Reinsurance News
Ping An reports 4.5% growth in P&C insurance revenue in 9M 2024
21st October 2024
Chinese insurer Ping An has reported its results for the first nine months of 2024, showing a solid 4.5% year-on-year growth in property & casualty (P&C) insurance revenue, reaching RMB246,022 million. At the same time, its P&C operating profit increased 39.7% year-on-year to RMB13,987 million. The company also improved its overall P&C ... Read the full article
China approves new insurance ventures from BNP Paribas and Prudential
21st October 2024
China is further opening its massive insurance market by approving the establishment of separate insurance units for BNP Paribas and Prudential Financial. The National Financial Regulatory Administration (NFRA) greenlit a BNP Paribas joint venture with Volkswagen Financial Services, according to NFRA head Li Yunze. US-based Prudential Financial has also received approval for ... Read the full article
European reinsurance market remains dynamic: Munich Re
21st October 2024
The European reinsurance market remains dynamic, with demand for property reinsurance protection continuing to expand, according to Munich Re. At this year's Baden-Baden event, the global reinsurer revealed plans to deploy more capital in its European markets, namely where clients demonstrate underwriting discipline in their primary market. The firm said it will ... Read the full article
Lloyd’s Market Association welcomes John Levett as Head of Regulatory Affairs
21st October 2024
The Lloyd's Market Association (LMA) has announced the appointment of John Levett as Head of Regulatory Affairs, effective immediately, where he will report to Arabella Ramage, the Legal Director at the LMA. Levett became part of the LMA in October 2023 as Senior Executive for Regulatory Affairs. Since then, he has worked ... Read the full article
HBC Group acquires reinsurance broker, Genillard & Co.
21st October 2024
Genillard & Co. GmbH, a well-established reinsurance broker operating for over 20 years, has been acquired by HBC Group. This partnership aligns with HBC Group’s strategic plan to strengthen its market presence and expertise in the highly specialised reinsurance sector, enabling it to expand its strategic focus dynamically. Hauke Martinsen, Chief Executive ... Read the full article
Starr Insurance to start operating branch in Korea
21st October 2024
South Korea’s Financial Services Commission has granted Starr Insurance’s Starr International Insurance (Singapore) Pte. Ltd., Korean branch, a licence to operate in Seoul. This development enables Starr to initiate the sale of commercial property/casualty insurance across the entirety of South Korea. Phil Finley, president of Starr Asia Pacific, commented: “Korea is one ... Read the full article
Travelers Europe appoints Mark Clifford as Active Underwriter
21st October 2024
Travelers Europe, a division of The Travelers Companies Inc., has appointed Mark Clifford as the Active Underwriter for Syndicate 5000 at Lloyd’s and Vice President of Business Insurance (BI) Specialty. Clifford will be part of the Europe Operating Committee and report to Mike Lawton, Vice President of BI Europe and Chief ... Read the full article
Miller appoints Satoshi Watanabe as Business Development Manager for Lead Japan
21st October 2024
Miller, an independent specialist in re/insurance broking, has announced the appointment of Satoshi Watanabe to its Japanese subsidiary, Lead Insurance Services Limited (Lead), as part of its ongoing efforts to expand and diversify in Japan. Satoshi takes on the role of Business Development Manager, with a focus on growing the broker’s ... Read the full article
UK home insurers witness second consecutive loss-making year in 2023: EY
21st October 2024
According to a recent analysis by EY, UK home insurers remained in the red in 2023, only marginally improving on record losses from 2022, posting a loss-making net combined ratio (NCR) of 118% in 2023, a slight improvement from 2022's 122%. In their UK Home Insurance Results Analysis, EY notes that consumer ... Read the full article
Alternative capital has become a key tool for resiliency: Rapin, CEO, Nephila Climate
21st October 2024
At the latest Baden-Baden Reinsurance Symposium hosted by Guy Carpenter, the reinsurance broking arm of Marsh McLennan, Maria Rapin, Chief Executive Officer (CEO) of Nephila Climate, has highlighted the increasing role of alternative capital in the market’s ability to absorb the financial impacts of expanding crises. “The reinsurance industry has demonstrated ... Read the full article
Beazley launches new combined coverage consortium for financial institutions
21st October 2024
Specialty insurer Beazley has launched a new combined consortium, FLEX, offering comprehensive civil liability, crime/fraud, and cyber coverage for financial institutions. The consortium provides a streamlined solution, addressing the full range of crime, professional, Directors & Officers (D&O), and cyber risks faced by these complex institutions. With coverage limits of up to ... Read the full article
E+S Rück anticipates further price increases and improved T&Cs at Jan 1
21st October 2024
E+S Rückversicherung AG, the Hannover Re subsidiary responsible for German business, has indicated that further price increases and improved terms and conditions are likely at the January 1, 2025, property and casualty reinsurance renewals, following losses caused by severe weather events in the country. Discussing natural catastrophe covers, E+S Rück observed ... Read the full article
AXA XL appoints Mathieu Daubin and Frédéric Bécard to new roles in Speciality Lines
21st October 2024
AXA XL, the property & casualty (P&C) and specialty risk division of global insurer AXA, has announced two key appointments within its Specialty Lines in Europe and APAC. Mathieu Daubin has been appointed Chief Underwriting Officer, Marine for APAC & Europe, an expanded role to cover all specialties (excluding aerospace). Frédéric Bécard ... Read the full article
There may be some competition amongst certain markets at 1.1, NewRe CUO, Herrenpoth
21st October 2024
In the lead up to this year's Baden-Baden Reinsurance meeting, we spoke to Dirk Herrenpoth, Chief Underwriting Officer of Swiss reinsurer and Munich Re subsidiary, NewRe, about what his general expectations are heading into the key January reinsurance renewals. "A very frequently used word in Monte Carlo this year was equilibrium, ... Read the full article
Moody’s upgrades Hub’s corporate family rating with stable outlook
21st October 2024
Moody’s Ratings has upgraded Hub International Limited’s corporate family rating to B2 from B3, and its probability of default rating to B2-PD from B3-PD. According to Moody’s this decision was based on Hub’s steady credit metrics and our expectation that the company will maintain financial leverage toward the low end of ... Read the full article
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