Reinsurance News
Cytora & Moody’s RMS to help insurers overcome climate & natural disaster challenges
19th December 2024
Cytora, the digital risk processing platform has entered into a partnership with Moody's RMS, the global catastrophe risk modeling and solutions company, in a move that is set to help insurers weather climate and natural disaster risk. According to the announcement, Moody’s RMS Location Intelligence API, which provides catastrophe peril insights ... Read the full article
PERILS raises industry loss estimate to €2.08bn for September Central Europe floods
19th December 2024
Zurich-based catastrophe insurance data provider PERILS has updated its industry loss estimate for the floods in Central Europe and Italy from September 14–20, 2024, raising the total to €2.08 billion from the initial estimate of €1.886 billion released last month. Most of the losses were concentrated in Austria, the Czech ... Read the full article
Elysian launches with Grace Hanson as co-founder and CEO
19th December 2024
Elysian, a revolutionary AI-orchestrated Third Party Administrator (TPA) for the insurance industry, has announced its official launch with $3 million in pre-seed funding led by American Family Ventures. Co-founded by insurance industry veteran Grace Hanson and Dinyar Mistry, Elysian is set to redefine commercial liability claims handling starting January 1, 2025. Elysian ... Read the full article
ECB and EIOPA propose EU-level solution to mitigate impact of natural disasters
19th December 2024
The European Central Bank (ECB) and the European Insurance and Occupational Pensions Authority (EIOPA) have proposed an EU-level approach to reduce the economic impact of natural disasters, building on existing national and EU structures. The proposal consists of two complementary pillars. The first is an EU public-private reinsurance scheme aimed at ... Read the full article
MHA names Ahmer Khan UK head of Insurance
19th December 2024
Accounting and advisory firm MHA, the UK and Ireland member of the Baker Tilly international network, has announced the appointment of Ahmer Khan as its new head of Insurance for the UK. In addition to this, Khan will also become the leader of the financial services practice for Baker Tilly Ireland. Serving ... Read the full article
ICEYE raises total of $158m in 2024 with recent $65m funding
19th December 2024
ICEYE, a provider of satellite-based disaster management solutions, has closed a $65 million extension of the company’s existing growth funding round of $93 million, announced in April 2024. This funding round extension - which included participation from funds managed by Solidium Oy, BlackRock, Seraphim, Plio Limited, and Christo Georgiev - ... Read the full article
There is a big nat cat protection gap that the industry needs to address: Swiss Re CEO, Berger
18th December 2024
The financial impact of natural catastrophes remains a key topic across the insurance and reinsurance sector, with the past five years exceeding the USD 100-billion mark in terms of losses, but admittedly, there is a big protection gap that the industry needs to address, says Andreas Berger, Group Chief Executive ... Read the full article
IGP&I completes 2025/26 reinsurance renewal amid rising claims
18th December 2024
The International Group of P&I Clubs (IG) has finalised its 2025/26 Group Excess of Loss Reinsurance contract (GXL) structure, demonstrating continued support from key reinsurance partners despite a challenging year marked by increased pool claims and an active hurricane season. Following quieter years for claims in 2022/23 and 2023/24, the 2024/25 ... Read the full article
Hanrahan to lead Everest’s North American insurance field operations
18th December 2024
Global reinsurance and insurance firm Everest has appointed Craig Hanrahan to head its North American insurance field operations. In this role, Hanrahan will oversee the company’s four US retail regions: Northeast, South, Central, and West. Hanrahan reports to Bill Hazelton, Executive Vice President of Everest Insurance and President of North America Insurance. A ... Read the full article
WTW promotes Tony Simm to Head of Facultative for Great Britain
18th December 2024
Global insurance brokerage WTW has announced the appointment of Tony Simm as Head of Facultative for Great Britain, a London-based role. Prior to his promotion, Simm was Head of London Market Retro at WTW, a role he held since 2022 when he joined the company. The executive brings more than 15 years ... Read the full article
AM Best upgrades Conduit Re’s outlook to positive, affirms A- rating
18th December 2024
CHL, the parent company of Conduit Re, a multi-line Bermuda-domiciled reinsurer, has confirmed that AM Best has affirmed Conduit Re's Financial Strength Rating of "A-" (Excellent) and Long-Term Issuer Credit Rating of "a-" (Excellent) and raised the ratings outlook to positive from stable. AM Best explained that the change in ratings ... Read the full article
McGill and Partners hires Miller’s du Preez as Head of Emerging Technology
18th December 2024
McGill and Partners, an independent global specialty insurance and reinsurance broker, has announced the appointment of Andre du Preez as Head of Emerging Technology. du Preez's new position will focus on advancing the company’s digital-first strategy, driving innovation by utilising advanced technologies and nurturing a creative environment. He has proven experience of ... Read the full article
Westfield Specialty optimistic about property underwriting outlook for 2025
18th December 2024
Property underwriting is becoming more stable and full of opportunity, with Richard Wood, Head of Property at Westfield Specialty, highlighting a disciplined approach to pricing and increased confidence in risk-taking heading into 2025. Wood believes the market has significantly improved over the last four years and sees a landscape full of ... Read the full article
Joe Brace appointed LMA Operations Director
18th December 2024
The Lloyd’s Market Association (LMA) has appointed Joe Brace as Operations Director, where he will report to Sheila Cameron, Chief Executive Officer of the LMA. According to the announcement, Brace's appointment is effective Spring 2025. He will succeed Rob Myers, the current LMA Operations Director, who, after a career spanning more than ... Read the full article
P&C pricing growth to slow and sustained strong cat reinsurance profitability expected in 2025: KBW
18th December 2024
KBW predicts a mixed outlook for the Property & Casualty (P&C) insurance sector in 2025. While pricing growth is expected to slow overall, with declines in commercial property and reinsurance rates, commercial casualty lines should see modest acceleration. Personal auto insurance rates will likely decelerate rapidly, while homeowners insurance rates increases ... Read the full article
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