Reinsurance News
Marsh Asia appoints Brent Clawson as Global Placement Leader
6th January 2025
Insurance broker and risk advisor Marsh has announced the appointment of Brent Clawson as Global Placement Leader for Marsh Asia. Clawson brings nearly two decades of industry experience, particularly in Asia. He has been working at Marsh for over a year now, joining the firm in September 2023 as Insurer Consulting ... Read the full article
Southeast US SCS and flooding may cause hundreds of millions in losses: Aon
6th January 2025
The severe convective storm (SCS), tornadoes, and flooding that struck the southeast US from December 26-29 may lead to combined economic and insured losses reaching hundreds of millions of USD, according to global insurance and reinsurance broker Aon. The multi-day severe weather outbreak brought heavy rainfall, wind gusts over 70 mph, ... Read the full article
Newline Group adds Malcolm Newman as a Non-Exec Director
6th January 2025
Newline Group, a specialty insurance provider, has appointed Malcolm Newman as a new Non-Executive Director. Newman is a re/insurance industry veteran with over four decades of experience, most recently serving as the Chairman of Tindall Riley & Co., before which he served as a Non-Executive Director. His career started as a Trainee ... Read the full article
Allianz Australia to sell Hunter to private equity firm Pemba Capital Partners
6th January 2025
Australian private equity firm Pemba Capital Partners has agreed to acquire Allianz Australia Limited’s wholly owned subsidiary, Hunter Premium Funding. Hunter allows businesses to pay their insurance premiums in regular instalments rather than as one large lump sum. The Hunter brand will remain unchanged and will benefit from continued investment in its ... Read the full article
US E&S insurance market poised to maintain upward trajectory, says Conning
3rd January 2025
The Excess and Surplus (E&S) insurance market has experienced significant growth, achieving a 21% compound annual growth rate over the past five years, surpassing $104 billion in premiums in 2023, and is expected to continue its upward trajectory, according to a report by Conning. Lauryn Kothavale, Vice President of Insurance Research ... Read the full article
Troutman Pepper and Locke Lord merge to form new global law firm
3rd January 2025
Law firms Troutman Pepper and Locke Lord have announced their merger to form Troutman Pepper Locke LLP, a firm with over 1,600 attorneys and 33 offices across the US and Europe. Tom Cole, Chair of Troutman Pepper Locke, said, "This merger is a strategic leap forward, allowing us to offer an ... Read the full article
ASIC earns AM Best’s affirmation of A- rating with stable outlook
3rd January 2025
AM Specialty Insurance Company has announced that AM Best has reaffirmed its Financial Strength Rating (FSR) of A- (Excellent) with a stable outlook. This recognition highlights ASIC's focus on underwriting quality, disciplined risk management, and growth within the Excess and Surplus (E&S) lines market. AM Best cited ASIC’s exceptionally strong risk-adjusted capitalisation, ... Read the full article
CEE cat loss-free property reinsurance treaties renew -2.5% to +5% at 1.1: Gallagher Re
3rd January 2025
According to reinsurance broker Gallagher Re, Central and Eastern Europe (CEE) catastrophe loss-free property reinsurance treaties were renewed -2.5% to up 5%, while catastrophe loss-hit reinsurance rates increased 10% to 20% at the January 1, 2025 renewals. Focusing on property cat excess of loss, the CEE region was heavily loss impacted ... Read the full article
Encik Zaid appointed Officer in Charge, Labuan Re
3rd January 2025
Labuan Reinsurance (L) Ltd (Labuan Re) has appointed Encik Zaid Aziz Ibrahim as its Officer in Charge, following the recent departure of Puan Johana Era Zainuddin on December 31, 2024. Encik Zaid currently serves as the firm's Chief Underwriting Officer. He has been with the organisation since February 2020. Overall, he brings ... Read the full article
Palomar Holdings acquires First Indemnity of America Insurance Company
3rd January 2025
Specialty property insurer Palomar Holdings has completed its acquisition of First Indemnity of America Insurance Company (FIA). Founded in 1979, FIA is an independent surety company specialising in providing bonding solutions for contractors, businesses, developers, and the legal community across the U.S. Mac Armstrong, Chairman and CEO of Palomar, commented, “I am ... Read the full article
Brian Young takes over as President of Fairfax Insurance, Carl Overy now CEO of Odyssey
3rd January 2025
Canadian financial holding company, Fairfax Financial Holdings Limited, has appointed Brian Young as President of Fairfax Insurance Group, with Carl Overy taking over as Chief Executive Officer (CEO) of Odyssey Group, effective January 1st, 2025. Young, who joined Odyssey in 1996 and served as its CEO since 2011, assumes the role ... Read the full article
Ranked by 2023 NPW, health carriers again dominate list of world’s largest insurers
3rd January 2025
In terms of net premiums written (NPW), health insurance companies continued to dominate in 2023 as four out of the top five were US-based health insurers, with UnitedHealth Group holding on to the top spot for the 10th year in a row with NPW growth of 13%. Our ranking of ... Read the full article
Cyber reinsurance market increasingly mature and efficient: Howden
3rd January 2025
The 1 January 2025 cyber reinsurance renewals progressed smoothly, with some notable price moderation, the entry of new reinsurers, and a growing focus on non-proportional products, reflecting an increasingly mature and efficient market, according to Howden's 1.1 renewal report. Reinsurance buyers benefited from favourable supply and demand conditions in 2024, driven ... Read the full article
Verisk submits wildfire cat model for review whilst new California rules take effect
3rd January 2025
Global data analytics and technology provider, Verisk, has submitted its wildfire catastrophe model for review by the California Department of Insurance (CDI), which recently finalised regulatory changes aimed at stabilising the state's insurance market. If you recall, a new regulation was recently launched in order to help expand insurance access ... Read the full article
SageSure completes acquisition of GeoVera Advantage
3rd January 2025
Managing general underwriter SageSure has closed the previously announced acquisition of GeoVera Advantage Insurance Services, LLC. The entity will now function as a newly formed MGA, including the residential earthquake risk underwriting franchise. As part of the transaction, SageSure invested in GeoVera Nova Holdings, Inc., which has acquired GeoVera Insurance ... Read the full article
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