Reinsurance News
Florida Peninsula Managers to be renamed Windward Risk Managers
21st August 2024
Florida Peninsula Managers, the Managing General Agency (MGA) behind Florida Peninsula Insurance and Edison Insurance, has announced it will be renamed to Windward Risk Managers to better position itself for growth and new opportunities. The MGA has had a track record of success over the past two decades and has a ... Read the full article
Verisk SBS unveils offshore windfarm risk assessment module
21st August 2024
Verisk Specialty Business Solutions, the re/insurance software specialist operating in London and US re/insurance markets, has unveiled a new offshore renewable energy module within its exposure management system, Sequel Impact. According to the announcement, this new enhancement to Verisk Sequel Impact leverages the worldwide offshore windfarms dataset curated by the research ... Read the full article
IAG FY24 net profit growth driven by net premiums increase among other factors
21st August 2024
Australian insurer IAG has announced its 2024 full-year results, reporting a net profit after tax of $898 million, up 7.9% on 2023 which saw $832 million in profits. According to the firm, this increase was driven by an 11% rise in net earned premiums, to $9,244 million, an improvement in the ... Read the full article
Tysers contributes AUD 97m to AUB Group’s FY 2024 underlying profit
21st August 2024
Australian insurance broker AUB Group has released its 2024 financial year results, reporting that Tysers contributed AUD 96.8 million to its underlying pre-tax profit. AUB Group acquired Tysers from Odyssey Investment Partners in September of 2022, with FY 2024 being the first full year of ownership. According to the firm, Tysers' ... Read the full article
Aon appoints Sinead Wolfe as Business Development Specialist, Credit Solutions
21st August 2024
Global insurance and reinsurance broking group Aon has recently appointed Sinead Wolfe as Business Development Specialist, Credit Solutions in Ireland. Suzanne Hughes, Head of Credit Solutions, Ireland, expressed enthusiasm for Wolfe’s appointment, stating, “Sinead is a fantastic new addition to the Aon Credit Solutions team. Her depth of knowledge and expertise ... Read the full article
AI usage heightens risk of cyber event aggregation, says Guy Carpenter
21st August 2024
The rapid adoption and evolving deployment of artificial intelligence (AI) in recent years have heightened the risk of cyber event aggregation from both malicious and accidental sources, according to a recent paper by Guy Carpenter. The paper identifies four main ways in which AI development and deployment contribute to this aggregation: ... Read the full article
Miller expands Accident & Health team with the addition of Alessia Lombardi
21st August 2024
Miller, the independent specialist in (re)insurance broking, has appointed Alessia Lombardi as an Account Executive within its Accident & Health team. Lombardi will begin her role in September 2024, reporting directly to Tim Nagle, Head of Sports & Entertainment at Miller. With over 20 years of experience in the Lloyd’s and international ... Read the full article
CEA slightly lifts risk transfer tower after $306m June renewal
21st August 2024
The California Earthquake Authority (CEA) purchased $306 million of new reinsurance limit at its June 1st renewal, taking the entity's total reinsurance and risk transfer tower to approximately $9.15 billion. At the end of 2023, the CEA had $9.1 billion of protection in-force from its reinsurance and cat bonds, and after ... Read the full article
Global flooding to surge by 9-49% this century depending on emission cuts: Fathom
21st August 2024
Water risk intelligence firm Fathom has released a new report on the projections of global flooding under climate change, noting that the risk will increase between 9% and 49% this century depending on efforts to cut greenhouse gas emissions. Fathom's report compares present-day inland and coastal flood risk with a forecast ... Read the full article
Guy Carpenter bolsters NA Regional Mutual and Personal Lines teams
21st August 2024
Guy Carpenter, the reinsurance broking division of Marsh McLennan, has appointed Ridge Muhly as the Regional Mutual Segment Leader, effective August 19th, based in Philadelphia and Adam Kornick as the Personal Lines Segment Leader, effective September 3rd, based in Chicago. The pair will report to Rob McKenzie, President of Sales and ... Read the full article
Industry veteran Mark Rusas named EVP, MD of Alliant Specialty M&A
21st August 2024
Alliant Insurance Services has hired industry veteran Mark Rusas to co-lead its Mergers & Acquisitions specialty practice as Executive Vice President, Managing Director, Alliant Specialty. Based in New York, Rusas will be joining Jonathan Gilbert, Managing Director, and Daniel Schoenberg, Executive Vice President in shaping and executing the strategic vision and ... Read the full article
AM Best-rated U.S. captive insurers post $1.4bn net income in 2023
21st August 2024
AM Best-rated U.S. captive insurers experienced a strong year in 2023, posting a net income of $1.4 billion, a 53% increase from the $923 million figure that was posted in the prior year. At the same time, the five-year average combined ratio of 86.5% for the AM Best-rated U.S. captives outstripped ... Read the full article
CIAB observes softening commercial P&C market in Q2’24
20th August 2024
In the second quarter of 2024, the commercial property and casualty (P&C) insurance market showed further signs of softening, according to The Council of Insurance Agents & Brokers’ (CIAB) latest quarterly survey. Premiums across all account sizes increased by an average of 5.2% in Q2 2024, a noticeable drop from the ... Read the full article
SRG bolsters retail business with Anthony James Insurance Brokers acquisition
20th August 2024
Specialist Risk Group (SRG), the insurance intermediary, has acquired Anthony James Insurance Brokers in a move that is set to expand and further strengthen SRG's retail pillar - Specialist Risk Insurance Solutions (SRIS). Subject to regulatory approval, Anthony James becomes SRG’s fifth acquisition since it announced its new investment partners, Warburg ... Read the full article
Puerto Rico insurers should be able to navigate Ernesto losses: AM Best
20th August 2024
AM Best expects that Puerto Rico-domiciled insurers should be able to navigate losses caused by Hurricane Ernesto, with property losses anticipated to be moderate and contained within reinsurance limits. Based on initial discussions with its rated companies, the rating agency has noted that most of the damage caused by Hurricane Ernesto ... Read the full article
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