Reinsurance News
Munich Re management feels soft market is unlikely in near-term: Jefferies
7th October 2024
Munich Re believes that a soft market is not likely to happen in the near-term, the reinsurer’s management shared with Jefferies in a recent meeting. According to analysts, in Munich Re’s view, “it takes a globally material reinsurer (i.e. the top five reinsurers) to start the process, and that once started, ... Read the full article
The Cayman Islands is an advantageous environment for tech-driven (re)insurance start-ups: Greenlight Re
7th October 2024
In a recent interview with Reinsurance News, Greg Richardson, Chief Executive Officer of Greenlight Re, stated that the Cayman Islands is an "advantageous environment," particularly for tech-driven (re)insurance start-ups. "Speaking from a P&C standpoint, Greenlight Re has a meaningful presence in Cayman as a P&C reinsurer. On a global scale, though, ... Read the full article
Material reinsured hurricane Milton losses could change trajectory of pricing at Jan renewals: KBW
7th October 2024
Despite noting the considerable uncertainty around Hurricane Milton's path and landfall location, analysts at KBW have suggested that possible reinsured losses from the event could drive property catastrophe reinsurance rates up at the January 1, 2025 renewals. With the National Hurricane Center (NHC) currently projecting that Milton will make landfall on ... Read the full article
Insurance Europe appoints Thea Utoft Høj Jensen as director general
7th October 2024
Insurance Europe, the association representing insurance and reinsurance companies, has announced the appointment of Thea Utoft Høj Jensen as director general, effective 4 November, 2024. Thea will succeed Michaela Koller, who has served as director general at Insurance Europe for the past 18 years. Frédéric de Courtois, who was elected President of ... Read the full article
MNK Group establishes Labuan-based reinsurance entity Pt Mekong Re
7th October 2024
MNK Group has established Pt Mekong Re, a Labuan-domiciled reinsurance entity, aimed at providing additional capacity for specialty lines of business and hard-to-place risks. Through the group, Pt Mekong Re has access to Lloyd’s of London and aims to offer flexible reinsurance solutions across the Asia Pacific, as well as South ... Read the full article
Robert Paxton named Managing Director of Charles Taylor’s Canadian operations
7th October 2024
Charles Taylor, an independent global provider of claims solutions, has announced the appointment of Robert Paxton as Managing Director of its Canadian operations, effective October 1, 2024. In this role, Paxton will lead the company's efforts to provide high-quality, client-focused solutions across Canada. Paxton will also maintain his current position as Global ... Read the full article
Organisations are taking action towards cyber resilience: PwC
7th October 2024
Despite cyber security concerns being top-of-mind and the average data breach exceeding over US$3 million, only 2% of businesses have implemented cyber resilience across their organisation, although cyber budgets are poised to increase, a recent PwC survey has revealed. At the same time, the survey - which surveyed 4,042 business and ... Read the full article
BHSI strengthens presence in DACH region with new Hamburg office & key hires
7th October 2024
Berkshire Hathaway Specialty Insurance (BHSI) has opened an office in Hamburg, naming Thomas Pache to lead its newly launched PI and Cyber Insurance lines in the DACH region, and Kim Schumacher as Senior Property Underwriter. A executive with more than three decades of industry experience, Pache will focus on delivering comprehensive ... Read the full article
Parametric insurance crucial for closing $1.8 trillion protection gap: Generali & UNDP
7th October 2024
Parametric insurance is key for closing the US$1.8trillion protection gap for communities and countries on the frontlines of interrelated crises, including climate change, according to Generali and the United Nations Development Programme (UNDP). Generali has produced a report with the UNDP, highlighting how parametric insurance can support governments, businesses and communities ... Read the full article
Aon names Alejandro Padilla new MD for reinsurance solutions in Latin America
7th October 2024
Broking group Aon has appointed Alejandro Padilla Mariscal as its new Managing Director, Consulting and Science Reinsurance Solutions for Latin America. In the new role, Padilla will lead the catastrophe modelling firm, ERN Evaluación de Riesgos Naturales, which Aon acquired two years ago, alongside its consulting practice. "In an environment impacted by ... Read the full article
Reinsurance brokers warn of potentially significant impacts from hurricane Milton
7th October 2024
With maximum sustained winds of 90 mph, Milton is likely to become a major hurricane later today and is moving "erratically eastward" through the southern Gulf of Mexico, according to the National Hurricane Center (NHC), and reinsurance brokers Guy Carpenter and Howden Re have warned of potentially significant impacts from ... Read the full article
CoreLogic pegs total insured wind & flood losses from Helene at up to $17.5bn
7th October 2024
Catastrophe risk modeller CoreLogic has revised its estimate of total insured losses from Hurricane Helene to between $10.5 - $17.5 billion following the inclusion of losses covered by the National Flood Insurance Program (NFIP). According to CoreLogic, insured flood loss from the NFIP and private insurance for residential and commercial properties ... Read the full article
DA Strategy names veteran Anthony Associate Director, MGA Advisory and Launch
7th October 2024
DA Strategy, a specialist Delegated Authority consultant and MGA Accelerator, has announced the appointment of Jason Anthony as Associate Director, MGA Advisory and Launch. Anthony brings to his new role over 37 years of experience in the Lloyd’s and London insurance market. At DA Strategy he will offer his extensive expertise ... Read the full article
MENA reinsurers continue to benefit from positive pricing momentum: AM Best
7th October 2024
According to credit rating agency AM Best, reinsurers based in the Middle East and North Africa (MENA) region are continuing to benefit from positive pricing momentum over the recent renewal periods, albeit to a lesser extent than the global reinsurance market. In a new report, AM Best notes that the reinsurance ... Read the full article
Royal London enters bulk purchase annuity market
7th October 2024
UK-based mutual insurer Royal London has announced its entry into the bulk purchase annuity (BPA) market, focusing on BPA transactions of up to £500 million in collaboration with trustees and advisers. To support this initiative, Royal London has formed a team of 40 experts, led by Paul Bowker, Director of BPA ... Read the full article
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