Reinsurance News
Francesca Harland to lead Mosaic’s Global Professional Liability
2nd October 2024
Specialty insurer Mosaic Insurance has appointed Francesca Harland as its Global Head of Professional Liability, replacing Anna Jay, who was named the company’s new Active Underwriter, Syndicate 1609, in July. According to the announcement, these appointments were part of a restructuring of the underwriting and operational teams to drive Mosaic’s vital ... Read the full article
Lockton launches dedicated Offshore Projects Practice
2nd October 2024
Independent insurance broker Lockton has launched a new dedicated Offshore Projects Practice to navigate complex Energy, Marine and Power risks, to be headed by Jack Swift, David Vajnai and Alex Morgan. The offshore industry faces challenges in securing capital and insurance due to the costly claims profile of offshore wind and ... Read the full article
Beazley forecasts cyber insurance market to grow to $40bn by 2030
2nd October 2024
Specialty insurer Beazley predicts that the cyber insurance market will grow from $15 billion in 2024 to $40 billion by 2030, driven by increasing demand due to rising cyber threats and costs, as the firm continues to manage its exposure amid premium growth. In its latest Cyber Risk Update, Beazley highlights ... Read the full article
US insurers face declining income from private equity despite growth in holdings: AM Best
2nd October 2024
US insurers saw a second consecutive year of declining income from their private equity investments, which fell to $7.7 billion in 2023, down from $10.2 billion in 2022, according to AM Best, the credit rating agency. A recent Best’s Special Report highlights that US insurers’ private equity holdings grew by 10.8%, ... Read the full article
Industry veteran Sylvie Hirn to head Ageas Re’s Credit & Bond business
2nd October 2024
Ageas Re, the reinsurance brand of international insurance firm Ageas, has appointed Sylvie Hirn to head its Credit & Bond business. In a statement, Joachim Racz, Sylvie brings a wealth of experience both on the direct credit insurance and on the reinsurance side to Ageas Re. ... Read the full article
PIC’s market poll suggests bulk annuity market could hit £60bn in 2025
2nd October 2024
Pension Insurance Corporation plc (PIC), a specialist insurer for defined benefit pension schemes, has disclosed that in a recent poll of 140 trustees, consultants, and lawyers working in the bulk annuity market, 47% expected the market size next year to be between £50 and £60 billion. In contrast, 45% of respondents ... Read the full article
Markel strengthens International Casualty Portfolio with key leadership appointments
2nd October 2024
Markel, the insurance division of Markel Group Inc., has made three significant appointments as part of its strategy to expand its International Casualty portfolio and enhance its Wholesale Claims service for broker partners. Lauren Percival has been named Executive Underwriter – General Liability. In her new position, she will collaborate with ... Read the full article
FCCI expands offerings with new specialty company for E&S Lines
2nd October 2024
FCCI Insurance Group has introduced FCCI Specialty Insurance Company, now offering Excess and Surplus (E&S) lines coverage. This marks an important expansion of FCCI’s services, providing innovative coverage solutions for businesses across various industries, particularly those with hard-to-place commercial risks. Initially, agents in Florida, Georgia, and Texas can submit General Liability (GL) ... Read the full article
Gillard Jr. to succeed Mosher as President of A.M. Best Rating Services
2nd October 2024
Global ratings agency AM Best announced that James A. Gillard Jr. will succeed Matthew C. Mosher as President of A.M. Best Rating Services, Inc. (AMBRS), effective September 30th, 2024. In his new role, he will assume Mosher’s responsibilities of overseeing the life/health, property/casualty, and international rating divisions. Mosher will retire as President ... Read the full article
CMC partners with Parametrix to assess cloud outage impacts on UK businesses
2nd October 2024
The Cyber Monitoring Centre (CMC) has partnered with Parametrix Analytics, a newly established provider of cloud risk analytics services, to examine cloud exposure and the effects of cloud outages on UK organisations. An initial project is underway to assess how dependent UK organisations are on cloud infrastructure. This project examines ... Read the full article
WTW enters a co-brokerage agreement with Ori-gen’s The J. Morey Company, Inc.
2nd October 2024
Global insurance broker WTW has entered into a co-brokerage arrangement with The J. Morey Company, Inc., an Ori-gen family company, to provide tailored insurance solutions by joining resources and industry expertise. This agreement aims to align resources to deliver brokerage support and tailored insurance solutions to North American exposures of companies ... Read the full article
Gallagher names Simon Collings Chief Broking Officer
2nd October 2024
Simon Collings has been appointed to the newly created executive role of Chief Broking Officer for Gallagher, subject to regulatory approval, and will report to Michael Rea, the broker’s Chief Executive Officer in the UK. Joining the UK executive team, Collings will lead and develop the broking strategy for Gallagher in ... Read the full article
Oceanview Re names Michael Ward as VP and CFO
2nd October 2024
Oceanview Reinsurance Ltd., the Bermuda-domiciled reinsurance subsidiary of Oceanview Holdings Ltd., has appointed Michael C. Ward as Vice President (VP) and Chief Financial Officer (CFO). His appointment follows Oceanview's recent expansion of its global reinsurance operations with the establishment of Oceanview Secure Reinsurance Ltd. in the Cayman Islands. In his new ... Read the full article
Fathom launches Global Flood Cat model
2nd October 2024
As large-scale flooding increasingly contributes to global insured losses, accounting for $14 billion of 2023's insured nat cat loss total, according to reinsurer Swiss Re, flood risk intelligence firm Fathom has launched Global Flood Cat, a catastrophe model for comprehensive flood risk assessment. Built upon Fathom's Global Terrain Data, FABDEM+ and ... Read the full article
Central Europe floods likely to drive insured losses of $2.8-$3.9bn: Moody’s RMS
2nd October 2024
Damages from severe flooding across Czech Republic, Austria, Poland, Slovakia, Hungary, Germany, and Italy between September 11th-19th is expected to result in insurance industry losses of between $2.8 billion (€2.5bn) and $3.9 billion (€3.5bn), according to catastrophe risk modeller, Moody’s RMS Event Response. The majority of the losses are expected to ... Read the full article
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