Reinsurance News
Carbon Underwriting appoints veteran Alex Poracchia as CFO
15th January 2025
Carbon Underwriting, a specialist independent managing general underwriter (MGU) and Lloyd’s syndicate, has announced the appointment of Alex Poracchia as its new Chief Financial Officer (CFO), effective immediately. In his new role, Poracchia will lead Carbon’s global financial operations and play a key role in strengthening the company’s capabilities as the ... Read the full article
Re/insurance pricing could firm after unexpected wildfire losses: Berenberg
15th January 2025
The severity of the ongoing California wildfires is expected to drive insurance industry losses of more than $20 billion, with some estimates even hitting or exceeding the $40 billion mark, which analysts at investment bank Berenberg believe could cause pricing to firm. In a recent note, Berenberg analysts focus on re/insurers ... Read the full article
LA wildfire insured losses may surpass $30bn, says Morningstar DBRS
15th January 2025
According to analysts at Morningstar DBRS, the wildfires in the Los Angeles area have caused unprecedented property damage, with insured losses potentially surpassing $30 billion, leading to a negative but manageable impact on insurers' credit profiles. The analysts noted in a recent commentary that, with more than 12,000 structures destroyed, the ... Read the full article
Haakon AG becomes Howden Re Switzerland
15th January 2025
Global insurance and reinsurance broking group Howden has welcomed Haakon AG into its collective power under the name Howden Re Switzerland. Haakon AG, a specialised international reinsurance broker headquartered in Switzerland, was acquired by Howden in December 2023. This marks the final step in its transition to the Howden brand. Ivo ... Read the full article
Gallagher Re appoints Mathieu Loisel as Lead for Casualty & Motor, EMEA
15th January 2025
Reinsurance broker Gallagher Re has announced the appointment of Mathieu Loisel as Lead for Casualty & Motor for EMEA and Coordinator for the International Casualty Practice Group (ICPG). Based in Switzerland, Loisel will focus on strengthening Gallagher Re’s International Casualty and Motor treaty reinsurance capabilities, collaborating with teams across the region. Loisel ... Read the full article
Insured losses from LA wildfires likely to exceed $25bn: BMS
15th January 2025
Specialist insurance and reinsurance broker BMS Group has noted that, while it is too early to provide a credible insured loss estimate for the Los Angeles wildfires, the total is likely to exceed $25 billion. In a new report on the matter, Andy Siffert, Senior Vice President and Senior Meteorologist at ... Read the full article
Swiss Re proposes Hübbe and Quinn as new Board members
15th January 2025
Global reinsurance giant Swiss Re's Board of Directors has proposed Morten Hübbe and George Quinn for election as new members of the Board at the AGM on April 11th, 2025, as Board members Philip Ryan and Sir Paul Tucker will not stand for re-election. Hübbe served as Group Chief Executive Officer ... Read the full article
CyberCube predicts AI will amplify cyber attacks in 2025
15th January 2025
CyberCube, a provider of cyber risk analytics for the insurance sector, has released its 2025 Predictions Report, which suggests that artificial intelligence (AI) agents will give cybercriminals greater leverage to scale widespread attacks. The report highlights key trends and challenges shaping the cyber sector in the year ahead. Yvette Essen, Head ... Read the full article
Polo Insurance Managers launches new Guernsey reinsurer Clockwork Re
15th January 2025
PoloWorks group expands its insurance offerings with the launch of Clockwork Re, a Category 4 Commercial General Reinsurer established in Guernsey by its subsidiary, Polo Insurance Managers (PIM). Founded by Dhruv Patel, Clockwork Re has now been granted regulatory approval from the Guernsey Financial Services Commission (GFSC). The company aims to capitalise ... Read the full article
Milton/Helene losses fail to breach Oxbridge Re’s reinsurance layers
15th January 2025
Cayman Islands-based reinsurance company Oxbridge Re has revealed that ceding insurers have not made any claims related to Hurricanes Helene and Milton, suggesting that losses from the events may not have penetrated the reinsurance layers that are covered by the firm. However, in a new SEC filing, Oxbridge Re observed that ... Read the full article
Pension Insurance Corporation announces new board appointments
15th January 2025
Pension Insurance Corporation plc (PIC), an insurer of defined benefit pension schemes, has announced the appointment of Martin Pike to its Board as an Independent Non-Executive Director. Additionally, Tracey Graham has joined both PIC’s Board and the Board of its parent company, Pension Insurance Corporation Group Limited (PICG), as an Independent ... Read the full article
AM Best assigns A- ratings to Spinnaker’s 100% reinsured subsidiary Wingsail
15th January 2025
Global credit ratings agency AM Best has assigned Wingsail Insurance Company, a fully reinsured subsidiary of Spinnaker Insurance Company, a Financial Strength Rating of A- and a Long-Term Issuer Credit Rating of “a-”, with a stable outlook. AM Best has also affirmed the same ratings and stable outlook for Spinnaker Insurance ... Read the full article
NFIP’s Helene loss nears lower layer of its traditional reinsurance at $6.75bn
14th January 2025
The U.S. Federal Emergency Management Agency (FEMA) has raised its estimate for National Flood Insurance Program (NFIP) losses from hurricane Helene to $6.75 billion, which is near the lower layer of its 2024 traditional reinsurance coverage, as reported by our insurance-linked securities (ILS) focused sister publication, Artemis. Back in November, ... Read the full article
KBW raises LA wildfire insured loss scenarios to between $25bn and $40bn
14th January 2025
With the Palisades Fire now covering more than 23,000 acres and just 14% contained, and the Eaton Fire covering over 14,000 acres and 33% contained, according to California’s Department of Foresty and Fire Protection, analysts at KBW have raised their insured loss scenario estimate range for the Los Angeles wildfires ... Read the full article
Twelve Capital expects insurance stocks to withstand LA wildfire losses
14th January 2025
The ongoing wildfires in Los Angeles are expected to significantly impact the 2025 financial statements, but specialist re/insurance and investment manager Twelve Capital believes that the insurance stocks in its coverage universe have sufficient solvency and earnings capacity to withstand even the highest insured loss estimates. Twelve Capital notes that these ... Read the full article
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