Reinsurance News
Trump 2.0: How a potential 15% corporate tax and trade policies could reshape the re/insurance sector
6th November 2024
With Donald Trump's imminent return to the White House, re/insurers are now reconsidering the policies that shaped his first presidency and preparing for the potential impacts on the sector. Trump’s “America First” agenda is expected to re-emerge in full force, potentially influencing areas such as trade policy, tax reforms, climate regulations, ... Read the full article
Jan 1 outlook is very positive amid stable market: Conduit Re CUO Roberts
6th November 2024
The re/insurance market has absorbed the elevated level of small and medium sized catastrophe events around the world so far this year, which will ensure pricing remains robust for the remainder of 2024 and beyond, leading Gregory Roberts, Chief Underwriting Officer (CUO) at reinsurer Conduit Re, to be positive on ... Read the full article
MIC Global and VOOM Insurance partner to reinsure rideshare business
6th November 2024
Insurtech MIC Global has partnered with VOOM Insurance to provide reinsurance to its rideshare business. This partnership aligns with MIC’s mobility book and reflects its commitment to supporting innovative solutions for the future of mobility. VOOM Insurance, known for its usage-based insurance products, delivers tailored solutions for emerging mobility segments across the ... Read the full article
QBE Asia appoints Jeyasakthi Ratnasingam as Head of Risk and Compliance
6th November 2024
QBE Asia has announced the appointment of Jeyasakthi Ratnasingam as Head of Risk and Compliance. In this role, Ratnasingam will oversee the firm’s risk and compliance strategy, program, and infrastructure, ensuring robust controls, procedures, and processes meet legal and regulatory requirements across all business functions. Ratnasingam brings extensive experience in consulting and ... Read the full article
Buyer friendly conditions continue as insurers focus on growth: Aon
6th November 2024
Buyer friendly conditions for insurance buyers in North America continued through the third quarter of 2024, accelerating in key areas as insurers seek to achieve year-end growth, Aon has revealed in its recent North America Market Overview for Q3. In its remarks, the broker noted that the Casualty insurance environment presents ... Read the full article
Bay Harbor Re expands letter of credit facility to $150m
6th November 2024
Bay Harbor Reinsurance Company, a reinsurer focused on the US Property and Casualty program marketplace, has announced the expansion of its letter of credit facility to $150 million with Comerica Bank. This increase highlights the company's financial stability and ongoing commitment to providing long-lasting, bespoke solutions that cater to the unique ... Read the full article
Orendorf named Chief Underwriting Officer at Chard Re
6th November 2024
William Orendorf has been promoted to the role of Chief Underwriting Officer (CUO) at reinsurance-linked investment manager Chard Re. Orendorf, who has over two decades of industry experience, has been part of the company since 2022, when he joined as Senior Portfolio Analyst. Prior to joining Chard Re, the executive served as ... Read the full article
Enstar completes second property ILS transaction with acquisition of Bermuda reinsurer
6th November 2024
Enstar Group Limited, a company specialising in managing runoff insurance and reinsurance portfolios, through its wholly-owned subsidiary, Cavello Bay Reinsurance Limited, has acquired a Bermuda-domiciled Class 3B insurer and segregated accounts company. The newly acquired reinsurer underwrote property reinsurance business between 2020 and 2023 on behalf of third-party investors, assuming the ... Read the full article
Hurricane Helene drives $90m cat losses for AFG in Q3, Specialty P&C CoR hits 94.3%
6th November 2024
American Financial Group's (AFG's) Specialty property & casualty (P&C) insurance operations reported underwriting profit of $117 million in the third quarter of 2024, compared to $143 million in the prior year period, while catastrophe losses sat at $90 million, which were primarily driven by Hurricane Helene. The firm's cat losses in ... Read the full article
Lockton Re adds Henry Philipps to Marine & Energy division
6th November 2024
Reinsurance broker Lockton Re has announced the addition of Henry Philipps to its Marine & Energy team as Senior Broker. Philipps is joining Lockton Re from Guy Carpenter, where he most recently served as Senior Vice President. He joined the reinsurance broker in 2029 as Assistant Vice President and was then appointed ... Read the full article
IGI reports net income of $35m for Q3’24 amid rise in net premiums earned
6th November 2024
International General Insurance Holdings Ltd. (IGI), in its Q3 2024 results, has reported net income of $34.5 million compared to $10.9 million last year, driven primarily by an increase in net premiums earned (NPE) of $17.2 million. The increase in net income also included a decrease of $15.5 million in the ... Read the full article
PCRIC & WTW renew disaster risk insurance cover for Pacific region
6th November 2024
The Pacific Catastrophe Risk Insurance Company (PCRIC), in collaboration with the global advisory, broking, and solutions company WTW, has renewed its portfolio of policies for governments and government-affiliated entities in Pacific Island countries and territories, along with the associated reinsurance placement. PCRIC is a regional catastrophe insurance facility that provides its ... Read the full article
Pool Re appoints Andrew Stark as Head of Underwriting
6th November 2024
Pool Re, the UK’s government-backed terrorism reinsurer, has announced the appointment of Andrew Stark to the newly created role of Head of Underwriting. In his new role, Stark will report to Jonathan Gray, Chief Underwriting Officer at Pool Re. Stark’s appointment comes ahead of Pool Re’s planned transition in April 2025 ... Read the full article
AEGIS London adds two new Non-Exec Directors to its Board
6th November 2024
AEGIS Managing Agency Limited, managing agent of top-quartile Lloyd's syndicate 1225 (AEGIS London), has announced the appointment of two new non-executive directors to its Board, Martin Bride and Andrew Gibbs. Both appointments were made back in September. The addition of these two executives is to broaden AEGIS's insurance sector expertise, the ... Read the full article
Lancashire sees 9M’24 insurance revenue climb 16.8% to $1.3bn
6th November 2024
Specialty insurance and reinsurance group Lancashire Holdings has reported insurance revenue of $1.3 billion for the first nine months of 2024, an increase of $186.8 million, or 16.8%, compared to the same period in 2023, despite anticipating net losses relating to recent weather events of up to $140 million. Meanwhile, gross ... Read the full article
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