Reinsurance News
S&P revises Africa Re’s outlook to Positive
3rd December 2024
S&P Global Ratings has revised the African Reinsurance Corporation’s (Africa Re) financial rating outlook to Positive from Stable while affirming its A- global scale financial strength ratings. The rating agency highlighted Africa Re’s strong position in the African reinsurance market, noting its ability to sustain robust operating performance over the next ... Read the full article
Ageas UK reinforces commitment to growth in personal lines broker market with leadership changes
3rd December 2024
As part of its new strategic cycle, Ageas UK has made a number of changes to its Executive leadership team, adjustments that reflect the company's ongoing dedication to achieving growth within the personal lines broker market. As part of these leadership appointments, Adam Beckett, Chief Distribution Officer since 2021, will assume ... Read the full article
AIG completes sale of personal travel insurance & assistance business to Zurich
3rd December 2024
Global insurer American International Group, Inc. (AIG) has successfully closed the previously announced sale of its global individual personal travel insurance and assistance business, including Travel Guard, to Zurich Insurance Group. It was previously revealed that AIG agreed to sell Zurich these operations for $600 million in cash, with an ... Read the full article
Mark Benz named Head of Ascot U.S. Alternative Risk Solutions
3rd December 2024
Insurer and reinsurer Ascot has appointed Mark Benz as Executive Vice President, Head of Alternative Risk Solutions, based in the New York City area. Benz joins Ascot from AXA, where he reportedly built out the Group Captive Practice while leading the company's North American Alternative Risk Structures, overseeing all group captive ... Read the full article
wefox to sell key carrier to Swiss consortium led by BERAG
3rd December 2024
Insurtech wefox Holding AG has reached an agreement with a group of Swiss companies (led by independent Swiss pension service provider BERAG) on the sale of Liechtenstein-based wefox Insurance AG. This follows the news from June about a restructuring effort, during which it was revealed that the Liechtenstein-domiciled insurance carrier, ... Read the full article
Aon appoints Anne Corona as CEO of Enterprise Clients & Global Chief Commercial Officer
3rd December 2024
Aon, the global insurance and reinsurance broker, has named Anne Corona as the Chief Executive Officer (CEO) of Enterprise Clients and Global Chief Commercial Officer, effective January 1st, 2025. This appointment aligns with the firm's strategy to advance its commercial capabilities by deepening commercial alignment, integrating data and analytics, and service ... Read the full article
I-RE increases commercial property insurance limit to $15m
3rd December 2024
International Re (I-RE), a specialist captive insurance and reinsurance managing general agent (MGA), has increased its commercial property insurance limit up to $15 million from $5 million for its RE–PAID product. At the same time, the organisation can also now facilitate additional capacity to build towers of excess coverage up to ... Read the full article
China Re Board announces retirement of Non-Exec Director Wang Xiaoya
3rd December 2024
The board of directors of China Reinsurance (Group) Corporation, the country's largest reinsurance firm, has announced the retirement of Wang Xiaoya. Xiaoya has stepped down as Non-Executive Director, Vice Chairlady, and member of the Board's Risk Management Committee, Strategy and Sustainable Development Committee, and Audit Committee. She served as a Non-Executive Director ... Read the full article
MS Amlin joins the Berne Union
3rd December 2024
Mitsui Sumitomo Insurance Group subsidiary MS Amlin, has joined the Berne Union as Observer Member alongside ABGF of Brazil, becoming the association’s two most recent additions. MS Amlin will join the MLT Committee, while ABGF will participate in the ECA (Export Credit Agency) and MLT(Medium and Long Term) Committees. Berne Union Secretary ... Read the full article
Outlook remains stable for US commercial lines, says AM Best
2nd December 2024
AM Best, the global credit ratings agency, is maintaining its stable market segment outlook on the US commercial lines insurance sector for 2025, supported by the segment's strong underwriting performance and improved investment returns, both of which have bolstered operating profitability. According to the agency, the stable outlook reflects AM Best's ... Read the full article
CyberCube partners with Penguin Tech to enhance cyber risk solutions
2nd December 2024
CyberCube, a provider of cyber risk analytics, has partnered with Penguin Tech, an integration and consulting provider, to deliver enhanced solutions that help insurers better understand, manage, and mitigate cyber threats. Through this collaboration, CyberCube’s advanced analytics will integrate seamlessly with the solutions Penguin Tech delivers to Duck Creek Technologies clients. ... Read the full article
Storm Bert triggers rapid parametric payout from FloodFlash
2nd December 2024
With Storm Bert affecting counties across England and Wales, parametric flood insurance provider FloodFlash has revealed that it made a payout to a client in just over 10 hours after a trigger was activated. According to Ian Bartholomew, Chief Underwriting Officer at FloodFlash, the firm's sensors first measured flooding on Sunday ... Read the full article
Andre du Preez joins McGill and Partners as Head of Emerging Technology
2nd December 2024
McGill and Partners, the independent global specialty insurance and reinsurance broker, has appointed Based in London, du Read the full article
Holborn names Frederic Gindraux SVP, Claims Advisory
2nd December 2024
US-based independent reinsurance broker, the Holborn Corporation has announced the appointment of Frederic Gindraux as Senior Vice President, Claims Advisory. Based in New York, Gindraux will collaborate with Holborn’s clients, client-facing teams, and account servicing department to offer cutting-edge technical and analytical guidance on claims-related matters. Additionally, Gindraux will participate in routine ... Read the full article
Potential acquisition of Direct Line by Aviva a credit positive for both groups: Moody’s
2nd December 2024
Analysts at Moody's Ratings have suggested that the potential acquisition of Direct Line by Aviva could bring credit positive benefits to both firms. Late last month, Direct Line rejected Aviva’s £3.28 billion 100% acquisition proposal, stating that it does not adequately reflect the company's standalone value, describing the offer as ... Read the full article
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