Reinsurance News
Enstar names Brockman Chief Commercial Officer ahead of President Gregory’s retirement
30th October 2024
Global legacy re/insurance specialist Enstar Group Limited has appointed Paul Brockman to the newly created role of Chief Commercial Officer, effective immediately, with Adrian Thornycroft set to join the firm in May of next year as Chief Administrative Officer. These changes to Enstar's executive leadership team are in connection with the ... Read the full article
Gallagher Re and ARC unveil parametric reinsurance product for drought in the Sahel
30th October 2024
Gallagher Re and African Risk Capacity Ltd (ARC Ltd) have developed a new parametric reinsurance product for the UN World Food Programme (WFP) aimed at providing timely financial responses to populations affected by drought and food insecurity in the Sahel region. Quantifying the impact of climate and weather on crops and ... Read the full article
Former Guy Carpenter CEO Peter Hearn joins SageSure Board
30th October 2024
SageSure, one of the largest managing general underwriters focused on catastrophe-exposed markets, has announced the appointment of former Guy Carpenter CEO Peter Hearn to its Board of Managers. Hearn is a seasonal executive with a career spanning almost four decades within the international insurance and reinsurance industry. He most recently held the ... Read the full article
AIA China receives approval to expand into Anhui Province
30th October 2024
AIA China has received approval from the National Financial Regulatory Administration Anhui Bureau to begin setting up a new branch in Anhui province. Located in Eastern China, Anhui province has a gross domestic product (GDP) of RMB4.7 trillion and a population exceeding 60 million, including approximately 17 million middle-class consumers. The ... Read the full article
The Hartford makes new leadership appointments with Garrison as head of Wholesale and International
30th October 2024
Property & casualty (P&C) insurer The Hartford has announced an expansion of Michael Garrison's responsibilities to include the International division, in addition to his current role as head of the company's US wholesale organisation. Furthermore, Rick Ciullo has been appointed as the head of Global Specialty's U.S. retail operations, a position ... Read the full article
Falcon Risk Services and ArxNimbus collaborate to transform cyber risk quantification
30th October 2024
Falcon Risk Services, a majority-owned MGA under HDI Global Specialty, which is a subsidiary of HDI Global SE, has partnered with ArxNimbus, a company in cybersecurity risk management, to reshape the approach to cyber risk quantification. This collaboration merges Falcon Risk Services' broad insurance expertise with ArxNimbus' advanced actuarial-based cyber risk ... Read the full article
HUB appoints Tim DeSett as President of North American Commercial Lines
30th October 2024
Hub International Limited (HUB), a global insurance brokerage and financial services firm, has announced the appointment of Tim DeSett as President of North American Commercial Lines. DeSett will report to Chris Treanor, President of Programs & Specialties at HUB. In his new role, he will focus on developing HUB's Commercial Lines ... Read the full article
The Hartford and Coalition partner to tackle growing demand in UK cyber market
29th October 2024
Property & casualty (P&C) insurer The Hartford and Coalition, a cyber insurer, have entered into a strategic, long-term capacity partnership to combat the growing customer and broker demand for Coalition’s Active Cyber Insurance approach in the UK market. Coalition’s Active Cyber Insurance offering is designed to help organisations spot, mitigate, and ... Read the full article
Aviva completes £1.3bn buy-in with RAC Pension Scheme, integrates existing longevity swap
29th October 2024
Aviva has completed a £1.3 billion bulk purchase annuity full buy-in with The RAC (2003) Pension Scheme, securing the benefits for all c19,000 members. According to the firm, features of the deal included a novation of the scheme’s existing longevity swap and the transfer of illiquid assets. Andy Morley, Senior Deal Manager ... Read the full article
B.P. Marsh increases stake in Pantheon Specialty to 37%
29th October 2024
B.P. Marsh & Partners, a specialist private equity investor, has acquired an additional 5% shareholding in Pantheon Specialty Limited (Pantheon) from eight members of Pantheon’s management team for £12.5 million in cash. This acquisition raises B.P. Marsh's total shareholding in Pantheon to 37%. Upon completion, these shares will be converted to ... Read the full article
Brown & Brown’s net income rises by 33% to $234m for Q3’24
29th October 2024
Brown & Brown, the insurance brokerage, in its unaudited results for Q3 2024 has reported net income of $234 million, an increase of $58 million, or 33% from the previous year’s $176 million. Simultaneously, revenues for Q3 2024 under U.S. generally accepted accounting principles (GAAP) were reported at $1.2 billion, increasing ... Read the full article
Universal Insurance expects up to $900m in losses from recent US hurricanes
29th October 2024
Universal Insurance Holdings expects to see a gross loss of up to $900 million related to the three devastating hurricanes that have recently impacted the United States, the insurer has stated. Chief Executive Officer Stephen J. Donaghy, said: “As we look at the three hurricanes now, between Debbie, Helene and Milton, ... Read the full article
Clear Group to acquire specialist Lloyd’s broker LPR from B.P. Marsh
29th October 2024
Specialist private equity investor B.P. Marsh & Partners Plc has announced the sale of Lilley Plummer Holdings Limited, the 100% owner of specialist Lloyd’s broker Lilley Plummer Risks Limited (LPR), a marine and property specialist. Clear London Markets Limited, majority owned by Goldman Sachs, has agreed to acquire the ... Read the full article
Reinsurance News Monte Carlo Executive Roundtable
29th October 2024
The Reinsurance News Monte Carlo Executive Rendezvous Roundtable took place at the 66th edition of RVS in September 2024 and featured insightful discussions on the reinsurance market as we head towards the key January 2025 renewals. In partnership with BMS Re and PwC, the 2024 Reinsurance News ... Read the full article
Accredited Insurance appoints Bufkin and Roufca as Non-Executive Directors
29th October 2024
Accredited Insurance Holdings, a global programme manager, has appointed Barbara Bufkin and Patricia Roufca as Non-Executive Directors to its Group Board. Throughout her career, Bufkin has held executive roles across reinsurance, specialty insurance, and wholesale distribution. She has served at Guy Carpenter, Swiss Re, Hamilton Insurance Group, and Argo Limited, and has ... Read the full article
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