Reinsurance News
$45.5m Randolph Re wildfire private cat bond first issued using a Guernsey PCC
3rd September 2024
Aon, via its protected cell company White Rock Insurance Company PCC Limited, has facilitated a new $45.5 million Randolph Re private catastrophe bond, marking the first time a cat bond has been issued using a Guernsey PCC structure. This new series 2024-1 private cat bond is a renewal of previously ... Read the full article
Active Re credit ratings affirmed by AM Best
3rd September 2024
Global rating agency AM Best has affirmed its “A” (Excellent) Financial Strength Rating (FSR) and its “a” (Excellent) Long-Term Issuer Credit Rating (ICR), both with a stable outlook, for Active Capital Reinsurance, Ltd. (Active Re). The rationale behind these ratings is the firm's balance sheet strength, which is assessed as strongest ... Read the full article
S&P expects reinsurers to earn their cost of capital in 2024
3rd September 2024
Global ratings agency S&P Global expects the reinsurance industry to earn its cost of capital once again in 2024-2025, cementing its stable outlook view of the sector, but warns that discipline must be maintained amid casualty risks. In 2023, the global reinsurance sector earned its cost of capital for the first ... Read the full article
Ryan Specialty to acquire certain assets of MGA Geo Underwriting Europe
3rd September 2024
Ryan Specialty, the international specialty insurer, has signed a definitive agreement to acquire certain assets of the European managing general agent (MGA), Geo Underwriting Europe BV (Geo Europe), which is part of The Ardonagh Group. The company is based in Rotterdam, Netherlands, but also has operations in Germany. The company specialises ... Read the full article
Munich Re & Swiss Re remain the world’s largest reinsurers
3rd September 2024
Reinsurance giant's Munich Re and Swiss Re remain the two largest global reinsurers across the globe according to data from ratings agency AM Best. In prior years, the agency ranked the top 50 global reinsurers in a single list, but now, with the adoption of IFRS 17, the ... Read the full article
Higher prices and tighter policy terms drives positive reinsurance sector outlook: Moody’s
3rd September 2024
A combination of higher prices and tighter policy terms, supported by favourable risk/return dynamics and healthy investment income, are among the key drivers supporting the global reinsurance industry, as Moody's outlook for the sector has been revised to positive. In a new Moody's report, analysts highlighted that property reinsurers have raised ... Read the full article
Dale Underwriting enters Intl. Professional Indemnity market, Ryan Barnes to lead
3rd September 2024
Dale Underwriting Partners, the trading name for Dale Managing Agency Limited’s Lloyd’s Syndicate 1729, has entered the International Professional Indemnity Insurance marketplace. Simultaneously, Ryan Barnes has been appointed Head of Professional Lines, effective January 2025, based in London. Most recently, Barnes served at Westfield Specialty as the Head of Professional Lines - ... Read the full article
Newly launched Zurich Climate Resilience Alliance to address the climate crisis
3rd September 2024
Zurich Insurance Group and its corporate foundation, the Z Zurich Foundation, have launched the Zurich Climate Resilience Alliance (the Alliance) to assess current levels of resilience within vulnerable communities and implement appropriate solutions to climate hazards. The Alliance evolved from the Zurich Flood Resilience Alliance launched in 2013, bringing together a ... Read the full article
Skyline and Munich Re’s parametric protection for Jamaican farmers triggered by Beryl
3rd September 2024
Parametric insurance catalyser Skyline Partners and reinsurance giant Munich Re have revealed that a claim triggered by Hurricane Beryl has been paid to the Jamaican Co-operative Credit Union League (JCCUL). The payment was due under a parametric insurance policy first issued in April 2022, subsequently renewed by Munich Re, which protects ... Read the full article
Dynamic Reinsurance appoints David Vargas Chavez as Operations Director
3rd September 2024
Underwriting agency Dynamic Reinsurance has announced the promotion of David Vargas Chavez to Operations Director, a role based in Mexico City. “For me this role represents a challenge that I feel prepared to take on, supported by the experience I have gained at this great company and in the insurance/reinsurance sector. ... Read the full article
Insurance industry should expect average annual cat losses of $151bn: Verisk
3rd September 2024
A combination of rapid exposure growth and inflationary pressures means that insurers should now be expecting average annual losses (AAL) from global natural catastrophes to reach a new high of $151 billion, according to a new study from Verisk Extreme Event Solutions. This figure, which is compiled through the firm's industry ... Read the full article
Microsoft hails successful rollout of Copilot for 365 at Swiss Re
3rd September 2024
Copilot for Microsoft 365 has been successfully adopted by 3,000 users at reinsurance giant Swiss Re, with plans to expand its usage across the firm's entire workforce. According to Microsoft, this deployment marks a significant milestone in the strategic partnership between the two companies and highlights the power of smart AI ... Read the full article
SCOR names Sofia Kyriakopoulou as Chief Data & Analytics Officer
3rd September 2024
French reinsurer SCOR has appointed Sofia Kyriakopoulou as its new Chief Data & Analytics Officer, where she will further integrate advanced analytics, enabling the firm to harness the full potential of AI and support data-driven decisions across underwriting, operations, finance, and risk management. Kyriakopoulou brings experience in tech, data & analytics ... Read the full article
UK’s £1.1tn yields-boosted DB pensions should aid Aviva, L&G and Phoenix: Bloomberg Intelligence
3rd September 2024
The £1.1 trillion of UK defined-benefit (DB) pensions, boosted by yields, should benefit Aviva, Legal & General and Phoenix, which help firms offload pension obligations viewed as an unwelcome liability, Bloomberg Intelligence (BI) believes. Thanks to a sustained rise in AA corporate-bond yields, DB pensions in the UK have been well ... Read the full article
USAA CEO Wayne Peacock to retire in early 2025
3rd September 2024
USAA, a provider of insurance, banking, and investment and retirement solutions for US military veterans, has announced that its President and CEO, Wayne Peacock, will retire in the first half of 2025. Jim Zortman, USAA Board Chairman and retired Navy Vice Admiral, expressed gratitude for Peacock's leadership, saying, “Wayne has always ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
