Reinsurance News
Assurant expects ~$50m in nat cat losses for Q4’24 largely driven by Hurricane Milton
24th January 2025
US specialty insurance group Assurant expects to record approximately $50 million pre-tax, or $40 million after-tax in losses from natural catastrophes for the fourth quarter of 2024. This estimate is more favourable than the preliminary figures shared during its third-quarter 2024 earnings call in November. The reported losses primarily stem from lender-placed ... Read the full article
Ki to operate as standalone company within Fairfax Group
24th January 2025
Algorithmic Lloyd’s digital follow platform Ki has completed its separation from its parent company to become a standalone within the Fairfax Group. As a standalone company, Ki will reportedly continue to focus on becoming the market-leading digital and data-led specialty insurance business. According to Ki, the change to corporate structure and operations ... Read the full article
Emmanuel Clarke appointed as IFC’s CEO of GSL as Michael Miller retires
24th January 2025
Intact Financial Corporation (IFC), a Canadian property and casualty insurer, has announced the appointment of Emmanuel Clarke as CEO of Global Specialty Lines (GSL). Clarke will be taking over the role from T. Michael Miller, who has recently announced his retirement, following a 44-year career in the property and casualty (P&C) ... Read the full article
TD Insurance sponsors $150m debut cat bond
24th January 2025
TD Insurance (TDI) has sponsored its debut catastrophe bond, which will provide the firm additional reinsurance capacity through a multi-year risk transfer of C$150 million in protection against earthquakes and severe convective storms in Canada. As per TDI, the reinsurance protection from this MMIFS Re Ltd. issued Series 2025-1 catastrophe bond ... Read the full article
MSIG Asia partners with RiskPoint Group to advance renewable energy insurance in APAC
24th January 2025
MSIG Asia Pte Ltd, a regional general insurer, has strategically partnered with The RiskPoint Group, the European managing general underwriters specialising in renewable energy, to advance renewable energy insurance in Asia Pacific (APAC). MSIG Singapore has received approval from the Monetary Authority of Singapore (MAS) for RiskPoint's appointment as its MGA. The ... Read the full article
Lockton Re hires Theo Norris as UK Capital Markets Structuring & Cyber ILS Leader
24th January 2025
Lockton Re, the reinsurance arm of the independent insurance broker, has appointed Theo Norris to Lockton Re Capital Markets as the UK Capital Markets Structuring and Cyber Insurance-Linked Securities (ILS) Leader, based in London. In the role, Norris will work closely with Lockton Re’s global broking and cyber teams. Most recently, he ... Read the full article
Arch Insurance Intl. names Mike Bottle as MD of UK Regional Division
24th January 2025
Arch Insurance International, a provider of specialty insurance solutions globally, has announced the promotion of Mike Bottle to Managing Director of its UK Regional Division, effective immediately. In his new role, Bottle will oversee Arch’s network of UK regional offices while continuing to lead the division's strategy and distribution efforts. He will ... Read the full article
VIG establishes new L&H insurance company in Albania
24th January 2025
Vienna Insurance Group (VIG) has established ‘Vienna Life,’ a new insurer focusing on life and health (L&H) insurance in Albania, as part of its strategy to strengthen its presence in Southeast Europe. Vienna Life was granted its corporate license by the Albanian Financial Supervisory Authority on December 24, 2024. Vienna Life becomes ... Read the full article
Aon appoints Puneet Swani as Head of Talent Solutions for Asia Pacific
24th January 2025
Aon, a global insurance and reinsurance broker, has appointed Puneet Swani as the new Head of Talent Solutions for the Asia Pacific region, effective immediately. Based in Singapore, Swani will report to Tim Dwyer, Aon’s Head of Human Capital for Asia Pacific. In his new role, Swani will focus on strengthening ... Read the full article
AXA, AgriCap and WDF launch new carbon credits programme
24th January 2025
AgriCap Group has designed and launched a new "Insured Carbon" programme, which includes a custom-structured parametric insurance programme by AXA, in collaboration with The Well Done Foundation (WDF). Through the programme, the companies are offering insured high-integrity carbon credits created by methane sequestration for purchase. This offering is the first in ... Read the full article
Global Parametrics partners with Frontier Markets to offer crop Insurance for women farmers in India
23rd January 2025
Global Parametrics, a subsidiary of CelsiusPro Group, has partnered with Frontier Markets, India’s rural social commerce platform, to provide affordable crop insurance to 5,000 women smallholder farmers, benefiting approximately 24,000 individuals in its first year. Global Parametrics has created a parametric drought insurance product based on its Water Balance Index solution, ... Read the full article
SRG to acquire Ecclesia’s assets in Netherlands & Belgium
23rd January 2025
Specialist Risk Group (SRG) is set to acquire Ecclesia Group’s assets in the Netherlands & Belgium in a move that will reportedly see seven businesses and 700 new colleagues across the two countries join SRG. As part of this partnership, Ecclesia Group, Germany’s largest insurance broker for companies and institutions, will ... Read the full article
Insured California wildfire losses to near or exceed $40bn, poll suggests
23rd January 2025
A recent Reinsurance News poll sought insights from industry experts and observers regarding the estimated insured loss from the devastating Eaton and Palisades wildfires in Los Angeles, encompassing claims handled by the California FAIR Plan. Of the hundreds of responses to our recent poll, 42% believe that insured losses related to ... Read the full article
AM Best removes SCOR’s ratings from under review
23rd January 2025
AM Best has removed SCOR's ratings from under review with developing implications following the completion of its impact assessment of the French reinsurer's life reserving review. The rating agency has additionally affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings of “a+” (Excellent) of SCOR ... Read the full article
RLI sees underwriting income hit $210.7m for 2024 with CoR of 86.2%
23rd January 2025
In its full-year 2024 results, RLI Corp. reported an underwriting income of $210.7 million with a combined ratio of 86.2%, an improvement from the $173.2 million underwriting income and 86.6% combined ratio recorded in 2023. According to the firm, results for both years include favourable developments in prior years’ loss reserves. This ... Read the full article
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