Reinsurance News
Marsh McLennan Agency acquires Acumen Solutions Group to expand insurance services
3rd January 2025
Marsh McLennan Agency (MMA), a division of Marsh offering insurance and financial services across North America, has acquired Melville, New York-based full-service insurance agency Acumen Solutions Group LLC, with terms of the deal undisclosed. Founded in 2012, Acumen specialises in offering tailored insurance solutions for businesses and individuals, with a focus ... Read the full article
Flood events drive 78% of international industry losses in 2024: CRESTA
2nd January 2025
According to the Q4 CRESTA Industry Loss Index (CLIX) update, which provides data on non-US catastrophe events that have generated industry losses above $1 billion, 2024 was dominated by flood events, driving 78% of the total industry loss figure. In terms of the overall figure, the international loss tally for billion-dollar ... Read the full article
Amwins acquires MGA Superior Underwriters
2nd January 2025
Amwins, a distributor of specialty insurance products and services, has reached an agreement to acquire Superior Underwriters, a Bellevue, Washington-based managing general agency (MGA) that specialises on commercial lines, personal lines and transportation business. The transaction reportedly closed on December 31, 2024. Terms of the transaction were not disclosed. From ... Read the full article
Manulife closes $4.1bn LTC reinsurance transaction with RGA
2nd January 2025
Manulife Financial Corporation (Manulife) has announced the closure of its transaction to reinsure two blocks of legacy business, including a younger block of long-term care (LTC), with Reinsurance Group of America (RGA). The $4.1 billion reinsurance transaction was entered into between RGA and John Hancock, a subsidiary of Manulife. The transaction, which ... Read the full article
Property cat reinsurance rates-on-line down 8% at 1.1 2025: Howden
2nd January 2025
According to global insurance and reinsurance broking group Howden, risk-adjusted global property-catastrophe reinsurance rates-on-line decreased by 8% on average at the January 1st, 2025, reinsurance renewals, in comparison to +3% that was recorded last year. In their January 1st 2025 reinsurance renewals report, Howden noted that demand at this years renewals ... Read the full article
Aon completes acquisition of Griffiths & Armour to strengthen UK and Ireland footprint
2nd January 2025
Aon, a large global insurance and reinsurance broking group, has announced the successful completion of its acquisition of Griffiths & Armour. The deal, finalised on January 1, 2025, enhances Aon’s strategy to broaden its regional footprint in the UK and Ireland. Moving forward, Griffiths & Armour, a well-established UK insurance broker, will ... Read the full article
Reinsurer returns to remain strong through 2026: Guy Carpenter
2nd January 2025
With an expected return on equity (ROE) of 17.3% for 2024, reinsurers are projected to remain strong through 2026, with the annual ROE forecasted to consistently exceed the cost of equity, according to data from Guy Carpenter, the reinsurance broking arm of Marsh McLennan. As you can see from the fluctuations ... Read the full article
Hawkes Bay Underwriting resumes status as Lloyd’s of London Coverholder
2nd January 2025
Hawkes Bay Underwriting (HBU) Marine, a Managing General Agent (MGA) in the Asia-Pacific region, has resumed its status as a Lloyd's of London Coverholder after several years on pause. Established in 2008, HBU has been delivering specialised insurance and reinsurance solutions to clients for over a decade. The company provides a broad ... Read the full article
Taiping Re sponsors Asia’s first dual-perils and triggers cat bond in Hong Kong
2nd January 2025
Taiping Reinsurance Co., Ltd sponsored the issuance of Asia’s first dual-peril, dual-trigger catastrophe bond on 31st December 2024 in Hong Kong, enhancing its catastrophe risk management capabilities. The $35 million sized cat bond was issued through a special purpose insurer named Silk Road Re and provides coverage for earthquake risks ... Read the full article
Property renewals largely orderly, rate reductions ‘entirely rational’ says Gallagher Re
2nd January 2025
Global property reinsurance renewals were largely orderly at the January 1st, 2025, renewals, and although reduced risk adjusted pricing was greater than many sellers planned for, is "entirely rational and expected" given plentiful capacity and robust results for 2024, according to Gallagher Re. The reinsurance broker has published its 1st View ... Read the full article
Structural changes introduced during hard market likely to endure in 2025: Howden
2nd January 2025
According to Howden's 2025 market report, the January 1 reinsurance renewals experienced notable softening overall, reflecting strong price adequacy and reinsurers’ ambitions for growth. Howden explained that over the past 12 months, favourable supply dynamics have become increasingly apparent in both the commercial insurance and reinsurance markets. These dynamics were reportedly instrumental ... Read the full article
ICICI Prudential Life and RGA launch first-of-its-kind health product for women
2nd January 2025
ICICI Prudential Life Insurance, in collaboration with Reinsurance Group of America (RGA), has developed and launched ICICI Pru Wish, a first-of-its-kind health product in the life insurance industry that addresses critical illnesses and surgeries specific to women. ICICI Pru Wish offers an immediate payout of up to 100% of the health ... Read the full article
AJ Gallagher acquires Illinois-based Afina Insurance
2nd January 2025
Arthur J. Gallagher & Co. has acquired the Illinois-domiciled Afina Insurance Advisors Inc., a property & casualty insurance broker serving clients in greater Chicago, in an undisclosed transaction. As per the announcement, George Van Denend and his team will remain in their current location under the direction of Ryan Isaacs, Head ... Read the full article
Moody’s adjusts global P&C insurance outlook to stable
31st December 2024
Ratings agency Moody’s has changed its outlook for the global property and casualty (P&C) insurance sector to stable from negative for 2025. The stable outlook is driven by factors such as improved personal lines pricing adequacy, commercial lines pricing remaining supportive of healthy results, and the fact investment income is expected ... Read the full article
Saudi Re signs reinsurance contract for Surety Bonds Program with Walaa
31st December 2024
Saudi Re has announced the signing of a reinsurance contract with Walaa Cooperative Insurance Company for the Surety Insurance Bonds Coinsurance Program. This program provides financial guarantees to ensure contractors meet their obligations on construction projects developed by the Public Investment Fund’s (PIF) Development Companies. The contract spans 12 Gregorian months, starting ... Read the full article
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