Reinsurance News
HDI Global names Hannah Brooke Head of Marine Cargo Underwriting for UK and Ireland
6th December 2024
Commercial and specialty lines insurer HDI Global has announced the appointment of Hannah Brooke as Head of Marine Cargo Underwriting for the UK and Ireland, effective from January 1, 2025. Reporting to Antonia Osborne, Director of Underwriting-Commercial, Brook will lead the growth strategy and set the strategic direction for HDI's Marine ... Read the full article
PERILS revises insured loss estimate for southern Germany floods to €1.58bn
6th December 2024
Zurich-based catastrophe insurance data provider PERILS has revised its industry loss estimate for the third time, confirming the total cost of the floods in southern Germany, which occurred between May 31st and June 6th, 2024, at €1,582 million. To recap, southern Germany experienced severe flooding in the states of Baden-Wuerttemberg and ... Read the full article
Sola raises $3.7m in seed round to provide affordable natural disaster insurance
6th December 2024
Insurtech company Sola has closed its seed round, bringing total funding to $3.7 million, furthering its mission of providing affordable, reliable natural disaster insurance to homeowners and businesses. Sola aims to tackle the challenges of a volatile home insurance market, where rising premiums and denied coverage have left many homeowners frustrated. Wesley ... Read the full article
James Irvine joins Oak Re as chief underwriting officer
6th December 2024
Global reinsurance firm Oak Re has announced the appointment of James Irvine as chief underwriting officer (CUO), property, a London-based role. The executive will be joining the company in spring 2025, and report directly to Cathal Carr, chief executive officer and active underwriter of OAK syndicate 2843. As CUO, Irvine will leverage ... Read the full article
Concert promotes Scott Stosek to Director of Finance & CFO of Harmony Re
6th December 2024
Concert Group Holdings (Concert), a privately owned insurance holding company, has promoted Scott Stosek to the newly-created positions of Director of Finance, Concert Group, and Chief Financial Officer (CFO) of Harmony Re, the firm’s risk retention platform. In the new roles, Stosek reports to CFO, Michael Rybak who joined Concert in ... Read the full article
KRM Reinsurance Brokers Philippines names Atty. Isagani Acosta, Jr. President & CEO
6th December 2024
In response to the Philippines' rapid economic growth and rising demand for innovative insurance solutions, particularly in infrastructure investments and natural disaster risk mitigation, KRM has announced it is bolstering its leadership team. KRM Reinsurance Brokers Philippines has named Atty. Isagani Acosta, Jr. as its new President and Chief Executive Officer. Acosta ... Read the full article
UK business leaders struggle to recognise cyber risk as a financial threat: Resilience
6th December 2024
IT and financial leaders at the UK’s largest firms have a poor understanding of cyber risk as a financial risk, despite 74% of mid-to-large UK businesses experiencing cybercrime, according to a new survey by cyber risk solutions provider Resilience. The findings reveal a disconnect between what causes the greatest financial losses ... Read the full article
Aviva and Direct Line reach preliminary agreement on takeover deal
6th December 2024
Aviva and Direct Line have announced that they have reached a preliminary agreement on the financial terms of a potential acquisition of Direct Line's entire share capital by Aviva. This newly agreed deal represents a total consideration valued at 275 pence per Direct Line share (£3.6bn), an increase from the 250 ... Read the full article
LK Re Singapore named UK Lloyd’s broker
6th December 2024
LK Re, a specialist in reinsurance brokerage and Singapore subsidiary of LK Insurance Brokerage, has been selected as a registered broker by Lloyd’s in the UK. This move marks the first time that an overseas subsidiary established by a Korean insurance broker has been granted this status. LK Re's registration as a ... Read the full article
Ventis appoints Fiona Young as Senior Underwriter
6th December 2024
Ventis, a Managing General Agent (MGA) specialising in Commercial and Residential insurance, has announced the appointment of Fiona Young as Senior Underwriter. In her new role, Young will manage a panel of partner brokers, leveraging her technical expertise and market connections to strengthen Ventis’ relationships and expand its market presence. Gareth Roberts, ... Read the full article
Outlook remains stable for US life/annuity insurance, says AM Best
6th December 2024
Global credit ratings agency AM Best has maintained its stable outlook for the US life/annuity insurance segment, citing strong capitalisation across the industry, as well as robust top-line growth in core lines of business and consistent profitability trends. According to analysts, the life/annuity segment has benefited from favourable interest rates in recent ... Read the full article
Ryan Financial Lines appoints new President and COO
6th December 2024
Ryan Specialty, an international specialty insurance firm, has announced two key leadership appointments for its international financial lines managing general underwriter, Ryan Financial Lines (RFL), effective January 1, 2025. Richard Winborn has been named President of RFL, where he will focus on international expansion and US retail operations. Winborn brings over two ... Read the full article
Vitesse continues US expansion with Vitesse Trust launch in New York
6th December 2024
Vitesse, a global treasury and payment provider for the insurance industry, has officially launched its United States operations with the establishment of New York-based Vitesse Trust Company, LLC. The New York State Department of Financial Services granted Vitesse an Authorization Certificate which made possible the formation of Vitesse Trust, which will ... Read the full article
2024 tropical cyclone losses among costliest of the past decade: Munich Re
5th December 2024
A new white paper from reinsurance company Munich Re reveals that the 2024 tropical cyclone season, characterised by unusually severe storms, ranks among the costliest of the past decade, with losses significantly surpassing the ten-year average. Insured losses from natural catastrophes in 2024 have surpassed the $100 billion threshold once again. ... Read the full article
Antares announces Commercial Division leadership team
5th December 2024
Antares Global Management Limited has announced its leadership structure for the newly created Commercial Division, consisting of Syndicate 1274 and Bermuda-based Antares Re, through new appointments. The division is headed by Mark Graham, CEO of the Antares Commercial Division. He will be supported by a leadership team of three Divisional Heads, ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
