Reinsurance News
Trustees urged to look beyond price when selecting insurers: Hymans Robertson
6th December 2024
A new paper from Hymans Robertson, a leading pensions and financial services consultancy, advises trustees of defined benefit (DB) pension schemes to look beyond price when selecting an insurer for buy-in or buy-out transactions. While cost remains a critical factor as schemes approach buy-out and wind-up, the report highlights the importance ... Read the full article
Andy Bills to serve as Chief Revenue Officer of Risk Solved
6th December 2024
Global risk engineering and risk data solution provider, Risk Solved, has appointed Andy Bills to the newly created role of Chief Revenue Officer, designed to build on its existing sales and revenue generation activity. Bills is a market veteran and brings over 30 years of sales and consulting experience in developing ... Read the full article
J.P. Morgan forecasts positive growth outlook for life insurance sector
6th December 2024
Despite life insurance facing a challenging decade, analysts at J.P. Morgan expect a better growth outlook for the sector moving forward. In its recent report, the firm noted that most advanced life markets, including developed markets in Asia like Hong Kong, have not seen meaningful growth over the past 5-10 years. However, ... Read the full article
European insurers set for acquisitions in 2025 amid market shifts: Bloomberg Intelligence
6th December 2024
A recent report from Bloomberg Intelligence (BI), the research division of Bloomberg, European general insurers' debt-to-equity ratios indicate that they have the financial capacity to pursue acquisitions in 2025. These acquisitions are expected to focus on strengthening existing market positions, much like the moves made by Generali and Sampo this year. This ... Read the full article
Ping and ACORD Solutions Group launch property data solution
6th December 2024
ACORD Solutions Group, an extension of ACORD, the standards-setting body for the global insurance industry, has partnered with insurance technology provider Ping to create a Property statement of values (SOVs) extraction and global exposure technology solution for carriers, MGAs and brokers. The partnership leverages Ping's SOV ingestion technology with ACORD Transcriber's ... Read the full article
HDI Global names Hannah Brooke Head of Marine Cargo Underwriting for UK and Ireland
6th December 2024
Commercial and specialty lines insurer HDI Global has announced the appointment of Hannah Brooke as Head of Marine Cargo Underwriting for the UK and Ireland, effective from January 1, 2025. Reporting to Antonia Osborne, Director of Underwriting-Commercial, Brook will lead the growth strategy and set the strategic direction for HDI's Marine ... Read the full article
PERILS revises insured loss estimate for southern Germany floods to €1.58bn
6th December 2024
Zurich-based catastrophe insurance data provider PERILS has revised its industry loss estimate for the third time, confirming the total cost of the floods in southern Germany, which occurred between May 31st and June 6th, 2024, at €1,582 million. To recap, southern Germany experienced severe flooding in the states of Baden-Wuerttemberg and ... Read the full article
Sola raises $3.7m in seed round to provide affordable natural disaster insurance
6th December 2024
Insurtech company Sola has closed its seed round, bringing total funding to $3.7 million, furthering its mission of providing affordable, reliable natural disaster insurance to homeowners and businesses. Sola aims to tackle the challenges of a volatile home insurance market, where rising premiums and denied coverage have left many homeowners frustrated. Wesley ... Read the full article
James Irvine joins Oak Re as chief underwriting officer
6th December 2024
Global reinsurance firm Oak Re has announced the appointment of James Irvine as chief underwriting officer (CUO), property, a London-based role. The executive will be joining the company in spring 2025, and report directly to Cathal Carr, chief executive officer and active underwriter of OAK syndicate 2843. As CUO, Irvine will leverage ... Read the full article
Concert promotes Scott Stosek to Director of Finance & CFO of Harmony Re
6th December 2024
Concert Group Holdings (Concert), a privately owned insurance holding company, has promoted Scott Stosek to the newly-created positions of Director of Finance, Concert Group, and Chief Financial Officer (CFO) of Harmony Re, the firm’s risk retention platform. In the new roles, Stosek reports to CFO, Michael Rybak who joined Concert in ... Read the full article
KRM Reinsurance Brokers Philippines names Atty. Isagani Acosta, Jr. President & CEO
6th December 2024
In response to the Philippines' rapid economic growth and rising demand for innovative insurance solutions, particularly in infrastructure investments and natural disaster risk mitigation, KRM has announced it is bolstering its leadership team. KRM Reinsurance Brokers Philippines has named Atty. Isagani Acosta, Jr. as its new President and Chief Executive Officer. Acosta ... Read the full article
UK business leaders struggle to recognise cyber risk as a financial threat: Resilience
6th December 2024
IT and financial leaders at the UK’s largest firms have a poor understanding of cyber risk as a financial risk, despite 74% of mid-to-large UK businesses experiencing cybercrime, according to a new survey by cyber risk solutions provider Resilience. The findings reveal a disconnect between what causes the greatest financial losses ... Read the full article
Aviva and Direct Line reach preliminary agreement on takeover deal
6th December 2024
Aviva and Direct Line have announced that they have reached a preliminary agreement on the financial terms of a potential acquisition of Direct Line's entire share capital by Aviva. This newly agreed deal represents a total consideration valued at 275 pence per Direct Line share (£3.6bn), an increase from the 250 ... Read the full article
LK Re Singapore named UK Lloyd’s broker
6th December 2024
LK Re, a specialist in reinsurance brokerage and Singapore subsidiary of LK Insurance Brokerage, has been selected as a registered broker by Lloyd’s in the UK. This move marks the first time that an overseas subsidiary established by a Korean insurance broker has been granted this status. LK Re's registration as a ... Read the full article
Ventis appoints Fiona Young as Senior Underwriter
6th December 2024
Ventis, a Managing General Agent (MGA) specialising in Commercial and Residential insurance, has announced the appointment of Fiona Young as Senior Underwriter. In her new role, Young will manage a panel of partner brokers, leveraging her technical expertise and market connections to strengthen Ventis’ relationships and expand its market presence. Gareth Roberts, ... Read the full article
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