Reinsurance News
Porch forms homeowners insurance reciprocal exchange and sells HOA for $105m
7th January 2025
Porch Group, a homeowners insurance and vertical software platform, has completed the formation of Porch Insurance Reciprocal Exchange (PIRE), a new homeowners insurance reciprocal exchange, alongside the sale of Homeowners of America Insurance Company (HOA) to PIRE. This follows Porch receiving approval from the Texas Department of Insurance (TDI) in ... Read the full article
Reinsurance market to remain largely attractive for buyers and sellers in 2025: Aon
7th January 2025
Global broking group Aon expects the reinsurance market to remain largely attractive for both buyers and sellers of protection in the months ahead, but has called on reinsurers to demonstrate their value as they target top line growth. In its latest Reinsurance Market Dynamics report, which explores the January 1st, 2025, ... Read the full article
Belgium’s Ethias Group launches reinsurance entity Ethias Re
7th January 2025
Benoît-Laurent Yerna, Chief Risk Officer (CRO) and Board Member of Belgium domiciled insurer Ethias Group, has revealed that after months of work, Ethias Re, the firm's brand new reinsurance company, has officially launched. Ethias Group is more than a century old and has two main headquarters in Liege and Hasselt, with ... Read the full article
Volt Underwriting names Louis Scott as Senior Underwriter for Power & Renewable Energy
7th January 2025
London-domiciled, Lloyd’s Approved Coverholder, energy sector managing general agent Volt Underwriting has appointed Louis Scott as Senior Underwriter, Power and Renewable Energy, effective immediately. Scott joins the firm after spending 12 years at Travelers Syndicate Management, where most recently, he was the Managing Senior Underwriter and Head of Power & Utilities. Prior ... Read the full article
Lovell Minnick Partners makes strategic investment in Broadstone
7th January 2025
Lovell Minnick Partners (LMP), a private equity firm focused on investing in financial services, business services and fintech, has signed a definitive agreement to make a strategic growth investment in the independent financial services consultancy, Broadstone. The transaction is expected to close in the second quarter of 2025, subject to customary ... Read the full article
Ryan Specialty to expand property cat portfolio with $525m Velocity Risk acquisition
7th January 2025
Specialty insurer Ryan Specialty has agreed to acquire Nashville, Tennessee-based managing general underwriter Velocity Risk Underwriters, LLC for $525 million from funds managed by Oaktree Capital Management, L.P., expanding its property catastrophe portfolio. Expected to close early this year, Velocity, a provider of first-party insurance for catastrophe exposed properties, will become ... Read the full article
Robert Malone named Head of AXA XL’s Large Accounts & Portfolio Management for Cyber, Americas
7th January 2025
AXA XL, the property and casualty (P&C) and specialty risk division of global insurer AXA, has appointed Robert Malone as Head of Large Accounts and Portfolio Management of its Cyber Insurance team in the Americas. Based in New York, Malone reports to Michelle Chia, Chief Underwriting Officer for Cyber, Select and ... Read the full article
US commercial insurance composite rates up 3.75% in 2024: MarketScout
7th January 2025
The US commercial insurance sector saw a composite rate increase of 2.64% in Q4 2024, bringing the total increase for the year to 3.75%, down from 4.56% in 2023, according to a recent analysis by MarketScout. Richard Kerr, CEO of Novatae, observed that property rates are slowing due to fewer insured ... Read the full article
Alejandro Solorzano joins Augment Risk to expand LatAm parametric offering
7th January 2025
Risk capital and broking solutions firm, Augment Risk, has hired Alejandro Solorzano from XS Global, who joins the organisation to help it expand its parametric risk transfer offering across the Latin America region. Solorzano has joined the company as Associate Partner, LATAM Parametric, where he will be based in Miami. From what ... Read the full article
iprism signs multi-year capacity deal with Zurich
7th January 2025
iprism, a Managing General Agent (MGA), has announced a new multi-year capacity deal with global insurer Zurich. Under the deal, Zurich will provide Property and Casualty capacity for iprism’s Property Owners and Commercial Combined products, expected to generate up to £30 million in gross written premium. This agreement expands the existing partnership, ... Read the full article
Guy Carpenter completes acquisition of Athens-based Carpenter Turner
7th January 2025
Guy Carpenter, the reinsurance broking arm of Marsh McLennan, has completed its previously announced acquisition of the remaining 51.5% of Carpenter Turner, an Athens-based reinsurance broking and advisory business. Now operating as Guy Carpenter Greece, the business will reportedly deliver the global risk and reinsurance specialist's comprehensive range of global ... Read the full article
CCR Re appoints Ludovic Boulanger as Life Underwriter
7th January 2025
French reinsurer CCR Re has announced the appointment of Ludovic Boulanger as Life Underwriter. Boulanger brings over 18 years of experience in life actuarial science, with extensive expertise in life reinsurance across areas such as protection, long-term care, credit insurance, and savings. He joins CCR Re from BPCE Assurances, where he served ... Read the full article
PIC completes second buy-in with Clarks Footwear Pension Fund for £540m
7th January 2025
Pension Insurance Corporation (PIC), a specialist insurer of defined benefit pension schemes, has completed a second buy-in with the Trustee of the C&J Clark Pension Fund – CJC Section and Flexible Section (the Fund) for £540 million. This follows the Fund’s initial £280 million buy-in with PIC in 2022, bringing the ... Read the full article
Global reinsurer capital up 7% to $715bn at Sept. 30, says Aon
7th January 2025
Global reinsurer capital increased 7%, or $45 billion from $670 billion at the end of 2023 to a new high of $715 billion at September 30th, 2024, with growth in both traditional and alternative capital on the back of retained earnings, unrealised gains on bonds, and a busy period for ... Read the full article
IAG shrinks reinsurance program slightly for 2025
7th January 2025
Australian insurer IAG has successfully placed its catastrophe reinsurance program for 2025, purchasing slightly less protection than in 2024. The program includes a main catastrophe cover for two events up to $10 billion and an unchanged attachment at $500 million. Notably, aggregate, drop-down, and subsequent event covers are gone compared ... Read the full article
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