Reinsurance News
Aventum multi-million investment to support global in-house tech development
21st January 2025
Aventum, a global re/insurance group, has dedicated $12 million to develop its own in-house technology function across all its international operations. This move has resulted in 25% of Aventum's global workforce now being dedicated to Tech & IT functions, including an Innovation Lab focused on fail fast innovation. The multi-million dollar investment ... Read the full article
Cat bond issuance hits record $17.7bn in 2024: Report
21st January 2025
Full-year catastrophe bond and related insurance-linked securities (ILS) issuance hit a record $17.7 billion in 2024 as fourth-quarter issuance of $4.5 billion more than offset a quiet third-quarter, taking the outstanding market to a new high of $49.5 billion, according to the latest Artemis quarterly cat bond report. Read the full article
WTW appoints Mark Mamone as Head of Technology Delivery and Strategy
21st January 2025
WTW, an advisory, broking, and solutions company, has announced the appointment of Mark Mamone as Head of Technology Delivery and Strategy to its Insurance Consulting and Technology (ICT) business. In this role, Mamone will drive WTW’s strategic approach to software delivery, enhancing its portfolio of insurance technology solutions. He will also ... Read the full article
Alexandre Veber and Adrien de Tessières join Howden Re’s International team
21st January 2025
Howden Re, the reinsurance division of Howden, has expanded its International team with two new hires: Alexandre Veber as Director, Broking & Structured solutions, and Adrien de Tessières as Managing Director, Analytics for France, Belgium, Luxembourg & Casualty in Europe. Veber joins Howden Re from Wakam, where he was Chief of ... Read the full article
PPL launches new Express Renewal functionality
21st January 2025
Placing Platform Limited (PPL) has launched its new Express Renewal functionality, which will reportedly make it quicker and easier for brokers to renew risks. According to PPL, this new development builds on the Express Contract functionality introduced in September and offers several key enhancements. PPL noted that it now enables fast-tracked ... Read the full article
Reinsurers’ 10-15% share of LA wildfire industry loss not enough to alter pricing trajectory: Evercore
21st January 2025
Analysts at Evercore ISI have increased their insured loss base case for the ongoing wildfires in Los Angeles to a range of $25 billion to $30 billion, stating that although an industry loss of this level will hit reinsurers, it's not enough to alter the trajectory of reinsurance pricing with ... Read the full article
Annual insured nat cat losses of ~$150bn becoming the ‘new normal’: Gallagher Re
21st January 2025
With the annual average loss from natural catastrophes between 2017 and 2024 costing insurers $146 billion, Gallagher Re has suggested the 'new normal' for annual insured losses is approaching $150 billion. As per the broker's new Natural Catastrophe and Climate Report, the estimated total direct economic costs from global natural perils ... Read the full article
AXA XL to offer insurance and risk management expertise to London GreenCity members
21st January 2025
AXA XL, the property and casualty (P&C) and specialty risk division of global insurer AXA, has strategically partnered with London GreenCity to offer expertise in insurance and risk management to the accelerator’s members. London GreenCity is the UK’s first accelerator for development-stage climate tech entrepreneurs involved in the development of new ... Read the full article
Generali and BPCE to establish €1.9trn asset management joint venture
21st January 2025
Generali and BPCE have signed a non-binding Memorandum of Understanding (MoU) to create a joint venture between their respective asset management operations. With over €1.9 trillion of assets under management (AUM), the combined business would reportedly create a global asset management platform with leading positions and critical scale in both Europe ... Read the full article
Vanuatu receives $1.2m payout from PCRIC following December earthquake
21st January 2025
The government of Vanuatu has received its first payout of $1.2 million from the Pacific Catastrophe Risk Insurance Company (PCRIC) following the earthquake impacting Port Vila on December 17th, 2024. The specialised disaster risk policy, which became effective on November 1st, 2024, was designed in close consultation with senior government representatives ... Read the full article
CIRCA names Aureum Re’s Mitchell as Chair and Greenlight Re’s Romer as Vice Chair
21st January 2025
The Cayman International Reinsurance Companies Association (CIRCA) has appointed Greg Mitchell of Aureum Re as its new Chair, with Faramarz Romer of Greenlight Re maned as Vice Chair of its Board of Directors. The CIRCA Board of Directors and leadership team for 2025 include Adina Lupea of CIBC Re, Eric Marhoun ... Read the full article
Munich Re’s Lüers joins Gallagher Re’s Global Credit, Surety, and Political Risk practice group
21st January 2025
Reinsurance broker Gallagher Re has announced the appointment of Karsten Lüers to its Munich office as Regional Director – Credit, Surety and Political Risk. Lüers is joining the company from Munich Re, where he served as Senior Underwriter for over two decades. “Karsten brings over 23 years of experience in the Credit, ... Read the full article
Brookfield Annuity Company receives ratings upgrade from AM Best
21st January 2025
AM Best has upgraded Brookfield Annuity Company’s Financial Strength Rating to A (Excellent) from A- (Excellent) and its Long-Term Issuer Credit Rating to “a” (Excellent) from “a-” (Excellent). The outlook for these ratings has been revised to stable from positive. The upgraded ratings reflect Brookfield Annuity Company’s balance sheet strength, which ... Read the full article
Mike Higgins appointed Operations Director at Woodgate & Clark
21st January 2025
UK loss adjuster Woodgate & Clark has announced the appointment of Mike Higgins as its new Operations Director, he will also be joining the company's Board of Directors. Higgins, who has close to 30 years of insurance and claims management experience, is taking over the role from Graeme Fitzpatrick who has ... Read the full article
Moody’s assigns A2 financial strength ratings to Nationwide P&C companies
20th January 2025
Moody's Ratings has assigned A2 insurance financial strength ratings to Nationwide Insurance Company of America, National Casualty Company, and Scottsdale Surplus Lines Insurance Company, all with a stable outlook. These companies are members of the property and casualty (P&C) insurance business owned by Nationwide Mutual Insurance Company (NMIC). Nationwide Insurance Company of ... Read the full article
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