Reinsurance News
Enstar agrees $196m LPT with Atrium for discontinued portfolios
14th January 2025
Legacy specialist Enstar Group Limited's Lloyd's Syndicate 2008 has agreed a $196 million ground-up loss portfolio transfer (LPT) with Atrium Syndicate 609, relating to business underwritten in the 2023 and prior years of account. This LPT transaction involves Atrium Syndicate 609's discontinued portfolios, comprised of marine treaty reinsurance, property treaty reinsurance, ... Read the full article
California wildfires unlikely to affect P&C re/insurer ratings: Fitch
14th January 2025
In a new report, Fitch Ratings has confirmed that even though the Los Angeles wildfires will cause insured losses considerably higher than past events, they are not likely to affect ratings of property and casualty (P&C) insurers and reinsurers. The ratings agency expects insured losses to remain within ratings sensitivities for ... Read the full article
India’s insurance market set for growth: Swiss Re
14th January 2025
India's booming economy is fuelling rapid growth in its insurance market, predicted to be the G20's fastest-growing over the next five years, according to Swiss Re. This surge is driven by domestic consumption, private investment, and economic reforms, positioning India to become the world's third-largest economy by 2030, surpassing Germany and ... Read the full article
DUAL partners with Quotech for advanced marine underwriting technology
14th January 2025
DUAL Marine Europe has selected Quotech, a developer of integrated technology solutions for underwriting and broking teams, to provide underwriting technology for its Marine teams in Genoa and Rotterdam. DUAL has implemented Quotech’s Risque Marine, an advanced underwriting workbench designed specifically for the maritime insurance sector, at both locations. The Genoa-based team ... Read the full article
ASR appoints new Deputy Active Underwriters for Syndicate 2454
14th January 2025
Africa and Middle East focused re/insurance group, Africa Specialty Risks (ASR), has appointed Genevieve Ahinful and Suzan Pardesi as Deputy Active Underwriters of Syndicate 2454. Both will reportedly support Martin Boreham, the Active Underwriter of Syndicate 2454, further driving the syndicate's growth and expansion ... Read the full article
DARAG acquires run-off portfolio from wefox Insurance AG
14th January 2025
Legacy acquirer DARAG Group and wefox Insurance AG, the Liechtenstein-based insurer of wefox Group, have announced the transfer of a run-off portfolio, which includes Motor Damage, Third Party Liability, Private Liability, and Property business across Germany, Italy, and Switzerland. This transfer is part of the previously announced sale of wefox ... Read the full article
Lockton Re adds Moruzzi and Cope as Senior Brokers within International P&C
14th January 2025
Lockton Re, the reinsurance arm of the independent insurance broker, has appointed Daniel Moruzzi and Matthew Cope as Senior Brokers in its International Property & Casualty (P&C) Division based in London. Moruzzi is an industry veteran who began his career at Everest Re in 1999. There, he gained extensive knowledge and ... Read the full article
Autonomous lifts LA fire insured loss estimate to $25bn, warns of potential FAIR Plan insolvency
14th January 2025
Analysts at Autonomous have increased their insured loss estimate for the ongoing Los Angeles wildfires by 92% to $25 billion, forecasting a significant loss of up to $8 billion for California's FAIR Plan. As the fires continue to burn and affect over 40,000 acres, with more than 12,000 structures reported to ... Read the full article
Altor Re launches in London to provide ILS & reinsurance services
14th January 2025
Altor Re Ltd, a new London-based business specialising in placing insurance-linked securities (ILS) and reinsurance business globally, has officially launched. Established in October 2024, the firm is reportedly "poised to revolutionise" the reinsurance brokerage landscape, leveraging advanced data-driven techniques to meet its clients' evolving needs. Altor Re services encompass innovative risk transfer ... Read the full article
Cytora adds Insurance Advisory Partners’ Clive Buesnel to its advisory board
14th January 2025
Cytora, a provider of AI-powered solutions for the insurance industry, has announced the appointment of Clive Buesnel to its global advisory board. A seasoned insurance executive with extensive industry experience, Buesnel, Managing Partner International of Insurance Advisory Partners, will play a key role in guiding Cytora's continued global expansion, the firm ... Read the full article
LMA introduces framework to help Lloyd’s insurers manage lesser-known cyber risks
14th January 2025
In its new report, the Lloyd’s Market Association (LMA) presents a framework to help Lloyd’s insurers manage exposure to lesser-known systemic cyber risks. Chris Mather, Senior Executive, Technical Underwriting at the LMA, explains that the framework assesses the aggregation potential in "other cyber" scenarios. While systemic risks like the failure of a ... Read the full article
AmTrust Title adds Steven Presley as Florida State Counsel
14th January 2025
AmTrust Title, a subsidiary of AmTrust Financial Services, Inc., has appointed Steven Presley, Esq., as Florida State Counsel to support its continued expansion in the Florida market. Presley brings over ten years of industry experience in the title and real estate law industries, with a track record in underwriting, risk assessment, ... Read the full article
Global M&A activity up 15% in 2024 led by surge in large deals: WTW
14th January 2025
In 2024, the number of global mergers and acquisitions (M&A) deals valued over $100 million increased by 15%, rising from 619 in 2023 to 710, according to WTW’s Quarterly Deal Performance Monitor (QDPM). This growth was mainly driven by a surge in large transactions (worth between $1 billion and $10 billion), ... Read the full article
Grant Smith named Head of Transport and Logistics at Markel
14th January 2025
Markel, the insurance division of Markel Group Inc., has announced the appointment of Grant Smith as the head of its Transport and Logistics team, effective immediately. In his expanded role, Smith will oversee the development of underwriting strategies aimed at achieving sustainable and profitable growth within the Transport and Logistics sector. His ... Read the full article
Sentry acquires non-standard auto insurance provider The General
14th January 2025
Sentry Insurance, the US-based mutual insurance group, has completed its acquisition of non-standard auto (NSA) insurance provider The General, from American Family Insurance. This $1.7 billion transaction marks Sentry's largest acquisition in its 120-year history. Based in Nashville, Tennessee, The General was acquired by American Family Insurance in 2012. From what we understand, ... Read the full article
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