Reinsurance News
Von Mesterhazy named as new MD for Allianz UK Specialty business
25th November 2024
Allianz UK has announced the appointment of Isabella Von Mesterhazy as Managing Director for its Specialty business, effective 1 December 2024, subject to regulatory approval. Von Mesterhazy will be taking over the role from Kieran O’Keeffe, incumbent MD for Specialty, who will be retiring at the end of the year. In her ... Read the full article
US insurers to benefit from Nearmap peril models following approval in 27 jurisdictions
25th November 2024
Nearmap, a provider of property intelligence to insurers, has received regulatory approval for its predictive AI-powered peril models and scores to be adopted for rating and pricing in 26 states, plus Washington, D.C. The AI models developed by Nearmap are used in predictive vulnerability and claim scores covering wildfire, hurricane, wind, ... Read the full article
Pension de-risking surge as 93% of sponsors plan full liability divestment: MetLife
25th November 2024
LIMRA, a research and consulting organisation in the insurance and financial services industries, reports that pension risk transfer (PRT) transactions increased by 14% in the first half of 2024 compared to the same period in 2023. Meanwhile, MetLife, a global provider of insurance, annuities, and employee benefit programmes, reports in its ... Read the full article
Reinsurers can differentiate themselves beyond price competition: Aon’s Attard
25th November 2024
Reinsurers are poised to leverage a disciplined market and differentiate themselves by actively assisting insurers in managing risks and pursuing growth, moving beyond price competition, Aon’s George Attard shared in his comments following the Singapore International Reinsurance Conference (SIRC). He stated: “This year’s SIRC was an exciting time for us to ... Read the full article
Howden Re appoints Aon’s Thomas Kroely as Managing Director, Continental Europe
25th November 2024
Howden Re, the reinsurance arm of Howden, has announced the appointment of Thomas Kroely as Managing Director, Continental Europe. In his new role, Kroely will initially focus on supporting Howden Re's European expansion, with plans to build a local team following the completion of contractual commitments next year. Tobias Andersson, Head of ... Read the full article
M&G completes ‘first of its kind’ Value Share BPA transaction
25th November 2024
M&G has launched a Value Share Bulk Purchase Annuity (BPA) proposition by completing a £500 million transaction with a private Corporate Sponsor and its UK Pension Scheme, insuring around 3,200 pensioner and deferred members. This newly launched Value Share BPA proposition's structure reportedly allows Trustees to insure the Scheme members in ... Read the full article
Cyber-attacks cost UK businesses £44bn in last five years: Howden
25th November 2024
Half (52%) of UK businesses, representing 1.3 million private sector companies, have endured at least one cyber-attack in the past five years, equating to £44 billion of lost revenue, according to Howden, the international insurance intermediary group. New research published by Howden reveals that businesses with an annual revenue of over ... Read the full article
Gallagher expands marine P&I team with key appointments
25th November 2024
Insurance and reinsurance broking group Gallagher has expanded its marine P&I team with several key appointments. James Giles has been named Divisional Director. In his new role, he will be seconded to Gallagher Singapore, where he will work with the firm’s clients, support new regional offices, and focus on expanding its ... Read the full article
Loss and Damage Fund to begin financing projects in 2025: COP29 Presidency
25th November 2024
The COP29 Presidency of Azerbaijan has succeeded in getting the Fund for Loss and Damage up and running and ready to distribute money in 2025. The establishment of the Loss and Damage Fund was first agreed upon during COP27 in Egypt, aiming to provide financial assistance to countries most vulnerable to ... Read the full article
AI’s role in tackling inefficiencies in insurance data processing: Roots Automation
25th November 2024
Roots Automation’s recent whitepaper highlights how artificial intelligence (AI) can help insurers address the costly inefficiencies of processing unstructured data, ultimately improving underwriting and claims operations. The whitepaper underscores the significant losses insurers face due to inefficient underwriting and claims. In 2023, Property and Casualty underwriting losses surpassed $21 billion, according ... Read the full article
Insurance consultants Lignum Risk Partners contribute to UK’s first commercial timber guidebook
25th November 2024
A collaboration between insurers, property developers, and technical experts has led to the launch of the UK's first Commercial Timber Guidebook, which aims to promote the use of structural timber in office construction. The project is spearheaded by Elliott Wood, Waugh Thistleton Architects and OFR Consultants, working with specialist insurance consultants Lignum ... Read the full article
Politics and policy dominates Swiss Re’s macro outlook for 2025
25th November 2024
Swiss Re's November 2024 Macro Outlook highlights the dominance of politics and policy, with key developments including its revision to US inflation and interest rate forecasts due to President-elect Trump's victory, increased UK policy rate and yield forecasts following the Autumn budget announcement, as well as concerns over potential US ... Read the full article
Starr joins Octaviant Financial and Marsh as lead carrier on drug warranty platform
25th November 2024
Octaviant Financial has announced that Starr Insurance will join its partnership with Marsh to offer drug warranty services that enable pharmaceutical companies to guarantee the effectiveness of high-cost therapies. Through this partnership, Octaviant will provide drug warranties through its subsidiary, Actuaria Insurance Services LLC. With Starr now serving as the lead underwriter, ... Read the full article
Climate and natural disaster risks prompting 13% of US home hunters to move: Redfin
22nd November 2024
Nearly one in seven (13.7%) US home hunters say a concern for natural disasters or climate risks within their area is a reason they are likely to move in the next year, according to a new report from Redfin, the technology-powered real estate brokerage. A Redfin-commissioned survey which was conducted by ... Read the full article
Robust 2023 results fuel reinsurers’ earnings prospects: S&P
22nd November 2024
The 2024-2026 outlook for reinsurers’ earnings looks positive following the robust operating results seen in 2023 where reinsurers achieved their highest profits in years, S&P analysts stated in a recent report. Growth in 2023 was fueled by decade-high investment yields and consistent rate increases in property and catastrophe lines (short-tail lines). The ... Read the full article
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