Reinsurance News
Andrew Tudor-Thomas and Chris Coulson appointed to key roles in SompoRe team
11th November 2024
Sompo, a global provider of commercial and consumer property and casualty (P&C) re/insurance, has announced new appointments within its SompoRe team, with Andrew Tudor-Thomas and Chris Coulson taking on key roles. Andrew Tudor-Thomas has been appointed Executive Vice President (EVP), Head of North America P&C Reinsurance. Bringing over 20 years of industry ... Read the full article
Quantum of Helene & Milton loss similar to Ian, slight softening still expected at Jan renewals: JP Morgan
11th November 2024
In its recent Love Actuary report, JP Morgan compared losses from Hurricane Ian in 2022 with the total claims emerged from Hurricanes Helene and Milton in 2024 so far, noting that the total quantum of loss is similar. Despite these hurricane losses, analysts highlight the notable shift in the reinsurance market ... Read the full article
FM appoints Steve Wrinkle as SVP of Strategy and Business Transformation
11th November 2024
FM, a commercial property insurer, has appointed Steve Wrinkle as Senior Vice President of Strategy and Business Transformation. In this newly created role, Wrinkle will be based at FM's headquarters in Johnston, Rhode Island, where he will oversee strategic development and management, including leading the company’s portfolio of key initiatives. Additionally, he ... Read the full article
More than 72,000 NFIP claims filed in Florida from hurricanes Debby, Helene and Milton: FEMA
11th November 2024
The U.S. Federal Emergency Management Agency (FEMA) confirmed on November 8th, 2024, that more than 72,000 claims had been filed by National Flood Insurance Program (NFIP) policyholders who experienced flood damage from hurricanes Debby, Helene, and Milton in Florida. As of last Friday, NFIP policyholders had received around $894 million to ... Read the full article
Rob Organ to succeed Alistair Hardie as Group CEO of Jensten
11th November 2024
UK broker and underwriter Jensten has promoted Rob Organ to Group Chief Executive Officer (CEO) effective immediately as Alistair Hardie steps down. As part of succession planning, Organ was promoted to CEO Broking earlier this year. He has previously served as the CEO of Bluefin Insurance Group and joined the Jensten ... Read the full article
Bishop Street Underwriters acquires Ethos Transactional
11th November 2024
Bishop Street Underwriters, a RedBird Capital Partners portfolio company, has acquired Ethos Specialty’s Transactional Liability unit. Financial terms were not disclosed. This acquisition, Bishop Street noted, further strengthens its platform and expands its suite of specialised client solutions while continuing to drive strong underwriting profitability. Ethos Transactional concentrates on managing risks associated ... Read the full article
Brown & Brown hires Deloitte’s Paul Gallagher as controller
11th November 2024
Insurance brokerage Brown & Brown has hired Paul Gallagher as its new controller, a role which will see him provide strategic guidance and leadership for all of the firm's financial operations, including SEC and financial reporting, controls and compliance, acquisitions, planning and strategic decision-making. As controller, Gallagher will also play a ... Read the full article
Brighthouse Financial completes transaction to reinsure its fixed and payout annuities
11th November 2024
Brighthouse Financial, Inc., the US-domiciled annuities and life insurance provider, has completed a reinsurance transaction with a third party to reinsure a legacy block of its fixed and payout annuities. The transaction was previously discussed on the company’s earnings call for the quarter ended September 30, 2024, during which it revealed ... Read the full article
Optio appoints Davenport group CRO amid continued expansion
11th November 2024
Specialty managing general agent (MGA) Optio Group has announced the appointment of Insi Davenport to the newly created executive role of group chief risk officer (CRO), effective immediately. With more than 25 years of industry experience, Davenport’s expertise spans enterprise risk management, regulatory compliance, operational risk and M&A. Prior to joining Optio ... Read the full article
Ardonagh Specialty appoints Aon’s Dan Walsh as CUO
11th November 2024
Ardonagh Specialty, part of the Ardonagh Group, has recently appointed Dan Walsh as Chief Underwriting Officer (CUO). Walsh is an experienced insurance executive, bringing 30 years of industry experience to his new role. He joins Ardonagh Specialty from Aon, where he spent nearly seven years, most recently serving as Chief Underwriting Officer ... Read the full article
Hannover Re expects stable P&C reinsurance market terms, additional demand in 2025: CEO Henchoz
11th November 2024
European reinsurance company Hannover Re is expecting a broadly flat risk-adjusted rate environment for the property and casualty (P&C) market in 2025, which supports its combined ratio guidance of less than 88% for next year, with terms in the segment projected to be stable amid strong demand and a disciplined ... Read the full article
BMS establishes BMS Bacchus for comprehensive winery protection
11th November 2024
BMS Group (BMS), a re/insurance broker, has introduced BMS Bacchus, a specialised stock throughput insurance solution for wineries. Designed to protect wine throughout its lifecycle—from grape harvest through production, storage, and distribution—BMS Bacchus provides a centralised tool for wineries to make informed choices about risk management and resource allocation using advanced ... Read the full article
Professional Liability specialist underwriting manager Doe & Emuss launches
11th November 2024
Doe & Emuss (D&E), a boutique Professional Liability underwriting manager, has launched with approved coverholder status at Lloyd’s. Founded and led by industry veterans David Doe, Chief Executive, and Paul Emuss, Managing Director, D&E will place and manage Professional Liability portfolios, underwriting policies on Lloyd’s paper supported by eight to ten ... Read the full article
Flood preparedness to benefit re/insurers & policyholders: Swiss Re Institute
11th November 2024
While protective measures like dykes, dams, and floodgates can be expensive, their financial benefits can outweigh post-disaster rebuilding expenses by up to ten times, according to a new study from the Swiss Re Institute. The firm observed that economic losses caused by natural catastrophes reached an estimated $280 billion in 2023, ... Read the full article
CEA’s risk transfer and reinsurance program contracts to $8.5bn after non-renewals
11th November 2024
The size of the California Earthquake Authority's (CEA) reinsurance and risk transfer program has contracted by 7% to $8.5 billion after the entity opted against renewing $648.5 million of traditional reinsurance protection that expired at the end of July 2024. As reported by Artemis, our insurance-linked securities (ILS) focused sister publication, ... Read the full article
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