Reinsurance News
PERILS ups final industry loss estimate for Windstorm Ciarán to €2.1bn
5th November 2024
Zurich-based catastrophe insurance data provider PERILS has disclosed its fourth and final industry loss estimate for Extratropical Windstorm “Ciarán,” increasing the figure to €2.06 billion. The windstorm, also known as “Emir,” impacted France, the United Kingdom, Belgium, and the Netherlands from November 1st to 2nd, 2023. This new estimate compares to the ... Read the full article
MultiStrat selects AdvantageGo’s Underwriting Workbench for streamlined ILS & reinsurance operations
5th November 2024
AdvantageGo, part of Coforge, is set to implement a comprehensive reinsurance and insurance-linked securities (ILS) solution for Bermuda-based reinsurance group MultiStrat, centring on the AdvantageGo Underwriting Workbench. AdvantageGo describes its Underwriting Workbench as a flagship platform which "enables enterprise-scale underwriting through a single pane of glass." "The workbench increases workflow efficiency to ... Read the full article
SRG acquires specialist reinsurance firm NW Re
5th November 2024
Insurance intermediary Specialist Risk Group (SRG) has announced the acquisition of specialist reinsurance firm NW Re. Founded in 2020 by Neil Wallis, Neil Walker, and Tallis Kemp, NW Re provides Property Facultative Reinsurance and Excess of Loss insurance across a range of occupancies. With this acquisition, the team at NW Re will ... Read the full article
Palomar Holdings’ CoR falls to 80.5% on $12.9m cat losses, GWP rises to $415m
5th November 2024
Palomar Holdings has reported a 32.2% rise in gross written premiums (GWP) to $415 million for the third quarter of 2024, while catastrophe losses drove a 4.7 point deterioration in the combined ratio to 80.5%, compared to 75.8% in the third quarter of 2023. At the same time, Palomar's net income ... Read the full article
Miller appoints Steve Jolley as Chief Information Officer
5th November 2024
Miller, an independent specialist insurance and reinsurance broker, has announced the appointment of industry veteran Steve Jolley as Chief Information Officer, effective December 2, 2024. In his new role, Jolley will report to the incoming Chief Operating Officer, Clare Lebecq. He will be responsible for advancing Miller's technological solutions for clients while ... Read the full article
Catastrophes dent Greenlight Re’s underwriting result but net income rises on investments
5th November 2024
Cayman Islands domiciled reinsurer Greenlight Capital Re, Ltd. has reported a higher combined ratio of 95.9% for the third quarter of 2024 compared to last year’s 91.2% on the back of elevated losses from catastrophes, although net income increased 161% year-on-year as total net investment income rose. Greenlight Re's loss ratio ... Read the full article
AI-enabled wildfire insurer Kettle appoints Isaac Espinoza as CEO
5th November 2024
Kettle, an AI-enabled insurance and reinsurance provider for commercial property owners in areas affected by catastrophic climate events, has appointed Isaac Espinoza as CEO. Espinoza holds nearly two decades of experience in the industry, having most recently served as SVP at Root, where he managed reinsurance efforts, strategy, corporate actuarial and ... Read the full article
AIG posts solid Q3’24 result as higher catastrophe charges dent GI underwriting result
5th November 2024
Global insurer AIG has reported a 77% year-on-year decline in net income to $459 million for the third quarter of 2024, driven primarily by a reduction in net income from discontinued operations following the deconsolidation of Corebridge, while its General Insurance (GI) business saw its underwriting result fall 28% on ... Read the full article
Swiss Re to sell iptiQ’s Euro P&C business to Allianz Direct
5th November 2024
In line with its strategic decision to withdraw from iptiQ, Swiss Re has agreed to sell the digital insurer's European P&C business to Allianz Direct, the pan-European online insurer of Allianz Group. iptiQ is a carrier based in Luxembourg that partners with other insurers, brokers, banks and consumer brands to deliver ... Read the full article
RiverStone appoints Nicola Gaisford as Head of M&A, UK & Europe
5th November 2024
RiverStone International, a provider of legacy solutions, has announced the appointment of Nicola Gaisford as Head of M&A - UK & Europe. Gaisford has been with RiverStone since July 2023, joining as Associate Director of M&A Strategy and Business Development. Before that, she spent six years at Randall & Quilter Investment Holdings, ... Read the full article
IQUW expands FortiFI coverage to the Australian market with new territory-specific wording
5th November 2024
Re/insurance provider IQUW has announced that its Financial Institutions (FI) product, FortiFI, will introduce updated policy terms tailored for the Australian market by the end of October 2024. Originally launched in the US earlier this year, FortiFI is among the few comprehensive FI solutions available that includes integrated Cyber coverage. This new ... Read the full article
We expect a stable 1.4 renewal as demand for re/insurance continues to rise in Japan: Swiss Re’s Dodo
5th November 2024
Global reinsurance giant Swiss Re continues to see increased demand for property insurance and reinsurance protection in Japan amid elevated large natural catastrophe threats and the impact of inflation, and with little sign of a significant influx of capital heading into 2025, the expectation is for a stable April 1st ... Read the full article
Price Forbes appoints Jennifer Gray as Director of Professional Risks and Healthcare
5th November 2024
Price Forbes Singapore has announced the appointment of Jennifer Gray as Director of Professional Risks and Healthcare. In her new role, Gray will focus on managing and growing Price Forbes' professional lines and healthcare portfolio, driving expansion across domestic and international markets. She will be based in Singapore and will report to ... Read the full article
Pacific Life Re partners with Kakao Pay to provide life insurance in South Korea
5th November 2024
Pacific Life Re and Kakao Pay Insurance, a South Korean fintech-led digital non-life insurer, have signed a Memorandum of Understanding (MoU) to provide life insurance solutions in South Korea. According to Pacific Life Re, this partnership combines its global expertise with Kakao Pay Insurance’s digital capabilities to create new opportunities in ... Read the full article
Singapore aims to reinforce position as leading Asian reinsurance hub: Deputy PM Gan Kim Yong
4th November 2024
In his keynote address at the 20th Singapore International Reinsurance Conference (SIRC), Gan Kim Yong, Deputy Prime Minister and Minister for Trade and Industry, and Chairman of the Monetary Authority of Singapore (MAS), outlined a detailed plan to reinforce Singapore as Asia’s leading reinsurance hub. While Gan's keynote touched on numerous ... Read the full article
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