Reinsurance News
CoreLogic pegs insured wind and flood losses from hurricane Milton at up to $28bn
18th October 2024
According to initial data analysis by catastrophe risk modeller, CoreLogic, industry-wide insured wind and flood losses from hurricane Milton are estimated at between $17 billion and $28 billion. The total damage from Milton, including losses to uninsured property, will be between $21 billion and $34 billion, and CoreLogic’s assessment reveals that ... Read the full article
BHSI announces key leadership promotions in DACH region
18th October 2024
Berkshire Hathaway Specialty Insurance (BHSI), a provider of commercial property, casualty, and specialty insurance, has announced two key leadership promotions. Lars Messutat has been appointed as the Head of General Property for the DACH region, while Juliane Klein-Walbeck has been named the Head of Energy & Construction for the same region. “BHSI’s ... Read the full article
Beat launches commercial middle market property specialist Fallow Grove
18th October 2024
Beat Capital Partners, a London-based incubator of underwriting franchises and a subsidiary of Ambac Financial Group, Inc., has launched Fallow Grove Insurance Services in partnership with former CrossCover executive Brett Dupre. The Fallow Grove product offering primarily specialises in technical and general commercial property insurance for excess and surplus lines, tailored ... Read the full article
Aon names Christopher Lovino as U.S. Growth Leader, Global Risk Consulting
18th October 2024
Global insurance and reinsurance broker Aon has announced the expansion of Christopher Lovino’s role to U.S. Growth Leader, Global Risk Consulting. Lovino brings nearly three decades of experience at Aon, where he has held various leadership positions. Prior to this expanded role, he served as Managing Director of Casualty Risk Consulting, overseeing ... Read the full article
Ambac gets shareholder approval for sale of legacy financial guarantee businesses
18th October 2024
Ambac Financial Group, the insurance holding company, has announced that its shareholders have voted to approve the proposed purchase agreement under which funds managed by Oaktree Capital Management LP will acquire its legacy financial guaranty businesses: Ambac Assurance Corporation and Ambac Assurance UK Limited. The deal was first announced in ... Read the full article
IDF announces Whalley and Lux as SHS Co-Chairs among other leadership moves
18th October 2024
The Insurance Development Forum (IDF) has appointed Karina Whalley, Head of Public Sector at AXA Climate, and Ruth Lux, Head of Public Sector IMEA at Guy Carpenter, as new private sector Co-Chairs of the Sovereign and Humanitarian Solutions (SHS) Working Group. They will be joining a leadership team comprising Sophie Evans ... Read the full article
Hurricane Milton private market insured loss seen at $22bn to $36bn by Moody’s RMS
17th October 2024
Moody’s RMS Event Response has estimated that total private insurance industry losses from hurricane Milton will fall between $22 billion and $36 billion, as the firm trims its combined Helene and Milton insured loss range to $30 billion to $50 billion. For just hurricane Milton, the fifth hurricane to make landfall ... Read the full article
Gallagher Re hires new Head of Agriculture EMEA & Parametric Sales International
17th October 2024
Global reinsurance broker Gallagher Re has announced the appointment of Abdessamad El Angoudi as Head of Agriculture EMEA and Senior Parametrics Sales for International. In his new role, El Angoudi will collaborate closely with Shilpa Pankaj, International Head of Agriculture at Gallagher Re, and Antoine Bavandi, the firm’s Global Head of ... Read the full article
McGriff acquisition expected to be modestly accretive in first year: John Doyle, MMC
17th October 2024
During Marsh McLennan's earnings call for the third quarter of 2024, John Doyle, the company's President and CEO, explained that the global broker's $7.75 billion acquisition of McGriff Insurance Services, LLC, is expected to be modestly accretive to adjusted earnings per share, excluding amortisation in year one, and become more ... Read the full article
Allstate estimates Q3’24 catastrophe losses of $1.7bn with $630m from hurricane Helene
17th October 2024
US primary insurer Allstate reported estimated catastrophe losses of $889 million ($702 million after tax) for September, which includes $630 million in pre-tax losses related to Hurricane Helene, with total catastrophe losses for the third quarter standing at $1.7 billion ($1.35 billion after tax). For the month of August, Allstate reported ... Read the full article
Catastrophe re/insurance demand in Brazil to grow following Rio Grande do Sul floods: S&P
17th October 2024
Demand for reinsurance and insurance catastrophic coverage in Brazil is expected to grow following the floods that struck the Brazilian state of Rio Grande do Sul earlier this year, says S&P Global Ratings. In a new report, S&P noted that while it does not expect the floods to significantly dent Brazilian ... Read the full article
SRCC claims are going to rise in more unstable world: Swiss Re’s Nikhil da Victoria Lobo
17th October 2024
At Swiss Re’s Baden-Baden media conference, Nikhil da Victoria Lobo, Head of P&C Reinsurance for Western & Southern Europe, Middle East & Africa, emphasised that rising global instability will lead to more Strikes, Riots, and Civil Commotion (SRCC) claims, stressing the importance of understanding risk accumulations and fostering partnerships to ... Read the full article
Post Milton, we see a flattening of property cat pricing at Jan 1 renewals: Klisura, Guy Carpenter
17th October 2024
Dean Klisura, Chief Executive Officer (CEO) of Guy Carpenter, the reinsurance broking arm of Marsh McLennan, stated during the firm's recent earnings call that although it's still early, post hurricane Milton the broker sees a flattening of pricing in the property catastrophe market at the upcoming January 1 2025 reinsurance ... Read the full article
Travelers returns to underwriting profit in Q3’24 despite rise in catastrophe losses
17th October 2024
The Travelers Companies has today reported an underwriting gain of $685 million for the third quarter of 2024 despite a rise in catastrophe losses, net of reinsurance, to $939 million, while substantial net favorable prior year reserve development and higher net investment income also contributed to a rise in net ... Read the full article
Pooling funds, transferring risks to insurers enhances coverage to those at-risk: Start Network
17th October 2024
In an interview with Reinsurance News, Abdou Alassane, Technical Lead, Crisis Anticipation and Risk Financing at Start Network, emphasised that pooling funds and transferring some risk to the insurance market has enhanced Start Network's humanitarian efforts, providing greater coverage to at-risk populations. Start Network is a global network of non-governmental organisations ... Read the full article
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