Reinsurance News
AXA Climate renews parametric insurance to safeguard marine protected areas
21st October 2024
AXA Climate has announced the renewal of parametric insurance coverage for 88 Marine Protected Areas (MPAs) in the Philippines. In partnership with Blue Alliance Marine Protected Areas and Howden, this initiative bolsters the financial stability of communities and ecosystems alike. It protects over 90,000 hectares of coral reefs and ensures the livelihoods ... Read the full article
Thomas McShane named Head of Technology and Media E&O at Tokio Marine Kiln
21st October 2024
Tokio Marine Kiln (TMK), an international insurer, has appointed Thomas McShane as Head of Technology and Media E&O, a newly created position. McShane will officially join the company in January and will report to Laila Khudairi, Head of Cyber & Enterprise Risk. In this role, McShane will focus on expanding TMK's global ... Read the full article
Reinsurers regain leverage as late storms drive up nat cat losses: Bloomberg
21st October 2024
With a series of late storms causing natural catastrophe losses to rise, pressure on reinsurers to cut pricing and offer more generous terms has eased, according to a new report from Bloomberg Intelligence (BI). As per Charles Graham, BI Senior Industry Analyst (Insurance), the insured cost of natural catastrophe losses may ... Read the full article
Ping An reports 4.5% growth in P&C insurance revenue in 9M 2024
21st October 2024
Chinese insurer Ping An has reported its results for the first nine months of 2024, showing a solid 4.5% year-on-year growth in property & casualty (P&C) insurance revenue, reaching RMB246,022 million. At the same time, its P&C operating profit increased 39.7% year-on-year to RMB13,987 million. The company also improved its overall P&C ... Read the full article
China approves new insurance ventures from BNP Paribas and Prudential
21st October 2024
China is further opening its massive insurance market by approving the establishment of separate insurance units for BNP Paribas and Prudential Financial. The National Financial Regulatory Administration (NFRA) greenlit a BNP Paribas joint venture with Volkswagen Financial Services, according to NFRA head Li Yunze. US-based Prudential Financial has also received approval for ... Read the full article
European reinsurance market remains dynamic: Munich Re
21st October 2024
The European reinsurance market remains dynamic, with demand for property reinsurance protection continuing to expand, according to Munich Re. At this year's Baden-Baden event, the global reinsurer revealed plans to deploy more capital in its European markets, namely where clients demonstrate underwriting discipline in their primary market. The firm said it will ... Read the full article
Lloyd’s Market Association welcomes John Levett as Head of Regulatory Affairs
21st October 2024
The Lloyd's Market Association (LMA) has announced the appointment of John Levett as Head of Regulatory Affairs, effective immediately, where he will report to Arabella Ramage, the Legal Director at the LMA. Levett became part of the LMA in October 2023 as Senior Executive for Regulatory Affairs. Since then, he has worked ... Read the full article
HBC Group acquires reinsurance broker, Genillard & Co.
21st October 2024
Genillard & Co. GmbH, a well-established reinsurance broker operating for over 20 years, has been acquired by HBC Group. This partnership aligns with HBC Group’s strategic plan to strengthen its market presence and expertise in the highly specialised reinsurance sector, enabling it to expand its strategic focus dynamically. Hauke Martinsen, Chief Executive ... Read the full article
Starr Insurance to start operating branch in Korea
21st October 2024
South Korea’s Financial Services Commission has granted Starr Insurance’s Starr International Insurance (Singapore) Pte. Ltd., Korean branch, a licence to operate in Seoul. This development enables Starr to initiate the sale of commercial property/casualty insurance across the entirety of South Korea. Phil Finley, president of Starr Asia Pacific, commented: “Korea is one ... Read the full article
Travelers Europe appoints Mark Clifford as Active Underwriter
21st October 2024
Travelers Europe, a division of The Travelers Companies Inc., has appointed Mark Clifford as the Active Underwriter for Syndicate 5000 at Lloyd’s and Vice President of Business Insurance (BI) Specialty. Clifford will be part of the Europe Operating Committee and report to Mike Lawton, Vice President of BI Europe and Chief ... Read the full article
Miller appoints Satoshi Watanabe as Business Development Manager for Lead Japan
21st October 2024
Miller, an independent specialist in re/insurance broking, has announced the appointment of Satoshi Watanabe to its Japanese subsidiary, Lead Insurance Services Limited (Lead), as part of its ongoing efforts to expand and diversify in Japan. Satoshi takes on the role of Business Development Manager, with a focus on growing the broker’s ... Read the full article
UK home insurers witness second consecutive loss-making year in 2023: EY
21st October 2024
According to a recent analysis by EY, UK home insurers remained in the red in 2023, only marginally improving on record losses from 2022, posting a loss-making net combined ratio (NCR) of 118% in 2023, a slight improvement from 2022's 122%. In their UK Home Insurance Results Analysis, EY notes that consumer ... Read the full article
Alternative capital has become a key tool for resiliency: Rapin, CEO, Nephila Climate
21st October 2024
At the latest Baden-Baden Reinsurance Symposium hosted by Guy Carpenter, the reinsurance broking arm of Marsh McLennan, Maria Rapin, Chief Executive Officer (CEO) of Nephila Climate, has highlighted the increasing role of alternative capital in the market’s ability to absorb the financial impacts of expanding crises. “The reinsurance industry has demonstrated ... Read the full article
Beazley launches new combined coverage consortium for financial institutions
21st October 2024
Specialty insurer Beazley has launched a new combined consortium, FLEX, offering comprehensive civil liability, crime/fraud, and cyber coverage for financial institutions. The consortium provides a streamlined solution, addressing the full range of crime, professional, Directors & Officers (D&O), and cyber risks faced by these complex institutions. With coverage limits of up to ... Read the full article
E+S Rück anticipates further price increases and improved T&Cs at Jan 1
21st October 2024
E+S Rückversicherung AG, the Hannover Re subsidiary responsible for German business, has indicated that further price increases and improved terms and conditions are likely at the January 1, 2025, property and casualty reinsurance renewals, following losses caused by severe weather events in the country. Discussing natural catastrophe covers, E+S Rück observed ... Read the full article
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