Reinsurance News
Belcher joins Mayer Brown as partner in its Corporate & Securities practice
2nd October 2024
International law firm Mayer Brown has announced the addition of George Belcher as partner in its Corporate & Securities practice and Global Insurance Industry Group in London. Belcher specialises in insurance-related mergers and acquisitions, as well as regulatory issues in the insurance industry. His practice encompasses both life and annuity insurance, as ... Read the full article
Jefferies predicts strong growth in ILS market, doubling to $200bn 2032
1st October 2024
Jefferies, a global investment banking firm, forecasts a significant rebound in the Insurance-Linked Securities (ILS) market, with CAT bond issuance expected to grow in 2023-2024 and expand into other ILS vehicles by 2025. The firm anticipates the ILS market could double from approximately $100 billion to $200 billion by 2032. This growth ... Read the full article
MGAs drive innovation and growth in emerging insurance markets: GILC
1st October 2024
Managing General Agents (MGAs) are becoming increasingly vital in emerging and developing markets, offering insurers greater flexibility, innovation, and niche underwriting solutions, a recent Global Insurance Law Connect (GILC) report has highlighted. It revealed that MGAs are utilised differently across the globe. In some regions, they help fill capacity gaps or ... Read the full article
Hannover Re names Wilson MD of Life & Health Global Services
1st October 2024
Global reinsurer Hannover Re has announced the appointment of Margot Wilson as Managing Director of the newly created division Life & Health Global Services. The division will be responsible for spearheading crucial initiatives related to L&H that align with the long-term execution of Hannover Re’s strategic plan. This also includes a focus ... Read the full article
LCP reveals 198% own funds ratio amid evolving market risks in insurance sector
1st October 2024
LCP (Lane Clark & Peacock), a consultancy firm specialising in actuarial, investment, and insurance services, has reported another robust financial year for the insurance market, despite the challenges posed by increasing risks. Their eighth annual review of Solvency II, which examines data from 100 of the largest non-life insurers in the ... Read the full article
UK P&I Club appoints Kyle Lochridge as SVP, Americas
1st October 2024
The UK P&I Club, a provider of protection and indemnity (P&I) insurance and other services for the international shipping community, has announced the appointment of Kyle Lochridge as Senior Vice President (SVP) for the Americas. Lochridge will report to Leanne O’Loughlin, Regional Director, Americas, and William Beveridge, Chief Underwriting Officer. In his ... Read the full article
WTW to sell TRANZACT to GTCR & Recognize in $632.4m transaction
1st October 2024
WTW, the global insurance broker, has entered into a definitive agreement to sell its TRANZACT direct-to-consumer insurance distribution business to GTCR, a private equity firm, and Recognize, a technology services investment platform, for $632.4 million, subject to certain adjustments. According to the announcement, the sale is expected to close by the ... Read the full article
Global cyber attacks will more than double this year to 211, says QBE
1st October 2024
The number of disruptive and destructive global cyber-attacks taking place each year is set to increase by 105% to the end of 2024, according to a new report from QBE. In fact, the trend shows that these significant, disruptive and destructive global cyber-attacks are likely to more than double this year ... Read the full article
Enstar completes $400m LPT with SiriusPoint
1st October 2024
A wholly owned subsidiary of legacy specialist Enstar Group has closed the previously announced $400 million loss portfolio transfer (LPT) with a subsidiary of Bermuda-based insurer and reinsurer, SiriusPoint. This transaction sees Enstar's subsidiary reinsure a $400 million portfolio of workers’ compensation business, covering the underwriting years 2018 to 2023. Under ... Read the full article
Pagliarulo to lead Cowbell’s finance team, Biderman appointed General Counsel
1st October 2024
Cowbell, a provider of cyber insurance for small and medium-sized enterprises (SMEs) and middle-market businesses, has appointed Denise Pagliarulo to lead its finance team. In her new role, Pagliarulo will be overseeing global finance operations as the company enters a period of growth with new products, services, and geographies. The company has ... Read the full article
SEADRIF makes $3m payout to support provinces in Lao PDR following Typhoon Yagi
1st October 2024
SEADRIF Insurance Company has made a record total payout of US$3 million to support the provinces in Lao PDR impacted by the passage of Typhoon Yagi, which has been called Asia’s most powerful storm this year. The extended flood impact triggered a second payout of $2.25 million on September 30, Read the full article
American Overseas reports $6.2m increase in P&C premiums for Q2’24
1st October 2024
American Overseas Group, a Bermuda-based property & casualty (P&C) holding company, reported a significant rise in net earned P&C premiums for Q2 2024, increasing by $6.2 million from $6.5 million last year to $12.7 million. Gross written premiums also saw a notable increase, growing by $70.9 million from $164.3 million to ... Read the full article
Miller completes acquisition of Madrid-based broker Bruzon
1st October 2024
Independent specialist insurance and reinsurance broker Miller has completed its acquisition of Madrid-based commercial re/insurance broker Bruzon Correduría de Seguros y Reaseguros S.A. and Bruzon Services S.A. (Bruzon). This acquisition follows the initial announcement made in May 2024. Founded in 1990, Bruzon is a leading broker in Spain, focused on the ... Read the full article
Insured losses from Central Europe floods seen at up to $3.4bn by Verisk
1st October 2024
Global data analytics and technology provider, Verisk's Extreme Event Solutions arm has estimated that insured losses from September flooding in Czechia, Poland, and Austria will land between $2.2 billion (€2bn) and $3.4 billion (€3bn). From September 12th to 16th, severe flooding driven by an extreme amount of rain impacted large parts ... Read the full article
Beazley appoints Bantick CUO, Greenwood named Beazley Furlonge Limited CEO
1st October 2024
Specialty insurer Beazley has appointed Paul Bantick as Chief Underwriting Officer (CUO), effective immediately, and Bethany Greenwood as Chief Executive Officer (CEO) of Beazley Furlonge Limited, the company’s Lloyd’s managing agency, subject to regulatory approval. Bantick is taking over the CUO role from Bob Quane, who is to retire. While the ... Read the full article
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