Reinsurance News
Nirvana Insurance secures $80m in Series C funding round
13th March 2025
Data and telematics insurtech Nirvana Insurance has completed an $80 million Series C funding round, valuing the company at nearly $850 million, led by General Catalyst along with continued support from existing investors, Lightspeed Venture Partners and Valor Equity Partners. The funding round came after Nirvana reported that it has exceeded ... Read the full article
AM Best assigns ratings to MGT Specialty, affirms MGT Insurance
13th March 2025
AM Best has assigned MGT Specialty Insurance Company (MGT Specialty) a Financial Strength Rating (FSR) of A- (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” (Excellent). The credit rating agency has also affirmed the same ratings for MGT Insurance Company (MGT Insurance), both with a stable outlook. Together, MGT ... Read the full article
Concert Group names Thomas Sweeney Chief Credit Officer
13th March 2025
Concert Group, a privately owned insurance holding company, has announced the appointment of Thomas G. Sweeney as Chief Credit Officer. In his new role he will oversee all aspects of credit risk for Concert Group including its admitted carrier, Concert Insurance Company, its non-admitted carrier, Concert Specialty Insurance Company, and its ... Read the full article
VIG’s GWP rises to €15.2bn for 2024 as insurer reports storm Boris claims of €617m
12th March 2025
Vienna Insurance Group (VIG) has reported a preliminary gross written premiums growth (GWP) of 10% to €15.2 billion for 2024, driven by growth in all reporting segments and lines of business. At the same time, VIG recorded a net combined ratio of 93.4% for 2024, a slight increase from 2023’s 92.6%, ... Read the full article
Poliseno to lead Chubb’s newly created North America Small & Lower Midmarket division
12th March 2025
Global insurer Chubb has created the North America Small & Lower Midmarket division, with Rob Poliseno as Division President and Jason Ranucci as Chief Operating Officer. The new division falls within Chubb’s North America Middle Market organisation, combining the insurer’s Lower Middle Market and Digital Small Business divisions into a single ... Read the full article
Five Bays Capital acquires Firezat to expand wildfire protection amid growing crisis
12th March 2025
Five Bays Capital, a private investment firm specialising in high-growth, mission-driven companies, has acquired Firezat, a leading provider of wildfire structure protection, as fires grow increasingly severe across California and other high-risk states. Founded in 2006, Firezat has supplied millions of square feet of its patent-pending aluminum-based Wildfire Ember Shields and ... Read the full article
PartnerRe appoints Piergiorgio D’Ignazio as Global Product Leader, Credit & Political Risk
12th March 2025
Bermuda-based reinsurer PartnerRe has announced the appointment of Piergiorgio D'Ignazio as Global Product Leader, Credit and Political Risk. D'Ignazio joins PartnerRe after nearly eight years at Zurich Insurance, where he most recently served as Credit Lines Chief Underwriting Officer. Prior to that, he spent 12 years at SACE, holding senior positions, including ... Read the full article
Kita expands carbon insurance solutions to Australia, enhancing global coverage
12th March 2025
Kita, a Lloyd's of London coverholder, has announced its expansion into the Australian market, adding to its existing coverage for buyers and investors in the UK, USA, Canada, Switzerland, Singapore, and the EU/EEA. This expansion is part of the company’s strategy to increase its global presence and support growing carbon market ... Read the full article
HDI Global US restructures casualty operations with Ed Wu as VP, US Casualty Lead
12th March 2025
HDI Global Insurance Company (HGIC), a commercial and specialty lines insurer, has restructured its US casualty operations leadership, appointing Ed Wu as Vice President (VP) and US Casualty Lead, with Thomas Long serving as VP and Admitted Casualty Lead. Wu has nearly three decades of commercial casualty experience with deep expertise ... Read the full article
AM Best forecasts moderate growth for US life/annuity insurance sector in 2024-2025 period
12th March 2025
AM Best, the credit rating agency, forecasts moderate growth of approximately $48 billion in capital and surplus for the US life/annuity (L/A) insurance sector over the 2024-2025 period, as detailed in a new Best’s Market Segment Report. The segment’s net income is expected to surpass pre-pandemic figures, reaching an estimated $51.1 ... Read the full article
Continental Re appoints Sang as Head of Underwriting for Eastern Africa Region
12th March 2025
Pan-African reinsurer Continental Reinsurance has announced the appointment of Felix Sang as Head of Underwriting for the Eastern Africa Region, based in the firm's Kenya office. Sang has over 15 years of experience in the insurance and reinsurance industry, with a proven track record in underwriting, risk management, and reinsurance program ... Read the full article
Global insurance M&A hits 16-year low, rebound expected in 2025: Clyde & Co
12th March 2025
In 2024, global insurance carrier M&A dropped to a 16-year low, with high interest rates, geopolitical instability, and increased regulatory oversight reducing carriers' appetite for deals, according to Clyde & Co’s annual Insurance Growth Report. Only 204 transactions were completed in 2024, a sharp decline from 346 the previous year, marking ... Read the full article
Øyvind Larsen named CEO of Lockton Norway
12th March 2025
Independent insurance broker Lockton has announced the appointment of Øyvind Larsen as CEO of Lockton Norway, effective April 1, 2025. In this role, Øyvind will lead Lockton Norway into its next phase of growth, focusing on unifying the company's specialist businesses to better support clients in an increasingly complex and volatile ... Read the full article
Morningstar DBRS estimates up to $300m insured loss from North Sea oil tanker collision
12th March 2025
Morningstar DBRS, a credit ratings agency, estimates that total insured losses from the 10 February 2025 collision between the MV Solong and MV Stena Immaculate could range from $100 million to $300 million, following significant damage, a fire, and a fuel spill in the North Sea. While most of the crew ... Read the full article
Ex-Tropical Cyclone Alfred claims swell to over 34,000: ICA
12th March 2025
According to the Insurance Council of Australia (ICA), insurers have now received over 34,000 claims across southeast Queensland and northern New South Wales related to ex-Tropical Cyclone Alfred, a more than 50% increase in just 24 hours. Yesterday, the ICA reported that insurers had received over 22,000 claims from policyholders, ... Read the full article
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