Reinsurance News
Sompo sees profit and premium growth in H1’24
19th November 2024
Sompo Holdings' international overseas insurance/reinsurance business has reported an adjusted profit of $652 million in the first half of 2024, an increase of $88 million from the $564 million reported in the same period last year. The combined ratio for the first half of the year increased +2.0 pt to 94.1%, ... Read the full article
Swiss Re forecasts life insurance premiums to rise 3% annually, fuelling global growth
19th November 2024
As per a new report from the Swiss Re Institute, total global insurance premiums are set to grow at 2.6% annually in 2025 and 2026, primarily driven by life insurance, which is forecast to expand by 3% per year, more than double the rate of the past ten years. The Swiss ... Read the full article
HDI Global hires Allianz’s Tom Major as Chief Claims Officer for UK & Ireland
19th November 2024
HDI Global has appointed Tom Major as Chief Claims Officer, UK and Ireland, effective from February 7, 2025, who will join the firm's Executive team, reporting to Stephanie Ogden, Chief Executive Officer, UK and Ireland. Major will join the organisation from Allianz, where he currently serves as UK Head of Claims ... Read the full article
MGA Aqueous secures capacity deal with Allied World and Sompo
19th November 2024
Specialist managing general agent (MGA) Aqueous Underwriting has obtained major new capacity in a three-year deal with insurers Allied World and Sompo. From what Reinsurance News understands, the move to a syndicated capacity arrangement will provide the MGA with the opportunity to significantly develop and boost its product suite as it ... Read the full article
MS Reinsurance sees HY’24 insurance service profit hit £138m as CoR improves to 90.2%
19th November 2024
Switzerland-domiciled MS Reinsurance has reported an insurance service profit of £138 million in its half-year 2024 results, up 41% from the same period last year, while its combined ratio also improved to 90.2%. The above figures were strengthened by a $492 million increase in premium growth, driven by business expansion and ... Read the full article
ACORD introduces Standardised life insurance application to streamline industry practices
19th November 2024
ACORD, the standards organisation for the global insurance sector, has released a unified life insurance application aimed at enhancing efficiency and accuracy for both insurers and distributors. This application, now approved by the Interstate Insurance Compact for pre-filing across 47 states, marks the first standardised form of its kind. The new format ... Read the full article
Guy Carpenter to acquire remaining 51.5% of Carpenter Turner
19th November 2024
Guy Carpenter, the reinsurance broking arm of Marsh McLennan, has entered into an agreement to acquire the remaining 51.5% of shares of Carpenter Turner, an Athens-domiciled regional reinsurance broking and advisory business. The transaction is expected to close before the end of the year, but the terms were not disclosed. Established in ... Read the full article
West P&I Club officially opens new Dubai office
19th November 2024
West P&I Club, a global insurance provider for the maritime and offshore industries, has opened a new office in Dubai’s International Financial Centre (DIFC), located in Central Park Towers. This marks West’s seventh office worldwide, joining its locations in Hong Kong, London, Luxembourg, New York, Piraeus, and Singapore. The Dubai office is ... Read the full article
AM Best revises TMHCC Mexico’s outlook to negative from stable
19th November 2024
AM Best, the global credit ratings agency, has revised the outlook to negative from stable and affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a” (Excellent) of Tokio Marine HCC Mexico Compañía Afianzadora, S.A. de C.V. (TMHCC Mexico). Concurrently, AM Best ... Read the full article
Aon unveils new application to drive tech-driven cyber risk management
18th November 2024
Global professional services firm Aon has launched its Cyber Risk Analyzer, a digital application allowing risk managers to make technology-enabled decisions to mitigate cyber risk. According to the firm, the Cyber Risk Analyzer provides clients and brokers with unique capabilities such as loss forecasting, exposure assessment, and total cost of risk ... Read the full article
Allianz launches global program to combat polarisation in societal institutions
18th November 2024
Following an active electoral year worldwide, Allianz has announced the launch of “Power of Unity,” a global program aimed at restoring trust in societal institutions and fostering confidence in a better economic future. According to Allianz Research’s Social Resilience Index 2024, polarisation and social unrest have increased in many countries, carrying ... Read the full article
Aon adds Brian Gillin to its Cyber Reinsurance Solutions team
18th November 2024
Global insurance and reinsurance broker Aon has announced the appointment of Brian Gillin to its Cyber Reinsurance Solutions team as Managing Director - Cyber, Reinsurance, a New York based role. Gillin brings to his new role extensive experience in the cyber insurance industry. He has been part of Aon for over ... Read the full article
Insurers gain access to impact investment strategies through Nuveen & state regulator partnership
18th November 2024
Nuveen, the investment manager of TIAA, is collaborating with a coalition of state regulators in the US to develop strategies designed to pair capital from insurance companies and other sources for positive social and environmental impact. The state regulators participating in this initiative include California, Connecticut, Iowa, New York and Wisconsin. Nuveen, ... Read the full article
Generali GC&C hires Chubb’s Nicholas Selff as Head of Underwriting, Asia
18th November 2024
Generali Global Corporate & Commercial (GC&C), a subsidiary of the Italian insurance giant, has appointed Nicholas Selff as Head of Underwriting for Asia, effective immediately. He joins the organisation from Chubb where he most recently served as the Head of Property and Casualty (P&C) in Malaysia, having previously held senior regional leadership ... Read the full article
SI Re appoints Dr. Arnold Löw as its new CEO
18th November 2024
Zug, Switzerland-based reinsurer SIGNAL IDUNA Reinsurance Ltd. (SI Re) has appointed Dr. Arnold Löw as its new Chief Executive Officer, with Bertrand R. Wollner remaining in the role until his retirement on April 30, 2025, and Dr. Löw taking over on May 1, 2025. Löw holds over two decades of experience ... Read the full article
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