Reinsurance News
Hurricane Milton likely to be at least a $20bn insurance loss event: BMS
9th October 2024
While too early to pinpoint an accurate insurance loss range, BMS Group's Senior Meteorologist Andrew Siffert has noted it is safe to say that Hurricane Milton will likely be at least a $20 billion insurance market event. Hurricane Milton remains a powerful Category 5 storm with wind speeds of around 160 ... Read the full article
Price Forbes Re adds Brian Cole as Executive Vice President, Head of Financial Lines
9th October 2024
Price Forbes Re, an independent specialist risk strategy and reinsurance broker, has appointed Brian Cole as Executive Vice President (EVP), Head of Financial Lines, based in Boston. The appointment aligns with the firm’s efforts to build its offering in the US, as Cole will lead the development of the firm’s financial ... Read the full article
Moody’s upgrades Swiss Re Corporate Solutions Brasil Seguros’ IFSR
9th October 2024
Moody’s Ratings has upgraded Swiss Re Corporate Solutions Brasil Seguros’ (SRCSB) financial strength rating (IFSR) to Baa2 from Baa3 and changed its rating outlook to stable from positive. This rating action follows Moody’s upgrade of the Government of Brazil's bond rating to Ba1 from Ba2, which also maintained a positive outlook. According ... Read the full article
Neil McConachie joins Accredited as Chief Risk and Capital Officer
9th October 2024
Global program manager Accredited Insurance has appointed Neil McConachie as Chief Risk and Capital Officer. McConachie is an experienced insurance executive, having previously served as Group CFO of Fidelis Insurance and Group President of Lancashire, where he also held CFO and CRO roles. Set to join Accredited on 14 October officially, McConachie ... Read the full article
Ambac partners with Mike Miller-led MGA Pivix
8th October 2024
Insurance holding company Ambac has partnered with Mike Miller and his team on the launch of Pivix Specialty Insurance Services Inc., a managing general agency focusing on the excess and surplus (E&S) lines market. Miller, who is the former president of Scottsdale Insurance, the E&S carrier of Nationwide, is president and ... Read the full article
Casualty re/insurance market is ‘reacting in a measured way’, says Chris Larson, SiriusPoint
8th October 2024
In an interview with Reinsurance News around the 2024 APCIA annual conference, Chris Larson, Head of Global Casualty Underwriting at SiriusPoint, highlighted how the casualty market is cautiously addressing challenges like rising losses ahead of the 1/1 renewals through rate implementation. Larson emphasised that in the U.S., there is significant pressure ... Read the full article
Amwins and Floodbase launch parametric flood insurance for Californian municipalities
8th October 2024
Amwins, a London-domiciled global speciality distributor, in partnership with insurtech Floodbase, has launched a municipal flood insurance program, designed to insure California municipalities against previously uncovered losses due to atmospheric river flooding. California’s public sector has been largely unprotected from damages caused by atmospheric rivers, which annually on average cost the ... Read the full article
AdvantageGo partners with Insurants to improve data transformation capabilities
8th October 2024
AdvantageGo, a global commercial re/insurance software provider, has created an Ecosystem Alliance with Insurants, a document processing solution for global insurance companies. Leveraging the capabilities of artificial intelligence (AI), this partnership empowers AdvantageGo's Underwriting Workbench with advanced data transformation capabilities. Insurants, powered by AntWorks, tackles the growing volume and complexity of data ... Read the full article
Peter Brooks named Global Head of Fine Art & Specie at Arch Insurance International
8th October 2024
Arch Insurance International, a division of Arch Capital Group, has promoted Peter Brooks to Global Head of Fine Art & Specie, effective immediately. In this new position, Brooks will oversee the Fine Art & Specie insurance portfolio within the London Market and work across Arch’s various underwriting platforms to broaden its ... Read the full article
We have to take the challenge to fight climate change very seriously, R+V Re’s CEO
8th October 2024
As the intensity and severity of natural catastrophes continues to increase worldwide, there is more that the re/insurance sector needs to do to show its value in the climate fight, and according to Christoph Lamby, CEO of R+V Re, the German reinsurer, there are certain points that don't come across ... Read the full article
Competitive pricing ahead for power insurance sector as major losses decline: WTW
8th October 2024
The absence of larger losses in 2023 and 2024 is expected to lead to more competitive pricing in property and business interruption, while lower-level attritional losses will remain a constant, according to WTW’s Power Market Review. In the international liability market, a slight increase in capacity and softer market conditions have ... Read the full article
Gallagher expands upstream energy team with three senior appointments
8th October 2024
Insurance and reinsurance broking group Gallagher has announced three senior appointments in its upstream energy division to support its expanding client base. Darren Jones has been named Executive Partner, bringing over 20 years of experience in energy broking. He joins from Miller, where he served as Upstream Energy Account Executive. Previously, ... Read the full article
Growing confidence in M&A despite geopolitical & macroeconomic headwinds: WTW
8th October 2024
According to research from WTW, large deals have been at the forefront of M&A activity in 2024, reflecting growing confidence among dealmakers despite geopolitical and macroeconomic headwinds. WTW's research revealed that the volume of deals valued over $1 billion has continued to rise, reaching its highest level in two years with ... Read the full article
Offshore renewable energy insurance premiums set to remain low amid soft market: NARDAC
8th October 2024
NARDAC, an energy and infrastructure insurance broker and Managing General Agent (MGA), has reported that insurance premiums for offshore renewable energy and infrastructure projects are expected to remain low for the next two to three years, extending the "soft market" conditions that began in 2023 across several insurance sectors, concluding ... Read the full article
Large insured losses from Milton could lead to extended hard market for property cat reinsurance, Jefferies
8th October 2024
Large insurance industry losses from major hurricane Milton's eventual impacts in Florida could potentially lead to an extended hard market for property cat reinsurance, according to Jefferies. Analysts explained that should the hard market extend, it will alleviate recent concerns that the upcoming January renewals would show softening, and likely wind ... Read the full article
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