Reinsurance News
James Irvine joins Oak Re as chief underwriting officer
6th December 2024
Global reinsurance firm Oak Re has announced the appointment of James Irvine as chief underwriting officer (CUO), property, a London-based role. The executive will be joining the company in spring 2025, and report directly to Cathal Carr, chief executive officer and active underwriter of OAK syndicate 2843. As CUO, Irvine will leverage ... Read the full article
Concert promotes Scott Stosek to Director of Finance & CFO of Harmony Re
6th December 2024
Concert Group Holdings (Concert), a privately owned insurance holding company, has promoted Scott Stosek to the newly-created positions of Director of Finance, Concert Group, and Chief Financial Officer (CFO) of Harmony Re, the firm’s risk retention platform. In the new roles, Stosek reports to CFO, Michael Rybak who joined Concert in ... Read the full article
KRM Reinsurance Brokers Philippines names Atty. Isagani Acosta, Jr. President & CEO
6th December 2024
In response to the Philippines' rapid economic growth and rising demand for innovative insurance solutions, particularly in infrastructure investments and natural disaster risk mitigation, KRM has announced it is bolstering its leadership team. KRM Reinsurance Brokers Philippines has named Atty. Isagani Acosta, Jr. as its new President and Chief Executive Officer. Acosta ... Read the full article
UK business leaders struggle to recognise cyber risk as a financial threat: Resilience
6th December 2024
IT and financial leaders at the UK’s largest firms have a poor understanding of cyber risk as a financial risk, despite 74% of mid-to-large UK businesses experiencing cybercrime, according to a new survey by cyber risk solutions provider Resilience. The findings reveal a disconnect between what causes the greatest financial losses ... Read the full article
Aviva and Direct Line reach preliminary agreement on takeover deal
6th December 2024
Aviva and Direct Line have announced that they have reached a preliminary agreement on the financial terms of a potential acquisition of Direct Line's entire share capital by Aviva. This newly agreed deal represents a total consideration valued at 275 pence per Direct Line share (£3.6bn), an increase from the 250 ... Read the full article
LK Re Singapore named UK Lloyd’s broker
6th December 2024
LK Re, a specialist in reinsurance brokerage and Singapore subsidiary of LK Insurance Brokerage, has been selected as a registered broker by Lloyd’s in the UK. This move marks the first time that an overseas subsidiary established by a Korean insurance broker has been granted this status. LK Re's registration as a ... Read the full article
Ventis appoints Fiona Young as Senior Underwriter
6th December 2024
Ventis, a Managing General Agent (MGA) specialising in Commercial and Residential insurance, has announced the appointment of Fiona Young as Senior Underwriter. In her new role, Young will manage a panel of partner brokers, leveraging her technical expertise and market connections to strengthen Ventis’ relationships and expand its market presence. Gareth Roberts, ... Read the full article
Outlook remains stable for US life/annuity insurance, says AM Best
6th December 2024
Global credit ratings agency AM Best has maintained its stable outlook for the US life/annuity insurance segment, citing strong capitalisation across the industry, as well as robust top-line growth in core lines of business and consistent profitability trends. According to analysts, the life/annuity segment has benefited from favourable interest rates in recent ... Read the full article
Ryan Financial Lines appoints new President and COO
6th December 2024
Ryan Specialty, an international specialty insurance firm, has announced two key leadership appointments for its international financial lines managing general underwriter, Ryan Financial Lines (RFL), effective January 1, 2025. Richard Winborn has been named President of RFL, where he will focus on international expansion and US retail operations. Winborn brings over two ... Read the full article
Vitesse continues US expansion with Vitesse Trust launch in New York
6th December 2024
Vitesse, a global treasury and payment provider for the insurance industry, has officially launched its United States operations with the establishment of New York-based Vitesse Trust Company, LLC. The New York State Department of Financial Services granted Vitesse an Authorization Certificate which made possible the formation of Vitesse Trust, which will ... Read the full article
2024 tropical cyclone losses among costliest of the past decade: Munich Re
5th December 2024
A new white paper from reinsurance company Munich Re reveals that the 2024 tropical cyclone season, characterised by unusually severe storms, ranks among the costliest of the past decade, with losses significantly surpassing the ten-year average. Insured losses from natural catastrophes in 2024 have surpassed the $100 billion threshold once again. ... Read the full article
Antares announces Commercial Division leadership team
5th December 2024
Antares Global Management Limited has announced its leadership structure for the newly created Commercial Division, consisting of Syndicate 1274 and Bermuda-based Antares Re, through new appointments. The division is headed by Mark Graham, CEO of the Antares Commercial Division. He will be supported by a leadership team of three Divisional Heads, ... Read the full article
IAIS adopts global capital standard for insurance supervision
5th December 2024
The International Association of Insurance Supervisors (IAIS) has adopted the global Insurance Capital Standard (ICS), aiming to promote a resilient insurance sector. IAIS members have also reportedly endorsed substantial updates to the IAIS Insurance Core Principles (ICPs) and Common Framework for the supervision of internationally active insurance groups (ComFrame). For those unaware, ... Read the full article
Prudential Financial names Andrew Sullivan as next CEO
5th December 2024
The Board of Directors of Prudential Financial, the US insurance and investment firm, have appointed Andrew Sullivan as the company's next Chief Executive Officer (CEO), effective March 31st, 2025, succeeding Charles F. Lowrey Sullivan is currently Executive Vice President (EVP) and Head of International Businesses and Global Investment Management. Lowrey will remain ... Read the full article
AXA joins the Stanford HAI Corporate Affiliate Program
5th December 2024
Global insurance group AXA has become a new member of the Stanford Institute for Human-Centered AI (HAI) Corporate Affiliate Program. Through collaboration with Stanford faculty, the program aims to promote responsible artificial intelligence development and implementation by exploring research, policy, and educational opportunities within the insurance sector. James Landay, HAI Co-director, said: ... Read the full article
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