Reinsurance News
Price Forbes appoints Henry Morgan as Director of Construction
13th November 2024
Global specialty broker Price Forbes has announced that Henry Morgan will join its Global Construction team in London as Director – Construction, effective March 2025. Morgan brings more than 13 years of experience in the US construction wholesale market to his new role, along with valuable expertise that will strengthen Price ... Read the full article
Fidelis Insurance to provide reinsurance to Euclid Mortgage
13th November 2024
Fidelis Insurance Group, a global specialty insurer, has formed a strategic partnership with Euclid Mortgage Insurance Services, LLC (Euclid Mortgage), a managing general agency specialising in underwriting credit risk on residential mortgage portfolios. Through this agreement, Fidelis Insurance, alongside other reinsurers, will provide reinsurance capacity to Euclid Mortgage. This collaboration aligns with ... Read the full article
RGA’s Ruby Re reaches $480m of total funding following second investment round
13th November 2024
Reinsurance Group of America (RGA) , a global life and health reinsurer, has announced today that Ruby Re, a reinsurance sidecar vehicle sponsored by RGA and focused on the US asset-intensive market has successfully closed a second round of funding, raising a total of $480 million in capital. The second round ... Read the full article
Ascot gets minority investment from BellTower to facilitate further growth
13th November 2024
Bermuda-based global specialty insurance group Ascot has received a minority investment from BellTower Partners LLC, a private holding company that invests permanent capital to acquire significant and influential ownership positions in private businesses. BellTower reportedly upsized its private financing of Ascot due to strong demand from its investors. The firm noted that ... Read the full article
Public-private partnership delivers parametric solution for urban flooding in Ghana
13th November 2024
The Insurance Development Forum (IDF), alongside its partners, has successfully delivered two parametric insurance products to help strengthen the financial resilience of flood-prone communities in Ghana. In response to the increasing flood risk and limited financial protection a new project was launched in 2022 to enhance the financial resilience of flood-prone ... Read the full article
Insurance industry lagging behind in establishing climate risk committees: Fathom
13th November 2024
A new research report commissioned by Fathom and conducted by IFI Global reveals that the insurance industry is falling behind in establishing dedicated climate risk committees, suggesting that firms would benefit significantly from adopting them to strengthen climate risk management. The findings are based on data from annual and ESG reports ... Read the full article
Previsico launches Instacasting, an advanced flood mitigation solution
13th November 2024
Previsico, a provider of surface water flood forecasting, is introducing Instacasting, a next-generation flood mitigation solution. Instacasting uses the most accurate observed rainfall data available (rather than predicted data) to assess surface water flood risks, enabling clients to respond more quickly and with greater confidence. The Instacasting suite integrates seamlessly with Previsico's ... Read the full article
Ambac’s specialty P&C insurance production totals $260m in Q3’24
13th November 2024
Ambac has revealed that its specialty P&C insurance production, which includes gross written premiums (GWP) by its Specialty P&C Insurance segment, Everspan, and premiums placed by the Insurance Distribution segment, totalled $260 million in the third quarter of 2024, an 86.2% increase compared to the same period last year. The firm’s ... Read the full article
HDI expands Environmental Liability Insurance globally
13th November 2024
HDI Global, a corporate and specialty insurer, is expanding its Environmental Liability Insurance to the international market adding Social and Governance coverage, addressing the growing concerns around evolving risk contexts and increasing regulatory pressures. Responding to an evolving risk landscape due to increased regulatory pressures and ESG risk development, HDI Global ... Read the full article
Probitas expands with five new business lines after Aviva integration
13th November 2024
Probitas has announced the addition of five new lines of business following its integration with Aviva, including Marine (Cargo, Fine Art & Specie, Ports & Terminals), Construction, Renewable Energy, Contingency/Event Cancellation, and Mergers & Acquisitions (M&A). Aviva completed its £249 million acquisition of Probitas in July 2024, marking its entry ... Read the full article
Everest names Corbo Head of US Primary Casualty, Weiser to lead US Excess Casualty
13th November 2024
Everest Insurance, the insurance division of Bermuda-domiciled re/insurer Everest Group, has made two key leadership appointments within its US Casualty business. Nina Corbo has been named Head of US Primary Casualty, meanwhile, Debbie Weiser has been appointed Head of US Excess Casualty. Both will report to Bill Hazelton, Executive Vice President ... Read the full article
Fidelis reports improved Q3’24 net income despite higher cat losses
13th November 2024
Fidelis Insurance Group has disclosed a Q3 2024 net income of $100.6 million, up from $87.7 million in the same period of last year, despite catastrophe and large losses increasing to $91.6 million. Fidelis' underwriting income in Q3 2024 was $80 million and the combined ratio was 87.4%, compared to an ... Read the full article
IRB (Re) posts improved net income and CoR in Q3’24
13th November 2024
Brazilian reinsurer IRB (Re) has announced its financial results for the third quarter of 2024, reporting an improved net income of R$116 million (USD 20.18 million), as well as an underwriting profit of around R$118 million (USD 20.52 million). In the same period last year, the reinsurer posted a net income ... Read the full article
Somerset Re promotes Riley LaTour to Chief Risk Officer
13th November 2024
Somerset Reinsurance Ltd., a provider of reinsurance solutions for the life insurance and annuity market, has named Riley LaTour as its new Chief Risk Officer (CRO), effective immediately, based in Bermuda. In this new role, LaTour will be responsible for the firm’s risk management strategies and operations. Most recently, he served as ... Read the full article
Allianz sees Q3’24 net income hit €2.5bn as operating profit climbs 14%
13th November 2024
In its Q3 2024 results, Allianz has revealed that net income attributable to shareholders was €2.5 billion, up from €2 billion in the same period of last year, driven by a higher operating profit. Allianz also disclosed that total business volume rose 17.3% to €42.8 billion in Q3 2024, driven by ... Read the full article
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