Reinsurance News
Augment Risk appoints Swiss Re’s Jose Martinez as Associate Partner – Retrospective
13th January 2025
Augment Risk, a global risk capital and reinsurance solutions broker, has announced the appointment of Jose Martinez as Associate Partner – Retrospective. Martinez brings around two decades of re/insurance experience, with expertise in business administration, reinsurance claims, and accounting. He joins Augment Risk from Swiss Re, where he worked for five years, ... Read the full article
Arch Insurance (EU) promotes Duncan Smith to CEO
13th January 2025
Arch Insurance (EU) dac (AIEU) has promoted Duncan Smith to Chief Executive Officer, tasking him with leading the executive management team and driving the firm's growth plans across continental Europe. According to Arch, Smith’s appointment follows the decision by Søren Scheuer to step down as CEO of AIEU. Scheuer will reportedly ... Read the full article
Insured LA wildfire losses ‘to notably’ exceed $10bn: Gallagher Re
13th January 2025
Steve Bowen, Chief Science Officer at reinsurance broker Gallagher Re, states that the wildfires in Los Angeles County, particularly the Palisades Fire and Eaton Fire, are projected to become some of the most expensive in history, with total aggregated insured losses expected "to notably" exceed the $10 billion mark. The extent ... Read the full article
2024 UK financial services M&A activity hits highest volume in over a decade: EY
13th January 2025
In 2024, M&A activity in the UK financial services sector reached its highest annual volume since 2012, with UK banks, insurers, and asset managers publicly disclosing 380 deals, according to a recent EY report. This marked a 26% increase in deal volume compared to 272 deals in 2023. The total disclosed ... Read the full article
Analysts expect LA fires to be treated as single event as insured loss estimate rises to $25bn
13th January 2025
Analysts at Evercore ISI have estimated that insurance industry losses from the Los Angeles wildfires will be in the $20 billion to $25 billion range, and also expect the fires to be treated as one event which could help primary carriers reach their reinsurance coverage. The fires continued to burn and ... Read the full article
David Kim to lead Miller’s new Korea branch
13th January 2025
Independent specialist re/insurance broker Miller has further expanded into Asia with the launch of Miller Korea, led by David Kim as Head of Korea. Miller explained that the launch of its Korea branch marks another significant step in its expansion across Asia, including its acquisition of Japanese broker Lead Insurance Services ... Read the full article
Markel appoints Jack Taylor as Executive of Distribution Strategies and Business Development for Asia Pacific
13th January 2025
Markel, the insurance division of Markel Group Inc., has announced the appointment of Jack Taylor as Executive, Distribution Strategies and Business Development, Asia Pacific. Based in Singapore, Taylor will oversee broker engagement across the region. This newly created role aligns with Markel's strategic focus on enhancing its broker relationships in Asia Pacific ... Read the full article
Billions in insurance losses expected from LA wildfires, Moody’s reports
13th January 2025
Wildfires currently affecting the Los Angeles area are expected to lead to significant financial losses for insurers, according to Moody's Ratings, a provider of credit ratings, research, and risk analysis. As of January 9, 2025, the Palisades and Eaton fires remain uncontained, causing property damage and evacuations. The ... Read the full article
Centre for Disaster Protection appoints Emily White as Chief Finance and Operations Officer
13th January 2025
The Centre for Disaster Protection (the Centre), an organisation dedicated to helping countries and humanitarian agencies better prepare for and respond to natural disasters, has appointed Emily White as its Chief Finance and Operations Officer. This newly created role aims to position the Centre for its next phase of growth, enhancing ... Read the full article
RIMS names Kristen Peed as President for 2025
13th January 2025
The Risk Management Society (RIMS) has announced the appointment of Kristen Peed as its President for the 2025 term. Peed has been an active member of RIMS throughout her career, joining its global Board of Directors in 2018. She has served on the Executive Committee as Secretary, Treasurer, and, most recently, ... Read the full article
LA wildfires destroy over 10k structures, insured loss seen at ~$20bn
10th January 2025
The Los Angeles County wildfires are still burning and have now destroyed more than 10,000 structures, according to the Cal Fire authority, with insurance industry loss estimates still ranging from $10 billion to $20 billion, or higher if the fires continue to spread. Five fires continue to burn across LA. The ... Read the full article
Reinsurance getting more competitive as capital levels rise, says Evercore
10th January 2025
According to Evercore's reinsurance renewals report, growth in dedicated reinsurance capital is expected to outstrip growth in demand, resulting in pressure being put on property catastrophe pricing that will likely accelerate throughout 2025. The firm noted that capital levels continue to increase and have reached new heights in 2024. Readers may ... Read the full article
AM Best places VSIC’s ratings under review with positive implications
10th January 2025
Global credit ratings agency AM Best has placed Velocity Specialty Insurance Company’s (VSIC) Financial Strength Rating of A- and Long-Term Issuer Credit Rating of “a-” under review with positive implications. This is following the recent announcement that FM, a commercial property insurer, will acquire VSIC. The deal is expected to ... Read the full article
Capital supply was sufficient to meet demand for most placements at 1.1 casualty renewals: Howden
10th January 2025
Differentiation was a key focal point leading up to the 1.1.2025 casualty reinsurance renewals, however, whilst there was a considerable focus on litigation risk and loss cost trends in the US, outcomes were reportedly determined by loss experience, underlying rate change and reserve development on individual portfolios, according to broker ... Read the full article
The Hartford appoints Morris Tooker as Company President
10th January 2025
Property and casualty (P&C) insurer The Hartford has announced the appointment of Morris Tooker as Company President, effective February 1, 2025. In this new role, Tooker will oversee Personal Lines in addition to his current responsibilities, which include Small Commercial, Middle & Large Commercial, Global Specialty, Enterprise Sales & Distribution, and ... Read the full article
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