Reinsurance News
US life/annuity net income decreases 30.5% in 9M’24, AM Best
12th December 2024
In the first nine months of 2024, US life/annuity total income was up 5.3% from the previous year, primarily due to increases of 13.7% in premiums and annuity considerations, as well as a 9.6% rise in net investment income, according to global credit ratings agency AM Best. A new report released ... Read the full article
Drazen Jaksic named new CEO Zurich UK
12th December 2024
The UK arm of global insurer Zurich has announced the appointment of Drazen Jaksic as CEO of Zurich UK, succeeding Tim Bailey, who has served as CEO, Zurich UK since January 1, 2021. Alison Martin, CEO EMEA & Bank Distribution, said, “We are delighted to have a leader of Drazen’s calibre ... Read the full article
Kita expands active risk monitoring across all stages of the carbon lifecycle
12th December 2024
Kita, the carbon insurance specialist and Lloyd’s of London coverholder, has launched its full-spectrum Active Risk Monitoring services for the carbon markets. The firm has been providing these services since March 2024 to select stakeholders and is now broadening its reach to a wider span of the market. Kita will now be ... Read the full article
Property cat reinsurance rates to be flat to down as much as 10% at Jan 1: TD Cowen
11th December 2024
Following a series of meetings with senior insurance industry executives in Bermuda, TD Cowen analysts reported that pricing at January 1st for property catastrophe reinsurance is likely to be flat or decline by as much as 10%. This prediction comes despite expectations of terms and conditions remaining stable, particularly for private ... Read the full article
Moody’s assigns A3 Rating to Fortitude Re’s operating subsidiaries
11th December 2024
The three main operating subsidiaries of Bermuda-based Fortitude Reinsurance Company Ltd. (Fortitude Re) have been assigned A3 Insurance Financial Strength Ratings by Moody's, with a stable outlook. The rating actions concern Fortitude Reinsurance Co. Ltd., Fortitude International Reinsurance Co. Ltd., and Fortitude Life Insurance and Annuity Co. As well as these assignments, ... Read the full article
WTW’s CLIPS reveals US commercial insurance rates climbed 6.1% in Q3’24
11th December 2024
Global re/insurance broker WTW's latest Commercial Lines Insurance Pricing Survey (CLIPS), US commercial insurance rates climbed by 6.1% during the third quarter of 2024. Based on the firm's CLIPS for Q3'24, the collective commercial price change reported by insurance carriers reflects a modest rise compared to 5.9% in Q2 2024 (6.1% ... Read the full article
Relm launches 50-State MGA
11th December 2024
Specialty insurance carrier Relm Insurance has officially launched its own managing general agent (MGA) in the US, licensed in all 50 states with locations in Miami, New York and Pennsylvania. It's worth highlighting that Relm is the first specialist insurer of global emerging industries to launch such an initiative in the ... Read the full article
Zhibao Technology launches Shanghai-based Longevity Risk Lab
11th December 2024
InsurTech company Zhibao Technology announced the launch of the Longevity Risk Lab (LRL) based in Shanghai during its first Longevity Risk Conference on December 8, 2024. The LRL will be co-managed by Zhibao, the Shanghai International Reinsurance Registration and Trading Center (a division of SHIE), and the Insurance School of the ... Read the full article
Cristina Stefan named Head of Advisory at Centre for Disaster Protection
11th December 2024
The Centre for Disaster Protection, an organisation focused on helping countries and humanitarian agencies better prepare for and respond to natural disasters through innovative financing solutions, has announced the appointment of Cristina Stefan as its new Head of Advisory. Stefan brings a wealth of experience in advising on the design of ... Read the full article
Aon predicts growth in member options and IFA access in UK bulk annuity market in 2025
11th December 2024
Aon plc, a global professional services firm, has announced that the trend of UK bulk annuity insurers expanding member options and offering access to independent financial advisers (IFAs) at retirement will continue to grow throughout 2025. In recent years, it has become increasingly common for pension schemes to offer options within ... Read the full article
MetLife & General Atlantic to launch Chariot Re in 2025
11th December 2024
MetLife, Inc. and General Atlantic have revealed the formation of Chariot Reinsurance, Ltd. (Chariot Re), a to-be-registered Class E Bermuda-based life and annuity reinsurance company. Cynthia Smith, a 30-year veteran of MetLife, is expected to lead Chariot Re as CEO. Meanwhile, Toby Srihiran Brown, MetLife's Global Head of Reinsurance, and Graves ... Read the full article
Talanx aims to grow net income 30% by 2027
11th December 2024
The Talanx Group, the parent company of large European reinsurer Hannover Re, has set a number of new targets for the period to 2027 as the company is set to exceed its 2025 targets a year early. In light of the recent strong performance, the financial services company has lifted its ... Read the full article
Duck Creek bolsters global team with three senior executive appointments
11th December 2024
Duck Creek Technologies, a provider of software solutions for property and casualty (P&C) and general insurance, has appointed three industry veterans to its senior global leadership team to fuel its growth and transformation. William Magowan has been appointed as the Senior Vice President of North American Sales; Elodie Hilderal, Managing Director ... Read the full article
Gabriel Ewing to lead Amwins Global Risks’ Transactional Risk practice in London
11th December 2024
Amwins Global Risks, the international arm of global specialty insurance broker Amwins, has appointed Gabriel Ewing as Head of its new Transactional Risk practice in London. Ewing is a market veteran with almost two decades of legal and M&A experience with an emphasis on complex international transactions. Gabriel brings extensive knowledge placing ... Read the full article
ASR’s Middle Eastern & Mauritian subsidiaries sign Binding Authority Agreements with Eureka Re
11th December 2024
African and Middle East focused re/insurance group Africa Specialty Risks (ASR), has announced that its Middle Eastern and Mauritian subsidiaries, Africa Specialty Risks Mauritius and ASR Middle East Limited, have agreed Binding Authority Agreements with multinational reinsurer Eureka Re. From what Reinsurance News understands, Eureka Re will provide capacity for the Binding ... Read the full article
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