Reinsurance News
Gallagher welcomes Neil Clutterbuck as Non-Exec Director
28th November 2024
Neil Clutterbuck has been appointed as the Chair of Pen Underwriting and an Independent Non-Executive Director of Arthur J Gallagher Holdings (UK) Limited, subject to regulatory approval. Clutterbuck brings a wealth of experience to his new position, having spent nearly two decades at Allianz in various senior management and executive roles. ... Read the full article
QBE names Jamie Kelly Group Chief Compliance Officer
28th November 2024
Australian insurer QBE has appointed Jamie Kelly as its Group Chief Compliance Officer, following Ed Rainsford’s recent transition to the role of Chief Risk Officer, AUSPAC. In the new role, Kelly reports to Fiona Larnach, the Group's Chief Risk Officer. Kelly brings enterprise knowledge gained through most recently serving as the ... Read the full article
Miller adds industry veteran Guy Pierpoint to its Marine team
28th November 2024
Independent specialist re/insurance broker Miller, has appointed Guy Pierpoint to its Marine team in a leadership role which will see him focus on business development. Pierpoint joined the broker at the beginning of the month, bringing almost four decades of experience in Marine insurance across the London and international markets. At Miller, ... Read the full article
Direct Line rejects ‘highly opportunistic’ £3.28bn takeover bid from Aviva
28th November 2024
Direct Line has unanimously rejected Aviva's £3.28 billion ($4.16 billion) 100% acquisition proposal, stating that it does not adequately reflect the firm's standalone value, describing the offer as "highly opportunistic" and not in line with its long-term potential. In a recent announcement, Aviva confirmed that it made a 250-pence-per-share offer on ... Read the full article
Root debuts new certified Developer Community Program
28th November 2024
Root, an end-to-end digital insurance platform, has announced the launch of a certified developer community programme that aims to enhance scalability, efficiency, and cost-effectiveness. The programme has been designed to support in-house developers at insurance businesses, directly addressing the pressing need to upskill coders, giving them the opportunity to become Root ... Read the full article
UK P&I Club appoints Richard Offord as Chief Executive of Singapore Branch
28th November 2024
The UK P&I Club, a provider of protection and indemnity insurance to the global shipping industry, has announced the appointment of Richard Offord as Chief Executive of its Singapore Branch, effective 1 December 2024. Offord succeeds Yiah Soon Ng (YS), who is retiring after more than 27 years of leadership at ... Read the full article
AM Best assigns A- ratings to Fed Re with stable outlook
28th November 2024
Global credit ratings agency AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent) to Fed Re Ltd. (Fed Re) (Bermuda), with a stable outlook. According to AM Best, the ratings reflect Fed Re’s balance sheet strength, which the agency assesses as ... Read the full article
Profitable growth expected for UK P&C insurers in 2025 amid moderating price momentum: Goldman Sachs
27th November 2024
Goldman Sachs, a global investment banking, securities, and investment management firm, has analysed the current pricing trends across the UK's property and casualty (P&C) insurance sector, suggesting that profitable growth opportunities will remain abundant in 2025, despite moderating price momentum seen in 2024. According to analysts, the evolution of price momentum ... Read the full article
Insurers in the US to benefit from Near Space Labs’ enhanced aerial imagery
27th November 2024
Near Space Labs, an aerial imagery provider for insurance applications among others, has announced the deployment of stratospheric robots across the United States, which will contribute to delivering improved aerial imagery throughout the country. With enhanced 7cm resolution capabilities that match or exceed conventional aerial survey quality, this achievement marks the ... Read the full article
Flooding risk presents major credit challenges for Eastern and Southern US: Moody’s
27th November 2024
Destructive flooding recently caused by hurricane Helene highlights an increasing flood risk for local economies and tax bases, notably across the Eastern and Southern United States, says Moody's Ratings. However, according to analysts, as coastal and inland flooding events are beginning to become more frequent and severe, this growing hazard poses ... Read the full article
GenAI can open doors for malicious cyber actors to exploit capabilities
27th November 2024
Generative AI (GenAI) presents many ways for organisations to revolutionise their respective industries by enhancing business functions, however, the technology may also open doors for malicious actors to exploit capabilities for cyber attacks, according to a new report from Guy Carpenter, the reinsurance broking arm of Marsh McLennan, and CyberCube, ... Read the full article
Artemis Live ILS Market Outlook 2025 webinar – Watch the full replay
27th November 2024
Our insurance-linked securities (ILS) focused sister publication, Artemis, has now published the full video of its ILS Market Outlook 2025 live webinar, during which experts from across the industry dissected the state of the catastrophe bond and broader ILS marketplace with a view to next year. The ... Read the full article
AIG appoints Torben Schwierzke as Head of Casualty for DACH region
27th November 2024
American International Group (AIG), a global insurance company, has appointed Torben Schwierzke as the new Head of Casualty for the DACH region, overseeing the company's Casualty business in Germany, Austria, and Switzerland. Schwierzke is a highly experienced leader with a proven track record of successfully managing teams across all DACH geographies. His ... Read the full article
Understanding, calculating & underwriting systemic risk is cyber’s biggest challenge today: Coalition
27th November 2024
As cyber continues to remain one of the biggest lines of business across the re/insurance industry, there are a number of challenges that the cyber market is currently facing, in light of the recent number of data breaches and major cyber events that the industry has seen throughout the past ... Read the full article
Fitch revises Fortitude Re’s outlook to positive amid continued growth
27th November 2024
Fitch Ratings has revised Fortitude Re's outlook to Positive from Stable, citing the firm's improving profile driven by growth and enhanced diversification across liabilities and geographies, alongside its strong balance sheet. The rating agency has also affirmed Fortitude Reinsurance Company (FRL) and Fortitude Life Insurance and Annuity Company's (FLIAC) Insurer Financial ... Read the full article
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