Reinsurance News
Bridging the cyber protection gap through public-private partnerships: Zurich & Marsh McLennan
5th September 2024
A new whitepaper from Zurich Insurance Group and Marsh McLennan underscores the urgent need for greater public sector involvement to strengthen societal resilience against catastrophic cyber events. As cyber threats evolve rapidly, they are outpacing the ability of traditional insurance and risk management solutions to fully address them. The report emphasises the ... Read the full article
Aventum now 100% owned by all employees as GWP hits $1.9bn
5th September 2024
International insurance and reinsurance group Aventum has revealed that during this year its gross written premium (GWP) has reached a significant $1.86 billion, as the company confirms that it is now entirely owned by all of its employees as it works to "create a unique winning culture." The $1.86bn GWP milestone ... Read the full article
Bhavesh Mulji appointed as Head of Insurance for the UK at Delta Capita
5th September 2024
Delta Capita, a provider of financial services consulting, managed services, and technology solutions, has announced the appointment of Bhavesh Mulji as the UK Head of Insurance. Mulji, who will be based in London, will report directly to Sarah Carver, Delta Capita’s Head of Retail Banking, Wealth, and Insurance. He joins from Capco, ... Read the full article
Aon forecasts an increase in reinsurance pricing competition in 2025
5th September 2024
Reinsurance renewals in 2024 have seen pricing gradually decrease, partly driven by an increase in alternative capital to $110 billion, combined with rate reductions being granted by reinsurers for the best performing risks. In its Reinsurance Renewal Season 2024 report, broker Aon is forecasting an increase in pricing competition in 2025, ... Read the full article
Hannah Njoki joins Howden Re as Director – Reinsurance Broker East Africa
5th September 2024
Experienced reinsurance executive Hannah Njoki has joined Howden Re as Director - Reinsurance Broker East Africa. Njoki will reportedly be based in Dubai and work with Howden Re's existing team to support clients across the East Africa region. Attilio Tornetta, Managing Director and Head of Reinsurance for Africa at Howden Re commented, ... Read the full article
BMS Re welcomes Aon’s Brad Melvin as President and CEO, US
5th September 2024
BMS Re, the reinsurance division of global broker BMS Group, has appointed Brad Melvin as President and Chief Executive Officer (CEO) of BMS Re, US, effective from November, subject to regulatory approval. In the meantime, Group CEO Nick Cook and Andrew Wheeler, President and Co-CEO of BMS Group, will continue to ... Read the full article
CCR Re’s turnover rises 7% to €970m in H1’24
5th September 2024
French reinsurer CCR Re has announced turnover of €970 million for the first half of 2024, up 7% year-on-year at current exchange rates, as the firm's non-life business performance improved. For CCR Re's life business, turnover was stable in H1 2024 when compared with the prior year, while non-life saw an ... Read the full article
Global reinsurance capital hits $766bn in H1 2024: Gallagher Re
5th September 2024
A new Gallagher Re report that tracks the capital and profitability of the global reinsurance industry has revealed that total capital continued to climb during H1 of 2024, reaching $766 billion, up 5.4% from 2023. At the same time, the reinsurance broker's report found that the underlying ROE of 15.5% in ... Read the full article
Asta welcomes three new senior hires to its management team
5th September 2024
Asta, a third-party managing agent at Lloyd’s, has strengthened its senior management team with the addition of David Hopkins as deputy chief underwriting officer, Alex Poracchia as transformation director, and Julie Flello as head of client management. Bringing 27 years of experience in the financial sector, Hopkins joined the company last ... Read the full article
Lloyd’s reports strong H1’24 combined ratio as profit rises to £4.9bn
5th September 2024
Lloyd's, the world's oldest insurance and reinsurance marketplace, has reported a 24%, or £600 million year-on-year rise in underwriting profit to £3.1 billion for the first half of 2024, as the market produced its best interim combined ratio since 2007 of 83.7%. In 2023, Lloyd's achieved its best underwriting result ... Read the full article
SRG acquires specialist motor fleet MGA, Capulus
5th September 2024
Specialist Risk Group (SRG), the insurance intermediary, has acquired Capulus, the specialist motor fleet managing general agent (MGA), based in Wales. According to the announcement, Capulus' team, which consists of 21 colleagues, will join SRG's MGA pillar - MX, which will further enhance SRG's motor fleet capabilities across its Retail, Wholesale, ... Read the full article
Bishop Street announces joint venture with Skyward Specialty to boost differentiated MGA platform
5th September 2024
Bishop Street Underwriters, the multi-boutique insurance platform owned by RedBird Capital Partners, has announced a strategic joint venture with Skyward Specialty Insurance Group to support growth of its Differentiated MGA Platform. The joint venture is expected to accelerate Bishop Street's ability to strengthen managing general agents (MGAs) and support existing program ... Read the full article
Earnix partners with Hexaware to help refine insurer’s pricing strategies
5th September 2024
Hexaware, an IT services and solutions provider, looks to accelerate insurance pricing transformation with its recent Earnix partnership, a global provider of AI-based SaaS pricing and rating solutions for financial services. The partnership aims to improve underwriting, efficiency, reduce losses, better comply with the regulations, and ensure competitive advantage through effective ... Read the full article
Ashley Mehyo named VP of Claims for Fine Art and Collectibles at Distinguished Programs
5th September 2024
Distinguished Programs, a national insurance programmes manager, has appointed Ashley Mehyo as Vice President of Claims for its Fine Art and Collectibles programme. With over seven years of industry experience, Mehyo has specialised in Fine Art & Collectibles throughout her career. Her expertise will be crucial in advancing Distinguished's commitment to offering ... Read the full article
Chubb hires QBE’s Greg Giardiello as Global Controller
4th September 2024
Chubb has announced the appointment of Greg Giardiello as Global Controller, succeeding Mong-Diep "Dee" Le, who was recently named Chubb's Chief Auditor. Based in Chubb's Philadelphia office, Giardiello will be reporting to George Ohsiek, Vice President, Chubb Group and Chief Accounting Officer. "Adding outside skills and perspectives to the deep knowledge and ... Read the full article
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