Reinsurance News
L&G to sell US insurance entity to Meiji Yasuda for $2.3bn
7th February 2025
Legal & General has agreed to sell its US insurance entity, comprising its US protection and US Pension Risk Transfer businesses, to Meiji Yasuda Life Insurance Company, a Japanese mutual life insurance company, for an equity value of $2.3 billion. Following completion, Meiji Yasuda will reportedly own L&G’s US protection business ... Read the full article
RGA sees net premiums swell 18% in 2024 to $17.8bn
7th February 2025
Reinsurance Group of America (RGA) has reported that net premiums for the full year 2024 totalled $17.8 billion, marking an increase of 18.3% from 2023. According to the firm, net premiums for the full year 2024 included a contribution of approximately $2.9 billion from single premium pension risk transfers, compared with ... Read the full article
Parameter Climate establishes Bermuda transformer
7th February 2025
Climate risk advisory, distribution, and analytics firm, Parameter Climate, has announced the creation of Parameter Capital Bermuda Ltd., a transformer domiciled in Bermuda designed to support the firm's strategy of simplifying the process to transact parametric products indexed to climate and weather risk. New York City headquartered Parameter Climate began offering ... Read the full article
Alexander Moczarski joins Arch’s Board of Directors
7th February 2025
Bermuda-based insurer and reinsurer Arch Capital Group has announced that Alexander Moczarski has joined the company’s Board of Directors, effective immediately. Moczarski brings over 45 years of global insurance experience, having previously served as Chairman of Marsh McLennan Companies, International. Throughout his career, he has held leadership positions at several companies, including ... Read the full article
Skyward Specialty commutes LPT with R&Q Re (Bermuda)
7th February 2025
Skyward Specialty Insurance Group, Inc. has commuted the Loss Portfolio Transfer and Adverse Development and Retrocession Agreement (LPT) with R&Q Re (Bermuda) Ltd. (R&Q) relating to accident years 2018 and prior, receiving $11.7 million in cash. Additionally, on December 31st, 2024, Skyward strengthened LPT loss reserves by $25.3 million and recognised ... Read the full article
Alta Signa adds Westfield Specialty Intl. to its independent capacity panel
7th February 2025
Alta Signa, a European boutique managing general agent (MGA), has added Westfield Specialty International to its independent insurance capacity panel. Westfield Specialty International’s support will enhance Alta Signa’s ability to underwrite Directors & Officers (D&O) and Financial Institutions (FI) insurance risks across the EEA region and Switzerland. This partnership adds EUR 5 ... Read the full article
Insurers have paid $4.2bn in LA wildfire claims: Denni Ritter, APCIA
7th February 2025
As of January 27, 2025, data from the California Department of Insurance reports that insurers have paid out over $4.2 billion, with 31,210 claims filed for the Eaton and Palisades wildfires, according to Denni Ritter, Vice President, State Government Relations at American Property Casualty Insurance Association (APCIA). This data includes payments ... Read the full article
Palm Beach launches BDIC in Bermuda to revolutionise crypto insurance
7th February 2025
Palm Beach has launched its new international entity, Blockchain Deposit Insurance Corporation (BDIC), in Bermuda to enhance crypto security, with plans to apply for Lloyd’s Coverholder status soon. BDIC is establishing its headquarters in Bermuda, with affiliate offices in Switzerland, Hong Kong/Greater China, Canada, and South America. In the coming months, BDIC ... Read the full article
Rokstone welcomes Haris to Global Aviation underwriting team
7th February 2025
Rokstone, an international specialty re/insurance managing general agent (MGA) and part of the Aventum Group, has announced the appointment of Muhammad Haris as Senior Aviation Underwriter, effective February 1. In his new role, based in Dubai, Haris will be reporting to international head of aviation, Lee Henry and ultimately global head ... Read the full article
Markel “pretty pleased” with 1.1 reinsurance renewal: Noble
6th February 2025
The reinsurance market has seen a largely "orderly" start of the year, with favourable terms and pricing in some sectors, Markel’s Jeremy Noble, President of Insurance, noted as he commented on the company’s recent 1.1 reinsurance renewals, expressing satisfaction with the outcome. He stated: “With regards to 1.1, where we buy ... Read the full article
Jason Bolding to succeed Bill Dubinsky as CEO of Gallagher Securities
6th February 2025
Gallagher Securities, the insurance-linked securities (ILS) and capital markets division of reinsurance broker Gallagher Re, has appointed Jason Bolding as its new Chief Executive Officer (CEO). Bill Dubinsky will transition to the role of Chairman of Gallagher Securities, where he will focus on enhancing the ILS product suite and driving strategic ... Read the full article
ZestyAI’s Z-FIRE model gains approval for California wildfire risk assessment
6th February 2025
ZestyAI, a provider of AI-driven climate and property risk analytics, announced that Z-FIRE, its advanced wildfire risk model, is now filing-ready in California. Under the Pre-Application Required Information Determination (PRID) process, which focuses on catastrophe load factor models, Z-FIRE can continue to be filed for rate segmentation and underwriting without further ... Read the full article
Swiss Re promotes Lloyd Campbell-Gibson to Head of L&H, ANZ
6th February 2025
Global reinsurance giant Swiss Re has appointed Lloyd Campbell-Gibson as its Head of Life & Health (L&H) for Australia and New Zealand. Michael Paff currently serves in the role, on an interim basis and will transition to the role of Head of Client Management L&H Australia and New Zealand. Gibson has over ... Read the full article
Concirrus AI-driven technology achieves near 100% submission accuracy
6th February 2025
Concirrus, an AI insurtech company, has surpassed industry standard in submission ingestion, combined with instant rating and quoting capabilities, with its new innovative technology that aims to transform specialty underwriting. The new technology improves quote-to-bind ratios by combining unparalleled accuracy with near-instant quoting capabilities, Concirrus explained. This represents a fundamental shift in ... Read the full article
Ignite Specialty Risk appoints Matthew Evans Litigation Portfolio Manager
6th February 2025
Ignite Specialty Risk, a provider of litigation risk insurance, has appointed Matthew Evans as Litigation Portfolio Manager, based in London with a reporting line to Jamie Molloy, Head of ATE and Co-founder of Ignite Specialty Risk. Evans' responsibilities in the new role include managing cases across the Ignite portfolio from inception ... Read the full article
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