Reinsurance News
Howard Dean appointed President of the FOIL for 2025
26th November 2024
Howard Dean, Partner at Keoghs, has been named President of the Forum of Insurance Lawyers (FOIL), an organisation representing 8,000 lawyers and paralegals across 61 corporate firms, for 2025, succeeding Pete Allchorne, Partner at DAC Beachcroft. Dean has been an active member of FOIL's Costs and CPR & Protocols Specialist Focus ... Read the full article
Bishop Street to acquire MGA Landmark Underwriting
25th November 2024
Bishop Street Underwriters, a multi-boutique insurance platform, has announced that it will acquire Landmark Underwriting, a specialty focused managing general agent (MGA) in the London Insurance market. The financial terms of the acquisition were not disclosed and it is subject to United Kingdom’s Financial Conduct Authority regulatory approval. Landmark Underwriting provides multi-disciplined ... Read the full article
Ceres proposes federal climate risk reinsurance program to build resilience
25th November 2024
In a recent report, Ceres calls for the consideration of a federal climate risk reinsurance program as part of its 10-point plan to help the U.S. insurance industry build resilience against increasing climate disasters. As climate change accelerates, causing more frequent and severe weather events, the insurance industry faces significant challenges. ... Read the full article
IRB (Re) identifies Brazil’s insurance coverage gap as a key opportunity: Goldman Sachs
25th November 2024
Brazilian reinsurer IRB (Re) views Brazil’s insurance coverage gap as a significant long-term opportunity, according to Goldman Sachs, following a meeting with IRB CEO Marcos Falcão and Head of Investor Relations Natasha Nakagawa on November 18, 2024. The climate events in Brazil in 2024, including floods in the South and droughts ... Read the full article
Spain floods highlight role of state-backed reinsurance for climate risks
25th November 2024
A recent report from Fitch Ratings has highlighted the vital role of the state-managed catastrophe insurer, Consorcio de Compensación de Seguros (CCS), in strengthening the Spanish insurance market's resilience to climate risks, as demonstrated by the recent floods that struck the country. For those unaware, the flash floods claimed over 220 ... Read the full article
Swiss Re’s Xabier Gallardo joins WTW’s Natural Resources, CRB NA team
25th November 2024
Global insurance brokerage WTW has announced the appointment of Xabier Gallardo as Senior Director of Client Relationship Management within the Natural Resources division of Corporate Risk and Broking, North America (CRB NA). In this role, Gallardo will focus on optimising client outcomes and driving strategy execution across WTW’s Natural Resources sector, ... Read the full article
Canadian life insurance new premium climbs to CAD 478m in Q3: LIMRA
25th November 2024
Total Canadian life insurance new annualised premium jumped 4% to (CAD) $478 million in the third quarter of 2024, according to LIMRA’s Retail Canadian Life Insurance Sales Survey. During Q3'24, policy count dropped 17%, which was largely due to term life sales declines. John Carroll, senior vice president and head of Life ... Read the full article
Von Mesterhazy named as new MD for Allianz UK Specialty business
25th November 2024
Allianz UK has announced the appointment of Isabella Von Mesterhazy as Managing Director for its Specialty business, effective 1 December 2024, subject to regulatory approval. Von Mesterhazy will be taking over the role from Kieran O’Keeffe, incumbent MD for Specialty, who will be retiring at the end of the year. In her ... Read the full article
US insurers to benefit from Nearmap peril models following approval in 27 jurisdictions
25th November 2024
Nearmap, a provider of property intelligence to insurers, has received regulatory approval for its predictive AI-powered peril models and scores to be adopted for rating and pricing in 26 states, plus Washington, D.C. The AI models developed by Nearmap are used in predictive vulnerability and claim scores covering wildfire, hurricane, wind, ... Read the full article
Pension de-risking surge as 93% of sponsors plan full liability divestment: MetLife
25th November 2024
LIMRA, a research and consulting organisation in the insurance and financial services industries, reports that pension risk transfer (PRT) transactions increased by 14% in the first half of 2024 compared to the same period in 2023. Meanwhile, MetLife, a global provider of insurance, annuities, and employee benefit programmes, reports in its ... Read the full article
Reinsurers can differentiate themselves beyond price competition: Aon’s Attard
25th November 2024
Reinsurers are poised to leverage a disciplined market and differentiate themselves by actively assisting insurers in managing risks and pursuing growth, moving beyond price competition, Aon’s George Attard shared in his comments following the Singapore International Reinsurance Conference (SIRC). He stated: “This year’s SIRC was an exciting time for us to ... Read the full article
Howden Re appoints Aon’s Thomas Kroely as Managing Director, Continental Europe
25th November 2024
Howden Re, the reinsurance arm of Howden, has announced the appointment of Thomas Kroely as Managing Director, Continental Europe. In his new role, Kroely will initially focus on supporting Howden Re's European expansion, with plans to build a local team following the completion of contractual commitments next year. Tobias Andersson, Head of ... Read the full article
M&G completes ‘first of its kind’ Value Share BPA transaction
25th November 2024
M&G has launched a Value Share Bulk Purchase Annuity (BPA) proposition by completing a £500 million transaction with a private Corporate Sponsor and its UK Pension Scheme, insuring around 3,200 pensioner and deferred members. This newly launched Value Share BPA proposition's structure reportedly allows Trustees to insure the Scheme members in ... Read the full article
Cyber-attacks cost UK businesses £44bn in last five years: Howden
25th November 2024
Half (52%) of UK businesses, representing 1.3 million private sector companies, have endured at least one cyber-attack in the past five years, equating to £44 billion of lost revenue, according to Howden, the international insurance intermediary group. New research published by Howden reveals that businesses with an annual revenue of over ... Read the full article
Gallagher expands marine P&I team with key appointments
25th November 2024
Insurance and reinsurance broking group Gallagher has expanded its marine P&I team with several key appointments. James Giles has been named Divisional Director. In his new role, he will be seconded to Gallagher Singapore, where he will work with the firm’s clients, support new regional offices, and focus on expanding its ... Read the full article
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