Reinsurance News
Arthur J. Gallagher & Co. acquire THB Chile
21st November 2024
Re/insurance broker Arthur J. Gallagher & Co. has acquired Santiago-domiciled retail insurance broker THB Chile. The terms of the transaction were not disclosed. The retail insurance broker provides property & casualty, life and health benefits, and reinsurance services to clients throughout Chile. The THB Chile team will be led by Lionel Soffia, ... Read the full article
Cowbell reveals surge in supply chain attacks and rising business risks
21st November 2024
According to a new Cyber Roundup Report published by Cowbell, a provider of cyber insurance for small and medium-sized enterprises (SMEs) and mid-market businesses, companies with revenues surpassing $50 million (£40.5m) are 2.5 times more likely to experience cyber incidents. The report, based on an extensive three-year data set from over ... Read the full article
James Pring joins ACORD Solutions Group as Director of Business Development
21st November 2024
ACORD Solutions Group, a provider of digital solutions for the global insurance industry, has appointed industry veteran James Pring as the company’s Director of Business Development, where he will lead strategic direction for the organisation's core business development and market positioning. Throughout the last eight years, Pring has led the sales ... Read the full article
Only one in two risk leaders confident in their organisation’s risk response capability: WTW
21st November 2024
Most risk leaders (80%) are concerned about their organisation’s capability to respond adequately to risks that might emerge in the next decade, as only two in ten (20%) believe in their companies' resilience, a recent WTW survey has revealed. Moreover, only one in two respondents (50%) are confident their ... Read the full article
Markel names David Pressman Senior Underwriter, Marine Cargo
21st November 2024
Markel, the insurance division of Markel Group Inc., has announced the appointment of David Pressman as Senior Underwriter, Marine Cargo, effective immediately. In his new role, Pressman will contribute to the strategic growth of Markel's Marine Cargo portfolio in London. His responsibilities will include managing both new and renewal business, building strong ... Read the full article
P&C reinsurance pricing expected to decline heading into Jan renewals: Morgan Stanley
21st November 2024
Heading into the January 1 renewals, unless there's a major catastrophe, property and casualty (P&C) reinsurance prices are expected to decline, according to analysts at Morgan Stanley. The 2025 reinsurance market outlook is shaped by a more subdued pricing environment in 2024 and manageable risks from this year’s hurricane season. While ... Read the full article
Lynn O’Leary named Intact’s US President for Specialty
21st November 2024
RSA Luxembourg S.A. (RSAL) has announced that Lynn O’Leary, following a successful two-year stint as Chief Executive Officer (CEO) Luxembourg, will return to the US to oversee Intact’s Specialty Lines business as President, US, in the first quarter of 2025. Nadia Cote will succeed O’Leary as CEO of Europe, pending regulatory ... Read the full article
Commercial P&C premiums across all account sizes rise by 5.1% in Q3’24: CIAB
21st November 2024
In the third quarter of 2024, premiums across all account sizes rose by 5.1% within the commercial property and casualty (P&C) insurance market, roughly the same as the 5.2% recorded in the previous quarter, according to The Council of Insurance Agents & Brokers’ (CIAB) latest quarterly survey. In fact, Q3'24 marked ... Read the full article
Cyber threats, climate change, and BI lead insurance concerns: Munich Re & Triple-I
21st November 2024
Cyber threats, climate change, and business interruption (BI) are the top risk concerns among key marketplace segments in the insurance industry, according to a new survey by Munich Re America and Triple-I. The RiskScan 2024 survey highlights key risk concerns across five categories: insurance risks, market dynamics, natural disasters, emerging technologies, ... Read the full article
Optio continues European expansion with completion of Den Hartigh acquisition
21st November 2024
Managing general agent (MGA) Optio Group has completed the acquisition of Netherlands and Brussels based MGA Den Hartigh Beheer & Exploitatie B.V., a specialist in B2B insurance solutions. Established in 1916, Den Hartigh offers a variety of property and casualty insurance products. This includes coverage for land-based equipment, marine assets, and high ... Read the full article
Aon appoints Magnus Roe as Global Chief Data and Analytics Officer
21st November 2024
Global professional services firm Aon has appointed Magnus Roe as its Global Chief Data and Analytics officer, supporting the firm’s strategy to enhance commercial solutions through advanced analytical capabilities. Based in Singapore, Aon’s global analytics hub, Roe will lead Aon's global data and analytics team to innovate and leverage the firm’s ... Read the full article
RGA to reinsure $4.1bn of Manulife subsidiary’s legacy blocks
21st November 2024
Reinsurance Group of America (RGA) and John Hancock, a subsidiary of Manulife Financial Corporation (Manulife), have entered into a $4.1 billion reinsurance transaction, including $1.9 billion of long-term care (LTC) reserves. The transaction includes the aforementioned LTC reserves and also a legacy block of U.S. structured settlements with $2.2 billion of ... Read the full article
LatAm insurance growth projected to decelerate in 2025, Swiss Re Institute
21st November 2024
Latin American insurance growth is projected to decelerate in 2025, with total insurance premiums in the region expected to grow 3.8% in real terms, down from an estimated 7.6% in 2024, according to a new report from Swiss Re Institute. The firm explained that while non-life lines have benefited from hard ... Read the full article
Kristy Furrer elected Chairwoman of Assurex Global Board of Directors
21st November 2024
Assurex Global, a privately held commercial insurance, risk management, and employee benefits brokerage group, has announced the election of Kristy Furrer as Chairwoman of its Board of Directors. Furrer, who is Senior Vice President at Woodruff Sawyer, was elected during the 2024 Annual Shareholders' Meeting held on October 31 in Washington, ... Read the full article
Coalition highlights 68% surge in ransomware claims severity
21st November 2024
Coalition, an active insurance provider aimed at preventing digital risks before they occur, has released its 2024 Cyber Claims Report: Mid-Year Update, which highlights new trends in cyber threats and their effects on Coalition policyholders in the first half of 2024. One key finding from the report was a 68% increase ... Read the full article
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