Reinsurance News
FEMA pegs NFIP losses from hurricane Helene at $3.5bn to $7bn
13th November 2024
The U.S. Federal Emergency Management Agency (FEMA) has said that Hurricane Helene could drive National Flood Insurance Program (NFIP) claims of up to $7 billion, including loss adjustment expenses, with more than 55,000 flood loss claims reported to the NFIP as of November 7th, 2024. Currently, the NFIP has paid roughly ... Read the full article
AIG names Christopher Schaper as Chief Risk Officer
13th November 2024
Global insurer American International Group, Inc. (AIG) has appointed Christopher Schaper as its new Chief Risk Officer on a permanent basis, effective immediately. He has held the same role on an interim basis since September 2024, while also serving as AIG’s Global Chief Underwriting Officer (CUO). In an interim capacity, Schaper ... Read the full article
Altas Partners leads $1bn investment in Sedgwick
13th November 2024
Sedgwick, a global provider of claims management, loss adjusting and technology-enabled business solutions, has announced the closing of a $1 billion investment in the company led by Altas Partners, a North American private equity firm. Current investors, including funds managed by global investment firm Carlyle and Stone Point Capital LLC, will ... Read the full article
Gallagher Bassett appoints Ajay Sinha as Managing Director of Captive Practice
13th November 2024
Gallagher Bassett, a provider of risk and claims management services and a wholly owned subsidiary of brokerage Arthur J. Gallagher & Co., has announced the appointment of Ajay Sinha as Managing Director — Captive Practice. In a recent LinkedIn post, the company stated, “Ajay’s exceptional leadership and vision make him the ... Read the full article
Rise in demand for cat bonds driven by climate-risk mitigation: Fitch
13th November 2024
In an effort to effectively manage risk, re/insurers are continuing the use of capital markets to access catastrophe bonds amid a firm market, driving up the issuance of insurance-linked securities (ILS), a trend that is expected to persist, Fitch has highlighted. This, according to analysts, also presents a unique opportunity ... Read the full article
Assured Guaranty posts net income increase in Q3’24
13th November 2024
Assured Guaranty Ltd. (AGL) has released its financial results for the third quarter of 2024, which includes a net income of $171 million in comparison to $157 million from the third quarter of 2023. At the same time, the firm posted an adjusted operating income of $130 million for Q3 2024, ... Read the full article
BBVA CIB adds Ali Karakuyu to Insurance Debt Advisory team
13th November 2024
BBVA Corporate & Investment Banking (CIB) has announced the expansion of its client advisory services with the formation of a dedicated insurance financial advisory team. With this addition, BBVA CIB strengthens its capacity to offer customised cross-product solutions specifically tailored to the insurance industry's unique needs, aligning with its broader strategy ... Read the full article
UK Solvency updates to boost life insurers with further flexibility, says AM Best
12th November 2024
According to ratings agency AM Best, the upcoming changes to the UK's solvency regulations - which are expected to be finalised in November - are likely to bring positive impacts to UK insurers. The reforms follow the Prudential Regulation Authority’s (PRA) review of Solvency II, and will largely impact the life ... Read the full article
Aspen Insurance promotes Borg to Head of Power and Midstream
12th November 2024
Aspen Insurance Group, a specialty insurer and reinsurer, has announced the promotion of Lesley Borg to Head of Power and Midstream, a London-based role. Borg has been part of Aspen since 2016, when she joined the company as Head of International Oil & Gas. She was then appointed Senior Underwriter Upstream ... Read the full article
Maiden Holdings posts $34.5m net loss in Q3, NPW climbs to $8.8m
12th November 2024
Maiden Holdings, Ltd. has posted a $34.5 million net loss for the third quarter of 2024, compared to a net loss of $3.5 million for the third quarter of 2023. The firm attributes the net loss towards an underwriting loss of $18.8 million in Q3 2024, a higher loss in comparison ... Read the full article
Emerald Bay partners with Vanderbilt to launch premium casualty program for luxury real estate
12th November 2024
Emerald Bay Risk Solutions, a collaborative underwriting carrier specialising in tailored insurance solutions, has formed a strategic partnership with Vanderbilt Properties Associates, Inc., a risk purchasing group managing a significant portfolio of luxury residential and commercial real estate properties. Through this partnership, they will launch a casualty programme focused on providing ... Read the full article
TransRe appoints Swiss Re’s Abdeladim Bousselam as Head of MEA
12th November 2024
TransRe, a reinsurance company wholly owned by Alleghany Corporation, has announced the appointment of Abdeladim Bousselam as Head of MEA, effective January 1, 2025. In his new role, Bousselam will report directly to Julien Mollinier, President of Europe, Middle East, and Africa at TransRe. Commenting on the appointment, Mollinier said, “I am ... Read the full article
KCC US Flood Model 2.0 approved by Florida Hurricane Loss Projection Commission
12th November 2024
Karen Clark & Company, a provider of catastrophe risk modelling and analytics, has announced that its KCC US Flood Reference Model Version 2.0 has received certification from the Florida Commission on Hurricane Loss Projection Methodology (FCHLPM). This marks the first time a flood model has been approved by the Commission under ... Read the full article
Fitch revises outlook on QBE & subsidiaries to positive
12th November 2024
Fitch Ratings has revised the outlook on all the ratings of Australia-based QBE Insurance Group Limited and its subsidiaries to Positive from Stable, while affirming QBE's Long-Term Issuer Default Rating at 'A-' and the Insurer Financial Strength (IFS) Ratings of the core subsidiaries' at 'A+' (Strong). Analysts confirmed that the positive ... Read the full article
Lockton Re appoints Guy Carpenter’s Jemima Hopper as Cyber Reinsurance Broker
12th November 2024
Lockton Re, the reinsurance arm of the independent insurance broker, has announced the appointment of Jemima Hopper as a Broker in its Cyber Practice. Hopper, who is ACII qualified, brings valuable expertise in cyber reinsurance broking, along with experience in Treaty, MGA, and Retro Markets. She joins Lockton Re from Guy Carpenter, ... Read the full article
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