Reinsurance News
AM Best upgrades outlook to positive for RLI Group and affirms strong financial ratings
5th February 2025
AM Best, a credit rating agency specialising in the insurance industry, has revised the outlook for the insurance company RLI Group (RLI) to positive from stable while affirming its Financial Strength Rating (FSR) of A+ (Superior) and its Long-Term Issuer Credit Rating (Long-Term ICR) of “aa” (Superior). The outlook for RLI’s ... Read the full article
Tokio Marine HCC expands global distribution strategy with leadership appointments
5th February 2025
Tokio Marine HCC (TMHCC) International, part of the Tokio Marine HCC group of companies headquartered in Houston, Texas, has named Stuart Heath as Head of Distribution – International. In this newly established role, Heath will spearhead efforts to expand TMHCC International’s distribution network, forging new partnerships and strengthening existing relationships across ... Read the full article
Chubb names Gillston as EVP, Head of Global Casualty for Major Accounts NA
5th February 2025
Global insurer Chubb has named Seth Gillston as Executive Vice President (EVP), Head of Global Casualty for Major Accounts in North America (NA), as Lou Capparell transitions to the role of Chairman of Global Casualty. Capparell joined the firm in 2002 and has held his previous role since 2017. Gillston will be ... Read the full article
Ryan Specialty Underwriting Managers launches Celerity Risk
4th February 2025
Ryan Specialty Underwriting Managers (RSUM) has launched Celerity Risk, a newly rebranded business unit formed following its acquisition of Innovisk Capital Partners in November 2024. The launch sees the integration of CorRisk Solutions, the U.S. wholesale division of Ryan Financial Lines, with Celerity Pro, formerly part of Innovisk. This combined entity ... Read the full article
Scott Burns to lead XSB’s new product division for Cyber Liability
4th February 2025
XS Brokers (XSB), an independent insurance underwriting and wholesale brokerage group, has launched a new product division for Cyber Liability, led by Scott Burns as Senior Vice President. In his new role, Burns will be responsible for the Division’s growth strategy, including expanding sales and ongoing collaborations with key carrier and ... Read the full article
Duck Creek launches Payments Marketplace with Paymentus partnership
4th February 2025
Duck Creek Technologies, a provider of software solutions for property and casualty (P&C) and general insurance, has launched Payments Marketplace, a comprehensive payment ecosystem tailored for the global insurance industry. The Duck Creek Payments Marketplace integrates seamlessly with trusted payment providers, offering carriers end-to-end payment management. Duck Creek has also partnered with ... Read the full article
Ascot announces key promotions in UK Claims
4th February 2025
Ascot, a Bermuda-domiciled global specialty insurer, has announced the promotion of James Short to Chief Claims Officer, UK, and Christine Neale as Head of Claims Operations, UK. In his new role, Short will be responsible for the Syndicate Claims function, including claims disputes and the oversight and control of all outsourced ... Read the full article
Property cat rates still above what Everest needs to deploy in most markets: CEO, Williamson
4th February 2025
Despite property catastrophe reinsurance prices falling between 5% and 15% for loss free programmes at the January 1st, 2025, renewals, Jim Williamson, President and Chief Executive Officer (CEO) of Bermuda-based carrier Everest, has said that overall, rates are still above what's required for the firm to have appetite to deploy ... Read the full article
Marsh McLennan appoints Sofia Gardefjord as COO of Nordics
4th February 2025
Global insurance and reinsurance broker Marsh McLennan has appointed Sofia Gardefjord as Chief Commercial Officer (CCO) for the Nordics. In this role, Gardefjord will focus on advancing commercial initiatives, strengthening client relationships across the Nordics, and fostering collaboration among Marsh, Guy Carpenter, Mercer, and Oliver Wyman. Gardefjord brings 15 years of experience ... Read the full article
Ryan Specialty completes Velocity Risk acquisition
4th February 2025
Ryan Specialty has completed its previously announced acquisition of Nashville, Tennessee-domiciled Velocity Risk Underwriters, LLC for $525 million from funds managed by Oaktree Capital Management, L.P. The acquisition aims to expand Ryan Specialty’s property catastrophe portfolio as Velocity, a provider of first-party insurance for catastrophe-exposed properties joins the buyer’s Ryan ... Read the full article
Aon appoints Wesley Roy as Head of Property ANZ, Reinsurance Solutions
4th February 2025
Global insurance and reinsurance broker Aon has appointed Wesley Roy as Head of Property, Australia and New Zealand, for its Reinsurance Solutions division. Based in Sydney, Roy will lead property best practices, helping clients navigate the complexities of this challenging class and make more informed decisions across the region. He brings over ... Read the full article
WTW posts revenue of $9.93bn for 2024 amid segment growth
4th February 2025
Global advisory, broking and solutions firm WTW has revealed in its full-year results revenue of $9.93 billion, an increase of 5% as compared to the $9.48 billion recorded in 2023. WTW’s Health, Wealth & Career segment made up $5.77 billion of the total 2024 revenue, while its Risk & Broking segment ... Read the full article
Markel realigns US professional liability products into four segments
4th February 2025
Markel, the insurance arm of global re/insurer Markel Group Inc., has reorganised its US professional liability products into four distinct pillars: management liability, errors and omissions (E&O), cyber, and financial institutions. The company states that this realignment is an effort to serve its clients better. As part of the restructuring, Markel will ... Read the full article
SCOR sees LA wildfire impact as manageable at roughly quarterly cat budget for Q1: Conoscente
4th February 2025
Jean-Paul Conoscente, CEO of P&C at SCOR, one of Europe's big four reinsurers, said today that the impact of the Los Angeles wildfires should be around a quarterly natural catastrophe budget for Q1 for the firm, emphasising that the event will act as a floor to the drop of cat ... Read the full article
HDI Global appoints Geoff Godwin as Chief Operating Officer
4th February 2025
Commercial and specialty lines insurer HDI Global has announced the appointment of Geoff Godwin as Chief Operating Officer, effective April 28, 2025. Godwin will join the Executive Team, reporting to Stephanie Ogden, Chief Executive Officer of HDI Global UK and Ireland. Ogden stated, “My ambition has always been to secure a strong, ... Read the full article
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