Reinsurance News
New cat model brings ‘step change’ to flood risk management: Fathom’s Jones
18th October 2024
Covering all major flood perils globally with a comprehensive representation of uncertainty and conditioned to the current climate, Fathom’s new Global Flood Cat model gives the industry a "step change" in its ability to manage flood risk, according to the firm's Chief Product Officer, Dr Matthew Jones. Built upon Fathom’s Global ... Read the full article
H1’24 sees 134 buy-ins completed with a total value of £15.2bn, Hymans Robertson
18th October 2024
The first half of 2024 saw 134 buy-ins completed, with a total value of £15.2 billion, making it the highest number of transactions ever recorded in a six-month period, according to Hymans Robertson, the independent pensions and financial services consultancy. Of the 134 transactions in H1'24, Hymans Robertson's risk transfer team ... Read the full article
Lockton Re appoints ex-Marsh veteran, Srikanta Nandy as Chief Platform Officer
18th October 2024
Lockton Re, the reinsurance arm of the independent insurance broker, has appointed Srikanta Nandy as Chief Platform Officer, based in New York. Nandy is a 25-year insurance veteran with deep expertise in Global Platform Delivery, Enterprise Data Management, and Placement Data Analytics. Prior to this, he spent more than 11 years at ... Read the full article
AIR Parametric launches new dairy product with Guy Carpenter & LM Re
18th October 2024
In collaboration with Guy Carpenter and Liberty Mutual Reinsurance, AIR Parametric has launched Milkshake, a new parametric insurance product designed to safeguard US dairy producers from heat stress on their livestock herds. According to Air Parametric, Milkshake’s proprietary design was built in consultation with dairy industry leaders and the specialised agents ... Read the full article
QBE report highlights need for greater awareness of additional services in cyber policies
18th October 2024
A recent report by QBE North America, in collaboration with Zywave, revealed that many businesses are overlooking additional risk management services included in their cyber insurance policies, underscoring the need for greater awareness to enhance cyber resilience. The report surveyed risk professionals and insurance buyers from large organisations, with nearly half ... Read the full article
AXA XL Re hires Swiss Re’s Schiffer as CEO of North America, Reinsurance
18th October 2024
AXA XL Reinsurance has appointed Swiss Re's Greg Schiffer as Chief Executive Officer, North America, Reinsurance, effective 11 November 2024. Schiffer is a seasoned executive with extensive expertise in senior-level reinsurance leadership, covering everything from strategic planning and business operations to product development, client marketing, and talent management At Swiss Re, Schiffer ... Read the full article
Ghana secures first sovereign drought insurance policy from ARC
18th October 2024
The Government of Ghana has purchased its first sovereign drought insurance policy, marking a significant step toward protecting vulnerable communities and the agricultural sector from drought. Coordinated by the Global Shield Secretariat, this policy was issued by African Risk Capacity (ARC) Ltd. and funded with $1 million from KfW Development Bank ... Read the full article
CoreLogic pegs insured wind and flood losses from hurricane Milton at up to $28bn
18th October 2024
According to initial data analysis by catastrophe risk modeller, CoreLogic, industry-wide insured wind and flood losses from hurricane Milton are estimated at between $17 billion and $28 billion. The total damage from Milton, including losses to uninsured property, will be between $21 billion and $34 billion, and CoreLogic’s assessment reveals that ... Read the full article
BHSI announces key leadership promotions in DACH region
18th October 2024
Berkshire Hathaway Specialty Insurance (BHSI), a provider of commercial property, casualty, and specialty insurance, has announced two key leadership promotions. Lars Messutat has been appointed as the Head of General Property for the DACH region, while Juliane Klein-Walbeck has been named the Head of Energy & Construction for the same region. “BHSI’s ... Read the full article
Beat launches commercial middle market property specialist Fallow Grove
18th October 2024
Beat Capital Partners, a London-based incubator of underwriting franchises and a subsidiary of Ambac Financial Group, Inc., has launched Fallow Grove Insurance Services in partnership with former CrossCover executive Brett Dupre. The Fallow Grove product offering primarily specialises in technical and general commercial property insurance for excess and surplus lines, tailored ... Read the full article
Aon names Christopher Lovino as U.S. Growth Leader, Global Risk Consulting
18th October 2024
Global insurance and reinsurance broker Aon has announced the expansion of Christopher Lovino’s role to U.S. Growth Leader, Global Risk Consulting. Lovino brings nearly three decades of experience at Aon, where he has held various leadership positions. Prior to this expanded role, he served as Managing Director of Casualty Risk Consulting, overseeing ... Read the full article
Ambac gets shareholder approval for sale of legacy financial guarantee businesses
18th October 2024
Ambac Financial Group, the insurance holding company, has announced that its shareholders have voted to approve the proposed purchase agreement under which funds managed by Oaktree Capital Management LP will acquire its legacy financial guaranty businesses: Ambac Assurance Corporation and Ambac Assurance UK Limited. The deal was first announced in ... Read the full article
IDF announces Whalley and Lux as SHS Co-Chairs among other leadership moves
18th October 2024
The Insurance Development Forum (IDF) has appointed Karina Whalley, Head of Public Sector at AXA Climate, and Ruth Lux, Head of Public Sector IMEA at Guy Carpenter, as new private sector Co-Chairs of the Sovereign and Humanitarian Solutions (SHS) Working Group. They will be joining a leadership team comprising Sophie Evans ... Read the full article
Hurricane Milton private market insured loss seen at $22bn to $36bn by Moody’s RMS
17th October 2024
Moody’s RMS Event Response has estimated that total private insurance industry losses from hurricane Milton will fall between $22 billion and $36 billion, as the firm trims its combined Helene and Milton insured loss range to $30 billion to $50 billion. For just hurricane Milton, the fifth hurricane to make landfall ... Read the full article
Gallagher Re hires new Head of Agriculture EMEA & Parametric Sales International
17th October 2024
Global reinsurance broker Gallagher Re has announced the appointment of Abdessamad El Angoudi as Head of Agriculture EMEA and Senior Parametrics Sales for International. In his new role, El Angoudi will collaborate closely with Shilpa Pankaj, International Head of Agriculture at Gallagher Re, and Antoine Bavandi, the firm’s Global Head of ... Read the full article
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