Reinsurance News
Oceanview Re names Michael Ward as VP and CFO
2nd October 2024
Oceanview Reinsurance Ltd., the Bermuda-domiciled reinsurance subsidiary of Oceanview Holdings Ltd., has appointed Michael C. Ward as Vice President (VP) and Chief Financial Officer (CFO). His appointment follows Oceanview's recent expansion of its global reinsurance operations with the establishment of Oceanview Secure Reinsurance Ltd. in the Cayman Islands. In his new ... Read the full article
Fathom launches Global Flood Cat model
2nd October 2024
As large-scale flooding increasingly contributes to global insured losses, accounting for $14 billion of 2023's insured nat cat loss total, according to reinsurer Swiss Re, flood risk intelligence firm Fathom has launched Global Flood Cat, a catastrophe model for comprehensive flood risk assessment. Built upon Fathom's Global Terrain Data, FABDEM+ and ... Read the full article
Central Europe floods likely to drive insured losses of $2.8-$3.9bn: Moody’s RMS
2nd October 2024
Damages from severe flooding across Czech Republic, Austria, Poland, Slovakia, Hungary, Germany, and Italy between September 11th-19th is expected to result in insurance industry losses of between $2.8 billion (€2.5bn) and $3.9 billion (€3.5bn), according to catastrophe risk modeller, Moody’s RMS Event Response. The majority of the losses are expected to ... Read the full article
MGA and fronting re/insurer Trigger Parametric launches
2nd October 2024
Trigger Parametric, a new parametric underwriter has been launched with the aim to model, structure, and place parametric cover for natural and man-made perils globally. A UK entity, Trigger Parametric intends to operate as both a managing general agent (MGA) and as a fronting re/insurer underwriting global parametric risks. Raveem Ismail, William ... Read the full article
Ventis expands into Ireland offering mid-market property coverage
2nd October 2024
Ventis, a Managing General Agent specialising in Commercial and Residential insurance, has expanded its operations into Ireland. Established in early 2024, Ventis remains focused on providing quality service and coverage to brokers in the underserved mid-market property sector. Through an exclusive partnership with The Underwriting Exchange (TUE), Ventis will distribute its capacity ... Read the full article
Ahmed Al-Jabr becomes Saudi Re CEO
2nd October 2024
Saudi Reinsurance Company has announced the appointment of Ahmed Al-Jabr as its new Chief Executive Officer, effective October 1, taking over the role from Fahad Al-Hesni. Al-Jabr has 25 years of diverse experience in the insurance and reinsurance sectors, having served in various executive roles in operations, strategy management, business development ... Read the full article
Munich Re’s HSB launches comprehensive cyber insurance solution for SMBs
2nd October 2024
HSB, a multi-line specialty insurer and part of the reinsurance giant Munich Re, has introduced HSB CyberPro™, a new cyber insurance option for commercial clients seeking comprehensive coverage against evolving cybersecurity risks. HSB CyberPro combines expert cyber claims service, active threat monitoring, and risk mitigation tools developed by HSB over nearly ... Read the full article
Belcher joins Mayer Brown as partner in its Corporate & Securities practice
2nd October 2024
International law firm Mayer Brown has announced the addition of George Belcher as partner in its Corporate & Securities practice and Global Insurance Industry Group in London. Belcher specialises in insurance-related mergers and acquisitions, as well as regulatory issues in the insurance industry. His practice encompasses both life and annuity insurance, as ... Read the full article
Jefferies predicts strong growth in ILS market, doubling to $200bn 2032
1st October 2024
Jefferies, a global investment banking firm, forecasts a significant rebound in the Insurance-Linked Securities (ILS) market, with CAT bond issuance expected to grow in 2023-2024 and expand into other ILS vehicles by 2025. The firm anticipates the ILS market could double from approximately $100 billion to $200 billion by 2032. This growth ... Read the full article
MGAs drive innovation and growth in emerging insurance markets: GILC
1st October 2024
Managing General Agents (MGAs) are becoming increasingly vital in emerging and developing markets, offering insurers greater flexibility, innovation, and niche underwriting solutions, a recent Global Insurance Law Connect (GILC) report has highlighted. It revealed that MGAs are utilised differently across the globe. In some regions, they help fill capacity gaps or ... Read the full article
Hannover Re names Wilson MD of Life & Health Global Services
1st October 2024
Global reinsurer Hannover Re has announced the appointment of Margot Wilson as Managing Director of the newly created division Life & Health Global Services. The division will be responsible for spearheading crucial initiatives related to L&H that align with the long-term execution of Hannover Re’s strategic plan. This also includes a focus ... Read the full article
LCP reveals 198% own funds ratio amid evolving market risks in insurance sector
1st October 2024
LCP (Lane Clark & Peacock), a consultancy firm specialising in actuarial, investment, and insurance services, has reported another robust financial year for the insurance market, despite the challenges posed by increasing risks. Their eighth annual review of Solvency II, which examines data from 100 of the largest non-life insurers in the ... Read the full article
UK P&I Club appoints Kyle Lochridge as SVP, Americas
1st October 2024
The UK P&I Club, a provider of protection and indemnity (P&I) insurance and other services for the international shipping community, has announced the appointment of Kyle Lochridge as Senior Vice President (SVP) for the Americas. Lochridge will report to Leanne O’Loughlin, Regional Director, Americas, and William Beveridge, Chief Underwriting Officer. In his ... Read the full article
WTW to sell TRANZACT to GTCR & Recognize in $632.4m transaction
1st October 2024
WTW, the global insurance broker, has entered into a definitive agreement to sell its TRANZACT direct-to-consumer insurance distribution business to GTCR, a private equity firm, and Recognize, a technology services investment platform, for $632.4 million, subject to certain adjustments. According to the announcement, the sale is expected to close by the ... Read the full article
Global cyber attacks will more than double this year to 211, says QBE
1st October 2024
The number of disruptive and destructive global cyber-attacks taking place each year is set to increase by 105% to the end of 2024, according to a new report from QBE. In fact, the trend shows that these significant, disruptive and destructive global cyber-attacks are likely to more than double this year ... Read the full article
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