Reinsurance News
Torrential rain drives deadly flash floods in southeastern Spain
30th October 2024
Insurers across Europe will be on high alert as torrential rain has triggered devastating flash floods in southeastern Spain, causing widespread destruction and claiming at least 60 lives. According to the Spanish weather service AEMET, the town of Chiva, west of Valencia, recorded 491mm of rain in just eight hours on ... Read the full article
Buyer-friendly market opens opportunities for year-end renewals: Aon’s Peiser
30th October 2024
Buyer-friendly conditions in the global insurance market have persisted through much of the third quarter of 2024, and even accelerated in some segments, creating opportunities as the year-end renewals draw near, Joe Peiser, Chief Executive Officer Commercial Risk Solutions, Aon, has noted. Insurer confidence and growth appetite have been restored over ... Read the full article
Milton flooding impacted almost 185,000 buildings in Florida, says ICEYE
30th October 2024
A new analysis from ICEYE, a provider of satellite-based disaster management solutions, has revealed that almost 185,000 buildings in Florida were impacted by hurricane Milton's flooding. Readers will recall that ICEYE had previously warned that the satellite data it had secured during and after hurricane Milton indicated that the storm ... Read the full article
Urgent need for better dialogue between private-public sectors, says SCOR CEO Léger
30th October 2024
During SCOR’s live session, “The Re(insurer) of Tomorrow,” Thierry Léger, CEO of SCOR, emphasised the urgent need for improved communication between public authorities and the insurance industry to enhance resilience against risks. Léger pointed out that buildings located in vulnerable areas present a growing challenge, leading to an increasing protection gap. ... Read the full article
QBE NA appoints Beazley’s Matt Westhoff as President of Commercial Insurance
30th October 2024
QBE North America, part of the global insurer, has announced the appointment of Matt Westhoff as President of its Commercial Insurance business, effective November 11, 2024. In this role, Westhoff will oversee QBE’s $1 billion-plus Commercial Insurance portfolio, covering workers' compensation and property programs, commercial construction, and specialty casualty lines. His ... Read the full article
Chubb’s Q3 P&C underwriting income climbs 12% to $1.5bn
30th October 2024
Global property and casualty insurer Chubb has reported P&C underwriting income for Q3 2024 of $1.46 billion, up 11.7% from the same period in 2023, with a combined ratio of 87.7%. This occurred despite the firm disclosing pre-tax catastrophe losses of $765 million in Q3, including $250 million from Hurricane Helene, ... Read the full article
Enstar names Brockman Chief Commercial Officer ahead of President Gregory’s retirement
30th October 2024
Global legacy re/insurance specialist Enstar Group Limited has appointed Paul Brockman to the newly created role of Chief Commercial Officer, effective immediately, with Adrian Thornycroft set to join the firm in May of next year as Chief Administrative Officer. These changes to Enstar's executive leadership team are in connection with the ... Read the full article
Gallagher Re and ARC unveil parametric reinsurance product for drought in the Sahel
30th October 2024
Gallagher Re and African Risk Capacity Ltd (ARC Ltd) have developed a new parametric reinsurance product for the UN World Food Programme (WFP) aimed at providing timely financial responses to populations affected by drought and food insecurity in the Sahel region. Quantifying the impact of climate and weather on crops and ... Read the full article
Former Guy Carpenter CEO Peter Hearn joins SageSure Board
30th October 2024
SageSure, one of the largest managing general underwriters focused on catastrophe-exposed markets, has announced the appointment of former Guy Carpenter CEO Peter Hearn to its Board of Managers. Hearn is a seasonal executive with a career spanning almost four decades within the international insurance and reinsurance industry. He most recently held the ... Read the full article
AIA China receives approval to expand into Anhui Province
30th October 2024
AIA China has received approval from the National Financial Regulatory Administration Anhui Bureau to begin setting up a new branch in Anhui province. Located in Eastern China, Anhui province has a gross domestic product (GDP) of RMB4.7 trillion and a population exceeding 60 million, including approximately 17 million middle-class consumers. The ... Read the full article
The Hartford makes new leadership appointments with Garrison as head of Wholesale and International
30th October 2024
Property & casualty (P&C) insurer The Hartford has announced an expansion of Michael Garrison's responsibilities to include the International division, in addition to his current role as head of the company's US wholesale organisation. Furthermore, Rick Ciullo has been appointed as the head of Global Specialty's U.S. retail operations, a position ... Read the full article
Falcon Risk Services and ArxNimbus collaborate to transform cyber risk quantification
30th October 2024
Falcon Risk Services, a majority-owned MGA under HDI Global Specialty, which is a subsidiary of HDI Global SE, has partnered with ArxNimbus, a company in cybersecurity risk management, to reshape the approach to cyber risk quantification. This collaboration merges Falcon Risk Services' broad insurance expertise with ArxNimbus' advanced actuarial-based cyber risk ... Read the full article
HUB appoints Tim DeSett as President of North American Commercial Lines
30th October 2024
Hub International Limited (HUB), a global insurance brokerage and financial services firm, has announced the appointment of Tim DeSett as President of North American Commercial Lines. DeSett will report to Chris Treanor, President of Programs & Specialties at HUB. In his new role, he will focus on developing HUB's Commercial Lines ... Read the full article
The Hartford and Coalition partner to tackle growing demand in UK cyber market
29th October 2024
Property & casualty (P&C) insurer The Hartford and Coalition, a cyber insurer, have entered into a strategic, long-term capacity partnership to combat the growing customer and broker demand for Coalition’s Active Cyber Insurance approach in the UK market. Coalition’s Active Cyber Insurance offering is designed to help organisations spot, mitigate, and ... Read the full article
Aviva completes £1.3bn buy-in with RAC Pension Scheme, integrates existing longevity swap
29th October 2024
Aviva has completed a £1.3 billion bulk purchase annuity full buy-in with The RAC (2003) Pension Scheme, securing the benefits for all c19,000 members. According to the firm, features of the deal included a novation of the scheme’s existing longevity swap and the transfer of illiquid assets. Andy Morley, Senior Deal Manager ... Read the full article
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