Reinsurance News
Saudi reinsurers to get first refusal on 30% of overall cession of reinsurance agreements
18th November 2024
In a new circular, The Insurance Authority of Saudi Arabia has issued new rules on reinsurance cessions, requiring local insurers entering into reinsurance agreements to offer 30% of the overall cession to domestic reinsurers first. Effective January 1st, 2025, this initiative aims to strengthen the role of local reinsurance firms in ... Read the full article
AdvantageGo announces strategic alliance with CyberCube
18th November 2024
AdvantageGo, a commercial re/insurance software provider, has announced a strategic alliance with CyberCube, a provider of cyber risk analytics to the re/insurance industry, as it joins its Ecosystem to provide additional cyber-specific data and analytics that drive underwriting insight. This partnership integrates CyberCube's analytics into AdvantageGo's Underwriting Workbench, offering a holistic ... Read the full article
RSA launches UK Climate Professionals PI product
18th November 2024
RSA Insurance, a provider of commercial insurance, has launched a Climate Professionals Professional Indemnity (PI) insurance product. This is the first offering in the UK specifically designed for companies and consultants advising on sustainability, net zero goals, and climate-related strategies. PI insurance is essential for businesses and consultants providing expert advice or ... Read the full article
Munich Re’s Matt Foster joins Coalition as Head of London Markets
18th November 2024
Coalition, an active insurer focused on preventing digital risks, has appointed Matt Foster as its Head of London Markets. In the role, Foster will serve as the lead underwriter for the London Market and complex risks, reporting to Stephen Wares, Head of International Underwriting. Foster began his career as a Graduate Trainee ... Read the full article
Cyber insurance growth slows, yet new opportunities emerge: Swiss Re
18th November 2024
Although the rapid growth of the cyber insurance market may be slowing, it continues to present a compelling growth opportunity, but looking ahead, this will be fueled by different drivers and regional variations, with small and medium-sized enterprises (SMEs) having the largest potential to address the existing cyber protection gap, ... Read the full article
HDI Global posts improved YoY combined ratio of 90.5% in 9M’24
18th November 2024
HDI Global, a commercial and specialty lines insurer, has reported an improved year-over-year combined ratio of 90.5% from 92.7% for the first nine months of the year. The improvement was attributed to higher investment volumes and increased interest income, with the net insurance financial and investment result (excluding currency effects) rising ... Read the full article
Accredited adds Steven J. Bensinger to its Board
18th November 2024
Accredited Insurance Holdings, a global programme manager, has appointed Steven J. Bensinger as a Non-Executive Director to its Group Board. Bensinger has over 45 years of industry experience and will join the Board on December 9th, 2024. He is also set to serve as Chair of the Audit Committee. Bensinger has held ... Read the full article
Rokstone gets regulatory licence to open new office in Dubai
18th November 2024
International specialty re/insurance MGA Rokstone, part of the Aventum Group, has received a regulatory license from the Dubai Financial Services Authority (DFSA) -the independent regulator overseeing business conducted within or from the Dubai International Financial Centre (DIFC)— to expand its services in the region with a new office. Rokstone explained that ... Read the full article
Marsh McLennan completes $7.75bn acquisition of McGriff
18th November 2024
Marsh McLennan has completed its acquisition of insurance broking and risk management services provider McGriff Insurance Services, LLC. Founded in 1886, McGriff provides commercial P&C insurance, surety, employee benefits, and personal lines insurance solutions to businesses and individuals across the US. Marsh McLennan initially announced this acquisition in September, stating ... Read the full article
Randall Rixon appointed VP of Partnerships at APOLLO Insurance
18th November 2024
APOLLO Insurance, a Canadian digital insurance provider, has announced the appointment of Randall Rixon as Vice President of Partnerships. Rixon will be responsible for enhancing APOLLO’s embedded tenant insurance services for multi-family landlords and driving business growth through REITs and property management firms throughout Canada. "We’re thrilled to welcome Randall to the ... Read the full article
Ryan Specialty acquires Innovisk from Abry Partners and BHMS
18th November 2024
Abry Partners, a Boston-domiciled private equity firm, and BHMS Investments, LP, a Connecticut-domiciled private equity firm, have completed the sale of Innovisk to Ryan Specialty, a global specialty insurance services firm. Founded in 2017, London-headquartered Innovisk has a diverse, non-correlated portfolio of seven specialty MGUs, with lines of business including environmental, ... Read the full article
Helios expects value of the capacity fund to decrease to £75m at year-end 2024
18th November 2024
Lloyd's focused investment vehicle, Helios Underwriting, has updated the value of the company's value of capacity portfolio, now expecting to decrease to £75 million at 31st December 2024. Michael Wade, Chairman of Helios, commented: "The Freehold Capacity Portfolio has continued to deliver value to shareholders and we have realised £14m of ... Read the full article
Go Balance, AMI Specialty, and CFC introduce advanced insurance for natural capital credits
18th November 2024
Go Balance Ltd, a provider of high-quality JREDD+ carbon credits, is proud to reveal a unique insurance feature for its Natural Capital Credits, setting a new benchmark for security and trust within the voluntary carbon market. This feature offers buyers a streamlined, all-in-one solution: NCCs that include comprehensive insurance coverage is ... Read the full article
SRG appoints Jaya Taylor as Global Head of Group Regulatory Affairs, Risk and Compliance
18th November 2024
Specialist Risk Group (SRG), a specialist insurance intermediary, majority-owned by Warburg Pincus and Temasek, announces the appointment of Jaya Taylor as global leader for Group Regulatory Affairs, Risk, and Compliance reporting to CEO, Warren Downey. A seasoned governance and compliance expert, Taylor joins the SRG team from her role as Global ... Read the full article
GIC Re’s underwriting loss narrows for H1’24, CoR stands at 111.64%
15th November 2024
GIC Re, the Indian public sector reinsurer, has reported an underwriting loss of approximately ₹2,376.95 crore for the half year ended on September 30th, 2024, (H1 2024), as compared to a loss of around ₹3,029.04 crore for the same period in 2023. The reinsurer’s combined ratio improved slightly at 111.64 % ... Read the full article
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