Reinsurance News
AI adoption in insurance grows amid rising extreme weather risks: ZestyAI
8th November 2024
As losses from extreme weather increase, insurers are rapidly adopting AI risk assessment models, with one in four now using AI for convective storms and 18% for wildfires, according to a recent survey by ZestyAI. ZestyAI’s survey, which collected responses from 200 senior insurance leaders, explores how the industry is responding ... Read the full article
Resurgence in legacy deals in Q3’24, reports PwC
8th November 2024
The third quarter of 2024 saw a significant rise in non-life insurance run-off deals, with 15 transactions—almost double the number in the first half of the year—bringing the total to 23 for the year so far, according to a recent PwC report. PwC highlights that North America was the most active ... Read the full article
Pasternak to succeed Hermelingmeier as CFO of HDI Global SE
8th November 2024
Industrial insurer HDI Global SE has appointed Dr. Stefan Pasternak, currently Chief Financial Officer (CFO) of Munich Re subsidiary, Great Lakes Insurance SE, to succeed Dr. Christian Hermelingmeier as its new CFO. Hermelingmeier moves internally within the Talanx Group as CFO of Hannover Re, effective April 1st, 2025. Pasternak brings with ... Read the full article
Miller expands Professional & Financial Lines division with key appointments
8th November 2024
Miller, an independent specialist in re/insurance broking, is pleased to announce the addition of Amanda Armitage and Scott Gorman to its Professional & Financial Lines division. Armitage joins Miller’s International Professions Team as Business Development Manager, bringing over 15 years of insurance industry experience with a focus on professional indemnity. She previously ... Read the full article
Marsh names Fraser International Corporate & Commercial Leader
8th November 2024
Insurance broker Marsh has announced the appointment of Alistair Fraser to the newly-created role of International Corporate & Commercial Leader, effective 1 January 2025. Alistair Brighton will take over Fraser’s role as CEO, Corporate & Commercial UK, also effective 1 January, 2025 and subject to regulatory approval, In his new role, Fraser ... Read the full article
Trisura Group posts 10.5% insurance revenue growth in Q3’24
8th November 2024
Trisura Group Ltd., the specialty insurance provider has released its financial results for the third quarter of 2024, which includes insurance revenue growth of 10.5%, climbing from $730.7 million to $807.6 million, which was primarily reflected through continued momentum across North America. Within its insurance operations, the group saw an 18.4% ... Read the full article
HCI reports increase in gross premiums earned in Q3’24
8th November 2024
Florida-based insurtech HCI Group reported consolidated gross premiums earned of $265.5 million for Q3 2024, an increase from last year’s $188.3 million, driven primarily by growth in Florida. The firm’s Q3 2024 net income was $9.4 million as compared to $15.7 million last year. The adjusted net income for Q3 2024 ... Read the full article
It’s a surprise how inadequate casualty rates fail to move higher: Munich Re CFO
8th November 2024
During Munich Re’s Quarterly Statement Q3 2024 call, Chief Financial Officer (CFO) Christoph Jurecka expressed concerns about casualty pricing, describing it as too low and noting his surprise that prices haven’t risen more. “Casualty is a continuously difficult market in our view,” said Jurecka. “The casualty prices we see in the ... Read the full article
AXA XL appoints Rhiannon Alban-Davies as Head of Fine Art & Specie, Asia
8th November 2024
AXA XL, the property & casualty (P&C) and specialty risk division of global insurer AXA, has announced the appointment of Rhiannon Alban-Davies as Head of Fine Art & Specie for Asia. In her new role, Alban-Davies will be based in Hong Kong. She brings over a decade of industry experience to her ... Read the full article
Insurance Europe calls for European Commission to scrap AI Liability Directive
8th November 2024
In a bid to prevent legal confusion and the discouraging of innovation, Insurance Europe has urged the European Commission (EC) to withdraw its proposed Artificial Intelligence Liability Directive (AILD). While appreciating the EC’s commitment to promoting compensation for AI-related damages, the federation expresses concerns that the current proposal may lead to ... Read the full article
Spain flooding to have limited impact on private re/insurers despite €3.5bn loss: S&P
8th November 2024
According to S&P Global Ratings, the deadly flash floods that hit the Valencia region of Spain will have "limited effects" on private insurers and reinsurers, given that the Consorcio de Compensación de Seguros (CCS), the institution attached to the Ministry of Economy, Trade, and Business, will cover most of the ... Read the full article
Ageas Re opens Zurich branch, appoints Anne Deister as Branch Manager
8th November 2024
Ageas Re, the reinsurance brand of international insurance group Ageas, has opened a new branch in Zurich and appointed Anne Deister as Branch Manager. The establishment of Ageas SA/NV Zurich Branch (Ageas SA/NV, Brussels, Swiss Branch Zurich) allows the company to write reinsurance contracts directly from Zurich on Ageas SA/NV’s established ... Read the full article
Clemens Jungsthöfel to succeed Jean-Jacques Henchoz as CEO of Hannover Re
8th November 2024
Jean-Jacques Henchoz, Chief Executive Officer (CEO) of large European reinsurer Hannover Re, has decided to leave the company and will be succeeded by Clemens Jungsthöfel, effective April 1st, 2025. Henchoz, who has led the reinsurer since 2019, requested not to extend his expiring contract, and will leave the firm's Executive Board ... Read the full article
Enstar shareholders approve acquisition by Sixth Street
8th November 2024
Global legacy re/insurance specialist Enstar Group Limited, has confirmed it is to be acquired by Sixth Street after it received the necessary shareholder approval. Sixth Street had previously proposed to acquire Enstar in a $5.1 billion transaction, with Liberty Strategic Capital, J.C. Flowers & Co. LLC, and other institutional investors ... Read the full article
Steadfast expands London market capabilities with acquisition of H.W. Wood & HWI France
8th November 2024
Australian insurance broking and distribution group Steadfast has acquired H.W. Wood Limited and HWI France to expand its London market capabilities for a purchase price of £23.5 million. The acquisition will be funded from Steadfast’s existing corporate debt facilities and free cashflow Forecast to be EPS accretive from the date of ... Read the full article
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