh has appointed Martin Beck as the Energy Transition Leader and Robert Jones as the Renewable Energy Leader for Marsh Asia, based in Singapore. Beck has spent over five years at Marsh Asia, most recently serving as the Renewable Energy Practice Leader since September 2019. Previously, Beck ... Read the full article
Renewal rate increases for all commercial lines except workers’ comp: Ivans
21st January 2025
Ivans, a division of Applied Systems, has released its Q4 2024 and year-end results for the Ivans Index, showing year-over-year premium renewal rate increases across all major commercial lines of business, except Workers’ Compensation. Compared to Q3 2024, Commercial Auto, Business Owner’s Policy (BOP), and Umbrella saw higher average premium renewal ... Read the full article
Vantage expands distribution team with key appointments
21st January 2025
Vantage Group Holdings Ltd. (Vantage), a provider of insurance solutions, has appointed Chelsea B. Law as the Northeast Region Distribution Leader, effective immediately. Based in New York, Law will report directly to Leanne Berry, Chief Distribution Officer. Law will be a key member of Vantage's Insurance Distribution team, responsible for driving ... Read the full article
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