Reinsurance News
Lockton Re adds Moruzzi and Cope as Senior Brokers within International P&C
14th January 2025
Lockton Re, the reinsurance arm of the independent insurance broker, has appointed Daniel Moruzzi and Matthew Cope as Senior Brokers in its International Property & Casualty (P&C) Division based in London. Moruzzi is an industry veteran who began his career at Everest Re in 1999. There, he gained extensive knowledge and ... Read the full article
Autonomous lifts LA fire insured loss estimate to $25bn, warns of potential FAIR Plan insolvency
14th January 2025
Analysts at Autonomous have increased their insured loss estimate for the ongoing Los Angeles wildfires by 92% to $25 billion, forecasting a significant loss of up to $8 billion for California's FAIR Plan. As the fires continue to burn and affect over 40,000 acres, with more than 12,000 structures reported to ... Read the full article
Altor Re launches in London to provide ILS & reinsurance services
14th January 2025
Altor Re Ltd, a new London-based business specialising in placing insurance-linked securities (ILS) and reinsurance business globally, has officially launched. Established in October 2024, the firm is reportedly "poised to revolutionise" the reinsurance brokerage landscape, leveraging advanced data-driven techniques to meet its clients' evolving needs. Altor Re services encompass innovative risk transfer ... Read the full article
Cytora adds Insurance Advisory Partners’ Clive Buesnel to its advisory board
14th January 2025
Cytora, a provider of AI-powered solutions for the insurance industry, has announced the appointment of Clive Buesnel to its global advisory board. A seasoned insurance executive with extensive industry experience, Buesnel, Managing Partner International of Insurance Advisory Partners, will play a key role in guiding Cytora's continued global expansion, the firm ... Read the full article
LMA introduces framework to help Lloyd’s insurers manage lesser-known cyber risks
14th January 2025
In its new report, the Lloyd’s Market Association (LMA) presents a framework to help Lloyd’s insurers manage exposure to lesser-known systemic cyber risks. Chris Mather, Senior Executive, Technical Underwriting at the LMA, explains that the framework assesses the aggregation potential in "other cyber" scenarios. While systemic risks like the failure of a ... Read the full article
AmTrust Title adds Steven Presley as Florida State Counsel
14th January 2025
AmTrust Title, a subsidiary of AmTrust Financial Services, Inc., has appointed Steven Presley, Esq., as Florida State Counsel to support its continued expansion in the Florida market. Presley brings over ten years of industry experience in the title and real estate law industries, with a track record in underwriting, risk assessment, ... Read the full article
Global M&A activity up 15% in 2024 led by surge in large deals: WTW
14th January 2025
In 2024, the number of global mergers and acquisitions (M&A) deals valued over $100 million increased by 15%, rising from 619 in 2023 to 710, according to WTW’s Quarterly Deal Performance Monitor (QDPM). This growth was mainly driven by a surge in large transactions (worth between $1 billion and $10 billion), ... Read the full article
Grant Smith named Head of Transport and Logistics at Markel
14th January 2025
Markel, the insurance division of Markel Group Inc., has announced the appointment of Grant Smith as the head of its Transport and Logistics team, effective immediately. In his expanded role, Smith will oversee the development of underwriting strategies aimed at achieving sustainable and profitable growth within the Transport and Logistics sector. His ... Read the full article
Sentry acquires non-standard auto insurance provider The General
14th January 2025
Sentry Insurance, the US-based mutual insurance group, has completed its acquisition of non-standard auto (NSA) insurance provider The General, from American Family Insurance. This $1.7 billion transaction marks Sentry's largest acquisition in its 120-year history. Based in Nashville, Tennessee, The General was acquired by American Family Insurance in 2012. From what we understand, ... Read the full article
AXA XL names Richard Burggraf Head of Excess Casualty for US East Zone
14th January 2025
Richard Burggraf has been appointed Head of Excess Casualty for the US East Zone at AXA XL, the property and casualty (P&C) and specialty risk division of global insurer AXA. Burggraf will be based in New York to lead and grow the Excess Casualty underwriting team in support of North America's ... Read the full article
Re/insurance industry well capitalized to absorb LA wildfire losses: KBRA
13th January 2025
While the Los Angeles wildfires are anticipated to be a major catastrophe event for the insurance industry, a new report from KBRA has highlighted that the sector is generally well capitalized to absorb the losses, although some individual carriers may be more heavily impacted than others. With industry losses from ... Read the full article
Peter Hirs to succeed Howard Smith as Starr CFO
13th January 2025
Starr has announced the appointment of Peter Hirs as the company’s chief financial officer, effective January 13. Hirs will be taking over the role from Howard I. Smith, who is retiring after a long and successful career spanning over 40 years at Starr and its related entities. Smith has been leading Starr's ... Read the full article
Canada’s total catastrophe insured losses reach record $8.5bn in 2024: CatIQ
13th January 2025
Total insured losses from catastrophic events across Canada reached CAN $8.5 billion in 2024, marking the country's largest loss year on record, according to CatIQ, Canada’s provider of insured loss and exposure indices. This insured loss figure significantly surpassed the previous record of CAN $6.2 billion set in 2016. The total number ... Read the full article
Ben Wathen promoted to Chief Claims Officer for Gallagher Re
13th January 2025
Reinsurance broker Gallagher Re has announced Ben Wathen has been promoted to lead its Global Claims Advocacy team as Chief Claims Officer. Wathen brings to his new role over two decades of claims expertise, a client-focused approach, and a diverse background spanning underwriting, claims, and broking. The executive has been part of ... Read the full article
Lloyd’s appoints Alexander Baugh as new Council member
13th January 2025
Lloyd’s, a marketplace for insurance and reinsurance, has announced the appointment of Alexander Baugh as an independent nominated member of Lloyd’s Council, Chair of Lloyd’s Risk Committee, and a member of Lloyd’s Audit Committee. Neil Maidment, the current Chair of Lloyd’s Risk Committee, will step down from Lloyd’s Council at the ... Read the full article
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