Reinsurance News
AFG elects Craig Lindner Jr. & David Thompson to its Board
21st February 2025
American Financial Group, Inc. (AFG) has announced the election of Craig Lindner Jr. and David Thompson to its Board of Directors. Additionally, James Evans will not stand for reelection at the 2025 Annual Meeting of Shareholders but will continue to serve as Executive Consultant, a role he has held since 2014. Lindner ... Read the full article
Rankiteo aims to revolutionise cyber insurance with data-driven underwriting
21st February 2025
Rankiteo, a cybersecurity risk management company, aims to revolutionise the cyber insurance industry by introducing a more scientific, data-driven approach to underwriting, leveraging advanced actuarial science, AI-driven risk modelling, and statistical methodologies. Rankiteo is a cybersecurity startup founded by former SwissRe/AXA cybersecurity expert Jeremy Canale in collaboration with Maochao Xu, Director ... Read the full article
European insurers face rising costs and regulatory challenges with AI governance: Fitch Ratings
21st February 2025
Fitch Ratings, a global credit rating agency, reports that the European insurance sector will face rising regulatory challenges and associated costs as the European Insurance and Occupational Pensions Authority (EIOPA) embarks on a public consultation to refine AI governance and risk management practices. Launched on 12 February 2025, the consultation will ... Read the full article
MSCI and Swiss Re partner to boost climate risk assessment for financial sector
21st February 2025
Research provider MSCI is partnering with Swiss Re Reinsurance Solutions to enhance the financial sector’s ability to assess, manage, and mitigate their physical climate risk. This collaboration will see the combination of MSCI’s GeoSpatial Asset Intelligence with Swiss Re’s proprietary natural catastrophe and climate risk data and insights. This will give financial ... Read the full article
Lloyd’s platform benefits most attractive for strategic gains, poll suggests
21st February 2025
Following Convex Group's recent approval in principle for syndicate 1984 at Lloyd's and AIG's launch of syndicate 2478, we asked our readers their thoughts on the strategic advantages driving these global re/insurers' ventures into the world's oldest insurance and reinsurance marketplace. Most respondents (41%) cited the benefits of the Lloyd’s platform ... Read the full article
Bishop Street completes acquisition of MGA Landmark Underwriting
21st February 2025
Bishop Street Underwriters, a multi-boutique insurance platform owned by RedBird Capital Partners, has completed its acquisition of Landmark Underwriting, a specialty managing general agent (MGA) in the London insurance market. The deal, first announced in November 2024, marks Bishop Street’s first expansion beyond North America, further strengthening the capabilities of ... Read the full article
QBE able to ‘meaningfully reduce’ cat reinsurance retentions at Jan 1 renewal
21st February 2025
Australian insurance carrier QBE secured "meaningfully" lower retentions for its catastrophe reinsurance programmes at the January 2025 renewal, driven by recent exposure reductions and improved portfolio quality. Alongside its full year 2024 results, the global insurer and reinsurer has provided an update on the outcome of its recent reinsurance renewal. The firm's ... Read the full article
AIG elects Salesforce’s Juan Perez as Independent Director to its Board
21st February 2025
Global insurer American International Group (AIG), Inc. has elected Juan Perez, Executive Vice President and Chief Information Officer (CIO) of Salesforce to its Board of Directors as an Independent Director, effective immediately. Perez has over three decades of experience leading strategic technology initiatives at Fortune 500 companies and is a distinguished ... Read the full article
QBE’s profits surge in 2024 as underwriting performance tracks ahead of plan
21st February 2025
Australian insurer QBE has revealed a 2024 net profit after tax of $1.779 billion, up from $1.355 billion in 2023, while its combined operating ratio improved to 93.1% from 95.2%, driven by favourable catastrophe experience and more stable central estimate reserves. According to QBE, underwriting profitability tracked ahead of the firm's ... Read the full article
Farmers Insurance names Gallagher’s Toohey as Head of Agency Owner Operations
21st February 2025
Farmers Insurance has appointed re/insurance broker Gallagher's Erik Toohey as the Head of Agency Owner Operations, reporting to Ken Walton, President of Distribution and Chief Revenue Officer. In the new role, Toohey will be responsible for the overall strategy of the Exclusive Agent Distribution channel, modernising processes and evolving capabilities while ... Read the full article
Marsh highlights cybersecurity gap between SMEs and large organisations in the EU
21st February 2025
Marsh, a global insurance broker and risk advisor and a business of Marsh McLennan, has released findings revealing that small and medium-sized enterprises (SMEs) in the European Union (EU) are, on average, 15% behind larger organisations when it comes to cybersecurity controls. The report, "Why the Cybersecurity Gap Between SMEs and ... Read the full article
AmTrust Title appoints Marissa Vest as Regional Sales Representative
21st February 2025
AmTrust Title, a wholly owned subsidiary of AmTrust Financial Services, Inc., has expanded its Southeast/Carolinas team with the addition of Marissa Vest, who has been appointed Regional Sales Representative. Vest, who will be based in North Carolina, brings a wealth of experience and industry knowledge to her new role, having held ... Read the full article
AM Best revises Mercury’s outlook to negative following LA wildfire losses
20th February 2025
Credit rating agency AM Best has revised the outlooks to negative from stable for Mercury General Corporation and its subsidiaries following significant losses from the recent California wildfires. The fires, which began on January 7, 2025, are estimated to cost Mercury General between $1.6 billion and $2 billion in gross losses. The ... Read the full article
Gallagher Re strengthens APAC team with senior Aon hires
20th February 2025
Reinsurance broker Gallagher Re has announced the appointments of three senior Aon executives to its Asia Pacific (APAC) team, all based in Singapore. The new hires include Richard Jones, formerly CEO Reinsurance Asia at Aon, Kyung Won, formerly Executive Director, and Vinay Ananthanarayanan, previously Head of Production, Asia at the firm. Jones ... Read the full article
Donegal Group sees improved Q4’24 net income and CoR
20th February 2025
US primary holding company Donegal Group has announced its financial results for the fourth quarter of 2024, reporting a net income of $24.0 million, compared to a net loss of $2.0 million from the prior year quarter. For the full year of 2024, the Group reported an increased net income of ... Read the full article
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