Reinsurance News
MetLife & General Atlantic to launch Chariot Re in 2025
11th December 2024
MetLife, Inc. and General Atlantic have revealed the formation of Chariot Reinsurance, Ltd. (Chariot Re), a to-be-registered Class E Bermuda-based life and annuity reinsurance company. Cynthia Smith, a 30-year veteran of MetLife, is expected to lead Chariot Re as CEO. Meanwhile, Toby Srihiran Brown, MetLife's Global Head of Reinsurance, and Graves ... Read the full article
Talanx aims to grow net income 30% by 2027
11th December 2024
The Talanx Group, the parent company of large European reinsurer Hannover Re, has set a number of new targets for the period to 2027 as the company is set to exceed its 2025 targets a year early. In light of the recent strong performance, the financial services company has lifted its ... Read the full article
Duck Creek bolsters global team with three senior executive appointments
11th December 2024
Duck Creek Technologies, a provider of software solutions for property and casualty (P&C) and general insurance, has appointed three industry veterans to its senior global leadership team to fuel its growth and transformation. William Magowan has been appointed as the Senior Vice President of North American Sales; Elodie Hilderal, Managing Director ... Read the full article
Gabriel Ewing to lead Amwins Global Risks’ Transactional Risk practice in London
11th December 2024
Amwins Global Risks, the international arm of global specialty insurance broker Amwins, has appointed Gabriel Ewing as Head of its new Transactional Risk practice in London. Ewing is a market veteran with almost two decades of legal and M&A experience with an emphasis on complex international transactions. Gabriel brings extensive knowledge placing ... Read the full article
ASR’s Middle Eastern & Mauritian subsidiaries sign Binding Authority Agreements with Eureka Re
11th December 2024
African and Middle East focused re/insurance group Africa Specialty Risks (ASR), has announced that its Middle Eastern and Mauritian subsidiaries, Africa Specialty Risks Mauritius and ASR Middle East Limited, have agreed Binding Authority Agreements with multinational reinsurer Eureka Re. From what Reinsurance News understands, Eureka Re will provide capacity for the Binding ... Read the full article
Optio acquires Italian MGA Heca
11th December 2024
Specialty MGA Optio Group has advanced its European expansion by completing a strategic investment in the Italian MGA Heca S.r.l., following regulatory approval. Founded in 2010 in Ortona, province of Chieti in Abruzzo, Heca has rapidly grown to become a leading MGA in Italy, Optio stated. Offering a diverse multi-product portfolio and ... Read the full article
Future pandemic could cost global economy $13.6trn: Lloyd’s
11th December 2024
The global economy could be exposed to potential losses of $13.6 trillion over a five-year period from the threat of a hypothetical future human pandemic, according to systemic risk scenario research from Lloyd's. Produced in partnership with the Cambridge Centre for Risk Studies, this research is designed to provide risk managers, ... Read the full article
AM Best upgrades credit ratings of Generali and its subsidiaries
11th December 2024
Ratings agency AM Best has upgraded the Financial Strength Rating (FSR) of Assicurazioni Generali S.p.A. (Generali) (Italy) and its main rated subsidiaries to A+ (Superior) from A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) to “aa-” (Superior) from “a+” (Excellent). Concurrently, Generali's Long-Term Issue Credit Ratings (Long-Term IRs) of ... Read the full article
Allianz Life and Empower partner to offer a fixed index annuity
11th December 2024
Allianz Life Insurance Company of North America (Allianz Life) has partnered with retirement plan provider, Empower, to provide its in-plan annuity solution. Allianz Lifetime Income+ will be the first fixed index annuity on Empower’s platform and the agreement will offer millions of Americans the opportunity to create retirement income streams guaranteed ... Read the full article
Insurance data leaders see AI adoption as crucial for staying competitive: Ataccama
11th December 2024
Nearly half (46%) of insurance data leaders fear that failing to adopt artificial intelligence (AI) will leave them at a competitive disadvantage, according to a report by Ataccama. The report revealed that while 74% of organisations have implemented some AI-based solutions, only 27% have integrated them company-wide, despite recognising their benefits. Key ... Read the full article
Nippon Life to acquire remaining shares in Resolution Life for $8.2bn
11th December 2024
Nippon Life Insurance Company has agreed to consolidate its ownership interest in Resolution Life by acquiring the remaining shares from the firm’s investment limited partnership for $8.2 billion. The transaction values Resolution Life at $10.6 billion, with shareholders also retaining final dividends before completion. According to Resolution Life, this agreement marks the ... Read the full article
BNY and Conduent partner to deliver seamless end-to-end PRT solution
11th December 2024
The Bank of New York Mellon Corporation (BNY) and Conduent Incorporated have formed a strategic alliance to deliver insurers and pension acquirers an end-to-end pension risk transfer (PRT) solution through a single, streamlined platform. As pensions become increasingly costly and complex to manage, this collaboration enables companies to de-risk their balance ... Read the full article
SRS adds four new experts to Luxembourg team
11th December 2024
Strategic Risk Solutions (SRS), an independent insurance company manager, is expanding its Luxembourg office with the appointment of four new and experienced experts to its team. This includes Alain Sougnez as an additional licensed manager, who is joining SRS Luxembourg to help support captives from corporates originating from France, Belgium, Spain, ... Read the full article
CyberCube adds St. Andrews as new Broking Manager client to boost growth
11th December 2024
CyberCube, a provider of cyber risk analytics, has unveiled a new partnership with St. Andrews Insurance Brokers, the Canada-based retail brokerage to utilise CyberCube’s Broking Manager. According to the announcement, this partnership will allow St. Andrews to model businesses' potential cyber losses, allowing them to better protect their clients and gain ... Read the full article
TWIA Board approves 22% increase in reinsurance budget for 2025
10th December 2024
At today's Board meeting, staff at the Texas Windstorm Insurance Association (TWIA) approved the 2025 budget, which includes $485 million of ceded premiums, up on 2024's $397 million, amid continued exposure growth and a subsequent lift in its projected 1-in-100 year probable maximum loss (PML). As we wrote previously, TWIA ... Read the full article
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