Reinsurance News
Legacy market remains strong with North America leading bounceback: PwC
9th September 2024
Despite an unsettled 12 months, recent deal activity heavily suggests that the market for legacy transactions remains strong, with the North American market in particular showing resilience, bouncing back after a quiet 2023. A new analysis from PwC shows that the 13 North American deals involving over $3 billion of liabilities ... Read the full article
Prices and conditions to remain on a sustained stable level, says Hannover Re
9th September 2024
Large European reinsurer Hannover Re is seeing robust demand for “high-quality” reinsurance protection and is well placed for profitable growth ahead of the January 1st, 2025, reinsurance renewals. This morning, Hannover Re discussed current reinsurance market conditions and the outlook for the January 2025 renewals at the annual meeting of the ... Read the full article
Gen AI an exciting opportunity for re/insurers, though introspection is needed: Xceedance’s Clausner
9th September 2024
According to Isabelle Clausner, VP, client executive – EMEA at Xceedance, opportunities for re/insurers to enhance operations with GenAI are many and varied, and although it will take a lot of work and introspection to achieve individual aims, the quickest wins will be in deploying technology to gain efficiency. Speaking in ... Read the full article
Amwins takes 8-person Equinox reinsurance broker team & accounts from Price Forbes Re
9th September 2024
Insurance origination and distribution specialist Amwins is expanding its reinsurance broking capabilities, with the latest being the move of part of the Equinox Re team from Price Forbes Re to the company, including Nick Foden-Pattinson and Jeremy Brasier, along with their accounts, Reinsurance News can reveal. In total, 8 brokers are ... Read the full article
BMS names Anna Painter, Head of Global Healthcare Technical Operations
9th September 2024
BMS Group (BMS), the independent specialist re/insurance broker, has appointed Anna Painter as Head of Global Healthcare Technical Operations, a newly created role based in London. Painter will report to Rob Wendin, Managing Director of the Global Healthcare Liability division. Her appointment aligns with BMS’s continued planned growth in the global healthcare ... Read the full article
Guidewire sees total revenue increase 8% to $980.5m in latest results
9th September 2024
In their financial results for the fiscal year 2024 (FY24), Guidewire has posted $980.5 million in total revenue, an increase of 8% from the prior year. Guidewire also disclosed that it's subscription and support revenue sat at $549.1 million, for the period, representing an increase of 28%, while license revenue was ... Read the full article
AM Best affirms IRB (Re)’s credit ratings with stable outlook
9th September 2024
AM Best has affirmed Brazilian reinsurer IRB (Re)’s Financial Strength Rating of A- and its Long-Term Issuer Credit Rating of “a-”, while revising the outlooks from negative to stable. The ratings reflect IRB (Re)’s balance sheet strength, assessed at the strongest level by AM Best, its adequate operating performance, neutral business ... Read the full article
Cyber re/insurance market can only grow at the pace of capacity: SCOR’s CEO
8th September 2024
Despite noting the "almost limitless" potential of the cyber re/insurance market, SCOR's CEO, Thierry Léger, has observed that it can only grow at the pace of capacity, meaning it will chiefly be an opportunity for the next few decades, rather than the next few years. Discussing cyber risk at the 66th ... Read the full article
Connect Underwriting to launch reinsurance MGA BRICS
8th September 2024
Connect Underwriting Limited has announced the launch of reinsurance MGA BRICS UW, which will reportedly provide capacity to emerging markets. "It will also act as a hub for international markets, enabling reputable emerging market reinsurers that do not have a presence in London to access London distribution and business rarely seen ... Read the full article
Global reinsurance market to grow by 2-3% over next three years: Munich Re
8th September 2024
The market environment for reinsurers remains both promising and challenging, and after impressive growth in recent years, the marketplace is poised to grow by 2-3% over the next three years, Munich Re said at the 66th Rendez-Vous de Septembre in Monte Carlo. Growth of 2-3% over the next three years, adjusted ... Read the full article
US casualty the elephant in the room: S&P
8th September 2024
Although S&P Global Ratings had many positive things to say about the reinsurance sector at its recent briefing in Monte Carlo, Senior Director Taoufik Gharib urged the market not to forget about the major risk posed by the US casualty space. "US casualty is the elephant in the room," Gharib said ... Read the full article
Aon & Marsh urge re/insurance industry to aid Ukraine’s resilience
8th September 2024
In a joint statement, Aon and Marsh McLennan have called on the re/insurance industry to aid Ukraine's resilience by facilitating economic growth, chiefly through the removal of blanket exclusions. According to the two firms, blanket exclusions ignore the diversity of risk throughout the country, preventing support for Ukraine's economy. "Additionally, since the ... Read the full article
Oak Re Syndicate 2843 gets Lloyd’s approval to commence underwriting
8th September 2024
Oak Reinsurance and Polo Managing Agency Limited (PMA), a PoloWorks company, have announced that Oak Re Syndicate 2843 has received Lloyd’s ‘in principle’ approval to commence underwriting from 1 January 2025. Paul Andrews, Chief Executive Officer of PoloWorks and PMA, commented on the news, “We are honoured to have partnered with ... Read the full article
Global reinsurance premiums to continue to grow: Fitch
8th September 2024
Global rating agency Fitch forecasts global reinsurance net premiums written to continue to grow in 2024 and 2025, forecasting USD 173.4 billion and USD 183.8 billion, respectively, with the impact of catastrophe losses to worsen. “Premiums growth is likely going to continue, but at a reduced pace, as rate adequacy has ... Read the full article
Ranked by 2023 revenue, Aon is still the world’s largest reinsurance broker
8th September 2024
Based on fully-year 2023 revenues, Aon Reinsurance Solutions, the reinsurance broking arm of the global intermediary, remains the world's top reinsurance broker, although Guy Carpenter, the reinsurance arm of Marsh McLennan, has narrowed the gap at the top. Our ranking of the top global reinsurance brokers in ... Read the full article
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