Reinsurance News
SiriusPoint to repurchase all CM Bermuda shares for $733m
31st December 2024
Bermuda-domiciled global specialty re/insurer SiriusPoint is set to repurchase all of its common shares and warrants held by CM Bermuda Limited for an aggregate purchase price of $733 million. As per the terms of the repurchase transaction, post-closing, CM Bermuda will have no remaining ownership interest in SiriusPoint and will cease ... Read the full article
New reinsurance regulation launched to increase home insurance access in California wildfire-risk areas
31st December 2024
A new regulation has been launched aimed to expand insurance access for Californians amid increasing climate risks, this includes increased coverage for wildfire-prone regions by factoring reinsurance costs into the provision of this insurance. Under the Net Cost of Reinsurance in Ratemaking Regulation, all homeowners insurance companies will be required to ... Read the full article
Kettle names Jeff Chen as Chief Risk Officer
31st December 2024
Kettle, an AI-enabled re/insurer for commercial property owners in areas affected by catastrophic climate events, has appointed Jeff Chen as Chief Risk Officer to lead risk management and actuarial. With this appointment, Kettle aims to meet its mission of protecting communities from the increasing threat of wildfires. Chen has nearly two decades ... Read the full article
Global reinsurance capital up 7% to $607bn in 2024: Guy Carpenter, AM Best
31st December 2024
Data from Guy Carpenter, the reinsurance broking arm of Marsh McLennan, and ratings agency AM Best, shows that global reinsurer capital has grown by approximately 7% year-on-year, rising from $568 billion in 2023 to a projected $607 billion in 2024, with growth in both traditional and alternative capital. Traditional capital grew ... Read the full article
2024 climate disasters cause billions in losses highlighting urgent need for action: Christian Aid
31st December 2024
The year 2024 saw several extreme climate disasters that resulted in billions of dollars in insured losses, underscoring the urgent need to reduce carbon emissions, accelerate the transition to renewable energy, and provide funding for vulnerable populations, according to Christian Aid. In its latest report, Christian Aid identified the 10 most ... Read the full article
Green Shield Risk Solutions partners with Technosylva to transform wildfire risk management
31st December 2024
Green Shield Risk Solutions, a provider of risk management and insurance solutions, has announced a strategic partnership with Technosylva, a company specialising in catastrophic event simulation, risk analysis, and operational response that supports electric utilities and government agencies worldwide. This partnership marks a significant milestone, with Green Shield becoming the first ... Read the full article
Reinsurers’ desire to grow created opportunities for buyers at Jan 1 renewals, says Aon
30th December 2024
Ahead of the release of its Reinsurance Market Dynamics January 2025 Renewal report next week, re/insurance broking group Aon has noted the greater flexibility exhibited by reinsurers at the January 1st, 2025, renewals, following consecutive years of strong results in the hard market environment. According to Aon, the report will reveal ... Read the full article
BMA data suggests majority of Bermudian insurers purchased external cat reinsurance in 2023
30th December 2024
A new study by the Bermuda Monetary Authority (BMA) on catastrophe risk modelling practices on the island has found that the number of insurers purchasing little or no external catastrophe reinsurance decreased in 2023, which reflects the heightened demand for coverage during the year. The BMA asked insurers how their cat ... Read the full article
Maiden and Kestrel combine to form new publicly listed specialty program group
30th December 2024
Maiden Holdings, Ltd., a provider of insurance and reinsurance services, and program specialist Kestrel Group have entered into a combination agreement to form a new, publicly listed specialty program group, expected to close in the first half of 2025. Under the agreement, at the closing of the transaction, each common share ... Read the full article
Fidelis secures $375m of collateralized reinsurance via latest cat bond
30th December 2024
Fidelis Insurance Bermuda Limited (FIBL) has successfully closed a new catastrophe bond, Herbie Re Ltd. (Series 2024-2), which provides the firm with $375 million of collateralized reinsurance protection against U.S., DC, Puerto Rico, and Virgin Islands named storm and earthquake risks. This latest transaction marks the sixth series of notes ... Read the full article
Swiss Re appoints Aisyah Fuad as Market Head Southeast Asia (South)
30th December 2024
Global reinsurer Swiss Re has announced the appointment of Aisyah Fuad as Market Head Southeast Asia (South), effective 1 January 2025. Fuad joined Swiss Re in 2011 as an Associate Client Manager, Retakaful, where she worked as a multi-line treaty underwriter and client manager for the company’s Global Centre of Excellence ... Read the full article
Samsung Fire & Marine lead aviation insurer of Jeju Air crash, AXA XL said to be main reinsurer
30th December 2024
A statement from Jeju Air has revealed that Samsung Fire & Marine Insurance was the lead aviation insurer, while AXA XL served as the primary reinsurance provider for the plane that recently crash-landed at Muan International Airport in South Korea, killing all passengers and most of the crew. Flight 2216 had ... Read the full article
Hiscox names Frank Lamantia as Chief Technology Officer, US
30th December 2024
Specialist insurer Hiscox has appointed Frank Lamantia as its new Chief Technology Officer in the U.S., where he will serve on the Hiscox US leadership team and the Hiscox Group Technology leadership team, effective January 21st, 2025. Lamantia will have a dual reporting line to Mary Boyd, the Chief Executive Officer ... Read the full article
Reinsurer appetite up at Jan 1 as loss-free property cat rates fall 5-15%: Guy Carpenter
30th December 2024
Property catastrophe renewals were consistently oversubscribed at January 1 as reinsurer appetite increased more than demand, with a range of pricing outcomes as non-loss-impacted renewals saw risk-adjusted rate reductions of 5% to 15%, according to reinsurance broker Guy Carpenter. At the same time, and in contrast to that broader property cat ... Read the full article
Arthur J. Gallagher expands with BMR Insurance acquisition
30th December 2024
Global insurance brokerage Arthur J. Gallagher & Co. has acquired Tustin, California-based Murray Gardner Insurance Agency Inc., dba BMR Insurance, a retail insurance agency that serves commercial and personal lines clients primarily across Southern California. Terms of the transaction have not been disclosed. According to the announcement, BMR Insurance's Principal, ... Read the full article
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