Reinsurance News
Saudi Re appoints Isa Ali as Chief Operating Officer
9th January 2025
Saudi Re has announced the appointment of Isa Ali, who has been with the company since 2009, as its new Chief Operating Officer. In his new role, Ali will play a key part in driving the company’s digital and operational transformation, supporting its ambitious strategy to strengthen its competitive position and ... Read the full article
Ark renews Outrigger Re on similar terms to 2024
9th January 2025
White Mountains Insurance Group's specialty P&C re/insurance subsidiary, Ark Insurance Holdings Limited, has renewed Outrigger Re Ltd. for business incepted during the calendar year 2025 on similar terms as were in effect for the calendar year 2024. As with last year, the reinsurance sidecar Outrigger Re has entered into a quota ... Read the full article
LA wildfire insured losses could exceed $20bn: J.P. Morgan
9th January 2025
The destructive wildfires engulfing Los Angeles continue to burn and with containment efforts currently yielding little success, analysts at J.P. Morgan have doubled their preliminary insured loss estimate for the event to $20 billion or more, which would make it the costliest insured wildfire loss event in California's history. As analysts ... Read the full article
AIG names Christopher Flatt as Global CUO
9th January 2025
Large, global insurance carrier American International Group, Inc. (AIG) has promoted Christopher Flatt to the role of Global Chief Underwriting Officer (CUO), succeeding Christopher Schaper, who was named Chief Risk Officer back in November 2024. Flatt assumes his new role effective immediately, and reports directly to Peter Zaffino, Chairman & ... Read the full article
Aspen Insurance names Michelle Dudek as Head of US Environmental
9th January 2025
Aspen Insurance Holdings Limited has announced the appointment of Michelle Dudek as Head of US Environmental for Aspen Insurance, effective January 6, 2025. Dudek will be based in Jersey City, New Jersey, where she will lead Aspen’s US Environmental team. Her responsibilities include managing the company’s portfolio of Environmental products for US ... Read the full article
LMA focuses on digitisation, regulatory advocacy, and talent development in 2025 priorities
9th January 2025
The Lloyd’s Market Association (LMA) has announced its strategic priorities for 2025, aiming to ensure that Lloyd’s, a market for commercial and specialty insurance, maintains its global position. Lloyd’s operates as a hub for insurance syndicates and brokers, providing coverage for a wide range of complex risks across the globe. The LMA ... Read the full article
African Specialty Risks introduces Baobab, the first Africa-focused Lloyd’s Consortium
9th January 2025
Africa Specialty Risks (ASR), a re/insurance group specialising in Africa and the Middle East, has announced the launch of the first Lloyd’s Consortium focused exclusively on Africa. Named Baobab, the Consortium will offer up to USD $21 million in capacity across several areas, including Political Risk, Trade Credit, Political Violence & ... Read the full article
Lightsmith Group leads $20m investment round in AI-powered insurer Parsyl
9th January 2025
The Lightsmith Group, a global sustainable private equity firm with a direct focus on resilience to climate change, has led a $20 million Series C investment round in Parsyl, the AI-powered insurer of complex supply chain risks. According to the announcement, the investment round also featured participation from a number of ... Read the full article
2024 insured nat cat loss bill pegged at $140bn: Munich Re
9th January 2025
According to reinsurance giant Munich Re, natural disasters resulted in an industry loss of $140 billion in 2024, up from 2023's $106 billion, with insured losses notably higher than the inflation-adjusted averages of the past 10 and 30 years. The 2024 insured losses were the third most expensive year since 1980, ... Read the full article
QBE closes new $250m catastrophe bond
9th January 2025
QBE, a global insurance and reinsurance group headquartered in Australia, has successfully closed a new catastrophe bond through its special purpose insurer, Bridge Street Re Ltd. As Reinsurance News understands, QBE's two new Bermuda Class 4 entities, QBE Capital Ltd. and QBE Capital (Global) Ltd., served as cedents for the new ... Read the full article
Canopius appoints Laura Burke as US Head of Cyber and Technology
9th January 2025
Canopius, a global specialty insurer and reinsurer, has announced the appointment of Laura Burke as US Head of Cyber and Technology. Burke’s appointment reflects the company’s focus on expanding its presence in the US cyber insurance market and its commitment to offering innovative and reliable solutions that help businesses navigate evolving ... Read the full article
US P&C insurance to see slower premium growth in 2025: Swiss Re
9th January 2025
Swiss Re, a global reinsurance company, forecasts a slowdown in US property and casualty (P&C) insurance premium growth, balanced by easing claims pressures as US Consumer Price Index (CPI) inflation is projected to average 2.5% in 2025 and 2.4% in 2026, although profitability for the sector is expected to be ... Read the full article
Analysts peg insured LA wildfire losses at up to $13bn, economic loss put at more than $52bn
9th January 2025
As wildfires continue to grow across Los Angeles County and firefighters struggle to contain the flames, equity analysts have started to comment on potential insurance industry losses, forecasting losses of between $6 billion and $13 billion, while AccuWeather has released a preliminary total economic loss of up to $57 billion. The ... Read the full article
McGill and Partners launches war risk reinsurance facility for commercial property in Ukraine
9th January 2025
Global specialty insurance and reinsurance broker McGill and Partners, in collaboration with Lloyd’s Lab Insurtech FortuneGuard, has launched a war risk reinsurance facility for commercial property in Ukraine. According to McGill and Partners, this new offering is the first of its kind, leveraging AI-powered technology to enhance the understanding and underwriting ... Read the full article
Williamson becomes Acting CEO of Everest following Andrade’s move to USAA
9th January 2025
Bermuda-based re/insurer Everest Group has announced that Jim Williamson, Executive Vice President and Group Chief Operating Officer, has been appointed Acting CEO and joined its Board of Directors with immediate effect, following the departure of Juan C. Andrade, who, after serving as President and CEO since 2020, is set to ... Read the full article
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