Reinsurance News
Geopolitical tensions & protectionism threaten supply chains in 2025: Marsh
11th March 2025
Heightened global geopolitical tensions and protectionist trade strategies are putting organisations at greater risk of acute supply chain failure in 2025, according to a recent Marsh report. Insurance broker Marsh’s Political Risk Report 2025 outlines key political and economic trends that will impact multinationals and investors in the coming year. Organisations trading ... Read the full article
Venerable novates block of variable annuities from Equitable
11th March 2025
Venerable Holdings, a provider of risk transfer solutions to variable annuity issuers, has announced the successful transfer of a legacy block of novated variable annuity contracts from Equitable Financial Life Insurance Company, to its administrative platform. The novated legacy block includes deferred and payout annuities from Equitable’s Accumulator® Series 06, 07, ... Read the full article
Ageas Re appoints Jeremy Lilburn to co-lead Credit & Surety business
11th March 2025
Ageas Re, the reinsurance division of international insurance group Ageas, has hired Jeremy Lilburn, previously of PartnerRe, to co-lead its Credit & Surety practice alongside Sylvie Hirn. Hirn joined Ageas Re in October of last year from Coface Re SA to lead the Credit & Surety operation. She will now co-lead ... Read the full article
Canada Life completes £361m buy-in with unnamed pension scheme
11th March 2025
Canada Life has completed a £361 million full-scheme buy-in transaction with an unnamed pension scheme, covering over 850 deferred members and approximately 650 pensioners. This is Canada Life’s largest single transaction to date covering deferred lives. Mercer acted as the lead broker and was the Trustees’ de-risking and investment adviser. CMS advised ... Read the full article
9,000+ claims lodged in QLD & NSW from ex-Tropical Cyclone Alfred: ICA
11th March 2025
A new update from the Insurance Council of Australia (ICA) has revealed that policyholders have lodged over 9,000 insurance claims related to ex-Tropical Cyclone Alfred in southeast Queensland and New South Wales. The ICA recently declared an Insurance Catastrophe for the affected regions in southeast Queensland and northern New South Wales, ... Read the full article
ReFlex CEO Ching highlights Bermuda’s resilience & technology’s role in the future of reinsurance
10th March 2025
Neville Ching, Chief Executive Officer of reinsurance broker ReFlex Solutions, provides key insights into Bermuda’s thriving reinsurance market and its ability to adapt to increasing global challenges in an exclusive interview with Reinsurance News around the 2025 Bermuda Risk Summit. Bermuda’s reinsurance landscape continues to be an attractive hub for carriers ... Read the full article
Global Parametrics appoints Jacob as London Market Business Development Director
10th March 2025
Global Parametrics, a CelsiusPro Group company, has announced the appointment of Ola Jacob as London Market Business Development Director. Jacob will leverage his over 13 years of experience to drive the expansion of CelsiusPro Group's parametric solutions through the London Market, aiding private- and public-sector clients in enhancing their climate resilience. The ... Read the full article
Maiden Holdings reports $158m Q4’24 net loss
10th March 2025
Maiden Holdings, Ltd. has released its financial results for the fourth quarter of 2024, revealing a net loss of $158.0 million, a stark contrast to the $20.8 million net loss reported for the same period in 2023. The substantial increase in losses is primarily attributed to a higher underwriting loss of ... Read the full article
Praveen Reddy appointed President & CEO of Penn-America Underwriters
10th March 2025
Global Indemnity Group, LLC (GBLI) has announced the appointment of Praveen K. Reddy as the new President and Chief Executive Officer (CEO) of Penn-America Underwriters, LLC, its new subsidiary. Formed following an internal reorganisation announced earlier this year, Penn-America Underwriters is GBLI’s distribution and specialised services group that focuses on the ... Read the full article
U.S. commercial insurance rates moderate to 5.6% in Q4’24: WTW
10th March 2025
WTW's Commercial Lines Insurance Pricing Survey (CLIPS) has revealed that U.S. commercial insurance rates continued to rise in the fourth quarter of 2024, albeit at a more moderate pace. As per WTW's CLIPS, carriers reported an aggregate price increase of 5.6% in the fourth quarter of 2024, down from the rate ... Read the full article
PIB Group expands MGA division with acquisition of Litica
10th March 2025
PIB Group, a specialist insurance intermediary, has expanded its MGA division with the acquisition of Litica, a litigation insurance provider. Founded in 2019 by Stephen Bolster and Steve Ruffle, MGA Litica specialises in a range of insurance-backed solutions for private and corporate clients involved in litigation or arbitration. Originally established in London, ... Read the full article
AM Best revises issuer credit rating outlook to positive for Arch Capital
10th March 2025
AM Best has revised the outlooks to positive from stable for the Long-Term Issuer Credit Ratings (Long-Term ICRs) for Arch Capital Group Ltd. and its subsidiaries. The credit rating agency also affirmed the global re/insurer’s Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term ICRs of “aa-” (Superior) of Arch ... Read the full article
PERILS places initial industry loss estimate for windstorm Éowyn at €619m
10th March 2025
Zurich-domiciled catastrophe insurance data provider, PERILS, has placed its initial industry loss estimate for extratropical windstorm “Éowyn”, also known as “Gilles” at €619 million, based on loss data collected from the affected insurers. The storm, which generated very strong winds affecting the Republic of Ireland, Northern Ireland, and the Central Belt ... Read the full article
Gallagher’s acquisition of AssuredPartners pushed back amid regulatory review
10th March 2025
Arthur J. Gallagher (AJG) has received a request for additional information as part of the Hart-Scott-Rodino (HSR) filing for its proposed acquisition of AssuredPartners, extending the transaction's closing date to the second half of 2025. For those unfamiliar, AJG entered into a definitive agreement in December last year to acquire ... Read the full article
Lloyd’s pegs LA wildfire loss at $2.3bn as FY’24 GWP rises 6.5%
10th March 2025
The specialist Lloyd's insurance and reinsurance marketplace has announced a net loss estimate of around $2.3 billion for the Los Angeles, California wildfires, as the market reports another strong year of underwriting profit and top-line growth. Lloyd's is scheduled to release its full year 2024 results on March 20th but has ... Read the full article
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