Reinsurance News
Analysts peg insured LA wildfire losses at up to $13bn, economic loss put at more than $52bn
9th January 2025
As wildfires continue to grow across Los Angeles County and firefighters struggle to contain the flames, equity analysts have started to comment on potential insurance industry losses, forecasting losses of between $6 billion and $13 billion, while AccuWeather has released a preliminary total economic loss of up to $57 billion. The ... Read the full article
McGill and Partners launches war risk reinsurance facility for commercial property in Ukraine
9th January 2025
Global specialty insurance and reinsurance broker McGill and Partners, in collaboration with Lloyd’s Lab Insurtech FortuneGuard, has launched a war risk reinsurance facility for commercial property in Ukraine. According to McGill and Partners, this new offering is the first of its kind, leveraging AI-powered technology to enhance the understanding and underwriting ... Read the full article
Williamson becomes Acting CEO of Everest following Andrade’s move to USAA
9th January 2025
Bermuda-based re/insurer Everest Group has announced that Jim Williamson, Executive Vice President and Group Chief Operating Officer, has been appointed Acting CEO and joined its Board of Directors with immediate effect, following the departure of Juan C. Andrade, who, after serving as President and CEO since 2020, is set to ... Read the full article
Mercury returns to Paradise California as rebuilding efforts gain momentum
9th January 2025
Mercury Insurance has announced that it will begin writing new homeowners insurance policies in Paradise, California, becoming the first major insurer to return to the area since the devastating Camp Fire in November 2018. The Camp Wildfire became the deadliest and most destructive wildfire in California’s history after devastating the ... Read the full article
Alera Group names Gary Piantedosi as President to drive strategic growth
9th January 2025
Alera Group, an independent national insurance and financial services firm, recently announced the appointment of Gary Piantedosi as president. Piantedosi, who has served as the managing director for Alera Group's Northeast region since 2022, takes on this new role after driving notable revenue growth and operational success during his tenure. In his ... Read the full article
Annette Rippert joins The Hartford’s Board of Directors
9th January 2025
Annette Rippert will join The Hartford's Board of Directors, starting February 18, 2025, and will contribute to the Finance, Investment, and Risk Management Committee. “Annette’s visionary leadership in technology, data and artificial intelligence make her a valuable addition to our board,” added The Hartford’s Chairman and CEO Christopher Swift. “Her extensive experience ... Read the full article
Old Republic forms new cyber and technology insurance company
9th January 2025
Old Republic International Corporation has announced the formation of a new underwriting subsidiary, Old Republic Cyber, Inc., which will offer cyber and technology errors and omissions (E&O) insurance products. The new company will be led by CJ Pruzinsky as President and Kevin McGowan as Executive Vice President and Chief Underwriting Officer. ... Read the full article
Davies appoints Matt Button as Deputy Group CEO, unveils Vision-2030 strategy
9th January 2025
Davies, a professional services and technology specialist, has promoted Matt Button to Deputy Group Chief Executive Officer (CEO), effective January 1st, 2025, reporting directly to Group CEO Dan Saulter. In his new role, Button is responsible for the day-to-day leadership of three go-to-market business units, including operations, sales, and marketing. Additionally, ... Read the full article
Over 1,100 structures destroyed by growing Palisades and Eaton fires, say officials
8th January 2025
The devastating wildfire raging in the Pacific Palisades neighbourhood of Los Angeles has now destroyed more than 1,000 structures and is growing, while the Eaton Fire, burning in the Angeles National Forest, the Altadena area of Los Angeles County and Pasadena, has now destroyed more than 100 structures, according to ... Read the full article
Ascot appoints Bruce Sikorski as Group Head of Corporate Services
8th January 2025
Ascot, a Bermuda-based global specialty insurer, has announced the appointment of Bruce Sikorski to the newly created role of Group Head of Corporate Services. Based in Ascot’s Iselin, New Jersey office, Sikorski will report to Bill Thygeson, Group Chief Human Resources Officer. In his new role, he will oversee the day-to-day operations ... Read the full article
IQUW boosts Energy team with three key appointments
8th January 2025
IQUW, a property and specialty re/insurer, has strengthened its Energy team with three new appointments. Chris Touhey joins as Senior Underwriter, Energy, alongside Darren Stewart as Head of Marine, Energy, & Aviation Claims, and Darryl Krobel as MEA Engineer. Touhey brings 25 years of industry experience, having joined IQUW from Liberty Specialty ... Read the full article
Northwestern Mutual announces investment partnership with Sixth Street
8th January 2025
Northwestern Mutual, a financial services provider of insurance and wealth products, has formed a strategic partnership with global investment firm Sixth Street to enhance its long-term, diversified investment strategy for its institutional investment portfolios, totalling over $320 billion. As part of the partnership, Sixth Street will manage $13 billion in assets ... Read the full article
John Neal to depart Lloyd’s in 2025 and join Aon as Global CEO of Reinsurance
8th January 2025
Lloyd’s, the world's oldest insurance and reinsurance marketplace, announced that its Chief Executive Officer (CEO), John Neal, will step down in 2025 to join broking group Aon as Global CEO of Reinsurance and Global Chairman of Climate Solutions. His departure marks a significant transition for both organisations, reflecting Neal’s influence and ... Read the full article
The Hartford strengthens presence in Asia with new service company in Singapore
8th January 2025
The Hartford, a leading US-based insurance and financial services company, has launched a new service company in Singapore to expand its presence in Asia and enhance its reach in one of the world’s largest commercial wholesale markets through its Lloyd’s Syndicate 1221, with Zhenghong Pan appointed to lead the initiative. "Our ... Read the full article
Reinsurers remain keen to grow property books despite easing of conditions at 1.1: Aon
8th January 2025
Even with the further easing of conditions at 1.1, the property catastrophe reinsurance market is priced to produce target expected returns for reinsurers, according to Aon's Reinsurance Market Dynamics January 2025 Renewal report. With strong capital levels and increased confidence in current pricing and terms, reinsurers are also reportedly eager to ... Read the full article
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