Reinsurance News
Annual insured nat cat losses of ~$150bn becoming the ‘new normal’: Gallagher Re
21st January 2025
With the annual average loss from natural catastrophes between 2017 and 2024 costing insurers $146 billion, Gallagher Re has suggested the 'new normal' for annual insured losses is approaching $150 billion. As per the broker's new Natural Catastrophe and Climate Report, the estimated total direct economic costs from global natural perils ... Read the full article
AXA XL to offer insurance and risk management expertise to London GreenCity members
21st January 2025
AXA XL, the property and casualty (P&C) and specialty risk division of global insurer AXA, has strategically partnered with London GreenCity to offer expertise in insurance and risk management to the accelerator’s members. London GreenCity is the UK’s first accelerator for development-stage climate tech entrepreneurs involved in the development of new ... Read the full article
Generali and BPCE to establish €1.9trn asset management joint venture
21st January 2025
Generali and BPCE have signed a non-binding Memorandum of Understanding (MoU) to create a joint venture between their respective asset management operations. With over €1.9 trillion of assets under management (AUM), the combined business would reportedly create a global asset management platform with leading positions and critical scale in both Europe ... Read the full article
Vanuatu receives $1.2m payout from PCRIC following December earthquake
21st January 2025
The government of Vanuatu has received its first payout of $1.2 million from the Pacific Catastrophe Risk Insurance Company (PCRIC) following the earthquake impacting Port Vila on December 17th, 2024. The specialised disaster risk policy, which became effective on November 1st, 2024, was designed in close consultation with senior government representatives ... Read the full article
CIRCA names Aureum Re’s Mitchell as Chair and Greenlight Re’s Romer as Vice Chair
21st January 2025
The Cayman International Reinsurance Companies Association (CIRCA) has appointed Greg Mitchell of Aureum Re as its new Chair, with Faramarz Romer of Greenlight Re maned as Vice Chair of its Board of Directors. The CIRCA Board of Directors and leadership team for 2025 include Adina Lupea of CIBC Re, Eric Marhoun ... Read the full article
Munich Re’s Lüers joins Gallagher Re’s Global Credit, Surety, and Political Risk practice group
21st January 2025
Reinsurance broker Gallagher Re has announced the appointment of Karsten Lüers to its Munich office as Regional Director – Credit, Surety and Political Risk. Lüers is joining the company from Munich Re, where he served as Senior Underwriter for over two decades. “Karsten brings over 23 years of experience in the Credit, ... Read the full article
Brookfield Annuity Company receives ratings upgrade from AM Best
21st January 2025
AM Best has upgraded Brookfield Annuity Company’s Financial Strength Rating to A (Excellent) from A- (Excellent) and its Long-Term Issuer Credit Rating to “a” (Excellent) from “a-” (Excellent). The outlook for these ratings has been revised to stable from positive. The upgraded ratings reflect Brookfield Annuity Company’s balance sheet strength, which ... Read the full article
Mike Higgins appointed Operations Director at Woodgate & Clark
21st January 2025
UK loss adjuster Woodgate & Clark has announced the appointment of Mike Higgins as its new Operations Director, he will also be joining the company's Board of Directors. Higgins, who has close to 30 years of insurance and claims management experience, is taking over the role from Graeme Fitzpatrick who has ... Read the full article
Moody’s assigns A2 financial strength ratings to Nationwide P&C companies
20th January 2025
Moody's Ratings has assigned A2 insurance financial strength ratings to Nationwide Insurance Company of America, National Casualty Company, and Scottsdale Surplus Lines Insurance Company, all with a stable outlook. These companies are members of the property and casualty (P&C) insurance business owned by Nationwide Mutual Insurance Company (NMIC). Nationwide Insurance Company of ... Read the full article
TransRe adds Bastien Potentier as Underwriter, Property & Alt Solutions
20th January 2025
TransRe, a reinsurance company wholly owned by Alleghany Corporation, has appointed Bastien Potentier as an underwriter for Property and Alternative Solutions to its Europe, Middle East and Africa (EMEA) team. Bastien will be based in Zürich, Switzerland and focus on clients’ property needs, including traditional property cat and non-cat, alternative structures ... Read the full article
Mercury yet to decide if LA wildfires a single event as claims paid hit $80m
20th January 2025
Mercury General Corporation has paid $80 million to policyholders, mainly for living expenses and housing contents due to the Southern California wildfires. However, it has reportedly not yet decided whether it will treat the fires as two separate events under its reinsurance agreements. Earlier this month, Mercury General provided a ... Read the full article
Aviation reinsurance market in good health but losses continue to weigh on sector: Gallagher
20th January 2025
Richard Sammons, Head of Aerospace at Gallagher Re, highlights that while the aviation reinsurance market appears to be in good health, the balance is far from a buyer’s market. Gallagher Re, a reinsurance broker specialising in risk management solutions, recently published Gallagher Specialty’s Plane Talking report - reinsurance, which provides an ... Read the full article
Corebridge Financial appoints Keith Gubbay and Colin J. Parris to its Board
20th January 2025
Corebridge Financial, an American multinational financial services company, has expanded its Board of Directors with the addition of Keith Gubbay and Colin J. Parris, taking the current number of members to 13. These additions follow the announcement of Alan Colberg being elected as Chairman of the Board of Corebridge Financial, ... Read the full article
Rob Kurau named Chief Risk Officer at AXA – Global Healthcare
20th January 2025
Rob Kurau has been appointed Chief Risk Officer for AXA - Global Healthcare and AXA Life & Health Reinsurance Solutions. Kurau brings over 20 years of experience in risk management, having held senior roles across the financial services, international payment infrastructures, insurance, and healthcare sectors. Previously, he spent nearly a decade at ... Read the full article
Vouch launches new MGA Corix
20th January 2025
Insurance provider Vouch has launched Corix, its new managing general agent brand that aims to empower brokers with tailored insurance products. Collaborating with leading brokers, Corix offers specialised insurance solutions tailored to the unique and changing demands of businesses in technology, life sciences, advanced manufacturing, and consulting & tech services. "Corix is ... Read the full article
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