Reinsurance News
Stabilisation and growth expected for P&C insurance in 2025: Stonybrook Capital
23rd December 2024
The insurance industry is poised for relative stabilisation in 2025 following years of disruption, Stonybrook Capital stated in its 2025 P&C Outlook. According to analysts, while some commercial lines may see moderate price decreases as capacity and competition normalise, persistent factors like sticky price inflation and social inflation will temper these ... Read the full article
Nexus to acquire Dubai-based reinsurance MGA Arma Underwriting
23rd December 2024
Nexus Underwriting, a specialty Managing General Agent (MGA), has entered into an agreement to acquire Arma Fusion Limited, the parent company of Arma Underwriting Limited (Arma), with the deal expected to close in the first quarter of 2025. Founded in 2017, Arma is a Dubai-based specialty MGA focusing on Property, Energy, ... Read the full article
Acrisure’s Volante Global appoints Martin Reith as Executive Chairman
23rd December 2024
Volante Global, an international Managing General Agent (MGA) and Lloyd’s Syndicate, has announced the appointment of Martin Reith as its new Executive Chairman. In his new role, Reith will focus on enhancing Volante Global’s underwriting strategy and ensuring it aligns with the company’s long-term goals and market opportunities. He will also ... Read the full article
Aviva to acquire Direct Line for £3.7bn
23rd December 2024
Aviva has agreed a deal to acquire Direct Line in a £3.7 billion cash-and-stock deal, a move that will create the UK’s largest home and motor insurer. Under the terms of the £3.7 billion new deal, for each Direct Line share held, shareholders will receive 0.2867 new Aviva shares, 129.7 pence ... Read the full article
Symenouh joins Arch Insurance as Senior Cyber Underwriter
23rd December 2024
Arch Insurance, a division of Bermuda-based re/insurer Arch Capital Group, has appointed Ezechiel Symenouh as a Senior Cyber Underwriter, based in Paris, effective immediately. Symenouh joins Arch Insurance (EU) dac (AIEU), which provides specialist property and casualty insurance solutions within the European Union. The AIEU cyber division provides standalone and combined Cyber ... Read the full article
AXA XL appoints Tellekamp as CUO for Construction and Energy
23rd December 2024
AXA XL, the property and casualty (P&C) and specialty risk division of global insurer AXA, has appointed Jon Tellekamp as Chief Underwriting Officer (CUO), Construction and Energy. In the new role, Tellekamp reports to Donna Nadeau, Head of Large Commercial, and will lead AXA XL's combined Construction and Energy underwriting and ... Read the full article
MGA HIVE names Henning Haagen Chief Development Officer
23rd December 2024
HIVE Underwriters Limited, a Managing General Agent (MGA) and Coverholder at Lloyd’s, specialising in Aviation Insurance, has announced the appointment of Henning Haagen as Chief Development Officer and Board member, effective 1 January 2025. In his new position, he will work closely with HIVE Chief Executive Officer Bruce Carman and the ... Read the full article
US cyber insurance market enters into soft phase: Tokio Marine HCC
23rd December 2024
According to Tokio Marine HCC – Cyber & Professional Lines Group (CPLG), the US cyber insurance sector is now in a soft market period, due to premium rate changes dropping below zero in 2024. The firm recently published its 2024 Cyber Market report, which examines the evolving landscape of the US cyber ... Read the full article
FM appoints Laurel Rudnick and Danielle Harrison to key leadership roles
23rd December 2024
FM, a commercial property insurer, has announced the appointment of Laurel Rudnick and Danielle Harrison to key leadership positions. Effective January 1, 2025, Rudnick will take on the role of Senior Vice President and Chief Underwriting Officer, while Harrison will assume the position of Senior Vice President and Division Manager for ... Read the full article
Fairly stable conditions expected at 1.1, reinsurance demand to remain high in 2025: RBC Capital Markets
20th December 2024
The reinsurance industry should expect to see fairly stable conditions at the upcoming January 1st reinsurance renewals, with property catastrophe reinsurance pricing anticipated to be somewhere close to flat due to losses from recent hurricanes Helene and Milton not developing as adversely as original forecasts from cat modelers, according to ... Read the full article
KBW remains confident in Bermuda’s reinsurance outlook despite tax uncertainty
20th December 2024
Despite some near-term uncertainties surrounding tax regulations, Keefe, Bruyette & Woods analysts remain optimistic about the Bermuda reinsurance market and maintain their outperform ratings on several leading reinsurers. This conclusion was achieved following the semi-annual Bermuda Tour, where KBW analysts met with reinsurance executives to discuss market conditions and outlook. From their ... Read the full article
US Federal Reserve Board announces new appointments to its Insurance Policy Advisory Committee
20th December 2024
The US Federal Reserve Board has announced seven appointments to its Insurance Policy Advisory Committee (IPAC), consisting of three new faces alongside four returning members. The new appointments include Jonathan Kelly, Partner at Sidley Austin; Paul Kim, Head of Commercial Risk Strategy and Product Development at Aon; and Sam Ramos Chief ... Read the full article
CCR estimates €650-800m insured losses from Cyclone Chido in Southeast Africa
20th December 2024
Cyclone Chido, which struck several countries in Southeast Africa between December 13-16, is estimated to cause insured losses between €650 million and €800 million, according to French public reinsurer Caisse Centrale de Réassurance (CCR). The cyclone’s impact was devastating, resulting in significant loss of life and extensive property damage. The archipelago ... Read the full article
BMS Group completes acquisition of UK insurance broker David Roberts & Partners
20th December 2024
BMS Group, an independent specialist insurance and reinsurance broker, has completed the acquisition of UK-based insurance broker David Roberts & Partners (DR&P). Initially announced in July 2024, BMS Group has acquired DR&P from European mid-market private equity firm Inflexion. John Page, CEO of DR&P, and Simon Bland, Managing Director, will continue ... Read the full article
US commercial property insurance shows signs of growth amid challenges: Triple-I
20th December 2024
The US commercial property insurance market is showing signs of improvement, with stable growth expected despite challenges such as climate change and inflation, according to the Insurance Information Institute (Triple-I). Triple-I highlighted that double-digit rate increases have been common in recent years, particularly for properties in high-risk areas or those with ... Read the full article
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