Reinsurance News
AM Best revises outlook for US private passenger auto insurance to stable
2nd December 2024
According to a new AM Best report, a global credit rating agency, underwriting results in the US private passenger auto insurance sector have continued to stabilise in the first half of 2024, following improvements in 2023. As a result of the stronger segment performance and other contributing factors, AM Best has ... Read the full article
EIOPA seeks feedback on awareness tool to address climate-related property risks
2nd December 2024
The European Insurance and Occupational Pensions Authority (EIOPA), which oversees the regulation and supervision of the insurance and pensions sectors in the European Union, is seeking feedback on its consultation paper regarding the creation of an awareness tool. This tool is intended to assist European citizens in understanding how vulnerable their ... Read the full article
Pen Underwriting adds Paul Wood to marine practice
2nd December 2024
Pen Underwriting, a subsidiary of Arthur J. Gallagher & Co., has strengthened its marine practice with the appointment of Paul Wood to launch and lead a new London market yachts specialism. Wood has been appointed Product Lead for Yachts, and joins to launch and grow this area of marine specialism for ... Read the full article
CEA reinsurance and risk transfer contracts again to $7.99bn after further non-renewals
29th November 2024
The California Earthquake Authority's (CEA) reinsurance and risk transfer tower has contracted by a further 6% to $7.993 billion as of November 1st, 2024, as it opted to non-renew contracts to limit the amount of capacity in excess of its minimum 1-in-350 year level as policy count and exposure continues ... Read the full article
Relevance of personal lines insurance rising as premium growth outpaces nominal global GDP: McKinsey
29th November 2024
In 2023, around a quarter of the the insurance industry’s total premiums came from personal P&C insurance as the segment's gross written premiums (GWP) represented around $1.1 trillion, with growth outpacing nominal global GDP in the period, according to McKinsey & Company. Analysis by the strategy and management consulting firm reveals ... Read the full article
AXA Commercial hires Mike Crane to lead SME and specialty business
29th November 2024
AXA's Commercial unit has hired Mike Crane as SME & Specialty Director, effective January 2025. Crane's appointment follows the departure of Deepak Soni in August. A renowned veteran across the sector, Crane has extensive experience across the market and brings a deep degree of business transformation knowledge and expertise towards his new ... Read the full article
Howden adds two new executives to A&H, Life, and Special Risks team
29th November 2024
Global insurance intermediary group Howden has announced the appointment of Claire McDonagh and Mariana Weigel Munoz to its Accident & Health, Life, and Special Risks team. In their new positions, McDonagh’s and Weigel Munoz’s primary focus will be to enhance Howden's direct and facultative offerings, especially for complex, cross-border, and high-hazard ... Read the full article
Active Re hails ‘significant achievements’ as net reinsurance premiums rise
29th November 2024
For the first nine months of this year, Barbados-based reinsurer Active Re saw its net reinsurance premiums expand by 20% year-on-year to $164 million, as the firm hails 2024 as "a period of significant achievements". Established in 2007, Active Re is comprised of over 80 professionals located in 18 cities across ... Read the full article
Rokstone launches Disgrace Cover to protect brands from celebrity scandals and risks
29th November 2024
Rokstone, a global specialist re/insurance MGA, has launched Disgrace Cover, an addition to its contingency product line. This policy also provides coverage for death and disablement, offering brands financial protection and reputation management when a celebrity spokesperson becomes unsuitable to represent or promote their products due to scandal. In an age where ... Read the full article
Re/insurance market must prepare for Single Point of Failure tech outage events: CyberCube
29th November 2024
CyberCube, a provider of cyber risk analytics, has warned that organisations must prepare for the escalating risk of unplanned technology outage events, primarily driven by a rise in cloud service provider outages and an increased frequency of industry-wide Single Point of Failure (SPoF) events. In their Global Threat Briefing report, CyberCube ... Read the full article
Wilhelm & Chaillet depart Swiss Re to launch insurance advisory firm Rift Partners
29th November 2024
Mario Wilhelm and Anthony Chaillet have left Swiss Re to leverage their combined experience across investments, re/insurance, and partnerships to establish insurance advisory firm, Rift Partners. The company aims to focus on expanding access to insurance solutions through collaborative partnerships by connecting stakeholders in the insurance ecosystem - including corporations, the ... Read the full article
Tower posts solid net profit in FY24 as GWP climbs to $595m
29th November 2024
Kiwi insurer Tower Limited has posted an underlying net profit after tax (underlying NPAT) of $83.5 million and a reported profit of $74.3 million for the financial year ended September 30, 2024. This increase was a significant turnaround from the $1 million loss recorded in FY23, which was primarily influenced by ... Read the full article
Despite insurers’ innovation efforts customer expectations are not being met: Alastair Swift, WTW
29th November 2024
While insurers are striving to innovate and navigate challenging market conditions, they are failing to meet customers expectations, while customers also need to adapt to the changing insurance landscape, Alastair Swift, Head of CRB Global Lines & CEO of Willis Limited, highlighted during S&P's European Insurance Conference. Speaking on a panel ... Read the full article
Bridgehaven and Accredited secure capacity deal with Policy Expert
29th November 2024
Bridgehaven Insurance, the hybrid fronting insurer, will serve as capacity provider alongside Accredited on a new co-insurance arrangement with Policy Expert, the UK personal lines managing general agent (MGA). According to the announcement, the agreement with Bridgehaven will last for two years, complimenting the firm's existing six-year program management agreement signed ... Read the full article
Marco Capital completes acquisition of Inceptum from R&Q
29th November 2024
European P&C insurance run-off group Marco Capital Holdings Limited has completed its acquisition of Inceptum Insurance Company Limited, a UK non-life insurance company in run-off, from Randall & Quilter II Holdings Ltd. The acquisition was initially announced earlier this year, with reports stating that R&Q would receive £11.25 million from ... Read the full article
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