Reinsurance News
Everest Re promotes Shirine Dajjani as the International Reinsurance Operating Officer
28th October 2024
Everest Reinsurance, the reinsurance division of Everest Group, Ltd., has promoted Shirine Dajjani to the role of International Reinsurance Operating Officer, based out of Zurich. In her new position, Dajjani will oversee the alignment of the firm’s international reinsurance operations across all markets. Most recently, she served as the Regional Manager at ... Read the full article
WTW secures insurance license in Saudi Arabia, appoints Bahafi Head of Broking
28th October 2024
Global advisory, broking, and solutions company WTW has reportedly secured an insurance licence to act as an insurance broker in the Kingdom of Saudi Arabia, naming Talal Omar Bahafi as the new Head of Insurance Broking, WTW Saudi Arabia. Previously Chief Executive Officer at Chubb Arabia Insurance Company, WTW noted that ... Read the full article
Prudential and RGA launch “first-in-market insurtech solutions” MedScreen+
28th October 2024
Prudential has announced the Hong Kong launch of MedScreen+, a digital underwriting tool developed in collaboration with Reinsurance Group of America, Incorporated (RGA), a global life and health reinsurer. By utilising optical character recognition (OCR) and artificial intelligence (AI) technology, RGA's MedScreen+ can reduce medical report assessment times to ... Read the full article
Rare Earth unveils wholesale insurance broker in mainland China
28th October 2024
Rare Earth Insurance Partners Shanghai (Rare Earth Shanghai), member of the +8 Partners ecosystem, has officially launched in mainland China as the first independent wholesale insurance broker in the territory. The company, which is led by industry veterans Wang Wei and Mark Gu, will reportedly provide expertise and competitive commercial insurance products ... Read the full article
TIH announces leadership transition as Dave Obenauer becomes CEO
28th October 2024
TIH, a US insurance brokerage, announced that its President, Dave Obenauer, will step into the role as Chief Executive Officer, effective January 1, 2025, with current CEO John Howard transitioning to Vice Chair. Obenauer, who has been with TIH since 2007 following the acquisition of a predecessor company, brings over 35 ... Read the full article
Pen Underwriting revamps cyber proposition for large corporate clients
28th October 2024
Pen Underwriting, a subsidiary of Arthur J. Gallagher & Co., has revamped its cyber proposition for large corporate clients, which includes re-entering primary coverage for this market, doubling its excess of loss (XOL) limit, and expanding its risk appetite. Supported by a consortium of A-rated capacity providers with expertise in the ... Read the full article
Climate risk drives up property insurance prices, impacting commercial real estate: Report
28th October 2024
Reinsurance costs, persistent inflation, regulations, and frequent weather-related claims are driving up property insurance prices, affecting commercial real estate returns, valuations, and transactions, according to a Urban Land Institute (ULI) and Heitman report. According to research, rising insurance costs are squeezing property owners, leading to lower net operating incomes and, in ... Read the full article
A ‘silent’ low-carbon transition is already underway in the insurance sector: LMA
28th October 2024
Ahead of the next COP meeting, the Lloyd’s Market Association (LMA) commissioned a report, Underwriting the Transition, where KPMG examined the challenges, risks, and rewards of the low-carbon transition for the insurance sector over the next two decades, focusing on eight key economic sectors in the Lloyd’s market and mapping ... Read the full article
Fannie Mae’s $338.6m credit insurance risk transfer with 26 re/insurers
25th October 2024
Fannie Mae, a government-sponsored enterprise (GSE), has announced that 26 re/insurers are supporting its seventh Credit Insurance Risk Transfer transaction of the year, CIRT 2024-L4, which effectively transferred $338.6 million in mortgage credit risk. This transaction allows for faster release of coverage under updated terms if the covered loan pool performs ... Read the full article
The reinsurance market is constructed to handle events like Helene & Milton, Aon’s Andersen
25th October 2024
The reinsurance market is constructed to handle major events like hurricane's Helene and Milton, according to Eric Andersen, President of global insurance and reinsurance brokerage, Aon. Hurricane Helene was the sixth named storm of the 2024 Atlantic hurricane season, and became the fourth of the season to make landfall in the ... Read the full article
Beazley report highlights employee risk as global executive’s biggest threat
25th October 2024
In a time characterised by hybrid work arrangements, evolving workplace cultures, and heightened attention to misconduct, a significant portion of global executives, approximately 23%, identify employer risk as the most prominent threat they face during the current year, a recent Beazley report has revealed. This represents an increase compared to 18% ... Read the full article
A. J. Gallagher acquires investment consulting firm Redington
25th October 2024
Arthur J. Gallagher & Co. has acquired London-based investment consulting firm Redington. Serving clients primarily in the UK, Redington provides investment, research and technology services to pension funds, wealth managers and institutional investors. Redington's CEO, Sylvia Pozezanac, and her team will reportedly remain in their current location under the guidance of David ... Read the full article
Homeowners insurance requires urgent changes amid rising nat cat risks: Conning
25th October 2024
According to a recent report by Conning, the escalating impact of natural catastrophes is threatening the homeowners insurance sector, indicating that the industry cannot sustain its current trajectory without significant changes. While natural disasters have always posed risks to insurers, losses have surged dramatically in recent years. Between 1991 and 2016, ... Read the full article
The Hartford posts 18% rise in net income in Q3, P&C CAY CAT losses reach $247m
25th October 2024
Property & casualty (P&C) insurer The Hartford has posted an 18% year-on-year increase in net income to $761 million for the third quarter of 2024, driven by double-digit earned premium growth in both its Commercial and Personal Lines segments, as well as lower net realised losses and higher net investment ... Read the full article
Reinsurance industry poised to meet demand at Jan 1, Gallagher projects strong 2025
25th October 2024
With the reinsurance industry remaining adequately capitalised and poised to meet demands at the upcoming January 1 renewals, J. Patrick Gallagher, Jr., Chairman, President and CEO of A.J. Gallagher & Co., remains confident that Gallagher Re will perform "very well" in 2025, regardless of how the market environment unfolds in ... Read the full article
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