Reinsurance News
TMK appoints Furness-Smith as Cyber Underwriter in APAC
4th December 2024
Tokio Marine Kiln (TMK) has announced the appointment of Georgina Furness-Smith as Cyber Underwriter in APAC, a Singapore-based role. She will take up her role on 2 January. Furness-Smith is a cyber insurance specialist with over five years of underwriting experience. She is joining TMK from AXIS Capital, where she most recently ... Read the full article
Sixth Street and Achmea establish Dutch life insurance venture
4th December 2024
Investment firm Sixth Street, the principal shareholder of Lifetri, and financial provider Achmea, have established a pension and life insurance joint venture in the Netherlands. According to the announcement, this move will see Lifetri, with a balance sheet of approximately €2 billion, and Achmea merge their pension and life portfolios into ... Read the full article
Ryan Transactional Risk announces several leadership promotions
4th December 2024
Ryan Specialty’s transactional risk managing general underwriter, Ryan Transactional Risk (RTR), has announced several leadership promotions, effective January 1, 2025. George Pearce and Rich Stansfield, the current Managing Directors, will assume the roles of Global Co-Chief Executive Officers. Luc Joordens has been appointed Managing Director International. He joined RTR in 2019, serving ... Read the full article
WTW could ‘acquire complete ownership’ of reinsurance broking JV: CEO Hess
3rd December 2024
After WTW confirmed its re-entry into the treaty reinsurance broking market earlier today, via a joint venture with Bain Capital, Chief Executive Officer (CEO) Carl Hess has explained that, over time, the company could obtain control and purchase complete ownership of the new company. The announcement revealed that WTW will ... Read the full article
Aon accelerates cyber product development & capital sourcing with O’Connell hire
3rd December 2024
Global insurance and reinsurance broker Aon has announced the appointment of Robert O’Connell as global cyber strategy and growth leader, executive managing director, within its Reinsurance Solutions business. Based in New York, O'Connell will lead the firm's initiatives to provide transformative value to Reinsurance Solutions' cyber clients and trading partners. This will ... Read the full article
Poll suggests regulatory mandates a key driver of ESG adoption in re/insurance industry
3rd December 2024
A recent Reinsurance News poll, which drew responses from hundreds of industry professionals, suggests that regulatory mandates are viewed as the primary driver for the adoption of environmental, social, and governance (ESG) principles within the re/insurance sector. Of the poll respondents, 46% identified regulatory mandates as the most influential factor driving ... Read the full article
CFC launches new excess insurance solution for secondary transactions
3rd December 2024
CFC, a provider of insurance solutions in emerging risks and a market leader in cyber, has launched a new excess insurance offering specifically designed for secondary transactions. This solution introduces a new option for the secondary transaction market, offering up to USD 150 million in excess coverage. With this, CFC now provides ... Read the full article
Howden appoints Swiss Re’s Azman Noorani as Global Practice Leader, Surety
3rd December 2024
Global insurance intermediary group Howden has announced the appointment of Azman Noorani as Global Practice Leader, Surety, effective 1 November 2024. Noorani will report to Mark Wood, Head of Global Specialty Practices, and will lead Howden’s new Global Surety Practice. This initiative aims to expand on Howden’s existing surety capabilities, offering ... Read the full article
MetLife enters into £450m longevity swap with Merchant Navy Ratings Pension Fund
3rd December 2024
The Trustee of the £1 billion Merchant Navy Ratings Pension Fund (MNRPF) has entered into a transaction with Metropolitan Life Insurance Company (MetLife) to manage longevity risk of around £450 million of pensioner and dependant liabilities. This transaction provides long-term protection to MNRPF against costs resulting from pensioners or their dependants ... Read the full article
Saudi Arabia launches drought resilience initiative at UNCCD COP16
3rd December 2024
As part of Saudi Arabia's ongoing efforts to address the global impact of drought, the Kingdom, alongside its partners, has launched the Riyadh Global Drought Resilience Partnership at the opening of the 16th session of the Conference of the Parties (COP16) of the United Nations Convention to Combat Desertification (UNCCD). In ... Read the full article
WTW confirms return to treaty reinsurance broking market via Bain Capital joint venture
3rd December 2024
Global insurance brokerage WTW has confirmed its intention to re-enter the treaty reinsurance broking market via a joint venture with private investment firm, Bain Capital, with WTW set to hold a minority share in the new company. At its 2024 Investor Day later today, WTW will outline its growth and value ... Read the full article
Insurance industry “supercycle” likely to continue into 2025: ALIRT
3rd December 2024
The US property and casualty (P&C) insurance industry is experiencing a prolonged period of robust financial strength, with no clear end in sight. According to insurance research firm ALIRT, both commercial and personal lines are seeing record-high composite scores, indicating exceptional financial health. "We see no reason why this current supercycle ... Read the full article
Ryan Specialty unveils new notes offering to support acquisition opportunities
3rd December 2024
Ryan Specialty has revealed that net proceeds from a new $600 million notes offering will be utilised for future acquisition opportunities and investments consistent with its strategy. The specialty insurance services firm announced that Ryan Specialty, LLC, its indirect subsidiary, priced an offering of $600 million aggregate principal amount of additional ... Read the full article
NFIP claims paid for hurricane Helene flood losses rise to more than $1.4bn
3rd December 2024
The U.S. Federal Emergency Management Agency (FEMA) has reported that as of November 12th, 2024, more than 56,000 policyholders have filed claims following the landfall of hurricane Helene, with National Flood Insurance Program (NFIP) payments to policyholders for flood losses from the storm now above $1.4 billion. In late October, FEMA ... Read the full article
Liberty Mutual names Marc Orloff as President of GRS, North America
3rd December 2024
Liberty Mutual Insurance Global Risk Solutions (GRS) has appointed Marc Orloff as President for North America, effective January 1st, 2025, reporting to Neeti Bhalla Johnson, GRS President. Dieter Korte, currently Chief Underwriting Officer, GRS North America, Middle Market, will take on the additional responsibility of Interim President, GRS North America, Middle ... Read the full article
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