Reinsurance News
88% protection gap persists despite growth in microinsurance coverage: MiN
7th March 2025
Despite strong growth in microinsurance, an 88% protection gap remains, with 9 out of 10 people globally remaining unprotected from rising risks - including climate change, health crises, disasters, conflict, and nature loss - according to a recent report by the Microinsurance Network (MiN). The Landscape of Microinsurance 2024’ report, done ... Read the full article
Markel Specialty strengthens SE Excess Casualty leadership team
7th March 2025
Markel, the insurance division of Markel Group Inc., has announced the promotion of Nan Fine to Managing Director, Casualty, Southeast Region at Markel Specialty, and the appointment of Hillary Warren as Manager, Commercial Wholesale Excess Casualty, Southeast Region. These appointments strengthen the alignment of Markel Specialty's Excess Casualty team in the ... Read the full article
Cavello Bay Re receives A (Excellent) financial strength rating from AM Best
7th March 2025
AM Best, the credit rating agency, has assigned Cavello Bay Reinsurance Limited, a subsidiary of Enstar Group Limited based in Bermuda, a Financial Strength Rating of A (Excellent) and a Long-Term Issuer Credit Rating of “a+” (Excellent), while both ratings come with a stable outlook. These ratings reflect Cavello Bay’s robust ... Read the full article
W. R. Berkley names Heath Kidd as Executive Vice President
7th March 2025
W. R. Berkley Corporation, a provider of commercial property and casualty insurance, has appointed Heath Kidd as executive vice president, effective immediately. Kidd brings over 30 years of industry experience, having held leadership roles across strategy, underwriting, risk control, product development, claims, and analytics. Prior to joining Berkley, he served as vice ... Read the full article
Vortex expands its hurricane insurance program for SMEs
7th March 2025
Parametric weather insurtech Vortex Insurance has expanded its hurricane insurance program to provide supplemental coverage for all hurricane categories (1-5) which includes fast, automatic payouts, and zero deductibles for businesses along the Gulf and Atlantic coasts, with limits up to $1 million. Higher coverage amounts can also be requested through Vortex ... Read the full article
ZestyAI partners with Colorado FAIR Plan to help expand insurance accessibility
7th March 2025
ZestyAI, a provider of AI-driven climate and property risk analytics, has partnered with the Colorado FAIR Plan to expand insurance access for homeowners facing coverage challenges amid the climate crisis. The Colorado FAIR Plan will leverage ZestyAI's AI-driven risk models, Z-FIRE™, Z-HAIL™, and Z-WIND™, to provide property-specific risk assessments for wildfire, ... Read the full article
Dynamic Re appoints Mendoza as BD Director, Mexico & Central America
7th March 2025
Dynamic Reinsurance, a US registered provider of facultative and treaty reinsurance, has appointed Luis Angel Mendoza as its new Business Development (BD) Director for Mexico and Central America. Angel brings over 25 years of experience in the re/insurance industry, with strong expertise in underwriting, facultative brokerage, and strategic business development. Dynamic Re ... Read the full article
Multiple factors hinder insurance protection gap collaboration, reveals poll
7th March 2025
In 2024, economic losses from natural disasters exceeded $300 billion for the ninth consecutive year, and while insured losses were also high, the persistent protection gap, estimated at 60%, underscores the urgent need for comprehensive solutions in both developed and emerging markets. Analysts emphasize that collaborative efforts are paramount to effectively ... Read the full article
Fitch revises SiriusPoint outlook to positive
7th March 2025
Fitch Ratings, the global ratings agency, has revised the outlook for Bermuda-domiciled insurer and reinsurer SiriusPoint to positive from stable, while the Long-Term Issuer Default Rating (IDR) has been affirmed at 'BBB', the senior debt rating at 'BBB-' and its Insurer Financial Strength (IFS) rating at 'A-' (Strong) for SPNT's ... Read the full article
Re/insurance executives cautiously optimistic on P&C: KBW
7th March 2025
Re/insurance executives have expressed cautious optimism for 2025, though outlooks differ between property catastrophe and casualty lines, according to KBW analysts following this year’s AIFA conference. While property catastrophe reinsurance appears poised for steady returns, social inflation continues to cast a shadow over casualty markets which are expected to experience limited ... Read the full article
Former AEGIS President William Cullen named London NED
7th March 2025
AEGIS London, a Lloyd’s syndicate, has announced the appointment of William Cullen, former President & Chief Executive Officer of its parent company, AEGIS in the US, as Non-Executive Director. Cullen has a career in insurance spanning five decades, including serving as Senior Vice President & Chief Underwriting Officer at AEGIS from ... Read the full article
Fitch upgrades outlook for MAPFRE to positive
7th March 2025
Fitch Ratings, a credit rating agency, has upgraded the outlook for MAPFRE, a multinational insurance company, from Stable to Positive. Additionally, Fitch has affirmed MAPFRE’s issuer rating at A- and the Group’s financial strength rating at A+. "The positive outlook reflects the improvement in MAPFRE’s financial results and earnings. The ratings also ... Read the full article
AXIS appoints Aon’s Alyssa Rubinetti as Senior Life Science Underwriter
7th March 2025
Bermuda-based insurer and reinsurer AXIS Capital has expanded its life sciences team with the appointment of Alyssa Rubinetti as Senior Underwriter. Rubinetti brings over a decade of property and casualty brokering experience in the life sciences industry to her new role. She joins AXIS after 10 years at Aon, where she held ... Read the full article
CEA’s risk transfer tower contracts to $7.85bn after Jan reinsurance renewal
7th March 2025
The California Earthquake Authority's (CEA) risk transfer tower decreased further in size through the January 1st, 2025, reinsurance renewals, as renewed traditional reinsurance contracts were placed at a lower volume than those that expired at the end of the year. Last year, we reported that the CEA's reinsurance and risk ... Read the full article
Resolution Life signs $9.7bn reinsurance agreement with Protective
7th March 2025
Resolution Life has signed a $9.7 billion reinsurance agreement with Protective, a U.S. subsidiary of Dai-ichi Life Holdings, Inc. Protective’s operating subsidiaries, Protective Life Insurance Company and West Coast Life Insurance Company, will reportedly cede in-scope blocks of structured settlement annuities and secondary guaranteed universal life policies currently in runoff to ... Read the full article
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