Reinsurance News
Ryan Specialty appoints Tom Daniels as MD of LifeScienceRisk International
13th September 2024
Ryan Specialty, an international specialty insurance firm, has announced the appointment of Tom Daniels as Managing Director of LifeScienceRisk International, based in London. LifeScienceRisk, part of Ryan Specialty Underwriting Managers, focuses on delivering tailored insurance solutions for the life sciences sector. With 18 years of global insurance experience, including the last nine ... Read the full article
WRMS targets greater climate resilience with expansion into Latin American markets
13th September 2024
Weather Risk Management Services (WRMS), the agriculture and climate risk management firm, is expanding its operation to key markets in Latin America as it works to bring climate resilience for sustainable growth within the region. The strategic expansion will focus on Argentina, Paraguay, Colombia, Brazil, Chile, Ecuador, Peru, Uruguay, and all ... Read the full article
Bermudian reinsurers forecast modest property cat rate decreases at 1.1 renewals: KBW
13th September 2024
With both supply and demand for reinsurance coverage on the rise, Bermudian reinsurers expect property catastrophe reinsurance rates to be flat to mid-single-digit risk-adjusted decreases at the January 1st, 2025 renewals, according to analysts at KBW. Following meetings with 20 companies at the recent 2024 Reinsurance Rendezvous, KBW analysts noted that ... Read the full article
Carbon Underwriting forecasts £400m GWP from Syndicate 4747 & 5757 in 2025
13th September 2024
Carbon Underwriting, an independent managing general underwriter, estimates nearly £400 million in gross written premiums (GWP) under management in 2025 from its Syndicate 4747 and its newly launched Syndicate 5757. The launch of Syndicate 5757, the MGA’s vehicle for its strategic expansion into the US market, marked a significant milestone in ... Read the full article
Zurich North America promotes Sivasubramaniam as Head of ZRS, NA
13th September 2024
Zurich North America, the commercial property and casualty insurer, has promoted Arooran "Aroo" Sivasubramaniam to Head of Zurich Resilience Solutions (ZRS) for North America, effective immediately. In his new role, Sivasubramaniam will lead the growth of risk management services for ZRS and report to Dirk De Nil, Global Head of Zurich ... Read the full article
Reinsurers likely to absorb majority of Typhoon Yagi losses in Vietnam: AM Best
13th September 2024
According to AM Best, domestic and international reinsurers will bear the bulk of losses caused by Typhoon Yagi on Vietnam insurance companies, which can further result in reinsurers’ appetite for regional catastrophe risks being tested at the upcoming reinsurance renewals. Typhoon Yagi, which has been called Asia’s most powerful storm this ... Read the full article
BMA report reveals $7.75bn surge in cyber insurance premiums and a $120bn market forecast
13th September 2024
The Bermuda Monetary Authority (BMA), the island's regulatory body for financial services, has released its annual Bermuda Cyber Underwriting Report, showcasing a significant 63.7% increase in cyber insurance gross written premiums, which reached $7.75 billion in 2022. According to the report, this increase reflects Bermuda’s growing significance as a reinsurance hub ... Read the full article
Concirrus partners with Hellenic Hull Management to enhance marine underwriting
13th September 2024
Concirrus, a provider of AI-powered marine insurance intelligence, has partnered with Hellenic Hull Management (HMA) to improve and streamline HMA’s underwriting operations. The marine insurance industry faces challenges in modernising its practices, adhering to strict regulations, and managing increasing amounts of data. Traditional underwriting methods often lag behind technological advancements and ... Read the full article
Workers’ comp continues to outperform every line of business in US P&C, says AM Best
13th September 2024
According to ratings agency AM Best, the workers' compensation (WC) segment is continuing to outperform every other lines of business in the US property & casualty (P&C) sector, reinforced by ongoing declines in loss frequency and favorable reserve development. AM Best states that the workers’ compensation line has been more profitable than ... Read the full article
ASIC to serve as underwriting partner for Once Insurance’s jewellery coverage offering
13th September 2024
Arizona-domiciled surplus lines insurance carrier, AM Specialty Insurance Company (ASIC), will serve as an underwriting partner for Once Insurance’s entry into the jewellery insurance market. This partnership marks a significant milestone in simplifying and enhancing the insurance experience for jewellery customers across the United States. Once Insurance has introduced a consumer-friendly product ... Read the full article
Aegon names Bareggi Chief Strategy, Transformation and Growth Officer
13th September 2024
Life insurer and asset manager Aegon has appointed Michele Bareggi as Chief Strategy, Transformation and Growth Officer, and member of Aegon’s Executive Committee, starting November 1, 2024. The executive is succeeding Duncan Russell, who took on the role of Group CFO in September 2024. Bareggi, who has over 25 years of financial services ... Read the full article
Miller expands Marine team with Andrew Gordon appointment
13th September 2024
Miller, an independent specialist reinsurance and insurance broker, has announced the appointment of Andrew Gordon to its Marine team. Gordon's arrival marks another key step in expanding Miller’s Marine capabilities, following several senior hires last year, including Andreas Bisbas, Nick Lockyer, Lee Bright, and Craig Dennis. Nick Summers, Head of Direct Marine ... Read the full article
Non-marine market still sees more demand than supply for quota share capacity, Guy Carpenter
13th September 2024
Guy Carpenter, a global risk and reinsurance specialist, highlights that in the second quarter of 2024, there was a significant increase in demand for peak peril retrocession (retro) coverage and cat on direct and facultative (D&F) limit across the non-marine market. It's important to note, that demand for retro XoL coverage ... Read the full article
Hurricane Francine to have minor impact on reinsurers, seen as very manageable for P&C space: RBC
13th September 2024
Analysts at RBC Capital Markets expect Hurricane Francine to be a highly manageable loss event for the P&C insurance industry, most likely in the very low billions, with a minimal impact to reinsurers. On September 11th, Francine made landfall in southern Louisiana, the parish of Terrebonne as a Category 2 storm ... Read the full article
CoreLogic puts Hurricane Francine insured wind and storm surge losses at up to $1.5bn
13th September 2024
Hurricane Francine, the sixth named storm of the Atlantic hurricane season, made landfall over coastal Louisiana on September 11th as a Category 2 storm, and is expected to drive insurance industry wind and storm surge losses of up to $1.5 billion, according to catastrophe risk modeller CoreLogic. The Cat 2 storm ... Read the full article
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