Reinsurance News
Vortex increases parametric hurricane insurance limit to $500,000
18th September 2024
Vortex Weather Insurance, a parametric weather insurtech, has announced an increased available limit of $500,000 for its parametric hurricane insurance, available to businesses along the Atlantic and Gulf Coasts. This type of insurance provides supplemental coverage triggered by specific data, helping to cover unexpected costs such as deductibles and lost business ... Read the full article
LMG adds Aon’s Kus to board as representative of LIIBA
18th September 2024
Tracy Lee Kus, Head of Aon’s London-based Global Broking Centre, has joined the London Market Group (LMG) board as a representative of London & International Insurance Brokers’ Association (LIIBA). Kus, who has over three decades of experience in the insurance industry, joined Aon’s Global Broking Centre earlier this month after ... Read the full article
Amwins Global Risks bolsters leadership team, Nick Abraham to lead as CEO
18th September 2024
The London-domiciled global speciality distributor Amwins, has named Nick Abraham to succeed Nathan Mathis as Chief Executive Officer of its specialty distributor, Amwins Global Risks effective January 1st, 2025. Mathis, who has served in several leadership roles in London for six years, including three as CEO, will rejoin the US-based leadership ... Read the full article
B.P. Marsh & Partners reports funds at £80.2m and no debt
18th September 2024
In a recent trading update, B.P. Marsh & Partners, the specialist investor in early stage financial services businesses, has revealed that as of July 31st, 2024 it had cash of £80.2 million. The firm also revealed that the current cash and treasury balance is £82.9 million and the Group is debt ... Read the full article
Altea Insurance expands across Europe with new office in Ireland
18th September 2024
Altea Insurance (Altea), a provider of combined insurance and risk management services for the medical, allied health, and care sectors, has announced its expansion into the European Economic Area (EEA). Launched last summer under the leadership of Carly Matson, Altea is supported by Mission Underwriters UK & Europe and backed ... Read the full article
US private market insured losses from Francine to be under $2bn: Moody’s RMS
18th September 2024
Moody’s RMS Event Response has disclosed an estimate for US private market insured losses from Hurricane Francine, which made landfall in Terrebonne Parish, Louisiana, on September 11th, 2024, of less than $2 billion. This estimate includes onshore insured losses driven by wind, storm surge, and precipitation-induced flooding, and insured offshore energy ... Read the full article
IQUW adds Peter Hearn as Independent Non-Exec Director to Bermuda Board
18th September 2024
IQUW, a property and specialty insurer and reinsurer, has appointed Peter Hearn as an Independent Non-Executive Director to the IQUW Holdings Bermuda Board. Hearn is an industry veteran with over four decades of experience in the global insurance and reinsurance broker sector. Throughout his career, he has held various senior leadership roles, ... Read the full article
De Bremme to lead Marsh McLennan, Belgium & Luxembourg as CEO and President
18th September 2024
Marsh McLennan Agency, a subsidiary of Marsh, has appointed Kristof De Bremme as Chief Executive Officer (CEO) and President of Marsh McLennan, Belgium and Luxembourg, based in Brussels He succeeds Rebecca Tielemans and will report to Christos Adamantiadis, CEO of Marsh McLennan, Europe. Adamantiadis said: "Kristof is an outstanding leader who has ... Read the full article
AM Best revises Taiwan’s non-life insurance segment to stable
18th September 2024
AM Best, the global credit rating agency, has revised its outlook on Taiwan’s non-life insurance segment to stable from negative, following a recovery of capital strength among carriers in 2023 after suffering sizeable pandemic-related losses in the previous year. Another key factor that underpins the outlook revision is that insurers reportedly ... Read the full article
IUA reports 10% increase in London company market premium income
18th September 2024
Recent data from the International Underwriting Association (IUA) shows that overall premium income for the London company market increased by approximately 10% in 2023, reaching £48.4 billion. This figure includes nearly £43 billion underwritten in London and an additional £5.4 billion from "controlled business" — premiums written elsewhere but overseen and ... Read the full article
HDI Global unveils comprehensive energy unit, headed by Franz Adamczyk
18th September 2024
HDI Global, a provider of industrial insurance solutions, is addressing the rapid changes in the energy sector by creating a comprehensive Energy Unit, consolidating its expertise in managing energy-related risks. This move allows the company to support clients and broker partners navigating both general energy risks and those arising from or ... Read the full article
IBM transfers $6bn in pension obligations to Prudential in latest risk-reduction move
18th September 2024
IBM, a technology company, has filed an 8-K report outlining the transfer of a portion of its US defined benefit pension plan obligations to The Prudential Insurance Company of America, a provider of insurance and financial services. In recent years, IBM has taken steps to reduce the risk associated with its ... Read the full article
Generali offloads Turkish operation
17th September 2024
Large Italian insurer Generali has agreed to sell its Turkish operation as part of its “Lifetime Partner 24: Driving Growth” strategic plan, with Kiler Holding A.Ş. and Arex Yatırım Holding A.Ş. taking a 42% and 48% stake of the business, respectively. The sale of Generali's 99.99% stake in Generali Sigorta A.Ş. ... Read the full article
US P&C sector’s net income skyrockets to $97.6bn in H1’24: AM Best
17th September 2024
According to AM Best, the US property & casualty (P&C) industry recorded a $3.8 billion net underwriting gain in the first six months of 2024, a major improvement from the $24 billion loss reported in the previous year. The agency stated that the turnaround in the personal lines segment was primarily ... Read the full article
MSIG USA names Mark Thorogood Head of Reinsurance
17th September 2024
MSIG USA, an insurance subsidiary under MSIG Holdings, has announced the appointment of Mark Thorogood as its new Head of Reinsurance. In his new role, Thorogood will be responsible for leading the company's reinsurance strategy, encompassing both the placement and management of reinsurance coverage for domestic and international operations. He will also ... Read the full article
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