Reinsurance News
Rael Davis named Chief Financial Officer of Hannover Re UK Life Branch
1st November 2024
Global reinsurer Hannover Re has announced the appointment of Rael Davis as Chief Financial Officer of the Hannover Re UK Life Branch. Davis brings extensive expertise in global accounting standards, a strong understanding of the financial drivers behind the company’s performance, and a well-established internal network within the Hannover Re Group. He ... Read the full article
Enstar finalises $376m loss portfolio transfer agreement with QBE
1st November 2024
Enstar Group Limited, a company specialising in managing runoff insurance and reinsurance portfolios, recently confirmed that one of its wholly-owned subsidiaries has finalised a previously announced loss portfolio transfer agreement with subsidiaries of QBE Insurance Group Limited. Through this agreement, Enstar reinsures a portfolio of US commercial liability and workers’ compensation ... Read the full article
Aon to expand presence in UK & Ireland with Griffiths & Armour acquisition
1st November 2024
Global insurance and reinsurance broker Aon has signed a definitive agreement to acquire UK-based insurance broker Griffiths & Armour, a move that aligns with its UK and Ireland expansion strategy. Upon completion of the transaction, Griffiths & Armour will become wholly-owned by Aon UK Limited and is proposed to go to ... Read the full article
Reinsurers post 22% ROE in 2023, Helene & Milton to stall softening, says AM Best
1st November 2024
Solid underwriting conditions, combined with a turnaround in unrealised losses drove reinsurers to a 22% return on equity (ROE) in 2023, states global ratings agency AM Best. However, the agency has also said that higher attachment points would make 2024 hurricane claims manageable. A new report from the agency notes that AM Best’s ... Read the full article
NDF supports ARC as lead capacity provider for parametric drought insurance for UN food program
1st November 2024
The Natural Disaster Fund (NDF), managed by Global Parametrics, is playing a crucial role in supporting food security in drought-prone African countries by supporting African Risk Capacity Ltd. (ARC) with risk capacity for the UN World Food Program (WFP). In the Central Sahel region of Burkina Faso, Mali, and Niger, annual ... Read the full article
Meredith Ramcharan & Grace Beveridge join QBE Re’s NA casualty team
1st November 2024
QBE Re, the reinsurance arm of QBE Insurance Group, has announced the appointments of Meredith Ramcharan as VP Casualty Treaty Team Leader and Grace Beveridge as Lead Treaty Underwriter. These key hires will strengthen the firm’s North America (NA) Casualty Treaty team, with both new team members based at QBE Re’s ... Read the full article
Property MGA Delos raises $9M to expand wildfire insurance for homeowners
1st November 2024
Delos Insurance Solutions, a property insurance MGA, has raised $9 million in a Series A funding round to address homeowners' challenges in securing wildfire insurance. This funding round was led by HSBC Asset Management, with contributions from IA Capital Group, Blue Bear Capital, Generation Space, and several angel investors. Using wildfire science ... Read the full article
RiverStone closes Loss Portfolio Transfer deal with QBE
1st November 2024
RiverStone International has completed a loss portfolio transfer reinsurance (LPT) with QBE after receiving all requisite approvals. Earlier in the year RiverStone had announced its agreement with QBE to provide a LPT for various QBE subsidiaries, including their Lloyd’s syndicates. According to the announcement, the LPT is effective July 1, 2024 ... Read the full article
Fairfax posts solid rise in GPW in Q3’24
1st November 2024
In their financial results for the third quarter of 2024, Fairfax Financial Holdings has reported net earnings attributable to shareholders of $1,030.8 million, which compares to the $1,068.9 million seen in the third quarter of 2023. According to Fairfax, this figure primarily reflects increased adjusted operating income of $1,136.8 million and ... Read the full article
Insurers brace for one of Spain’s costliest events following October floods: Aon
1st November 2024
The insurance sector is preparing for potentially one of Spain’s costliest events on record due to catastrophic flooding across eastern and southern regions that began on October 27, 2024, according to global insurance and reinsurance broking group Aon. The event began with intense rainfall and severe storms in Almería Province on ... Read the full article
Reinsurance Group of America’s net income drops in Q3 2024
1st November 2024
Reinsurance Group of America (RGA), Incorporated, a provider of life and health reinsurance has posted its financial results for the third quarter of 2024, which includes net income available to RGA shareholders of $156 million, a decrease compared to last year's $287 million. RGA's adjusted operating income for Q3 2024 sat ... Read the full article
Best estimate for FHCF pay out for Milton & Helene pegged at $4.6bn
1st November 2024
The Florida Hurricane Catastrophe Fund (FHCF), a tax-exempt trust fund created by the State in 1993 to provide coverage for property insurers, could pay out an estimated $4.6 billion due to claims from Hurricanes Milton and Helene, according to its independent actuary, Paragon Strategic Solutions Inc. The FHCF was created to ... Read the full article
Hamilton to head AXIS newly consolidated A&H insurance and reinsurance team
1st November 2024
Insurer and reinsurer AXIS Capital has announced it is consolidating its A&H Insurance and Reinsurance organisations under a single leader, James “Jay” Hamilton. This change aims to create a unified team, combining market knowledge and expertise from across all Accident and Health markets to enhance customer service. Hamilton will leverage his 35 ... Read the full article
SiriusPoint’s Q3’24 CoR strengthens to 84.4% as reinsurance GPW rises
1st November 2024
Bermuda-based insurer and reinsurer SiriusPoint has reported an improved combined ratio of 84.4% for the third quarter of 2024 as consolidated underwriting income increased from $73.8 million to $89 million, driven by increased favorable prior year loss reserve development. For the third quarter of 2024, favorable prior year loss reserve development ... Read the full article
Insurers to benefit from Accelerant’s risk management platform as it launches to the public
1st November 2024
Accelerant, a services & data platform for the specialty insurance market, has announced the public launch of app.accelerant.ai, a revolutionary digital platform with enhanced artificial intelligence (AI) capabilities. Insurers and risk capital partners can now harness the same powerful tools to optimise risk management and drive superior underwriting results that Accelerant’s ... Read the full article
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