Reinsurance News
We have to take the challenge to fight climate change very seriously, R+V Re’s CEO
8th October 2024
As the intensity and severity of natural catastrophes continues to increase worldwide, there is more that the re/insurance sector needs to do to show its value in the climate fight, and according to Christoph Lamby, CEO of R+V Re, the German reinsurer, there are certain points that don't come across ... Read the full article
Competitive pricing ahead for power insurance sector as major losses decline: WTW
8th October 2024
The absence of larger losses in 2023 and 2024 is expected to lead to more competitive pricing in property and business interruption, while lower-level attritional losses will remain a constant, according to WTW’s Power Market Review. In the international liability market, a slight increase in capacity and softer market conditions have ... Read the full article
Gallagher expands upstream energy team with three senior appointments
8th October 2024
Insurance and reinsurance broking group Gallagher has announced three senior appointments in its upstream energy division to support its expanding client base. Darren Jones has been named Executive Partner, bringing over 20 years of experience in energy broking. He joins from Miller, where he served as Upstream Energy Account Executive. Previously, ... Read the full article
Growing confidence in M&A despite geopolitical & macroeconomic headwinds: WTW
8th October 2024
According to research from WTW, large deals have been at the forefront of M&A activity in 2024, reflecting growing confidence among dealmakers despite geopolitical and macroeconomic headwinds. WTW's research revealed that the volume of deals valued over $1 billion has continued to rise, reaching its highest level in two years with ... Read the full article
Offshore renewable energy insurance premiums set to remain low amid soft market: NARDAC
8th October 2024
NARDAC, an energy and infrastructure insurance broker and Managing General Agent (MGA), has reported that insurance premiums for offshore renewable energy and infrastructure projects are expected to remain low for the next two to three years, extending the "soft market" conditions that began in 2023 across several insurance sectors, concluding ... Read the full article
Large insured losses from Milton could lead to extended hard market for property cat reinsurance, Jefferies
8th October 2024
Large insurance industry losses from major hurricane Milton's eventual impacts in Florida could potentially lead to an extended hard market for property cat reinsurance, according to Jefferies. Analysts explained that should the hard market extend, it will alleviate recent concerns that the upcoming January renewals would show softening, and likely wind ... Read the full article
Beazley launches ‘Beazley Quantum’ to enhance cyber offering
8th October 2024
Specialty insurer Beazley has expanded its cyber capabilities with the addition of ‘Beazley Quantum’, a new cyber consortium that provides comprehensive cover for large corporates with up to $100 million limit. According to the announcement, the consortium will offer protection to substantial corporate entities with a turnover in excess of $1 ... Read the full article
BMO warns of potential $75bn+ in insured losses if Milton strikes Tampa as a major hurricane
8th October 2024
A new report from BMO Capital Markets discussing Hurricane Milton's potential impact has noted that a direct hit on Tampa at a Category 3-5 level could result in insured losses exceeding $75 billion. For those unaware, Milton is currently a powerful category 4 hurricane, with maximum sustained winds near 155 mph. Despite ... Read the full article
AM Best revises Indonesia’s non-life insurance segment to stable
8th October 2024
Global credit rating agency AM Best has confirmed that it has revised the outlook to stable from negative for Indonesia's non-life insurance segment, owing to a number of factors that include solid growth prospects, the potential for compulsory third-party liability (TPL) insurance for motorists, and regulatory changes that are expected ... Read the full article
Colbourn joins Pen Underwriting’s TMT as UK Senior Marine Trades Underwriter
8th October 2024
Pen Underwriting’s marine business specialist, Trafalgar Marine Trades (TMT), extends its broker service capabilities with the appointment of Emma Colbourn as UK Senior Marine Trades Underwriter, effective October 8. Colbourn brings to her new role more than 25 years’ marine insurance experience and specialist knowledge. At Pen, she will focus on the ... Read the full article
Despite strong rates, profitability is a struggle for US homeowners insurers, says Aon
8th October 2024
Global insurance and reinsurance broker Aon has revealed that the prospective return on equity (RoE) for US diversified homeowners insurance carriers decreased by 100 basis points to 5% from last year, despite the significant rate increases achieved by carriers in 2023-24. Aon’s Homeowners Return on Equity Outlook - October 2024 report ... Read the full article
RLI estimates net losses of up to $40m from hurricanes Beryl and Helene
8th October 2024
RLI Corp., the specialty insurer, has estimated pre-tax net catastrophe losses, net of reinsurance recoverables, from hurricanes Beryl and Helene of between $35 million and $40 million, which will be reflected in the carrier's third quarter 2024 results. This estimate from RLI is subject to change owing to the complexity of ... Read the full article
WTW appoints McGuire Senior Client Advocate for its REHL division
8th October 2024
Global insurance broker WTW has announced the appointment of Izabella McGuire as Senior Client Advocate for the Real Estate, Hospitality, and Leisure (REHL) division within Corporate Risk & Broking, North America (CRB NA). In her new role, based in New York, McGuire will drive white-glove client service in the REHL division ... Read the full article
Helene private market insured losses to be up to $14bn, NFIP losses could surpass $2bn: Moody’s RMS
8th October 2024
The impacts of hurricane Helene across Florida, Georgia, the Carolinas, and parts of the Mid-Atlantic are expected to drive insurance industry losses of between $8 billion and $14 billion, while losses to the National Flood Insurance Program (NFIP) could exceed $2 billion, according to Moody’s RMS Event Response. This estimate from ... Read the full article
$17m Series B funding secured and Anthony Segal-Knowles named as CFO at Ledgebrook
8th October 2024
Ledgebrook, an insurtech company, is pleased to announce the successful completion of a $17 million Series B funding round. This strategic raise brings two distinguished Family Offices onto Ledgebrook’s cap table: Duquesne (which led the round) and The Stephens Group, alongside continued support from long-time partners Brand Foundry Ventures and American ... Read the full article
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