Reinsurance News
Fidelis secures $375m of collateralized reinsurance via latest cat bond
30th December 2024
Fidelis Insurance Bermuda Limited (FIBL) has successfully closed a new catastrophe bond, Herbie Re Ltd. (Series 2024-2), which provides the firm with $375 million of collateralized reinsurance protection against U.S., DC, Puerto Rico, and Virgin Islands named storm and earthquake risks. This latest transaction marks the sixth series of notes ... Read the full article
Swiss Re appoints Aisyah Fuad as Market Head Southeast Asia (South)
30th December 2024
Global reinsurer Swiss Re has announced the appointment of Aisyah Fuad as Market Head Southeast Asia (South), effective 1 January 2025. Fuad joined Swiss Re in 2011 as an Associate Client Manager, Retakaful, where she worked as a multi-line treaty underwriter and client manager for the company’s Global Centre of Excellence ... Read the full article
Samsung Fire & Marine lead aviation insurer of Jeju Air crash, AXA XL said to be main reinsurer
30th December 2024
A statement from Jeju Air has revealed that Samsung Fire & Marine Insurance was the lead aviation insurer, while AXA XL served as the primary reinsurance provider for the plane that recently crash-landed at Muan International Airport in South Korea, killing all passengers and most of the crew. Flight 2216 had ... Read the full article
Hiscox names Frank Lamantia as Chief Technology Officer, US
30th December 2024
Specialist insurer Hiscox has appointed Frank Lamantia as its new Chief Technology Officer in the U.S., where he will serve on the Hiscox US leadership team and the Hiscox Group Technology leadership team, effective January 21st, 2025. Lamantia will have a dual reporting line to Mary Boyd, the Chief Executive Officer ... Read the full article
Reinsurer appetite up at Jan 1 as loss-free property cat rates fall 5-15%: Guy Carpenter
30th December 2024
Property catastrophe renewals were consistently oversubscribed at January 1 as reinsurer appetite increased more than demand, with a range of pricing outcomes as non-loss-impacted renewals saw risk-adjusted rate reductions of 5% to 15%, according to reinsurance broker Guy Carpenter. At the same time, and in contrast to that broader property cat ... Read the full article
Arthur J. Gallagher expands with BMR Insurance acquisition
30th December 2024
Global insurance brokerage Arthur J. Gallagher & Co. has acquired Tustin, California-based Murray Gardner Insurance Agency Inc., dba BMR Insurance, a retail insurance agency that serves commercial and personal lines clients primarily across Southern California. Terms of the transaction have not been disclosed. According to the announcement, BMR Insurance's Principal, ... Read the full article
CRC expands team with Moody’s Schmitt, Berkley’s McPhillips, Velocity’s Cadden & Amwins’ Rios
30th December 2024
CRC Group, a wholesale specialty insurance distributor in North America, is expanding its team with the addition of four new professionals to its team, Michael Schmitt, Sean McPhillips, Bailey Cadden and Blake Rios. Schmitt, who is joining CRC from Moody’s, has been appointed Broker and will be based at the company’s ... Read the full article
AM Best maintains stable outlook for Malaysia’s non-life insurance market
30th December 2024
AM Best, a globally recognised credit rating agency specialising in the insurance sector, has maintained a Stable outlook for Malaysia’s non-life insurance market. This assessment is based on key factors such as anticipated premium growth driven by economic recovery, regulatory reforms aimed at increasing insurance penetration, and rate adjustments. However, the segment ... Read the full article
Amwins 2025 Outlook: Cyber insurance pricing set to decline by 5% as competition intensifies
27th December 2024
Amwins, a distributor of specialty insurance solutions, has published its 2025 Outlook: State of the Market Report, providing valuable insights into the shifting dynamics of the cyber insurance landscape. The cyber insurance market is facing increasing competition and shifting risk profiles, as highlighted in Amwins’ report. Pricing trends show a notable change, ... Read the full article
PICC P&C announces continuation of reinsurance agreement with PICC Re
27th December 2024
China’s PICC Property and Casualty Company (PICC P&C) has entered into a new Reinsurance Framework Agreement with PICC Reinsurance, under which the two parties will cede insurance premiums to each other in exchange for commissions. This agreement, effective from January 1, 2025, to December 31, 2025, aims to continue their existing ... Read the full article
Redline launches new General Aviation insurance in collaboration with Allianz
27th December 2024
Redline Underwriting, a Lloyd’s coverholder specialty underwriting firm, has announced the launch of its General Aviation Insurance solution, developed in collaboration with Allianz Commercial from their UK region. This new offering, designed specifically for the Latin American and Caribbean markets, will provide comprehensive coverage for private, pleasure, and business fixed and ... Read the full article
Improved exposure data key for cat reinsurance renewals: Poll
27th December 2024
In a recent Reinsurance News poll, industry experts and observers identified "getting more exposure data" as the most important factor for upcoming property catastrophe reinsurance renewals, with 44% of respondents selecting this option. Stable retentions/T&C came second, with 28% of the respondents selecting this option. 24% selected sustaining price, while only ... Read the full article
AM Best upgrades L&G Re’s financial strength ratings
27th December 2024
Ratings agency AM Best has upgraded Legal & General Reinsurance Company No. 2 Limited’s (Bermuda) Financial Strength Rating (FSR) to A+ (Superior) from A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “aa-” (Superior) from “a” (Excellent). Concurrently, the firm has also affirmed the Long-Term ICR of “a” (Excellent) ... Read the full article
Saudi Re opens subscription for capital increase
27th December 2024
Saudi Reinsurance Company (Saudi Re) has commenced its subscription period for a capital increase, running from December 26th to 30th. The offering comprises 26,730,000 new ordinary shares, which represent 30% of the company’s current capital, with a nominal value of SAR 10 per share (around USD 2.6). This move follows the ... Read the full article
Doha Insurance receives approval to open reinsurance arm in India
27th December 2024
Doha Insurance Group (DIG), a provider of insurance and reinsurance solutions in the Middle East and North Africa region, has revealed plans to open a reinsurance branch in the Republic of India. The insurer has obtained the approval of the Qatar Central Bank to open a branch in Gujarat International Financial ... Read the full article
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