Reinsurance News
Lockton launches new Global Parametric Insurance Practice
16th December 2024
Independent insurance broker Lockton has unveiled its new Global Parametric Insurance Practice, created to help businesses adopt cost-effective alternative risk solutions, and address the widening gap between insured and uninsured losses. The initiative brings together a team of experts, including data scientists and modelers, that are dedicated to creating efficient, customised ... Read the full article
Political violence cover important as public protests in US rise by 30%: Chaucer
16th December 2024
Chaucer, a global specialty insurance and reinsurance group, has emphasised the importance of political violence insurance for businesses with US operations due to a significant rise in public protests by US unions and workers. There has been a 30% increase in US union and workers' protests and demonstrations, with the number ... Read the full article
AM Specialty appoints Stephen Mathews as Group CFO
16th December 2024
AM Specialty Insurance Group has announced the appointment of Stephen Mathews as Group Chief Financial Officer (CFO). Mathews will lead the financial strategy for AM Specialty and its affiliates under the parent organisation, AM Holding Company. Shevawn Barder, CEO of AM Holding Company, expressed enthusiasm for Mathews’ appointment, stating, “We are delighted ... Read the full article
CRC Group expands binding operations in Southeast through SLB acquisition
16th December 2024
CRC Group, a wholesale specialty insurance distributor in North America, has announced that it has acquired SLB Insurance Group, a binding authority operation with offices located in Florida and Louisiana. Established in 2000, SLB particularly specialises in small to midmarket property and casualty, trucking, and personal lines insurance. The company is led by Darren ... Read the full article
Somers receives approval for Lime’s inaugural Syndicate 3705
16th December 2024
Lime Syndicate Management Limited (Lime), the wholly owned subsidiary of Somers Group Holdings Ltd., a global specialty property and casualty (P&C) reinsurance group, has received all regulatory approvals to operate as a Lloyd's Managing Agent. Lime’s first syndicate under management will be Somers 3705. Somers 3705 will commence underwriting on January 1, ... Read the full article
Consilium targets £1.1bn GWP for 2026 following 54% growth in 2024
16th December 2024
International re/insurance broker Consilium has reported a 54% growth in Gross Written Premium (GWP) for the year ending June 2024, reaching nearly £700 million. The company is now aiming for £800 million by the end of this calendar year and an ambitious £1.1 billion GWP by the end of 2026. This ... Read the full article
PPL completes restructure of leadership team to drive growth strategy
16th December 2024
Placing Platform Limited (PPL) has completed a restructure of its leadership team, as part of the ongoing transformation of the London market's digital placement platform. According to the announcement, the new structure follows Board and governance changes (announced earlier this year), which are expected to help the executive leadership team identify ... Read the full article
ConnectUW to take ownership of Lloyd’s box 356
16th December 2024
ConnectUW Holdings (ConnectUW), the parent company of Connect Underwriting Limited and other specialist reinsurance MGAs, has announced it will take ownership of Lloyd’s box number 356 starting December 23, 2024. Located in the company market section on Gallery 3, ConnectUW will initially provide facultative reinsurance for global property, energy, and war ... Read the full article
Ageas finalises deal to acquire Saga’s underwriting business
16th December 2024
International insurance group Ageas has announced the successful conclusion of exclusive negotiations with Saga plc, a UK specialist provider of products and services to people aged over 50, for Ageas UK to acquire Saga's insurance underwriting business, Acromas Insurance Company Limited (AICL). The negotiations, which began on October 11, 2024, ... Read the full article
Alessandro Lezzi named Beazley’s Group Head of Cyber Risks
16th December 2024
Specialty insurer Beazley has appointed Alessandro Lezzi as Group Head of Cyber Risks, reporting to Paul Bantick, Group Chief Underwriting Officer, Beazley. Lezzi has reportedly worked in the re/insurance industry for over twenty years, both as an underwriter and broker. He joined Beazley in 2011 and has served as the firm's Head ... Read the full article
Moody’s upgrades IFS ratings of Arch’s P&C re/insurance subsidiaries
16th December 2024
Moody's has upgraded the insurance financial strength (IFS) ratings of Arch Capital's P&C re/insurance operating subsidiaries to A1 from A2 and the senior unsecured debt rating of the Group to A3 from Baa1. The rating outlook for these entities has been revised to stable from positive. Additionally, Moody's has affirmed the ... Read the full article
Fairfax acquires OMERS’ Brit investment for $383m
16th December 2024
Canadian financial holding company Fairfax Financial Holdings Limited has increased its ownership interest in specialist insurer Brit Limited to 100% from 86.2%. This was done by acquiring the interest of OMERS, the pension plan for Ontario’s municipal employees, for a cash consideration of approximately $383 million. Fairfax, through its subsidiaries, is primarily ... Read the full article
AllianceBernstein hires Bob Sharma as Head of Insurance, EMEA & APAC
16th December 2024
AllianceBernstein L.P. (AB), the global investment firm, has appointed Bob Sharma as Head of Insurance, EMEA & APAC, Client Group, where he will be based in the company's London office. An experienced veteran across the sector, Sharma joins AB with over 25 years of expertise in various asset management roles. He joins ... Read the full article
MMG’s McHatten elected chair of Triple-I’s Executive Leadership Committee
16th December 2024
The Insurance Information Institute (Triple-I) has elected Matt McHatten, current president and chief executive officer at MMG Insurance, as chair of its Executive Leadership Committee (ELC). McHatten is succeeding Jennifer Kyung, CEO and founder of NextGen Underwriting and former P&C chief underwriting officer at USAA. Sean Kevelighan, Triple-I CEO, said: “As Triple-I ... Read the full article
Itasca MGA provides aircraft finance insurance to JLPS Ireland Limited
16th December 2024
Itasca MGA Limited, an aviation-focused managing general agent (MGA), has structured an aircraft non-payment (ANPI) credit insurance policy for JLPS Ireland Limited. This solution provides wrapped debt financing with respect to Operating Leases arranged by JLPS Ireland Limited for three Airbus A321-271NX aircraft, built in 2023, which are leased to an ... Read the full article
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