Reinsurance News
AM Best revises Mercury’s outlook to negative following LA wildfire losses
20th February 2025
Credit rating agency AM Best has revised the outlooks to negative from stable for Mercury General Corporation and its subsidiaries following significant losses from the recent California wildfires. The fires, which began on January 7, 2025, are estimated to cost Mercury General between $1.6 billion and $2 billion in gross losses. The ... Read the full article
Gallagher Re strengthens APAC team with senior Aon hires
20th February 2025
Reinsurance broker Gallagher Re has announced the appointments of three senior Aon executives to its Asia Pacific (APAC) team, all based in Singapore. The new hires include Richard Jones, formerly CEO Reinsurance Asia at Aon, Kyung Won, formerly Executive Director, and Vinay Ananthanarayanan, previously Head of Production, Asia at the firm. Jones ... Read the full article
Donegal Group sees improved Q4’24 net income and CoR
20th February 2025
US primary holding company Donegal Group has announced its financial results for the fourth quarter of 2024, reporting a net income of $24.0 million, compared to a net loss of $2.0 million from the prior year quarter. For the full year of 2024, the Group reported an increased net income of ... Read the full article
Orion180 hires The Hartford’s DiMartino as Chief Underwriting Officer
20th February 2025
Insurance solutions provider Orion180 has announced the appointment of Chris DiMartino, former The Hartford executive, as Chief Underwriting Officer. In his new role, he will be responsible for overseeing all aspects of underwriting, product development and management across its surplus and personal lines of business. With 27 years of experience in the ... Read the full article
US P&C industry results improve in 2024 despite $2.6bn underwriting loss: AM Best
20th February 2025
The US property and casualty (P&C) insurance industry saw a significant improvement in its 2024 results, with momentum expected to continue into 2025, despite an estimated net underwriting loss of $2.6 billion in 2024, according to a recent AM Best report. AM Best attributes part of this progress to higher interest ... Read the full article
Allstate projects $1.4bn in reinsurance recoveries for California wildfire losses
20th February 2025
U.S. primary insurer Allstate has estimated catastrophe losses for the month of January at $1.08 billion, or $849 million after tax, after accounting for $1.40 billion in estimated reinsurance recoveries related to the California wildfires. January's losses reportedly stem from three events, with approximately $1.07 billion attributed to the California wildfires. The ... Read the full article
Pacific Life Re expands presence with landmark €2bn longevity swap agreement in the Netherlands
20th February 2025
Pacific Life Re, a life and health reinsurer, has completed a longevity swap reinsurance agreement with Nationale-Nederlanden (NN Life) in the Netherlands, strengthening its international reach. The agreement covers a €2 billion portfolio of in-force individual annuity policies and includes a long-term commitment to reinsure future new business through a flow ... Read the full article
Specialty Risk Re completes $50m institutional funding round
20th February 2025
Specialty Risk Re (SRR), a collateral reinsurance company, has successfully closed its $50 million institutional funding round, led by private equity firm NMS Capital Group. SRR will use the funds to address the growing shortage of reinsurance capacity, offering program carriers and managing general agents (MGAs) a “reliable and well-capitalised partner” ... Read the full article
Ali Arısoy named Chief Broking Officer of Price Forbes Türkiye
20th February 2025
Global specialty broker Price Forbes has announced the appointment of Ali Arısoy as Chief Broking Officer of Price Forbes Türkiye. Arısoy brings 15 years of reinsurance experience to his new role. He began his career as a Project Manager for a global EPC company, overseeing the construction, planning, and operations of ... Read the full article
Zurich APAC’s P&C gross premiums reach $3.96bn in 2024
20th February 2025
Zurich's Asia Pacific business has delivered an overall operating profit of $586m for 2024, up 6% from 2023. Broken down, Zurich’s Asia Pacific P&C business saw operating profit grow 21% in 2024 to $343 million, while gross written premiums in this segment increased by 12%. According to the firm, this was ... Read the full article
PCRIC and ADB discuss strengthened collaboration on disaster risk financing
20th February 2025
At the ongoing Disaster Risk Finance (DRF) Workshop in Nadi, the Pacific Catastrophe Risk Insurance Company (PCRIC), a regional initiative focused on providing insurance solutions for disaster risks, engaged in discussions with the Asian Development Bank (ADB), a leading institution supporting economic growth and cooperation in the Asia-Pacific region. The dialogue ... Read the full article
Aegon sees €741m net profit in H2’24, operating result climbs 14%
20th February 2025
Life insurer and asset manager Aegon has released its financial results for the second half of 2024, reporting a net profit of EUR 741 million and 14% improvement in its operating result, to EUR 776 million, compared to the same period the year prior. According to the firm, the increase in ... Read the full article
Progressive reports $43m in California wildfire losses for January
20th February 2025
The Progressive Corporation, a property and auto-focused insurance group, has released its results for January 2025, revealing it incurred about $43 million in catastrophe losses due to the California wildfires. The company stated that 72% of these losses came from its personal property products, with the segment recording a net catastrophe ... Read the full article
Marsh enhances Fast Track facility, increasing capacity for clients
20th February 2025
Marsh, an insurance broker and risk advisor under Marsh McLennan, has announced an expansion of its Fast Track facility, increasing available capacity for clients. Starting March 1, 2025, clients will have access to up to 10% automatic capacity across property, casualty, and specialty risk portfolios. Fast Track is available worldwide through ... Read the full article
Fidelis reports $287.2m Russia-Ukraine aviation reserve charge, LA wildfire loss of up to $190m
20th February 2025
In a loss update ahead of its Q4 and full year 2024 earnings, specialty insurer Fidelis Insurance Holdings Limited has reported net adverse prior year development in its Aviation and Aerospace line of business of $287.2 million, which has impacted the company's performance for both periods. Fidelis explains that the adverse ... Read the full article
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