Reinsurance News
Facultative reinsurance increasingly used to manage emerging challenges: WTW
12th December 2024
New research from WTW has revealed a shift away from a transactional view of facultative reinsurance and a move towards using it as a tool to achieve strategic objectives and priorities, fill gaps in treaties and manage risk throughout the cycle. According to a survey conducted by WTW partner Coleman Parkes ... Read the full article
QBE secures class 4 license in Bermuda
12th December 2024
Global insurer QBE now has a class 4 license in Bermuda, providing the reinsurance arm, QBE Re, with further optionality in the balance sheets it offers its cedants. In a recent LinkedIn post, QBE Re said, “This is a great complement to the underwriting capability we have been building in Bermuda ... Read the full article
IBISA and VisionFund launch suite of parametric climate insurance products
12th December 2024
Global climate insurtech IBISA and VisionFund, the financial empowerment and livelihood arm of World Vision, have launched ClimaCash+, a suite of parametric climate insurance products aimed at helping communities vulnerable to climate risks respond quickly, even before a disaster strikes. ClimaCash+ was created in response to the increasing frequency of extreme ... Read the full article
Steenbergen appointed member of AXA’s Board of Directors to replace Duan
12th December 2024
Ewout Steenbergen, current Executive Vice President and Chief Financial Officer of Booking Holdings Inc., has been appointed as a member of AXA’s Board of Directors to replace Rachel Duan as she intends to resign from her directorship at the end of the year. Steenbergen will replace Daun for the remainder of ... Read the full article
Goldman Sachs predicts orderly 2025 reinsurance renewals
12th December 2024
Goldman Sachs anticipates a stable and orderly reinsurance renewal season in 2025, with property catastrophe pricing expected to decline by 5-15 percentage points at the January 1st renewals. This prediction is based on insights from W.R. Berkley (WRB) and discussions with major insurance carriers. WRB, a property and casualty insurer, forecasts ... Read the full article
Rokstone appoints Henry Hogarth as Senior Underwriter
12th December 2024
Rokstone, an international specialty re/insurance managing general agent (MGA) and part of the Aventum Group, has announced the appointment of Henry Hogarth as Senior Underwriter in its Direct & Facultative (D&F) Property team. James Potter, CEO of Rokstone, expressed enthusiasm for Hogarth’s appointment, stating, “We’re delighted to welcome Henry to this ... Read the full article
Closing the cyber protection gap with cat bonds: Geneva Association
12th December 2024
Financial innovations such as cyber catastrophe bonds could help bridge the cyber protection gap, according to a recent report by the Geneva Association. As businesses and societies become increasingly digital, cyber threats such as ransomware, data breaches, and IT outages have emerged as top concerns. Over the past decade, the cyber ... Read the full article
Lloyd’s expected to maintain strong earnings over 2025, says Moody’s
12th December 2024
Lloyd's of London is expected to continue producing strong earnings and capital over the next 12-18 months, due to underwriting discipline, favourable market conditions and robust investment returns, according to Moody's Ratings. However, analysts have warned that its profitability could wind up falling short of the strong results seen in 2023 and ... Read the full article
CFC expands Australian cyber team with appointment of Michael Lewis
12th December 2024
Specialist insurance provider CFC has announced the growth of its Australian-based cyber team with the addition of Michael Lewis. Starting in January 2025, Lewis will assume his new position at CFC. Previously, he spent two years at Emergence Insurance, where he served as a business development underwriter. He will be working ... Read the full article
BMS to acquire Spanish broker Rasher & its LATAM subsidiaries
12th December 2024
Independent specialist insurance and reinsurance broker BMS Group has agreed to acquire Spain-based insurance broker Rasher, and its Latin American subsidiaries in Colombia and Peru, subject to regulatory approvals. According to BMS Group, through this acquisition, Rasher, known for providing surety, credit, and risk management solutions to corporate clients, will accelerate ... Read the full article
Aon & EBRD launch new Ukraine war risk insurance facility
12th December 2024
Aon and the European Bank for Reconstruction and Development (EBRD) have launched a facility supporting the revitalisation of the war risk insurance market in Ukraine, with global speciality reinsurer MS Amlin the first international reinsurance partner to join. Under this new €110 million Ukraine Recovery and Reconstruction Guarantee Facility, the EBRD ... Read the full article
Cytora partners with Pelmorex Corp to provide insurers deeper insights into climate risks
12th December 2024
Digital risk processing platform Cytora has partnered with international weather information and data management company Pelmorex Corp to provide commercial property underwriters with deeper insights into climate-related risks. Through its integration with Pelmorex Corp - which operates across Europe, North America, LATAM, India and Australia - commercial property insurance underwriters will ... Read the full article
Ki to operate as a standalone business within Fairfax Group
12th December 2024
Ki will operate as a standalone company within the Fairfax Group starting January 1, 2025, according to an announcement by Brit Ltd., a global specialty re/insurer and a subsidiary of Fairfax Financial Holdings Limited. Ki was incubated and launched by Brit in 2020 and began writing business on January 1st, 2021 ... Read the full article
SCOR maintains ROE assumption above 12%, reserve adequacy confirmed by external reviewers
12th December 2024
French reinsurer SCOR has confirmed its core targets over 2025-2026, maintaining a return on equity (ROE) assumption above 12% for the period, while its Group reserve adequacy has been confirmed by external independent reviewers. SCOR presented its new Life & Health (L&H) strategy and updated Forward 2026 strategic plan at its ... Read the full article
US life/annuity net income decreases 30.5% in 9M’24, AM Best
12th December 2024
In the first nine months of 2024, US life/annuity total income was up 5.3% from the previous year, primarily due to increases of 13.7% in premiums and annuity considerations, as well as a 9.6% rise in net investment income, according to global credit ratings agency AM Best. A new report released ... Read the full article
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