Reinsurance News
Fitch anticipates rise in reinsurance M&A activity as market softens
2nd September 2024
Although 2024 has not seen any major reinsurance M&A announcements, Fitch Ratings expects that as the market inevitably softens and organic growth opportunities diminish, companies that have accumulated capital may seek to acquire less successful re/insurers. Fitch analysts noted that M&A activity has slowed in 2024 following several large deals in ... Read the full article
Vanbridge names Aon’s Osmel Cuan as Managing Principal & Tax Liability Practice Leader
2nd September 2024
Vanbridge, an EPIC company, has announced the appointment of Osmel “Oz” Cuan as Managing Principal and Tax Liability Practice Leader. In his new role, Cuan will join the Transactional Risk Solutions team and lead the Tax Liability Insurance practice. Greylen Mardy, Managing Principal and Transactional Risk Solutions Leader at Vanbridge, expressed enthusiasm ... Read the full article
Record cat bond issuance fuelled growth of broader ILS market: Aon
30th August 2024
Insurance and reinsurance broker Aon has published the 18th edition of its Insurance-Linked Securities (ILS) Annual Report, which highlights a year of exceptional ILS activity, with $17.9 billion in catastrophe bonds issued across 76 transactions. Covering the 12 months ending June 30, 2024, the Aon Securities report notes that record levels ... Read the full article
KBRA assigns rating to new Florida reciprocal exchange Trident
30th August 2024
Credit rating agency KBRA has assigned a BBB Insurance Financial Strength Rating (IFSR) to Trident Reciprocal Exchange (Trident), with a stable outlook. Trident is a newly established de novo reciprocal exchange focused on writing homeowners’ insurance in Florida. The rating reflects Trident’s low underwriting leverage and substantial surplus relative to expected premiums ... Read the full article
Growing need for MIS’ GEO amid rising nat cat losses: Forbes McKenzie
30th August 2024
With annual insured natural catastrophe losses consistently exceeding $100 billion, the demand for services like McKenzie Intelligence Services’ (MIS) Global Events Observer (GEO) platform is increasing, as it accelerates disaster relief and economic recovery. In an interview with Reinsurance News, Forbes McKenzie, Founder and CEO of MIS, explained how the firm ... Read the full article
Aon & Future Climate collaboration to strengthen voluntary carbon market
30th August 2024
Global insurance and reinsurance broking group Aon is collaborating with Future Climate to build a robust marketplace in order to support scaling of the voluntary carbon market (VCM) and project development. From what we understand, this will mean that any buyer will be able to take out an insurance policy to protect ... Read the full article
Aspen appoints Peter Spires as Group Head of Compliance & Deputy Group General Counsel
30th August 2024
Aspen, a specialty insurance and reinsurance company, has recently announced the appointment of Peter Spires as Group Head of Compliance & Deputy Group General Counsel. In his new role, Spires will report directly to David Amaro, Group General Counsel at Aspen. Amaro expressed enthusiasm for Spires’ appointment, stating, "I'm thrilled that Peter ... Read the full article
China Re see’s high net profit in H1’24, reports successful issuance of new capital bonds
30th August 2024
China Reinsurance (Group) Corporation (China Re), has released its financial results for the first half of 2024, which includes a net profit of RMB 5.921 million, up substantially from RMB 2.067 million in the same period last year. At the same time, the organisation's total operating income grew to RMB 60.686 ... Read the full article
Helios Underwriting appoints Katharine Wade as Non-Executive Director
30th August 2024
Lloyd’s-focused investment vehicle Helios Underwriting has appointed Katharine Wade as an Independent Non-Executive Director to its Board, effective immediately. Wade brings over 29 years of experience in financial markets, having served in Board and management-level roles within the UK and internationally. Currently, she serves as Chief Financial Officer at Aegis, the top ... Read the full article
Global reinsurers’ show increasing appetite for nat cat risks, says S&P
30th August 2024
S&P Global Ratings reports that global reinsurers are increasingly interested in natural catastrophe risks, driven by recent pricing corrections and higher attachment points, and are anticipated to deploy more capital in this market over the next two years. Improved underwriting margins, strong investment returns, and solid capitalisation are expected to further ... Read the full article
AM Best downgrades Seguros SURA’s ratings with stable outlook
30th August 2024
AM Best has downgraded Seguros Suramericana S.A. (Sura)'s Financial Strength Rating from A to A- and its Long-Term Issuer Credit Rating from "a" to “a-”, the outlook for these ratings has been revised from negative to stable. These downgrades were prompted by changes in Sura’s underwriting performance, which have challenged the ... Read the full article
Agile expands its offering by establishing presence in New Zealand
30th August 2024
Australian insurance group Agile Underwriting Services has established a presence in New Zealand, reportedly the first of its kind for a Lloyd’s syndicate, enhancing its capability to service business in the country in its general aviation, accident and health, casualty and professional lines. According to the firm, the establishment of Agile ... Read the full article
Howden Capital Markets & Advisory adds Des Potter as an Independent Non-Exec, UK
30th August 2024
Howden Capital Markets & Advisory, the re/insurance broker's capital markets and insurance-linked securities (ILS) arm, has strengthened its team by appointing Des Potter as an Independent Non-Executive Director in the UK. Potter has over four decades of experience in reinsurance broking, investment banking, and corporate finance having served in roles at ... Read the full article
Geographical diversification key to reducing portfolio risk of cloud outage events: Aon, Parametrix
30th August 2024
Geographical diversification is key to reducing the portfolio risk of systemic cloud outage events, according to a joint report from global insurance and reinsurance broker Aon and Parametrix, a cloud monitoring, modelling, and insurance services provider. Aon and Parametrix's report emphasised that the July 2024 CrowdStrike Falcon/Microsoft Windows outage served as ... Read the full article
RiverStone Intl. hires James Insley as Deputy Group & UK CFO
30th August 2024
RiverStone International, a provider of legacy solutions, has appointed industry veteran James Insley as its new Deputy Group & UK Chief Financial Officer (CFO). In his new role, Insley will work closely with RiverStone International's Group and International Finance teams, as well as the company's Financial Planning and Strategy team, to ... Read the full article
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