Reinsurance News
Miller expands Accident & Health team with the addition of Alessia Lombardi
21st August 2024
Miller, the independent specialist in (re)insurance broking, has appointed Alessia Lombardi as an Account Executive within its Accident & Health team. Lombardi will begin her role in September 2024, reporting directly to Tim Nagle, Head of Sports & Entertainment at Miller. With over 20 years of experience in the Lloyd’s and international ... Read the full article
CEA slightly lifts risk transfer tower after $306m June renewal
21st August 2024
The California Earthquake Authority (CEA) purchased $306 million of new reinsurance limit at its June 1st renewal, taking the entity's total reinsurance and risk transfer tower to approximately $9.15 billion. At the end of 2023, the CEA had $9.1 billion of protection in-force from its reinsurance and cat bonds, and after ... Read the full article
Global flooding to surge by 9-49% this century depending on emission cuts: Fathom
21st August 2024
Water risk intelligence firm Fathom has released a new report on the projections of global flooding under climate change, noting that the risk will increase between 9% and 49% this century depending on efforts to cut greenhouse gas emissions. Fathom's report compares present-day inland and coastal flood risk with a forecast ... Read the full article
Guy Carpenter bolsters NA Regional Mutual and Personal Lines teams
21st August 2024
Guy Carpenter, the reinsurance broking division of Marsh McLennan, has appointed Ridge Muhly as the Regional Mutual Segment Leader, effective August 19th, based in Philadelphia and Adam Kornick as the Personal Lines Segment Leader, effective September 3rd, based in Chicago. The pair will report to Rob McKenzie, President of Sales and ... Read the full article
Industry veteran Mark Rusas named EVP, MD of Alliant Specialty M&A
21st August 2024
Alliant Insurance Services has hired industry veteran Mark Rusas to co-lead its Mergers & Acquisitions specialty practice as Executive Vice President, Managing Director, Alliant Specialty. Based in New York, Rusas will be joining Jonathan Gilbert, Managing Director, and Daniel Schoenberg, Executive Vice President in shaping and executing the strategic vision and ... Read the full article
AM Best-rated U.S. captive insurers post $1.4bn net income in 2023
21st August 2024
AM Best-rated U.S. captive insurers experienced a strong year in 2023, posting a net income of $1.4 billion, a 53% increase from the $923 million figure that was posted in the prior year. At the same time, the five-year average combined ratio of 86.5% for the AM Best-rated U.S. captives outstripped ... Read the full article
CIAB observes softening commercial P&C market in Q2’24
20th August 2024
In the second quarter of 2024, the commercial property and casualty (P&C) insurance market showed further signs of softening, according to The Council of Insurance Agents & Brokers’ (CIAB) latest quarterly survey. Premiums across all account sizes increased by an average of 5.2% in Q2 2024, a noticeable drop from the ... Read the full article
SRG bolsters retail business with Anthony James Insurance Brokers acquisition
20th August 2024
Specialist Risk Group (SRG), the insurance intermediary, has acquired Anthony James Insurance Brokers in a move that is set to expand and further strengthen SRG's retail pillar - Specialist Risk Insurance Solutions (SRIS). Subject to regulatory approval, Anthony James becomes SRG’s fifth acquisition since it announced its new investment partners, Warburg ... Read the full article
Puerto Rico insurers should be able to navigate Ernesto losses: AM Best
20th August 2024
AM Best expects that Puerto Rico-domiciled insurers should be able to navigate losses caused by Hurricane Ernesto, with property losses anticipated to be moderate and contained within reinsurance limits. Based on initial discussions with its rated companies, the rating agency has noted that most of the damage caused by Hurricane Ernesto ... Read the full article
Bob James named CEO of Velonetic, Callum Gibson to serve as COO
20th August 2024
Velonetic, previously known as London Market Joint Ventures, has announced Bob James as its new Chief Executive Officer (CEO) and Callum Gibson as its Chief Operating Officer (COO), effective immediately. Velonetic is the trading name of Ins-sure Holdings Limited and Xchanging Claims Services Limited, the joint ventures between DXC Technology, the ... Read the full article
Prudential to reinsure $11bn universal life block with Wilton Re
20th August 2024
Prudential Financial, a US insurance and investment firm, has entered into an agreement with Wilton Re to reinsure approximately $11 billion of reserves supporting a portion of its guaranteed universal life block. This deal is expected to generate roughly $350 million in proceeds after closing. The transaction involves policies issued by Pruco ... Read the full article
Kenya Re sees improved combined ratio in H1 2024
20th August 2024
Kenya Reinsurance Corporation Limited (Kenya Re) has announced its financial results for the first half of 2024, reporting after-tax profits totalling KSh 1.06 billion (USD 8.2m), down from KSh 1.17 billion (USD 9.1m) during the same period the year prior. The firm reported an improved combined ratio of 94% compared to ... Read the full article
Growing demand for parametric insurance in 2024: AM Best
20th August 2024
Record cat bond issuance and large spreads indicate a strong demand for reinsurance capacity, leading to continued interest in parametric-triggered reinsurance and insurance-linked securities (ILS) in the first half of 2024, according to AM Best’s latest report. In the first half of 2024, six natural catastrophe bonds with parametric triggers ... Read the full article
Annja Karlsson joins Norwegian firm Storebrand as Head of Reinsurance
20th August 2024
Annja Karlsson has joined Storebrand, a Norwegian financial services company offering pension, savings, insurance and banking products, as Head of Reinsurance. Headquartered in Oslo, Norway, Storebrand offers its products to individuals, businesses and public enterprises. Today, it is one of the largest private asset managers in the Nordic region, with over NOK ... Read the full article
SEADRIF bolsters team with two senior appointments
20th August 2024
The Southeast Asia Disaster Risk Facility (SEADRIF) Insurance Company has appointed Heddy Pritasa as a Board Member, while Dr. Yoshihiro Kawai, with the Council of Members' endorsement, will assume the new role of SEADRIF Initiative Director in August 2024. Pritasa is an industry veteran with over three decades of experience in ... Read the full article
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