Reinsurance News
UK SMEs plan to revamp employee benefits to address recruitment and workforce challenges
13th December 2024
A report by Howden Employee Benefits, in partnership with YouGov, reveals that 77% of UK small and medium-sized enterprises (SMEs) plan to update their employee benefits packages to attract and retain top talent, address workforce challenges, and tackle economic pressures. This emphasis on enhancing benefits, including preventative health and wellbeing solutions, ... Read the full article
Robert Peretti named Executive Director at EPIC Insurance Brokers
13th December 2024
EPIC Insurance Brokers & Consultants, a provider of risk management, insurance brokerage, and employee benefits consulting, has appointed Robert Peretti as Executive Director to lead National Markets and Placement. In this role, Peretti will prioritise building strong relationships with clients and carriers, ensuring quality outcomes through a collaborative approach. He will ... Read the full article
Guy Carpenter launches new parametric solutions research project for California & Florida
13th December 2024
Guy Carpenter, Marsh McLennan's reinsurance broking arm, has launched a new research project to explore using parametric insurance solutions to insure communities across California and Florida for wildfire and hurricane risks. The research is in collaboration with Guy Carpenter’s Parametric Advisory and Public Sector teams, the Institute of Environment at Florida ... Read the full article
Grey zone threats increase for a variety of sectors: says WTW
13th December 2024
The risk to vessels, undersea cables, and offshore oil installations is growing primarily due to the availability of advanced weapons and the willingness of certain states, notably Russia and Iran, to disregard international maritime laws, according to global re/insurance broker WTW. In WTW's Political Risk Index for H2'24, the firm highlighted ... Read the full article
Clyde & Co predicts renewed push for property insurance reform in 2025
13th December 2024
2025 is expected to see a renewed push for statutory reforms in states heavily impacted by hurricanes in the commercial property insurance space in hurricane-prone states, which were severely impacted by the 2024 Atlantic Hurricane season, according to Eric Benedict, Senior Associate at Clyde & Co. Florida and Louisiana have recently ... Read the full article
Critical role of risk financing and insurance in disaster response: Bavandi, Gallagher Re
13th December 2024
Antoine Bavandi, Global Head of Public Sector, Parametric & Climate Resilience Solutions at Gallagher Re highlighted the growing recognition of disaster risk financing and insurance in disaster response during his summary of key takeaways from COP 29 in Baku. He noted that effective private-sector strategies include risk pooling, public-private partnerships, parametric ... Read the full article
MAPFRE RE successfully structures its first cat bond, Recoletos Re DAC
13th December 2024
MAPFRE RE, the reinsurance arm of Madrid-headquartered insurer MAPFRE, has announced it is sponsoring the issuance of a catastrophe bond of USD $125 million, issued through Recoletos Re DAC, an special purpose vehicle (SPV) incorporated in Ireland. This is MAPFRE RE’s first reinsurance protection linked to a cat bond. It is ... Read the full article
Munich Re targets net profit of €6bn for 2025
13th December 2024
Industry giant Munich Re has disclosed that due to consistently good operational performance in all business segments, the group is now aiming for an IFRS net profit of €6 billion in 2025. This morning, the reinsurance giant announced some targets for next year, forecasting that insurance revenue will reach €64 billion ... Read the full article
Kate Nolan joins Devonshire Underwriting as Tax Associate
13th December 2024
Devonshire Underwriting, a managing general agent (MGA) specialising in underwriting transactional risk solutions, has announced the appointment of Kate Nolan as Associate – Tax, effective immediately. In her new role, Nolan will work alongside Devonshire Founding Partner Natasha Attray, whose core focus is on Devonshire’s Tax Insurance offering. Additionally, her role will ... Read the full article
Swiss Re eyes $4.4bn net income & leaner P&C CoR in 2025
13th December 2024
Swiss Re has revealed its financial targets for 2025, including a Group net income of more than $4.4 billion, and a Property & Casualty Reinsurance combined ratio of less than 85%. According to the global reinsurer, all business units are aiming for more ambitious targets compared with 2024. L&H Re aims ... Read the full article
LIMRA reports 36% increase in US single-premium pension risk transfer premiums in Q3’24
13th December 2024
LIMRA, a global research and consulting organisation for the insurance and financial services industry, reports that the total US single-premium pension risk transfer (PRT) premium reached $14.2 billion in the third quarter. This represents a 36% increase compared to the same period last year. Year-to-date (YTD), the total single-premium PRT premium has ... Read the full article
Eurazeo to sell its stake in Albingia
13th December 2024
Eurazeo has entered into exclusive discussions with an investor consortium led by La financière de Blacailloux (Fiblac), a family holding company, regarding the sale of its 70% stake in Albingia, a French insurance company specialising in risk management, headed by Valentine de Lasteyrie. The consortium is composed of the management team, ... Read the full article
Orion180 announces launch of personalised Residential Flood Insurance product
13th December 2024
Orion180, a provider of insurance solutions, has recently announced the launch of its new Residential Private Flood Insurance product. Orion180’s Private Flood Insurance product provides customisable and extensive coverage options for homeowners across all flood zones. Designed with the flexibility to meet the specific needs of both agents and policyholders, it pairs ... Read the full article
Lloyd’s to set benchmark for regulatory competitiveness: LMA
13th December 2024
According to Paul Davenport, Finance & Risk Director at the Lloyd’s Market Association (LMA), the Lloyd's Market has made notable progress towards its objectives of reducing the burden of compliance with financial reporting for participating, particularly towards plans to reduce the volume and frequency of reporting for technical provisions and ... Read the full article
Korean Re sees Issuer Credit Rating upgraded by AM Best
13th December 2024
Credit rating agency AM Best has upgraded Korean Reinsurance Company’s (KRE) Long-Term Issuer Credit Rating (Long-Term ICR) to “a+” (Excellent) from “a” (Excellent) and affirmed its Financial Strength Rating (FSR) of A (Excellent). Additionally, AM Best has revised the outlook of the Long-Term ICR to stable from positive while the outlook ... Read the full article
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