Reinsurance News
Bindable partners with Recoop to expand access to disaster insurance
29th November 2024
Insurance technology firm Bindable has announced a distribution partnership with Recoop Disaster Insurance to bring Recoop's innovative disaster insurance product to Bindable's extensive network of carriers, brokers, affinity groups, and insurance-adjacent businesses. Recoop provides affordable policies with rapid cash benefits, bridging gaps in traditional homeowners and renters insurance that leave Americans ... Read the full article
AM Best upgrades AzRe’s financial strength and issuer credit ratings
29th November 2024
AM Best, the credit rating agency, has upgraded the Financial Strength Rating of AzRe Reinsurance, OJSC (AzRe) to B++ (Good) from B+ (Good), and its Long-Term Issuer Credit Rating to “bbb” (Good) from “bbb-” (Good), with a stable outlook for both ratings. These upgrades reflect AzRe’s strong balance sheet, which AM ... Read the full article
Rate momentum, adequacy and trading challenges bring caution to Lloyd’s market: Patrick Tiernan
28th November 2024
Speaking at the Lloyd's Q4 2024 Market Message, Patrick Tiernan, Chief of Markets, explained that whilst looking at the jump off point for 2025, he sees a "global specialty market that continues to experience favourable, if not, more competitive conditions." Tiernan stated that the risk environment remains elevated within Lloyd's core ... Read the full article
Demand for ‘organised crime cover’ on the rise in Mexico amid more dangerous cartel activity: Chaucer
28th November 2024
Global speciality insurance and reinsurance group, Chaucer, has highlighted growing demand in Mexico for insurance protection against cartels and other organised crime, driven by cartel activity spreading into new areas and greater demand from sectors outside of tourism and leisure. Chaucer explains that damage caused by cartel violence is excluded under ... Read the full article
IAG to acquire 90% of RACQ’s insurance underwriting business
28th November 2024
Australian insurer IAG is to acquire 90% of RACQ’s existing insurance underwriting business for $855m, under a 25-year exclusive partnership between the two companies. According to the announcement, IAG also has the option to acquire the remaining 10% in two years on similar terms. RACQ Chief Executive Officer David Carter said: RACQ ... Read the full article
SCOR backs climate prediction market initiative
28th November 2024
French reinsurance giant SCOR's corporate foundation is backing an initiative led by Lancaster University Management School (LUMS) to use prediction markets to combine diverse forecasts of future climate into unified predictions, potentially providing a new mechanism for funding climate research. A collaboration between researchers at LUMS and the University of Exeter’s ... Read the full article
Allianz Partners names Michael Buttstedt as CFO and Board Member
28th November 2024
Allianz Partners, a provider of insurance and assistance services, has announced that Michael Buttstedt has assumed the role of Chief Financial Officer and Board Member as of September 1, 2024. He reports directly to Tomas Kunzmann, CEO of Allianz Partners. Buttstedt brings over 25 years of experience within the Allianz Group ... Read the full article
AM Best maintains stable outlook on US health insurance segment
28th November 2024
Credit rating agency AM Best has maintained its stable outlook for the US health insurance market, citing strong capitalisation and profitability as key factors, among others, despite declining underwriting results. In 2023, the health insurance sector witnessed favourable overall earnings, with net investment income contributing positively to the industry's financial performance, ... Read the full article
Zurich Resilience Solutions launches Climate Spotlight
28th November 2024
Zurich Resilience Solutions (ZRS), the commercial risk advisory and services unit of global insurer Zurich Insurance Group, has launched Climate Spotlight, an interactive digital solution leveraging climate data to provide businesses, municipalities, and public entities with insights to better anticipate, mitigate, and manage their climate risks while enhancing resilience. The solution ... Read the full article
The re/insurance industry has to evolve and innovate faster than ever before: Lloyd’s CEO, Neal
28th November 2024
As the insurance and reinsurance industry continues to grow, the extensive risk landscape also continues to widen, with major risks stemming from key areas such as climate change and cyber, which according to John Neal, Chief Executive Officer (CEO) of Lloyd's, means that the industry has to evolve and innovate ... Read the full article
Underwriting discipline likely to remain for majority of market: William Ho, MS Amlin
28th November 2024
In an interview with Reinsurance News, William Ho, Chief Executive Officer of MS Amlin for Asia Pacific, affirmed that although reinsurance market dynamics in Asia have shifted in 2024, discipline is expected to persist as the company continues to innovate for clients and brokers in an ever changing landscape. We spoke ... Read the full article
CFC unveils new insurance solution for mid-size to multinational tech companies
28th November 2024
Specialist insurance provider, CFC has announced the launch of a new comprehensive insurance solution which will provide coverage for technology and cyber risks faced by tech businesses with revenues exceeding $250 million. This new product, designed for mid-size to multinational tech companies, will cover costs associated with delays, mistakes, oversights and ... Read the full article
S&P projects cyber insurance premiums to hit $23bn by 2026
28th November 2024
S&P Global Ratings, a provider of credit ratings, research, and analytics, maintains a stable outlook on the global cyber insurance and reinsurance industry, supported by solid underwriting profitability in 2023 and 2024, with expectations for this trend to continue into 2025. The industry's stability is further reinforced by substantial increases in ... Read the full article
Gallagher welcomes Neil Clutterbuck as Non-Exec Director
28th November 2024
Neil Clutterbuck has been appointed as the Chair of Pen Underwriting and an Independent Non-Executive Director of Arthur J Gallagher Holdings (UK) Limited, subject to regulatory approval. Clutterbuck brings a wealth of experience to his new position, having spent nearly two decades at Allianz in various senior management and executive roles. ... Read the full article
QBE names Jamie Kelly Group Chief Compliance Officer
28th November 2024
Australian insurer QBE has appointed Jamie Kelly as its Group Chief Compliance Officer, following Ed Rainsford’s recent transition to the role of Chief Risk Officer, AUSPAC. In the new role, Kelly reports to Fiona Larnach, the Group's Chief Risk Officer. Kelly brings enterprise knowledge gained through most recently serving as the ... Read the full article
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