Reinsurance News
OAK Re Syndicate 2843 receives permission to underwrite from January
26th November 2024
Oak Reinsurance (OAK Re), the global reinsurance firm, has announced that its Lloyd’s Syndicate 2843 has received permission to underwrite business incepting from January 1, 2025, which follows from the approval in principle that was received in September 2024. According to the announcement, OAK Re is launching Syndicate 2843 in collaboration ... Read the full article
IRDAI Chairman calls for 100% foreign direct investment in insurance sector
26th November 2024
At the Business Standard's annual BFSI event, the Insurance Regulatory and Development Authority of India’s (IRDAI) Chairman, Debashish Panda called for 100% foreign direct investment (FDI) in the insurance sector to reach the goal of ‘insurance for all’ by 2047, for which a lot of capital is needed. Panda said that ... Read the full article
Coalition adds Rob Kanno to its UK Security Support Centre
26th November 2024
Coalition, an active insurer focused on preventing digital risks, has announced the appointment of Rob Kanno as Senior Security Support Analyst. Based in Manchester, Kanno is joining Coalition’s UK Security Support Centre, and will be reporting to Ryan Gregory, Head of Security Support, who commented: “Coalition’s Security Support Team is pivotal ... Read the full article
LMA adds TMK’s Vivek Syal and AMA’s John Owen to its Board
26th November 2024
The Lloyd’s Market Association (LMA) has announced the addition of two new Board members from two of its managing agents' members. The two new members are Vivek Syal, Chief Underwriting Officer (CUO) of Tokio Marine Kiln (TMK) who will be taking over from Matthew Shaw as the TMK representative, and John ... Read the full article
McGill and Partners, TMK, and Convex launch AI trade disruption facility
26th November 2024
Independent global specialty insurance and reinsurance broker McGill and Partners, has announced the launch of a new AI- powered trade disruption insurance facility in collaboration with Tokio Marine Kiln (TMK) and Convex, offering limits of $95 million, led by TMK. Leveraging the artificial intelligence technology from Altana, this solution has been ... Read the full article
Regulatory nod paves way for Everest’s expansion into Italy
26th November 2024
Bermuda-based re/insurer Everest Group, Ltd. has announced its expansion into the Italian market, following regulatory approval to operate in the country under the name Everest Insurance (Ireland) DAC, Succursale Italiana. The launch in Italy follows Everest’s recent expansion into other key international markets, including Australia, Colombia and Mexico. Headquartered ... Read the full article
Sergio Lottimore named VP of Credit, Bond & Political Risk Reinsurance of Hamilton Re
26th November 2024
Hamilton Re, the Bermuda-domiciled re/insurance underwriting platform of Hamilton Insurance Group, Ltd. has appointed Sergio Lottimore as Vice President (VP) of Credit, Bond and Political Risk Reinsurance. The new Credit, Bond and Political Risk Reinsurance offerings will be incorporated within the Specialty Reinsurance portfolio, further expanding Hamilton's offerings to clients. Lottimore will ... Read the full article
Berenberg analysts expect stable reinsurance pricing at Jan ’25 renewals
26th November 2024
Analysts at Berenberg have said that in light of the strong performance of the reinsurance sector in recent years and the fact there's no build up of excess capital, reinsurance pricing at the January 1st, 2025, renewals is expected to be stable. According to analysts, stability at 1.1 could drive an ... Read the full article
AM Best maintains stable outlook for South Korea’s non-life insurance sector
26th November 2024
AM Best has maintained a stable outlook for South Korea's non-life insurance sector, citing moderate industry growth driven by long-term business as insurers focus on securing stable future profits under IFRS 17 accounting standards. The global ratings agency noted that new regulations are encouraging insurers to enhance profitability despite growing competition, ... Read the full article
Federato secures $80m in Series C funding to expand global reach
26th November 2024
Federato, an AI-powered underwriting platform for the insurance industry, has secured $80 million in total funding, which includes its latest Series C round. The $40 million round was spearheaded by StepStone Group (NASDAQ: STEP), a global private markets investor, with backing from existing investors Emergence Capital, Caffeinated Capital, and Pear VC. These ... Read the full article
Howard Dean appointed President of the FOIL for 2025
26th November 2024
Howard Dean, Partner at Keoghs, has been named President of the Forum of Insurance Lawyers (FOIL), an organisation representing 8,000 lawyers and paralegals across 61 corporate firms, for 2025, succeeding Pete Allchorne, Partner at DAC Beachcroft. Dean has been an active member of FOIL's Costs and CPR & Protocols Specialist Focus ... Read the full article
Bishop Street to acquire MGA Landmark Underwriting
25th November 2024
Bishop Street Underwriters, a multi-boutique insurance platform, has announced that it will acquire Landmark Underwriting, a specialty focused managing general agent (MGA) in the London Insurance market. The financial terms of the acquisition were not disclosed and it is subject to United Kingdom’s Financial Conduct Authority regulatory approval. Landmark Underwriting provides multi-disciplined ... Read the full article
Ceres proposes federal climate risk reinsurance program to build resilience
25th November 2024
In a recent report, Ceres calls for the consideration of a federal climate risk reinsurance program as part of its 10-point plan to help the U.S. insurance industry build resilience against increasing climate disasters. As climate change accelerates, causing more frequent and severe weather events, the insurance industry faces significant challenges. ... Read the full article
IRB (Re) identifies Brazil’s insurance coverage gap as a key opportunity: Goldman Sachs
25th November 2024
Brazilian reinsurer IRB (Re) views Brazil’s insurance coverage gap as a significant long-term opportunity, according to Goldman Sachs, following a meeting with IRB CEO Marcos Falcão and Head of Investor Relations Natasha Nakagawa on November 18, 2024. The climate events in Brazil in 2024, including floods in the South and droughts ... Read the full article
Spain floods highlight role of state-backed reinsurance for climate risks
25th November 2024
A recent report from Fitch Ratings has highlighted the vital role of the state-managed catastrophe insurer, Consorcio de Compensación de Seguros (CCS), in strengthening the Spanish insurance market's resilience to climate risks, as demonstrated by the recent floods that struck the country. For those unaware, the flash floods claimed over 220 ... Read the full article
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