Reinsurance News
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
WTW enhances RiskAgility FM with AI capabilities for L&H insurers
18th December 2024
Global insurance brokerage WTW has introduced new artificial intelligence (AI) capabilities to its RiskAgility Financial Modeller (RiskAgility FM), a financial modelling and reporting software technology for life and health (L&H) insurers. Life and health insurers face growing challenges, including managing increasingly complex products and regulations, while ensuring their models accurately reflect ... Read the full article
IFRS 17 presents a number of challenges for re/insurers, poll reveals
17th December 2024
International Financial Reporting Standards (IFRS) 17 introduced a new way of financial reporting for insurers and reinsurers, fundamentally changing how they recognise and measure insurance contracts. While this new standard promises greater transparency and comparability, it has also presented a significant challenge for industry participants. In a recent poll, Reinsurance News asked ... Read the full article
DAC Beachcroft expands to the US with offices in New York and LA
17th December 2024
DAC Beachcroft, an international law firm, continues its global expansion with the launch of new offices in New York and Los Angeles, marking its entry into the US market, effective 1 January 2025. The new offices will combine insurance-focused teams from two US law firms, including four partners and 26 lawyers ... Read the full article
Gallagher names Bassett and Brookes as CEOs within Specialty arm
17th December 2024
Insurance and reinsurance broker Gallagher has appointed Paul Bassett as CEO of Crisis Management and Simon Brookes as CEO of Financial Lines within its Specialty division, both reporting to Jonathan Turner, CEO of Gallagher Specialty. Julian Wallers, who previously served as CEO of Financial Risks, overseeing both teams, has chosen to ... Read the full article
McGill and Partners joins Warburg Pincus’ inaugural multi-asset continuation fund
17th December 2024
McGill and Partners, the independent specialty insurance and reinsurance broker, has been chosen by Warburg Pincus, a global private equity firm, to join its inaugural multi-asset continuation fund. Warburg Pincus, which played a key role in McGill and Partners’ establishment as a cornerstone investor in 2019, has created this new fund, ... Read the full article
Maiden reveals sale of Swedish subsidiaries to network of international re/insurers
17th December 2024
Maiden Holdings, Ltd., a provider of insurance and reinsurance services, recently announced that it has reached an agreement to sell its Swedish subsidiaries, Maiden General Försäkrings and Maiden Life Försäkrings, to a growing network of international insurance and reinsurance companies based in London. These subsidiaries were key components of Maiden’s International ... Read the full article
Nagpal to lead Gallagher Re’s Analytics team in APAC, Murch named Deputy Head
17th December 2024
Reinsurance broker Gallagher Re has announced some leadership changes within its Analytics team in Asia Pacific, appointing Hemant Nagpal as Head of Analytics and Darren Murch as Deputy Head of Analytics. Nagpal joined Gallagher Re from Moody's RMS in 2021 as Head of Catastrophe Analytics. Prior to his five year tenure ... Read the full article
Property reinsurance pricing likely to come under pressure at 1.1: JMP Securities
17th December 2024
As the reinsurance industry draws close to a second year of strong profitability at near/historic highs, pricing is very likely to come under pressure at the upcoming January 1st renewals for property reinsurance rates, according to JMP Securities. After recently meeting with insurers, reinsurers, and brokers in London, ahead of the ... Read the full article
Artemis Live: Capital markets structures for originators webinar – Watch the full replay
17th December 2024
Artemis, our insurance-linked securities (ILS) focused sister publication, has now published the full replay of its live webinar on the use of alternative capital sources by originators of insurance risk, which was held on November 21st, 2024, in association with Artex Capital Solutions. More than 830 people registered ... Read the full article
Paradiso Risks joins Ryan Specialty‘s Alive Risk MGU
17th December 2024
Ryan Specialty has announced that Paradiso Risks is joining its sports, leisure and entertainment (SLE) managing general underwriter (MGU), Alive Risk. Paradiso, an MGU specialising in contingency and non-appearance insurance, became a part of the firm through the acquisition of Castel Underwriting Agencies on May 1st, 2024. Founded in 2022, Paradiso is ... Read the full article
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