Reinsurance News
AM Best revises outlook to positive for IAT Re and most operating subsidiaries
11th February 2025
AM Best, the credit rating agency, has revised the outlook for IAT Reinsurance Company Ltd. (IAT Re) (Cayman Islands) to positive from stable. The Financial Strength Rating (FSR) of A- (Excellent) and Long-Term Issuer Credit Rating (Long-Term ICR) of "a-" (Excellent) have been affirmed for the firm. Concurrently, AM Best has revised ... Read the full article
Arch reports Q4’24 net income of $925m despite elevated cat environment
11th February 2025
Arch Capital Group's Q4 2024 net income available to common shareholders was $925 million, down from the $2.3 billion recorded in Q4 2023. According to Arch, pre-tax current accident year catastrophic losses for insurance and reinsurance segments, net of reinsurance and reinstatement premiums, were $393 million, partly due to Hurricanes Milton ... Read the full article
Helios names John Chambers as Interim Exec Chairman as Michael Wade steps down
11th February 2025
Lloyds-focused investment vehicle Helios Underwriting has appointed John Chambers, currently a Non-Executive Director as Interim Executive Chairman, as Michael Wade decides to step down from the role at the end of February. Since he joined as Non-Executive Chairman in June 2023, Wade has successfully guided Helios through a period of ... Read the full article
EPIC strengthens specialised private client team with Chartwell acquisition
11th February 2025
EPIC Insurance Brokers & Consultants has expanded its private client practice with the acquisition of Chartwell Insurance Services, a specialist in personal property and liability solutions for successful individuals and families. Founded and led by Rebecca Korach Woan, the Chicago-based firm, is known for delivering personalised, niche services to discerning clients. It ... Read the full article
KISTERS’ solutions aim to strengthen hail resilience and streamline claims
11th February 2025
KISTERS, a provider of environmental data solutions, offers HailSens IoT and HailSens360 to help mitigate downtime, streamline insurance claims, and enhance resilience against hail risk. As hail storms become more frequent and severe, utility-scale solar farms face increasing risks of damage and operational disruptions. HailSens IoT is a real-time hail monitoring system ... Read the full article
MGAA plans to enhance advocacy and support for MGA sector in 2025
11th February 2025
The Managing General Agents’ Association (MGAA) has announced its strategic vision and mission for 2025, aiming to strengthen its role as an advocate for the MGA sector while enhancing knowledge-sharing, networking, education, and data-driven insights. With more than 430 members, the MGAA’s full members collectively represent over £15.1 billion in underwriting ... Read the full article
Charles Taylor expands adjusting network with Accurex partnership
11th February 2025
Charles Taylor, a global provider of claims solutions, has announced a new associate partnership with Accurex, a specialised loss adjusting bureau. This collaboration significantly broadens Charles Taylor's European reach, incorporating coverage in The Netherlands. The partnership integrates Accurex into Charles Taylor's extensive network of expert adjusters, providing Accurex with access to a ... Read the full article
BrightShore Insurance launches comprehensive coastal coverage in New Jersey
11th February 2025
BrightShore Insurance Company, a newly launched provider, is addressing the insurance needs of coastal homeowners in New Jersey. By offering a single policy that combines traditional homeowners insurance with full flood protection, BrightShore aims to tackle the common issue of inadequate flood coverage. BrightShore, managed by the skilled team at ShoreOne Insurance ... Read the full article
Bermuda reinsurance start-up Mereo launches with initial capital of over $700m
10th February 2025
Bermuda-based, integrated reinsurance platform Mereo has launched with initial capital of more than $700 million, after receiving full regulatory authority from the Bermuda Monetary Authority (BMA) and an A- rating from AM Best, Reinsurance News understands. It was revealed around the 2024 annual meeting of the reinsurance industry in Monte Carlo ... Read the full article
Robust new business momentum continues at Canada Life Re with strong 2024 performance
10th February 2025
Canada Life Reinsurance, part of Great West Lifeco, had a strong fourth quarter of new sales on the back of strong market conditions, as the company's contractual service margin (CSM) grew 40% year-on-year. When compared with Q4 2023, Canada Life Re's CSM increased to CAD 2.436 billion from CAD 1.745 billion, ... Read the full article
Piraeus targets 70% stake in CVC’s Ethniki Insurance for €469m
10th February 2025
Piraeus Financial Holdings has agreed to enter into exclusive discussions with CVC Capital Partners' Fund VII to potentially acquire a 70% stake in CVC's Ethniki Insurance for €469 million. Ethniki Insurance is a Greek composite insurer covering the whole spectrum of insurance products with a c.14% market share (c.17% in life ... Read the full article
CatIQ lifts industry loss estimate for 2024 Calgary hailstorm 10% to C$3.25bn
10th February 2025
CatIQ, a Toronto-based independent catastrophe insurance data provider and subsidiary of PERILS, has released its fourth industry loss estimate for the Calgary hailstorm that struck Alberta on August 5, 2024. The latest estimate, reflecting data collected six months after the event, has risen to CAD 3.25 billion—a 10% increase from the ... Read the full article
Pool Re may seek more private market retro after changes to agreement with HM Treasury
10th February 2025
As Pool Re, the UK’s government-backed terrorism reinsurer, prepares for its renewal, changes to the company's retrocession agreement with HM Treasury suggests the reinsurer could require much more private market retrocession coverage when compared with previous years. Today, HM Treasury, the UK government's economic and finance ministry, published the retrocession agreement ... Read the full article
Howden launches new UK renewable energy quote and bind platform
10th February 2025
Howden’s Power & Renewable Energy team has launched a UK quote and bind platform, fully accredited by Lloyd’s and exclusive to Howden’s retail network. Announced in a recent LinkedIn post, the platform is backed by London insurers with capacity of up to £100 million per declaration. This facility offers Howden’s clients a ... Read the full article
YoY decrease in rate changes across all commercial lines in Q4’24: Applied Systems
10th February 2025
Applied Systems has released the fourth-quarter 2024 results of the Applied Commercial Index, the Canadian insurance industry’s premium rate index, showing a decline in average premium renewal rate increases across all lines, with a 5.02% rise in Q4’24, down from 7.55% in Q4’23. Quarter over quarter, Q4’24 results revealed a decrease ... Read the full article
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