Reinsurance News
Enstar completes ADC agreement with IAG for long-tail reserves coverage
29th August 2024
Enstar has completed a transaction between its wholly-owned subsidiary, Cavello Bay Reinsurance Limited, and Insurance Australia Limited, on behalf of IAG, to provide adverse development cover (ADC) for IAG’s long-tail reserves. IAG announced this transaction in June 2024, alongside a five-year natural perils reinsurance agreement with National Indemnity Company and ... Read the full article
Gallagher hires Aon’s Bruce Dettling to lead global mining and heavy industry practice
29th August 2024
Bruce Dettling has been appointed to the role of Global Head of Mining and Heavy Industry for Gallagher, where he will be responsible for leading the firm's global specialist practice with teams based in the UK, Latin America, Canada and Australia. Dettling, who is set to join Gallagher in November, will ... Read the full article
Gavin Hamilton named Director of WTW’s International Property team in London
29th August 2024
WTW, an advisory, broking, and solutions company, has appointed Gavin Hamilton as a Director on its International Property team in London. With over 30 years of industry experience, Hamilton previously led the European Wholesale and South African Property sectors at Miller Insurance Services LLP. Hamilton added: “I am delighted to be joining ... Read the full article
Poll suggests parametrics rank as most in-demand alternative risk solution
29th August 2024
As alternative risk solutions gain traction, parametric insurance is expected to be the most in-demand offering, according to a recent poll by Reinsurance News. The poll shows that parametrics lead significantly with 40% of the vote, far surpassing structured solutions at 25%, captives at 21%, and complex risk offerings at 14%. The ... Read the full article
India’s insurance SaaS platform Heph launches nationwide
29th August 2024
Heph, the insurance SaaS platform in India and an affiliate of InsuranceDekho, has officially launched, with an advanced platform that provides a wide range of digital solutions aimed at optimising operations for insurance distributors nationwide. Heph's comprehensive technology suite addresses all facets of insurance operations. It integrates front-end customer interfaces with back-end ... Read the full article
AM Best revises Peak Re’s outlook to stable
29th August 2024
Hong Kong-domiciled reinsurer, Peak Reinsurance Company Limited’s outlook has been revised to stable from negative by ratings agency AM Best. The revision is driven by the agency’s view of Peak Re’s ultimate parent, Fosun’s stabilised credit condition and the subdued likelihood of a potential adverse credit event at the company, which ... Read the full article
BMS hires Canopius’ Spencer Pearce as Mining Practice Leader
29th August 2024
Independent specialist insurance and reinsurance broker BMS Group has appointed Spencer Pearce as Mining Practice Leader. Pearce has over 30 years of experience, having previously held senior roles in underwriting and broking positions. He began his career working for companies such as AXA, AIG, and Chubb, specialising in the mining and power ... Read the full article
Morningstar DBRS’ outlook for P&C reinsurance market remains positive, despite high nat cat losses
29th August 2024
Global property & casualty (P&C) reinsurers posted strong earnings with solid top-line growth in the first half of 2024, which was primarily driven by the favourable pricing environment, notably across property and specialty business, reports Morningstar DBRS. Looking ahead, the agency's outlook for the global P&C reinsurance market remains positive, despite ... Read the full article
Major European reinsurers report sustained earnings growth in 1H24: Fitch
29th August 2024
Among the four largest European reinsurers, Munich Re, Swiss Re, and Hannover Re all saw further improvements in earnings in 1H24, driven by better underwriting results across most business lines, according to Fitch Ratings. In contrast, SCOR reported a loss due to unfavourable changes in its life and health insurance (L&H) ... Read the full article
Steadfast reports strong FY 2024 with $252.2m net profit & 22.7% EBITA growth
29th August 2024
Australian insurance broking and distribution group Steadfast has revealed net profit after tax for the FY 2024 of $252.2 million, up 21.8% from 2023, while the firm's underlying EBITA grew 22.7% to $528.5 million. According to Steadfast, the EBITA increase in FY 2024 was driven by organic growth of 12.5%, fueled ... Read the full article
Prudential to oversee $221m in retirement benefits for Sound Retirement Trust
29th August 2024
The Prudential Insurance Company of America, a provider of insurance and financial services, has been selected for an industry-first pension risk transfer (PRT) involving a multi-employer plan. They will now oversee the retirement benefits for the Sound Retirement Trust, a Seattle-based joint labour-management board of trustees that provides retirement benefits to ... Read the full article
Fiona McMartin joins Coalition as Assistant Underwriter for active cyber insurance
29th August 2024
Coalition, an active insurance provider focused on preventing digital risks before they occur, has appointed Fiona McMartin as Associate Underwriter in its London office. McMartin launched her insurance career in 2022 through RSA’s graduate programme, where she initially served as a team leader in client services. She later transitioned to RSA’s cyber ... Read the full article
Aon’s White Rock sues Chinese bank over Vesttoo LOC fraud
29th August 2024
White Rock Insurance (SAC) Ltd., global insurance and reinsurance broker Aon's segregated accounts company, has reportedly filed a lawsuit in New York against China Construction Bank as Aon seeks compensation for itself and its clients for damages related to Vesttoo collateral fraud, as first reported by our sister publication ... Read the full article
Sapiens launches new version of CoreSuite for P&C market
29th August 2024
Sapiens International Corporation has unveiled Version 12.0 of its Sapiens CoreSuite for Property & Casualty (P&C) for the North American insurance market. As Reinsurance News understands, this new release will provide insurers with a multitude of functional and performance improvements, along with enhanced security features too. The new release, which is part ... Read the full article
CRC Group expands team with three new appointments
29th August 2024
CRC Group, a North American wholesale specialty insurance distributor, has announced the addition of three new team members as part of its strategic expansion to better support retail agency clients nationwide. Rudie Heling has joined the CRC Group office in Carmel, IN, as an Underwriting Team Leader. He brings nearly a decade ... Read the full article
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