Reinsurance News
Arch Insurance Intl. names Mike Bottle as MD of UK Regional Division
24th January 2025
Arch Insurance International, a provider of specialty insurance solutions globally, has announced the promotion of Mike Bottle to Managing Director of its UK Regional Division, effective immediately. In his new role, Bottle will oversee Arch’s network of UK regional offices while continuing to lead the division's strategy and distribution efforts. He will ... Read the full article
VIG establishes new L&H insurance company in Albania
24th January 2025
Vienna Insurance Group (VIG) has established ‘Vienna Life,’ a new insurer focusing on life and health (L&H) insurance in Albania, as part of its strategy to strengthen its presence in Southeast Europe. Vienna Life was granted its corporate license by the Albanian Financial Supervisory Authority on December 24, 2024. Vienna Life becomes ... Read the full article
Aon appoints Puneet Swani as Head of Talent Solutions for Asia Pacific
24th January 2025
Aon, a global insurance and reinsurance broker, has appointed Puneet Swani as the new Head of Talent Solutions for the Asia Pacific region, effective immediately. Based in Singapore, Swani will report to Tim Dwyer, Aon’s Head of Human Capital for Asia Pacific. In his new role, Swani will focus on strengthening ... Read the full article
AXA, AgriCap and WDF launch new carbon credits programme
24th January 2025
AgriCap Group has designed and launched a new "Insured Carbon" programme, which includes a custom-structured parametric insurance programme by AXA, in collaboration with The Well Done Foundation (WDF). Through the programme, the companies are offering insured high-integrity carbon credits created by methane sequestration for purchase. This offering is the first in ... Read the full article
Global Parametrics partners with Frontier Markets to offer crop Insurance for women farmers in India
23rd January 2025
Global Parametrics, a subsidiary of CelsiusPro Group, has partnered with Frontier Markets, India’s rural social commerce platform, to provide affordable crop insurance to 5,000 women smallholder farmers, benefiting approximately 24,000 individuals in its first year. Global Parametrics has created a parametric drought insurance product based on its Water Balance Index solution, ... Read the full article
SRG to acquire Ecclesia’s assets in Netherlands & Belgium
23rd January 2025
Specialist Risk Group (SRG) is set to acquire Ecclesia Group’s assets in the Netherlands & Belgium in a move that will reportedly see seven businesses and 700 new colleagues across the two countries join SRG. As part of this partnership, Ecclesia Group, Germany’s largest insurance broker for companies and institutions, will ... Read the full article
Insured California wildfire losses to near or exceed $40bn, poll suggests
23rd January 2025
A recent Reinsurance News poll sought insights from industry experts and observers regarding the estimated insured loss from the devastating Eaton and Palisades wildfires in Los Angeles, encompassing claims handled by the California FAIR Plan. Of the hundreds of responses to our recent poll, 42% believe that insured losses related to ... Read the full article
AM Best removes SCOR’s ratings from under review
23rd January 2025
AM Best has removed SCOR's ratings from under review with developing implications following the completion of its impact assessment of the French reinsurer's life reserving review. The rating agency has additionally affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings of “a+” (Excellent) of SCOR ... Read the full article
RLI sees underwriting income hit $210.7m for 2024 with CoR of 86.2%
23rd January 2025
In its full-year 2024 results, RLI Corp. reported an underwriting income of $210.7 million with a combined ratio of 86.2%, an improvement from the $173.2 million underwriting income and 86.6% combined ratio recorded in 2023. According to the firm, results for both years include favourable developments in prior years’ loss reserves. This ... Read the full article
Reinsurers positioned reasonably well for 2025 after 1.1 renewals: Vickers, Gallagher Re
23rd January 2025
Speaking with Reinsurance News in a recent video interview, James Vickers, Chairman of reinsurance broker Gallagher Re's International division, said that after the January 1st renewals, reinsurers are well placed but the question for companies for the rest of the year is what they can do about growing their ... Read the full article
IQUW promotes Groehe and Connell to lead Portfolio Solutions
23rd January 2025
Elisabeth Groehe and George Connell have been promoted to lead IQUW’s Portfolio Solutions offering. They will both be reporting to Chris Wilkinson, IQUW’s Head of Specialty. Launched as a pilot program in 2024, IQUW Portfolio Solutions will expand under Groehe and Connell's leadership to include both Specialist Risks and Structured Solutions. This strategic ... Read the full article
KCC estimates insured loss from LA wildfires at close to $28bn
23rd January 2025
Karen Clark & Company (KCC) has estimated that the insured loss (from privately insured and FAIR plan policies) to residential, commercial, and industrial properties, and autos from the Palisades and Eaton Fires in Los Angeles will be close to $28 billion. This estimate, which is based on the high-resolution KCC US ... Read the full article
Fidelis Partnership secures placement in IGPIA’s $3.1bn marine reinsurance programme
23rd January 2025
The Fidelis Partnership, a privately owned, Bermuda-based Managing General Underwriter, has announced its participation in a historic private placement on the International Group of P&I Clubs’ (IGPIA) $3.1 billion global marine liabilities reinsurance programme, conducted through Lloyd’s Syndicate 3123. This agreement secures a 5% placement on the primary layer of the ... Read the full article
Aon launches L&H reinsurance practice in India
23rd January 2025
Global professional services firm Aon has launched a life and health reinsurance practice in India to drive new capital into the sector, naming Renuka Nar and Neha Shah to key leadership roles. According to Aon, the new practice will help bring sustainable reinsurance capacity to India’s life and health insurance sector, ... Read the full article
LA wildfires may erode over 30% of combined nat cat budgets of Europe’s big four: Fitch
23rd January 2025
At $35 billion, roughly the mid-point of insurance industry loss estimates from the devastating Los Angeles wildfires, Fitch Ratings estimates that 30% of the aggregate natural catastrophe budgets set by Europe's big four reinsurers for 2025 may be eroded. With the two main fires, Palisades and Eaton now 70% and 95% ... Read the full article
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