Reinsurance News
Hurricane Helene may lead to significant losses for P&C re/insurers, says Moody’s
30th September 2024
Hurricane Helene, which struck Florida on September 26, 2024, has caused significant damage and could lead to substantial losses for property and casualty (P&C) re/insurers, particularly in the homeowners and commercial property sectors, according to a recent Moody’s Ratings report. Identified as a Category 4 storm, Hurricane Helene brought destructive winds, ... Read the full article
Marsh McLennan to acquire McGriff Insurance Services in $7.75bn transaction
30th September 2024
Marsh McLennan, the global insurance and reinsurance broker, has reached an agreement through its subsidiary, Marsh McLennan Agency to acquire full-service insurance brokerage, McGriff Insurance Services, LLC, for a cash consideration of $7.75 billion, funded by a combination of cash and proceeds from debt financing. Under the terms of the transaction, ... Read the full article
Specialty MGA Africa & Middle East opens Casablanca office to expand regional services
30th September 2024
Specialty MGA Africa & Middle East, a new provider of tailored insurance and reinsurance solutions, has opened an office in Casablanca following approval from the Moroccan Minister of Finance. This new office aims to offer the region increased capacity for specialty lines of business and difficult-to-insure risks. Specialty MGA Africa & Middle ... Read the full article
Optimism high in re/insurance following record results, yet challenges persist: EY
30th September 2024
With the re/insurance industry returning to profitability and many firms achieving record results in 2024, there’s reason for optimism. However, key challenges like high inflation, climate change, and geopolitical instability persist, according to Isabelle Santenac, EY’s global insurance leader, and Rodney Bonnard, UK financial services market leader. Speaking with Reinsurance News ... Read the full article
Miller strengthens Sports and Entertainment division with senior hire
30th September 2024
Miller, an independent re/insurance broker, has announced the appointment of David Randle as Head of Commercial Business Development for its Sports and Entertainment division, who will report to Tim Nagle, Head of Sports at Miller. With over 40 years of experience in the insurance sector, Randle has a strong background in ... Read the full article
Moody’s puts total property damage from hurricane Helene at $15-26bn
30th September 2024
After Hurricane Helene, a Category 4 storm with 140 mph winds made landfall in Florida’s Big Bend on Thursday evening, reviving the quiet hurricane season, analysts at Moody's have placed the total property damage at between $15 billion and $26 billion, with a total cost of $20 billion to $34 ... Read the full article
Expect private insurance market losses from Helene in the mid-to-high single-digit billions: Bowen, Gallagher Re
30th September 2024
Following hurricane Helene's landfall last week as a Cat 4 storm on the Big Bend area of Florida, Steve Bowen, Chief Science Officer at reinsurance broker Gallagher Re, has said that economic losses will be well above $10 billion and that the impact to the private insurance market is expected ... Read the full article
Liberty Mutual Insurance adds Jeff Dailey & Linda Mantia to its Board of Directors
30th September 2024
Liberty Mutual Insurance's Tim Sweeney, President and Chief Executive Officer (CEO), has announced that Jeff Dailey, formerly Chairman, President and CEO of Farmers Group, Inc., and Linda Mantia, formerly Senior Executive Vice President and Chief Operating Officer (COO) of Manulife Financial Corporation, have been elected to serve on the firm's ... Read the full article
CoreLogic pegs hurricane Helene insured wind and storm surge losses at up to $5bn
30th September 2024
Insurance industry wind and storm surge losses from the impacts of hurricane Helene, the most powerful storm to hit the Big Bind region of Florida, have been estimated at between $3 billion and $5 billion by catastrophe risk modeller, CoreLogic. Hurricane Helene made landfall in the Big Bend region of Florida ... Read the full article
Global Atlantic appoints Emily LeMay and Jason Bickler as Co-Heads of Individual Markets
30th September 2024
Global Atlantic Financial Group, an insurance provider specialising in retirement and life insurance for both individuals and institutions, has announced the immediate appointment of Emily LeMay as Chief Operations Officer and Jason Bickler as Chief Distribution Officer as Co-Heads of Individual Markets, reporting to Rob Arena, Co-President of Global Atlantic. Since ... Read the full article
Survey reveals banks missed bancassurance opportunity, with home insurance leading
30th September 2024
Sollers, a consulting firm specialising in digital transformation, and Ipsos, a market research company, have recently conducted a survey that highlights how banks are not fully leveraging the potential of bancassurance. According to their findings, 44% of customers are open to purchasing insurance products through their banks. By adopting advanced insurance software ... Read the full article
RT Specialty bolsters leadership team amidst expansion plans
30th September 2024
RT Specialty, the wholesale distribution division of Ryan Specialty, has restructured its leadership team with senior appointments effective October 1st, 2024. Seth Johnson will become the Chief Executive Officer (CEO) of RT Binding Authority. He has been with the firm since 2019, following the Atlantic Specialty Lines acquisition, and has been ... Read the full article
Bishop Street makes strategic equity investment in Verve Services
27th September 2024
Bishop Street Underwriters, the multi-boutique insurance platform owned by RedBird Capital Partners, has announced that it has made a strategic equity investment in Verve Services, a full-service auto insurance managing general agency (MGA). This partnership marks Bishop Street’s entry into the Specialty Private Passenger Auto sector. With this equity investment, Verve is ... Read the full article
Cooperation between local & global re/insurance markets key to support booming economy, energy transformation in CEE: Smartt Re
27th September 2024
The importance of working with local re/insurers in Central and Eastern Europe (CEE) countries like Poland is crucial to improve capacity, especially with big infrastructure and energy projects ahead, Tomasz Libront, CEO of Smartt Re, commented in a recent interview with Reinsurance News. The CEE region is entering a new era ... Read the full article
Amphitrite Underwriting London appoints Fadi Faysal as Cargo Underwriter
27th September 2024
Amphitrite Underwriting London, a specialist in marine MGA, has announced the appointment of Fadi Faysal as Cargo Underwriter. Faysal, who will be working with Scott Sykes, Head of Cargo, brings over 15 years of extensive global experience in both cargo insurance broking and underwriting, with a particular focus on the Middle ... Read the full article
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