Reinsurance News
CC Capital & Westaim partner on new integrated insurance and asset management platform
11th October 2024
A new integrated insurance and asset management platform has been created through the strategic combination of investment company Westaim, global institutional asset manager Arena, and Ceres Life, a cloud-native, highly scalable annuity platform that has been incubated by CC Capital. CC Capital is to invest USD $250 million in Westaim at ... Read the full article
Milton likely to have exhausted much of cat budgets for Q4, earnings downgrades possible, J.P. Morgan
11th October 2024
J.P. Morgan's equity analyst team have stated that hurricane Milton is likely to have exhausted much of catastrophe budgets for Q4'24 in general, with the remainder of the quarter yet to come. Ultimately, analysts noted that they see this event having the potential to lead to 2024 earnings downgrades for a ... Read the full article
Intelligent AI and BCIS launch AI-driven property rebuild cost platform
11th October 2024
InsurTech Intelligent AI has partnered with the Building Cost Information Service (BCIS) to launch a new AI-driven property rebuild cost platform. The Intelligent Rebuild Cost Platform (IRCP) was developed through Lloyd's Lab in collaboration with leading insurers, brokers, and chartered surveyors. This platform automates the delivery of essential property data and valuations, ... Read the full article
S&P highlights Florida’s $10.4 bn safety net amid Hurricane Milton aftermath
11th October 2024
S&P Global Ratings, a provider of credit ratings and financial analytics, is closely monitoring the situation surrounding Hurricane Milton. The organisation believes that Florida has effectively strengthened its reserves and liquidity in preparation for extreme weather events. Additionally, the advanced planning by state officials suggests that collaboration among state agencies and local ... Read the full article
Marsh names Thomas-Ferrand as Head of Captive Insurance, Charnley retires at year end
11th October 2024
Marsh, the insurance broking and risk advisory subsidiary of Marsh McLennan, has appointed Will Thomas-Ferrand as International Practice Leader, Marsh Captive Solutions, a London-based role. He will assume the leadership of Marsh’s captive insurance business on January 1st, 2025, and report to Pat Donnelly, President, Marsh Specialty and Global Placement. Simultaneously, the ... Read the full article
Ageas in talks to acquire Saga’s underwriting unit and form UK broking partnership
11th October 2024
International insurance group Ageas has confirmed that it has entered into exclusive negotiations to ink two major deals with Saga plc, a UK specialist provider of products and services to people aged over 50. The proposed transaction would see both organisations establish a 20-year partnership for the distribution of personal lines ... Read the full article
FM receives upgraded rating of AA- from S&P, post rebranding
11th October 2024
Commercial property insurer, FM Global which recently rebranded as FM, has received an upgrade in its financial strength rating to ‘AA-’ from ‘A+,’ by S&P Global Ratings, reflecting its ‘very strong’ competitive profile, innovative risk engineering expertise, supported by its innovative loss prevention solutions, and prominence in the large commercial ... Read the full article
MIC Global to become Lloyd’s coverholder for Greenlight Re’s Syndicate 3456
11th October 2024
MIC Global (MIC) intends to become a Lloyd’s coverholder of Greenlight Re’s Syndicate 3456 (S3456), subject to applicable approvals, a strategic move that marks a strengthening of the partnership between both companies. MIC is focused on embedding micro insurance solutions for platform businesses, while S3456 is specialised in delivering market-leading insurance ... Read the full article
Ardonagh completes acquisition of PSC Insurance Group
11th October 2024
The Ardonagh Group has confirmed it has completed the acquisition of PSC Insurance Group Limited. As per the insurance broking platform, the completion of this acquisition in the APAC region sees PSC’s operations in Australia and New Zealand now combined with its platform in the region, The Envest Group, led ... Read the full article
LSM’s Jane Warren appointed to the Lloyd’s Council
11th October 2024
Lloyd's of London, the specialist insurance and reinsurance marketplace, has added Jane Warren of Liberty Corporate Capital Limited, to the Lloyds Council and announced her election as a Corporate External Member of the Council. According to the announcement, Warren's appointment will be effective as of February 1, 2025 and will be ... Read the full article
Milton’s effect on global re/insurance ratings expected to be limited: Fitch
11th October 2024
According to Fitch Ratings, Hurricane Milton is not likely to affect credit for its rated P&C insurers and global reinsurers given very strong capital levels, though Florida property insurance specialists are vulnerable to the extent the hurricane generates losses above reinsurance limits. Milton made landfall on the 9th of October in ... Read the full article
Khilosia joins Africa Specialty Risks as Chief Distribution Officer
11th October 2024
Africa Specialty Risks (ASR), a pan-African and Middle East focused re/insurance group, has announced the appointment of Amit Khilosia as Chief Distribution Officer, an UK-based role. In his new role, Khilosia will lead ASR’s distribution efforts ensuring the company continues to expand its footprint across Africa and the Middle East, delivering ... Read the full article
Milton likely an earnings event as losses appear more modest than feared: Jefferies
11th October 2024
With Hurricane Milton's insured losses likely to be more modest than initially feared, the equity analyst team at Jefferies has suggested that it will probably be a large earnings event and is not expected to drive up property reinsurance rates in 2025. "With the path and strength of the storm less ... Read the full article
HDI partners with Flight Safety Foundation to strengthen pro-active risk management
11th October 2024
To enhance the operational safety of its aviation clients, global insurance provider HDI has established a collaborative partnership with the Flight Safety Foundation's Basic Aviation Risk Standard (BARS) Program. As a BARS Member Organization (BMO) HDI will have access to comprehensive de-identified audit and accident analysis data which will facilitate its ... Read the full article
As industry losses from Milton rise, more will flow to reinsurers: Moody’s
11th October 2024
A new report from Moody's has suggested that insured losses from Hurricane Milton will affect both primary insurers and the reinsurance sector, with the proportion of losses ceded to reinsurers increasing as losses increase. Milton made landfall on the 9th of October in Florida’s Sarasota County as a Category 3 hurricane, ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
