Reinsurance News
Lovell Minnick Partners makes strategic investment in Broadstone
7th January 2025
Lovell Minnick Partners (LMP), a private equity firm focused on investing in financial services, business services and fintech, has signed a definitive agreement to make a strategic growth investment in the independent financial services consultancy, Broadstone. The transaction is expected to close in the second quarter of 2025, subject to customary ... Read the full article
Ryan Specialty to expand property cat portfolio with $525m Velocity Risk acquisition
7th January 2025
Specialty insurer Ryan Specialty has agreed to acquire Nashville, Tennessee-based managing general underwriter Velocity Risk Underwriters, LLC for $525 million from funds managed by Oaktree Capital Management, L.P., expanding its property catastrophe portfolio. Expected to close early this year, Velocity, a provider of first-party insurance for catastrophe exposed properties, will become ... Read the full article
Robert Malone named Head of AXA XL’s Large Accounts & Portfolio Management for Cyber, Americas
7th January 2025
AXA XL, the property and casualty (P&C) and specialty risk division of global insurer AXA, has appointed Robert Malone as Head of Large Accounts and Portfolio Management of its Cyber Insurance team in the Americas. Based in New York, Malone reports to Michelle Chia, Chief Underwriting Officer for Cyber, Select and ... Read the full article
US commercial insurance composite rates up 3.75% in 2024: MarketScout
7th January 2025
The US commercial insurance sector saw a composite rate increase of 2.64% in Q4 2024, bringing the total increase for the year to 3.75%, down from 4.56% in 2023, according to a recent analysis by MarketScout. Richard Kerr, CEO of Novatae, observed that property rates are slowing due to fewer insured ... Read the full article
Alejandro Solorzano joins Augment Risk to expand LatAm parametric offering
7th January 2025
Risk capital and broking solutions firm, Augment Risk, has hired Alejandro Solorzano from XS Global, who joins the organisation to help it expand its parametric risk transfer offering across the Latin America region. Solorzano has joined the company as Associate Partner, LATAM Parametric, where he will be based in Miami. From what ... Read the full article
iprism signs multi-year capacity deal with Zurich
7th January 2025
iprism, a Managing General Agent (MGA), has announced a new multi-year capacity deal with global insurer Zurich. Under the deal, Zurich will provide Property and Casualty capacity for iprism’s Property Owners and Commercial Combined products, expected to generate up to £30 million in gross written premium. This agreement expands the existing partnership, ... Read the full article
Guy Carpenter completes acquisition of Athens-based Carpenter Turner
7th January 2025
Guy Carpenter, the reinsurance broking arm of Marsh McLennan, has completed its previously announced acquisition of the remaining 51.5% of Carpenter Turner, an Athens-based reinsurance broking and advisory business. Now operating as Guy Carpenter Greece, the business will reportedly deliver the global risk and reinsurance specialist's comprehensive range of global ... Read the full article
CCR Re appoints Ludovic Boulanger as Life Underwriter
7th January 2025
French reinsurer CCR Re has announced the appointment of Ludovic Boulanger as Life Underwriter. Boulanger brings over 18 years of experience in life actuarial science, with extensive expertise in life reinsurance across areas such as protection, long-term care, credit insurance, and savings. He joins CCR Re from BPCE Assurances, where he served ... Read the full article
PIC completes second buy-in with Clarks Footwear Pension Fund for £540m
7th January 2025
Pension Insurance Corporation (PIC), a specialist insurer of defined benefit pension schemes, has completed a second buy-in with the Trustee of the C&J Clark Pension Fund – CJC Section and Flexible Section (the Fund) for £540 million. This follows the Fund’s initial £280 million buy-in with PIC in 2022, bringing the ... Read the full article
Global reinsurer capital up 7% to $715bn at Sept. 30, says Aon
7th January 2025
Global reinsurer capital increased 7%, or $45 billion from $670 billion at the end of 2023 to a new high of $715 billion at September 30th, 2024, with growth in both traditional and alternative capital on the back of retained earnings, unrealised gains on bonds, and a busy period for ... Read the full article
IAG shrinks reinsurance program slightly for 2025
7th January 2025
Australian insurer IAG has successfully placed its catastrophe reinsurance program for 2025, purchasing slightly less protection than in 2024. The program includes a main catastrophe cover for two events up to $10 billion and an unchanged attachment at $500 million. Notably, aggregate, drop-down, and subsequent event covers are gone compared ... Read the full article
Supporting non-life and life sectors is a key focus for 2025: De Monte, Lloyds Bank
7th January 2025
During a recent interview with Reinsurance News, Christian De Monte, Lloyds Bank Corporate & Institutional Banking Head of Insurance and Group Subsidiaries, discussed what the firm's main priorities are for its insurance business throughout 2025. Readers may recall, that De Monte was named Managing Director, Head of Insurance and Group ... Read the full article
Christina Ong joins Lockton Asia as Executive Director
7th January 2025
Independent insurance broker Lockton has appointed Christina Ong as an Executive Director for Lockton Asia, effective immediately, based in Singapore. Ong joins the broker with four decades of industry experience across Asia and Europe. She will report to Frederic Boles, the Head of ProExec and Credit, and Sung Wook Han, Regional Head ... Read the full article
Helix USA launches under leadership of Greg Butler
7th January 2025
Bermuda domiciled independent, multi-line managing general agent, Helix Underwriting Partners Ltd., has announced that its subsidiary Helix Underwriting Partners USA Ltd. is now officially open for business, Led by Greg Butler, Helix USA offers property insurance capacity of up to $10 million per risk on an excess of loss basis for ... Read the full article
Julia Willberg named Global Head of Cedant Fac Underwriting for SCOR P&C
7th January 2025
French reinsurer SCOR has announced the appointment of Julia Willberg as Global Head of Cedant Facultative Underwriting for SCOR P&C and a member of the P&C Management Team. In a recent LinkedIn post, SCOR noted, “Julia brings a wealth of experience from over 25 years in the insurance industry, having led ... Read the full article
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