Reinsurance News
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
Oceanview Secure Re appoints Brian Nocco to Board
5th December 2024
Oceanview Secure Reinsurance Ltd., a subsidiary of Oceanview Holdings Ltd., a provider of annuities and reinsurance solutions, has appointed Brian W. Nocco to its Board of Directors after receiving approval from the Cayman Islands Monetary Authority. This appointment strengthens the firm's commitment to strategic growth and operational excellence as it plans ... Read the full article
Arbol parametric insurance pays out $20m in under 30 days after Milton’s landfall
5th December 2024
Arbol, a global climate risk solutions platform, has delivered $20 million payouts for parametric reinsurance programs triggered by Hurricane Milton in Florida within a month after landfall. The parametric reinsurance programs, designed to protect insurers against named storm risks in Florida, were triggered when Hurricane Milton made landfall near Siesta Key ... Read the full article
CyberCube partners with HUB International to strengthen cyber risk analytics for clients
5th December 2024
CyberCube, a provider of cyber risk analytics solutions, has announced a new partnership with HUB International (HUB), an insurance brokerage and financial services firm. Through this collaboration, HUB will harness CyberCube’s software and expertise to deliver advanced cyber risk insights to clients across North America. As part of the partnership, HUB will ... Read the full article
Re/insurers’ operations exposed to cyber threats, says S&P
5th December 2024
According to a new report by S&P Global, insurers and reinsurers are exposed to cyber threats, with the potential for a direct attack to impact their operations, potentially costing a significant portion of their average annual earnings. Re/insurers face various operational cyber risks, including IT system disruptions, outages of third-party IT ... Read the full article
HDI Global appoints François Périquet as Global Head of Engineering
5th December 2024
HDI Global, a commercial and specialty lines insurer, has appointed François Périquet as its new Global Head of Engineering, effective February 1, 2025. Périquet succeeds Dieter Spaar, who is retiring after eight years in the role. He will report directly to Dr. Dirk Höring, Member of the Executive Board of HDI ... Read the full article
BMS adds three new senior hires to energy team
5th December 2024
BMS, an independent insurance and reinsurance broker, has announced the appointment of three new senior energy industry experts to its fast-growing energy team in London: Charlotte Marsh, Jack Palmer, and Toby Hanington. Marsh, who has been appointed divisional director, is joining BMS Energy from Price Forbes and brings to her new ... Read the full article
Florida Citizens sees policy count drop below 1 million as state market stabilises
5th December 2024
With conditions in the Florida property insurance market reportedly continuing to improve, Citizens Property Insurance Corporation’s policy count has dipped below 1 million for the first time in more than two years. Florida’s property insurer of last resort has suggested that the reduced policy count is due in large part to ... Read the full article
Talanx issues its first $100m cat bond for earthquake risks in Chile
5th December 2024
Talanx Group, the parent company of Hannover Re, has issued its first ever catastrophe bond, securing multi-year protection against earthquake risks in Chile. The bond, valued at USD 100 million, was issued via Maschpark Re Ltd., a special purpose insurer established in Bermuda, in cooperation with Hannover Re. Dr Jan Wicke, Talanx ... Read the full article
Insured losses from nat cats to exceed $135bn in 2024: Swiss Re
5th December 2024
With the US enduring two major hurricanes and numerous severe thunderstorms in 2024, it has contributed to at least two-thirds of the estimated global insured losses for the year, which exceed $135 billion, according to a new report from Swiss Re. Hurricane Helene, which made landfall on the 27th of September, ... Read the full article
Economic threats still overshadow climate and cyber risks for G20 business leaders
5th December 2024
Economic threats continue to overshadow climate and cyber risks as one of the top three near-term risks for business leaders in G20 countries, according to the Executive Opinion Survey, conducted by the World Economic Forum and released by Marsh McLennan and Zurich Insurance Group. While global economic conditions show signs of ... Read the full article
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