Reinsurance News
US cyber insurance market enters into soft phase: Tokio Marine HCC
23rd December 2024
According to Tokio Marine HCC – Cyber & Professional Lines Group (CPLG), the US cyber insurance sector is now in a soft market period, due to premium rate changes dropping below zero in 2024. The firm recently published its 2024 Cyber Market report, which examines the evolving landscape of the US cyber ... Read the full article
FM appoints Laurel Rudnick and Danielle Harrison to key leadership roles
23rd December 2024
FM, a commercial property insurer, has announced the appointment of Laurel Rudnick and Danielle Harrison to key leadership positions. Effective January 1, 2025, Rudnick will take on the role of Senior Vice President and Chief Underwriting Officer, while Harrison will assume the position of Senior Vice President and Division Manager for ... Read the full article
Fairly stable conditions expected at 1.1, reinsurance demand to remain high in 2025: RBC Capital Markets
20th December 2024
The reinsurance industry should expect to see fairly stable conditions at the upcoming January 1st reinsurance renewals, with property catastrophe reinsurance pricing anticipated to be somewhere close to flat due to losses from recent hurricanes Helene and Milton not developing as adversely as original forecasts from cat modelers, according to ... Read the full article
KBW remains confident in Bermuda’s reinsurance outlook despite tax uncertainty
20th December 2024
Despite some near-term uncertainties surrounding tax regulations, Keefe, Bruyette & Woods analysts remain optimistic about the Bermuda reinsurance market and maintain their outperform ratings on several leading reinsurers. This conclusion was achieved following the semi-annual Bermuda Tour, where KBW analysts met with reinsurance executives to discuss market conditions and outlook. From their ... Read the full article
US Federal Reserve Board announces new appointments to its Insurance Policy Advisory Committee
20th December 2024
The US Federal Reserve Board has announced seven appointments to its Insurance Policy Advisory Committee (IPAC), consisting of three new faces alongside four returning members. The new appointments include Jonathan Kelly, Partner at Sidley Austin; Paul Kim, Head of Commercial Risk Strategy and Product Development at Aon; and Sam Ramos Chief ... Read the full article
CCR estimates €650-800m insured losses from Cyclone Chido in Southeast Africa
20th December 2024
Cyclone Chido, which struck several countries in Southeast Africa between December 13-16, is estimated to cause insured losses between €650 million and €800 million, according to French public reinsurer Caisse Centrale de Réassurance (CCR). The cyclone’s impact was devastating, resulting in significant loss of life and extensive property damage. The archipelago ... Read the full article
BMS Group completes acquisition of UK insurance broker David Roberts & Partners
20th December 2024
BMS Group, an independent specialist insurance and reinsurance broker, has completed the acquisition of UK-based insurance broker David Roberts & Partners (DR&P). Initially announced in July 2024, BMS Group has acquired DR&P from European mid-market private equity firm Inflexion. John Page, CEO of DR&P, and Simon Bland, Managing Director, will continue ... Read the full article
US commercial property insurance shows signs of growth amid challenges: Triple-I
20th December 2024
The US commercial property insurance market is showing signs of improvement, with stable growth expected despite challenges such as climate change and inflation, according to the Insurance Information Institute (Triple-I). Triple-I highlighted that double-digit rate increases have been common in recent years, particularly for properties in high-risk areas or those with ... Read the full article
bolttech’s expansion continues with Series C funding led by Dragon Fund
20th December 2024
Global insurtech bolttech has revealed a new $100 million Series C funding round, led by Dragon Fund, alongside Baillie Gifford and Generali. According to bolttech, the strategic support of these investors will empower the company to enhance its platform's capabilities, expand its global market presence, and accelerate its mission to make ... Read the full article
CatX’s Catamaran integrates Verisk’s model to attract capital into ILS
20th December 2024
CatX, the digital marketplace that connects re/insurers and brokers with alternative capital, has adopted catastrophe risk analytics from the Extreme Event Solutions group at Verisk, a global data analytics and technology provider. New insurance investors can directly leverage Verisk’s catastrophe risk models within CatX’s flagship insurance-linked securities (ILS) analytics tool, Catamaran, ... Read the full article
PIC concludes first full scheme-buy in with Mosaic
20th December 2024
Pension Insurance Corporation (PIC), the specialist insurer of defined benefit pension schemes, has concluded its first full scheme buy-in with Mosaic. Mosaic is PIC's streamlined service for pension schemes with assets under £100 million. According to the announcement, the £20 million transaction covers the benefits of 103 members of the General Council ... Read the full article
Gallagher adds Marsh’s Ashtari to Middle East and Africa specialty & facultative reinsurance team
20th December 2024
Insurance and reinsurance broking group Gallagher has announced the appointment of Hassan Ashtari as Chief Client Officer for its Middle East and Africa specialty and facultative reinsurance operations. This newly created role reflects Gallagher’s commitment to enhancing its client offering and strengthening its presence in the region. Ashtari's new position will centre ... Read the full article
MAPTYCS names Daniel Grimwood-Bird as Chief Revenue Officer
20th December 2024
MAPTYCS, a provider of advanced geospatial analytics solutions for the insurance sector, has announced the appointment of Daniel Grimwood-Bird as its Chief Revenue Officer. In this role, Grimwood-Bird will spearhead the company’s sales and marketing initiatives, focusing on accelerating growth across the UK and Europe. Founded in 2016 and based in the ... Read the full article
Final industry loss estimate for Australia Christmas storms raised to AU $1.60bn: PERILS
20th December 2024
Zurich-based catastrophe insurance data provider PERILS has released its fourth and final insurance industry loss estimate for the Australia Christmas storms which impacted the the states of Victoria, New South Wales, and Queensland during the period of 23 - 29 December 2023, lifting the figure to AU $1.606 billion. PERILS ... Read the full article
DARAG concludes sale of North American and Bermuda operations to RiverStone Group
20th December 2024
DARAG Group, a legacy acquirer specialising in the European market, has officially completed the transfer of its North American and Bermuda operations to RiverStone Group, after obtaining the necessary regulatory approval. This transaction, originally announced earlier this year, is expected to streamline DARAG's operations and enable the company ... Read the full article
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