Reinsurance News
Hong Kong’s new capital framework to strengthen enterprise risk management: AM Best
25th September 2024
A new report from AM Best, a credit rating agency, suggests that Hong Kong's upcoming risk-based capital regulatory framework will enhance enterprise risk management (ERM) practices for (re)insurers operating in the region. The Best’s Special Report provides detailed analysis on the risk-based framework implemented on July 1, 2024, replacing the previous ... Read the full article
Benefits of reciprocal exchanges can also create challenges, says KBRA
25th September 2024
Reciprocal exchanges appear to be in favour following the launch of a notable amount of start-ups in recent years, however, according to a new report from KBRA, the full-service credit rating agency, certain benefits with the ventures can also create a series of challenges. Analysts noted that mutual companies and reciprocal ... Read the full article
Helene expected to make landfall as a major hurricane on Florida Big Bend
25th September 2024
The latest forecast from the National Hurricane Centre (NHC) is for Tropical Storm Helene to make landfall on the Big Bend region of the Florida panhandle as a major Category 3 or higher hurricane, but as ever, there's potential for the track to change as the storm approaches land, which ... Read the full article
Sub-Saharan Africa reinsurers resilient amid challenging risk environment: AM Best
25th September 2024
Several factors, including high commodity prices, volatile inflation, and deteriorating macroeconomic conditions, have challenged the financial strength of sub-Saharan Africa (SSA) reinsurers; however, AM Best highlights their resilience and sustained profitability despite these pressures. In a recent report, AM Best analysts underscore the tough economic environment across SSA. Inflationary pressures, worsened ... Read the full article
Thomas Russell named Head of ANZ Wholesale for Price Forbes Asia
25th September 2024
Global specialty broker Price Forbes has appointed Thomas Russell to the newly created role of Director, Head of Australian and New Zealand (ANZ) Wholesale for Price Forbes Asia. Based in Singapore, Russell will be reporting to Phil Johnson, CEO of Price Forbes Asia Pacific (APAC), who commented: “Australia and New Zealand ... Read the full article
US commercial insurance market conditions favour buyers despite uncertainty: Lockton
25th September 2024
According to the latest Lockton Market report, US commercial insurance market conditions favour buyers across most lines of coverage, however, a sense of uncertainty in terms of both the economy and the insurance marketplace looms over the industry. Despite overall favourable conditions, liability remains a significant exception with loss costs continuing ... Read the full article
Paratus gets Guernsey approval to provide cover to renewable power industry
25th September 2024
Paratus Holdings has announced that Paratus Renewables Insurance Limited has been granted regulatory approval by the Guernsey Financial Services Authority (GFSC) to provide insurance cover to the renewable power industry. As a re/insurance group underwriting energy price risk, this licence approval will reportedly expand Paratus' product offering beyond aviation, maritime, and ... Read the full article
Reinsurance market participants divided on price movements at Jan ’25 renewals: Fitch
25th September 2024
Reinsurance market players are divided on whether price increases at the key January 1st renewals will be strong enough to properly account for increasing loss trends in the property catastrophe space, although Fitch Ratings expects reinsurers to maintain their strong profitability in this line of business. The global rating agency has ... Read the full article
Guy Carpenter pegs insured loss from Central Europe floods at up to €2.1bn
25th September 2024
Modern infrastructure, dams, and flood barriers significantly mitigated the impact of the 2024 flooding across Central and Eastern Europe, according to reinsurance broker Guy Carpenter, who has estimated an insured loss between €1.6 billion and €2.1 billion from the event. A slow-moving storm caused days of intense rainfall and flooding across ... Read the full article
Consilium names Marie McCutcheon as new COO
25th September 2024
Consilium, the global speciality re/insurance broking arm of the Aventum Group, has appointed Marie McCutcheon as its new Chief Operations Officer (COO). McCutcheon joins the leadership team with a focus on achieving operational excellence. In her new role, she will ensure that the company's technology, people, and operations work seamlessly together to ... Read the full article
SURE and SageSure launch new business owners policy in California
25th September 2024
SureChoice Underwriters Reciprocal Exchange (SURE), in collaboration with SageSure, has launched its first non-admitted business owners policy (BOP) in California. This new BOP solution comes as California faces fewer insurance options and increasing wildfire risks. So far this year, 6,078 wildfires have burned 977,923 acres, surpassing the state's five-year average. The program ... Read the full article
Patrick Brennan joins Selective Insurance as CFO
25th September 2024
Selective Insurance Group, Inc. has appointed Patrick S. Brennan as Chief Financial Officer (CFO), effective October 1st, 2024. As Brennan takes over the new position, Tony Harnett, who served as the interim CFO, will continue as Selective’s Senior Vice President and Chief Accounting Officer. Brennan brings nearly two decades of insurance industry ... Read the full article
Global Marine Insurance premiums hit $38.9bn in 2023, reports IUMI
25th September 2024
At its 150th annual conference in Berlin, Germany, the International Union of Marine Insurance (IUMI), a global association representing marine insurers, presented its analysis of the latest trends in the marine insurance market. In 2023, the global marine insurance premium base reached USD 38.9 billion, marking a 5.9% increase compared to ... Read the full article
Robert Walters named Head of Property Treaty at Aspen Re America
24th September 2024
Aspen Insurance Group has announced the promotion of G. Robert Walters to SVP and Head of Property Treaty at Aspen Re America, effective October 1st. Walters, who has over three decades of experience in the insurance industry, will be based at Aspen’s Rocky Hill office and will report to Scott Kreuzer, ... Read the full article
Xceedance expands capabilities with acquisition of Millennium Information Services
24th September 2024
Xceedance, a global provider of technology and digital solutions, has acquired Millennium Information Services (MIS), an insurance inspection and data analytics firm based in the US. This acquisition expands the Xceedance Americas team by nearly 200 members and adds a nationwide contractor network of over 1,300 inspectors. It enhances Xceedance's underwriting ... Read the full article
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