Reinsurance News
Willis appoints Stephen Kyriacou as Head of Litigation & Contingent Risk Solutions NA
6th February 2025
Willis, a WTW business, has appointed Stephen Kyriacou as Head of Litigation and Contingent Risk Solutions, and Senior Director of Transactional Solutions for North America. In his new role, Kyriacou will focus on developing and implementing tailored insurance solutions for litigation and contingent risks. He will collaborate closely with corporate, private ... Read the full article
Increased offshore reinsurance use raises concerns for life insurance sector: Moody’s
6th February 2025
The increasing trend of offshore reinsurance being used by US life insurers, particularly in the US, Bermuda and the Cayman Islands, is raising concerns about counterparty risk and regulatory transparency, according to a new Moody's report. The ratings agency views this growing practice with caution, citing potential negative credit implications for ... Read the full article
Aon names Terence Williams as Head of Commercial Risk Solutions, APAC
6th February 2025
Global re/insurance broker Aon has appointed Terence Williams as Head of Commercial Risk Solutions for Asia Pacific (APAC), effective April 2025, based in Singapore. Williams has a dual reporting line to Joe Peiser, Global Chief Executive Officer (CEO) of Commercial Risk Solutions and Anne Corona, CEO of Asia Pacific. As part of ... Read the full article
Hannover Re LA wildfire loss of €500m-€700m will exceed Q1 large loss budget: CEO Henchoz
6th February 2025
Jean-Jacques Henchoz, Chief Executive Officer (CEO) of large European reinsurer Hannover Re, said this morning that an industry loss of between $30 billion and $40 billion from the Los Angeles wildfires could lead to a net loss for the firm of between €500 million and €700 million, which is above ... Read the full article
Markel’s operating income hits $3.71bn in 2024 as CoR improves
6th February 2025
Markel has reported an operating income of $3.71 billion for the full year 2024, alongside an improved combined ratio of 95.2%. The firm's insurance business contributed $601 million to the total 2024 operating income, marking a 73% increase from $348.1 million in 2023. Meanwhile, the investment business contributed $2.77 billion, and ... Read the full article
AXIS promotes Steve Cucciniello to Head of Primary Casualty
6th February 2025
Bermuda-domiciled insurance and reinsurance company, AXIS Capital Holdings Limited, has promoted Steve Cucciniello to Head of Primary Casualty, effective immediately, reporting to Anna Tan, Head of Wholesale Casualty at AXIS. Cucciniello has over three decades of industry experience, he joined AXIS in 2014 and has most recently served as Senior Vice ... Read the full article
Hannover Re sees book grow 7.6% at Jan 1 as 2024 net income reaches €2.3bn
6th February 2025
Large European reinsurer Hannover Re has reported an increase in premium income in traditional property and casualty reinsurance by 7.6% at the 1 January 2025 treaty renewals, while its net income increased to €2.3 billion in the 2024 financial year. "The good quality of the renewed business was maintained, while an ... Read the full article
R&Q Re (Bermuda) receives approval for Scheme of Arrangement
6th February 2025
On June 26, 2024, R&Q Insurance Holdings Ltd. announced the appointment of joint provisional liquidators (JPLs) as part of its restructuring process, marking a significant shift in the company’s path that ultimately led to the approval of the Scheme of Arrangement by the Supreme Court of Bermuda ... Read the full article
Orion180 launches FLEX Home Insurance in Texas
6th February 2025
Insurance solutions provider Orion180 has launched FLEX Home Insurance in Texas, giving policyholders more control over homeowners’ coverage. FLEX offers a customisable approach to homeowners’ insurance, allowing policyholders to tailor coverage to their specific needs and financial goals. Ken Gregg, CEO of Orion180, stated, “We believe insurance should be adaptable to the ... Read the full article
India’s GIC Re planning to launch UK-based subsidiary
6th February 2025
The Board of Directors of the General Insurance Corporation of India (GIC Re), the Indian public sector reinsurer, has approved the incorporation of a United Kingdom-domiciled, wholly owned subsidiary, GIC Re, India Service Company, to engage in "insurance-related services and activities." According to an exchange filed with the National Stock Exchange ... Read the full article
Arundo Re grows portfolio 13% at Jan 1 reinsurance renewals
5th February 2025
French reinsurance company Arundo Re grew its gross written premiums (GWP) by 13% across its portfolio at the January 1st, 2025, renewals to €970 million, with double-digit growth occurring in all segments despite what CUO Hervé Nessi describes as a "more challenging environment than expected." Around 70% of the reinsurer's portfolio ... Read the full article
Markel Canada appoints Cliff Laidlaw as SVP Underwriting
5th February 2025
Markel Canada Limited has announced the appointment of Cliff Laidlaw as Senior Vice President (SVP), Underwriting. In this role, Laidlaw will oversee underwriting and portfolio management for all of Markel’s Canadian insurance products. He will also lead a team of underwriting professionals, focusing on supporting sustainable growth in Canada. David Crozier, President ... Read the full article
USAA delivers over $1bn to members affected by California wildfires
5th February 2025
USAA, a financial services provider for the military community, has processed 86% of wildfire claims with initial payments, delivering over $1 billion to members affected by the California wildfires. "USAA is deeply committed to supporting our members during this challenging time," added Randy Termeer, USAA Property and Casualty President. "We understand the ... Read the full article
Cowbell launches new unit to support US businesses against AI-driven threats
5th February 2025
Cowbell, a cyber insurance provider for small and medium-sized enterprises (SMEs), has launched the Cowbell Resiliency Services (CRS) unit to complement its existing risk management program. The unit was created in response to a rise in the frequency, severity, and diversity of cyber threats. Simultaneously, the unit also aims to tackle sophisticated ... Read the full article
Aon, Swiss Re, and Floodbase reveal parametric insurance solution to mitigate hurricane storm surge losses
5th February 2025
Aon plc, a professional services firm specialising in risk management, insurance, and reinsurance brokerage, has introduced a new parametric insurance solution aimed at reducing financial losses caused by hurricane-related storm surges along the US coastline. This initiative, developed in partnership with Floodbase, a specialist in parametric flood risk, and Swiss Re ... Read the full article
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