Reinsurance News
Canopius appoints Olivia Brindle as Head of Sustainability
18th December 2024
Global specialty and P&C re/insurer Canopius Group has announced the appointment of Olivia Brindle as Head of Sustainability. In her new role, Brindle will report to Lindsay Astor, Chief of Staff and Head of Strategy. She will lead Canopius’ sustainability initiatives, ensuring a cohesive strategy that advances the company’s role in ... Read the full article
Lloyd’s welcomes UK Government’s Industrial Strategy Advisory Council for inaugural meeting
18th December 2024
Lloyd’s, a marketplace for insurance and reinsurance, recently hosted the inaugural meeting of the UK Government’s Industrial Strategy Advisory Council (ISAC) at its headquarters in London. The meeting brought together UK Chancellor of the Exchequer Rachel Reeves and Secretary of State for Business and Trade Jonathan Reynolds at the historic Lloyd’s ... Read the full article
Pen Underwriting appoints Gallagher’s Hannah Fry as Chief Operating Officer
18th December 2024
Pen Underwriting, a subsidiary of Arthur J. Gallagher & Co., has announced the appointment of Hannah Fry as Chief Operating Officer, effective 6 January, 2025. Fry will join the Executive team of the multi-class, multi-territory specialist underwriting and distribution business. In her new role, she will be responsible for ensuring Pen has ... Read the full article
Helios’ Lloyd’s syndicate portfolio 2025 capacity expected to be £484m
18th December 2024
Lloyd’s-focused investment vehicle Helios Underwriting has announced the capacity for its 2025 Lloyd's syndicate portfolio is expected to be £484 million, which is 5% lower compared to 2023, where total capacity stood at £512 million. According to the announcement, this new capacity reflects the company’s strategic adjustments, following trading at the ... Read the full article
Reinsurers are leaning into the cyber market: JMP
18th December 2024
Analysts at JMP report that reinsurers are increasingly leaning into the cyber market, a move expected to drive better pricing, and terms and conditions for cedants at the January 1 renewals, building on trends observed at recent renewals. This assessment follows JMP's recent meetings with insurers, reinsurers, and brokers in London, ... Read the full article
Insurance broker Ardonagh secures landmark Stone Point investment
18th December 2024
The Ardonagh Group, an independent insurance broker, has secured an equity investment from funds managed by US-domiciled private equity firm, Stone Point Capital LLC, which values the group at $14 billion. This landmark transaction is expected to complete in mid-2025 and sees Stone Point become a significant shareholder in Ardonagh, alongside ... Read the full article
PCRIC renews policy with redesigned parametric insurance products for Pacific region
18th December 2024
The Pacific Catastrophe Risk Insurance Company (PCRIC) has renewed its policy portfolio for 2024, introducing redesigned parametric insurance products developed in collaboration with global experts. These updates include innovative enhancements to PCRIC’s earthquake, tsunami, and tropical cyclone products, as well as expanded protection for excess rainfall across the Pacific region. The redesigned ... Read the full article
AM Best upgrades outlook to positive for Group Ark Insurance
18th December 2024
AM Best, the credit rating agency, has upgraded the outlook for Group Ark Insurance Limited (GAIL) (Bermuda) from stable to positive for its Long-Term Issuer Credit Rating (Long-Term ICR), while affirming the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term ICR of "a" (Excellent). GAIL, a wholly owned ... Read the full article
Roadzen partners with Cimarron Underwriters to expand insurance offerings nationwide
18th December 2024
Roadzen has partnered with Cimarron Underwriters, LLC to expand its insurance offerings across all 50 U.S. states by leveraging Cimarron’s nationwide MGA licenses and infrastructure. Cimarron Underwriters, through its subsidiaries—Cimarron Insurance Company and Cimarron Brokerage Company—offers a broad range of insurance, risk management, and financing solutions to business owners and individuals. ... Read the full article
Phoenix grows P&C business with LPT reinsurance deal
18th December 2024
Phoenix Financial Ltd., an Israel-based financial, insurance, and investment group, announced a key Loss Portfolio Transfer (LPT) reinsurance agreement with Ayalon Insurance Company Ltd. The move supports the group's strategic expansion of its Property and Casualty (P&C) insurance operations. Ayalon Insurance will transfer 75% of its outstanding employer and third-party liability claims ... Read the full article
WTW enhances RiskAgility FM with AI capabilities for L&H insurers
18th December 2024
Global insurance brokerage WTW has introduced new artificial intelligence (AI) capabilities to its RiskAgility Financial Modeller (RiskAgility FM), a financial modelling and reporting software technology for life and health (L&H) insurers. Life and health insurers face growing challenges, including managing increasingly complex products and regulations, while ensuring their models accurately reflect ... Read the full article
IFRS 17 presents a number of challenges for re/insurers, poll reveals
17th December 2024
International Financial Reporting Standards (IFRS) 17 introduced a new way of financial reporting for insurers and reinsurers, fundamentally changing how they recognise and measure insurance contracts. While this new standard promises greater transparency and comparability, it has also presented a significant challenge for industry participants. In a recent poll, Reinsurance News asked ... Read the full article
DAC Beachcroft expands to the US with offices in New York and LA
17th December 2024
DAC Beachcroft, an international law firm, continues its global expansion with the launch of new offices in New York and Los Angeles, marking its entry into the US market, effective 1 January 2025. The new offices will combine insurance-focused teams from two US law firms, including four partners and 26 lawyers ... Read the full article
Gallagher names Bassett and Brookes as CEOs within Specialty arm
17th December 2024
Insurance and reinsurance broker Gallagher has appointed Paul Bassett as CEO of Crisis Management and Simon Brookes as CEO of Financial Lines within its Specialty division, both reporting to Jonathan Turner, CEO of Gallagher Specialty. Julian Wallers, who previously served as CEO of Financial Risks, overseeing both teams, has chosen to ... Read the full article
McGill and Partners joins Warburg Pincus’ inaugural multi-asset continuation fund
17th December 2024
McGill and Partners, the independent specialty insurance and reinsurance broker, has been chosen by Warburg Pincus, a global private equity firm, to join its inaugural multi-asset continuation fund. Warburg Pincus, which played a key role in McGill and Partners’ establishment as a cornerstone investor in 2019, has created this new fund, ... Read the full article
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