Reinsurance News
Legacy carriers integral to the insurance landscape, says IRLA Chairman
6th September 2024
The legacy insurance market is evolving, with the strongest players continuing to adapt and thrive, reinforcing their critical role in the global re/insurance industry, says Kevin Gill, Chairman of the Insurance & Reinsurance Legacy Association (IRLA). Speaking ahead of the Monte Carlo Rendez-Vous, Gill emphasised that legacy carriers are becoming essential ... Read the full article
Reinsurers to focus on pricing sustainability at 66th RVS, poll finds
6th September 2024
According to a recent Reinsurance News poll, sustaining price levels is perceived as the main focus of conversations for reinsurers at the 66th Rendez-Vous de Septembre (RVS) in Monte Carlo. With the global reinsurance industry soon to meet at RVS, we asked industry participants what the focal point for reinsurers is ... Read the full article
NER, Erthos & CAC Specialty to place insurance-backed warranty for Earth Mount Solar
6th September 2024
Specialist managing general underwriter, New Energy Risk (NER), a wholly owned division of Paragon Insurance Group, and CAC Specialty, an insurance broker have partnered with Erthos, a large-scale renewable energy technology company to develop an insurance-backed warranty product for their Earth Mount Solar technology. After extensive due diligence, NER confirmed the ... Read the full article
AXA XL appoints Arti Rawal as Chief Underwriting Officer for Middle Market, Canada
6th September 2024
AXA XL, the re/insurance company, has named Arti Rawal as Chief Underwriting Officer for the Middle Market segment in Canada. Rawal will head the newly formed Middle Market team in Canada and will report to Matthew Waters, Head of Middle Market for the Americas. She will be based in Toronto. “Arti’s strong ... Read the full article
Aon expands Bermuda reinsurance platform to drive client growth opportunities
6th September 2024
Global insurance and reinsurance broking group Aon has expanded its Bermuda reinsurance platform to enhance transactional and capital optimisation solutions and support profitable growth opportunities for clients. Aon has added five new members to its Bermuda reinsurance team: Jemma Henry and Lawrence Cheng, who will both serve as Managing Directors, along ... Read the full article
Cyber insurance market poised for growth as cyberattacks continue to increase: Moody’s
6th September 2024
The cyber insurance market is poised for significant growth over the next several years as cyberattacks continue to grow in number and sophistication, with the potential to cause major financial and reputational damage and disrupt business operations, according to a new report from Moody's Ratings. However, as profitability has improved and cyber ... Read the full article
Sun Life Malaysia to streamline underwriting process with Munich Re SaaS-based underwriting platform
6th September 2024
Sun Life Malaysia has adopted Munich Re Automation Solutions’ software-as-a-service (SaaS) underwriting solution to streamline the underwriting process and enhance its customer experience. This partnership will provide Sun Life Malaysia with a cutting-edge SaaS-based automated underwriting platform and analytics digital service. This will help them streamline their processes, reduce costs, and ... Read the full article
Pacific Life Re aims to tackle financial services skills challenge with FSSC partnership
6th September 2024
Global life and health reinsurer Pacific Life Re has partnered with the Financial Services Skills Commission (FSSC) to ensure the financial services sector is prepared for long-term skills needs; becoming the first dedicated reinsurance firm to join the Commission. The FSSC is a member-driven organisation dedicated to ensuring the UK financial ... Read the full article
Guy Van Hecke named Head of Ceded Reinsurance at AXA
6th September 2024
Global insurer AXA has announced the appointment of Guy Van Hecke as the new Head of Ceded Reinsurance for AXA, succeeding Guillaume Lejeune. Van Hecke, who is currently Head of Ceded Reinsurance at AXA XL, a division of AXA, will continue in this role for an interim period, retaining a reporting ... Read the full article
Asia-Pacific reinsurers deliver strong results in strengthened investment climate
6th September 2024
According to a recent report by AM Best, reinsurance companies in the Asia-Pacific region experienced a sharp increase in their return on equity, rising to 9.2% from 0.1% under IFRS 17, which was driven by improved investment conditions and a relatively calm period for catastrophic events. According to the report, reinsurers ... Read the full article
Record weather-related losses challenge US homeowners insurers in 2024: S&P
6th September 2024
This year is on track to surpass 2023’s record weather-related losses for U.S. homeowner insurers, posing challenges in estimating catastrophe risk charges, according to S&P Global Ratings. U.S. homeowner insurers have faced several years of underwriting losses due to increasing severe weather events. In the first half of 2024 alone, insurers ... Read the full article
Chaucer appoints industry veteran Angus Milgate as Head of Distribution
6th September 2024
Chaucer, the global specialty re/insurance firm, has announced the appointment of industry veteran Angus Milgate as Head of Distribution. Milgate will join the company in October and will report to Nicola Stacey, Chief Underwriting Officer at Chaucer. In his new role, Milgate will focus on expanding key relationships, facilitating access to senior ... Read the full article
Brit posts 80.5% undiscounted CoR in H1’24, pre-tax profit climbs to $362.4m
6th September 2024
Brit Ltd, the global specialty re/insurer and subsidiary of FairFax Financial Holdings Limited, has posted an undiscounted combined ratio of 80.5% for the first half of 2024, representing an improvement from the prior year's 82.3%. At the same time, the organisation also posted a discounted combined ratio of 70.1% for the ... Read the full article
The Demex Group raises $10.25m for its weather and climate reinsurance solution
6th September 2024
The Demex Group, a technology-enabled managing general agent (MGA), has raised $10.25 million through a Series A and previously closed SAFE funding round for its breakthrough weather- and climate-related reinsurance solution. Demex offers an innovative parametric reinsurance solution that addresses the growing financial risks associated with severe convective storms - including ... Read the full article
McGill and Partners hires Nick Williams-Walker as Group Chief Operating Officer
6th September 2024
Insurance and reinsurance broker McGill and Partners has appointed Nick Williams-Walker as the Group Chief Operating Officer (COO), effective September 23rd, 2024. Williams-Walker succeeds Stephen Cross, who has been the firm’s acting Group COO since January 2022. Stephen Cross, one of the co-founders of McGill and Partners, will continue to serve in ... Read the full article
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