Reinsurance News
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
AM Best maintains negative outlook on Germany’s non-life insurance sector amid inflationary pressures
18th December 2024
AM Best, the global credit ratings agency, has confirmed that it is maintaining its negative outlook for the German non-life insurance segment, citing moderate growth on an inflation-adjusted basis, as well as a persistent claims inflation and competitive environment impacting underwriting profitability. In a new report, the agency reveals that it ... Read the full article
American Atlantic Assurance Company to start underwriting in EU from January 1
18th December 2024
Applied Underwriters has announced the fully operational opening of American Atlantic Assurance Company’s underwriting facilities. Headquartered and domiciled in Malta, the new enterprise is to start underwriting on January 1, 2025. The 'A-' rated (AM Best) company, part of North American Casualty group, will support affiliated business divisions to provide property and ... Read the full article
Aon’s Luke Speight joins Lockton as UK Head of Fintech and Digital Assets
18th December 2024
Independent insurance broker Lockton has appointed Aon's Luke Speight as UK Head of Fintech and Digital Assets. In his new role, Speight is expected to spearhead a team of industry experts providing tailored risk and insurance solutions to fintech and digital asset companies as they navigate their emerging risk landscape. Speight's expertise ... Read the full article
Canopius appoints Olivia Brindle as Head of Sustainability
18th December 2024
Global specialty and P&C re/insurer Canopius Group has announced the appointment of Olivia Brindle as Head of Sustainability. In her new role, Brindle will report to Lindsay Astor, Chief of Staff and Head of Strategy. She will lead Canopius’ sustainability initiatives, ensuring a cohesive strategy that advances the company’s role in ... Read the full article
Lloyd’s welcomes UK Government’s Industrial Strategy Advisory Council for inaugural meeting
18th December 2024
Lloyd’s, a marketplace for insurance and reinsurance, recently hosted the inaugural meeting of the UK Government’s Industrial Strategy Advisory Council (ISAC) at its headquarters in London. The meeting brought together UK Chancellor of the Exchequer Rachel Reeves and Secretary of State for Business and Trade Jonathan Reynolds at the historic Lloyd’s ... Read the full article
Pen Underwriting appoints Gallagher’s Hannah Fry as Chief Operating Officer
18th December 2024
Pen Underwriting, a subsidiary of Arthur J. Gallagher & Co., has announced the appointment of Hannah Fry as Chief Operating Officer, effective 6 January, 2025. Fry will join the Executive team of the multi-class, multi-territory specialist underwriting and distribution business. In her new role, she will be responsible for ensuring Pen has ... Read the full article
Helios’ Lloyd’s syndicate portfolio 2025 capacity expected to be £484m
18th December 2024
Lloyd’s-focused investment vehicle Helios Underwriting has announced the capacity for its 2025 Lloyd's syndicate portfolio is expected to be £484 million, which is 5% lower compared to 2023, where total capacity stood at £512 million. According to the announcement, this new capacity reflects the company’s strategic adjustments, following trading at the ... Read the full article
Reinsurers are leaning into the cyber market: JMP
18th December 2024
Analysts at JMP report that reinsurers are increasingly leaning into the cyber market, a move expected to drive better pricing, and terms and conditions for cedants at the January 1 renewals, building on trends observed at recent renewals. This assessment follows JMP's recent meetings with insurers, reinsurers, and brokers in London, ... Read the full article
Insurance broker Ardonagh secures landmark Stone Point investment
18th December 2024
The Ardonagh Group, an independent insurance broker, has secured an equity investment from funds managed by US-domiciled private equity firm, Stone Point Capital LLC, which values the group at $14 billion. This landmark transaction is expected to complete in mid-2025 and sees Stone Point become a significant shareholder in Ardonagh, alongside ... Read the full article
PCRIC renews policy with redesigned parametric insurance products for Pacific region
18th December 2024
The Pacific Catastrophe Risk Insurance Company (PCRIC) has renewed its policy portfolio for 2024, introducing redesigned parametric insurance products developed in collaboration with global experts. These updates include innovative enhancements to PCRIC’s earthquake, tsunami, and tropical cyclone products, as well as expanded protection for excess rainfall across the Pacific region. The redesigned ... Read the full article
AM Best upgrades outlook to positive for Group Ark Insurance
18th December 2024
AM Best, the credit rating agency, has upgraded the outlook for Group Ark Insurance Limited (GAIL) (Bermuda) from stable to positive for its Long-Term Issuer Credit Rating (Long-Term ICR), while affirming the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term ICR of "a" (Excellent). GAIL, a wholly owned ... Read the full article
Roadzen partners with Cimarron Underwriters to expand insurance offerings nationwide
18th December 2024
Roadzen has partnered with Cimarron Underwriters, LLC to expand its insurance offerings across all 50 U.S. states by leveraging Cimarron’s nationwide MGA licenses and infrastructure. Cimarron Underwriters, through its subsidiaries—Cimarron Insurance Company and Cimarron Brokerage Company—offers a broad range of insurance, risk management, and financing solutions to business owners and individuals. ... Read the full article
Phoenix grows P&C business with LPT reinsurance deal
18th December 2024
Phoenix Financial Ltd., an Israel-based financial, insurance, and investment group, announced a key Loss Portfolio Transfer (LPT) reinsurance agreement with Ayalon Insurance Company Ltd. The move supports the group's strategic expansion of its Property and Casualty (P&C) insurance operations. Ayalon Insurance will transfer 75% of its outstanding employer and third-party liability claims ... Read the full article
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