Reinsurance News
ICEYE and Aon expand flood and wildfire data partnership to enhance event response
5th September 2024
ICEYE, a provider of satellite-based disaster management solutions, has announced that Aon, a global professional services firm, has expanded its data licensing agreement to include ICEYE’s Flood Insights data worldwide and Wildfire Insights data for the US. Through this agreement, Aon will incorporate ICEYE’s near real-time flood and wildfire data into ... Read the full article
Fitch revises reinsurance sector outlook to neutral as pricing cycle peaks
5th September 2024
Fitch Ratings has revised its global reinsurance sector outlook to ‘neutral’ from ‘improving’, noting that the pricing cycle has "most likely passed its peak", though profitability should remain very strong in 2025 by historical standards. "Given the sector’s abundance of capital, we expect a moderately softer and more competitive market in ... Read the full article
Paretchan named Global Head of Distribution and Market Relations, Guy Carpenter
5th September 2024
Guy Carpenter, the reinsurance broking division of Marsh McLennan, has appointed Jennifer Paretchan as Global Head of Distribution and Market Relations, where she will be based in the firm's New York office. In the role, she will primarily focus on utilising market insights to deliver solutions for Guy Carpenter's clients, and ... Read the full article
Moody’s adds casualty & liability modeling capabilities with Praedicat acquisition
5th September 2024
Casualty insurance analytics provider, Praedicat, has been acquired by global rating agency Moody's Corporation, building on its acquisition of RMS in 2021 and advancing its investments in new analytics and growth in the casualty marketplace. Terms of the transactions have not been disclosed, but Moody's says that it will not ... Read the full article
MetLife names Srihiran Brown as Global Head of Reinsurance, Dill to succeed as Chief Auditor
5th September 2024
Life insurer MetLife Inc. has named Toby Srihiran Brown as the Global Head of Reinsurance, effective October 1st, 2024. He will report to John McCallion, Chief Financial Officer of MetLife, Inc., and Head of MetLife Investment Management. Brown's appointment will address the expanding scope of MetLife’s reinsurance activities. In this role, he will ... Read the full article
Industry-leading performance has underpinned our ability to innovate: Lloyd’s Neal
5th September 2024
After achieving its best interim combined ratio since 2007 in the first half of the year, Lloyd's CEO, John Neal, has emphasised that this industry-leading performance has underpinned the firm's ability to innovate and design the solutions its customers, businesses and governments need to manage their risks and balance ... Read the full article
Markel adds Mullarkey as Global Executive Underwriting Officer, Property & First Party Lines
5th September 2024
Markel, the insurance arm of global re/insurer Markel Group Inc., has appointed Jamie Mullarkey to the role of Global Executive Underwriting Officer for Property and First Party Lines. In this global role, Mullarkey will lead the strategy for property and first-party lines, supporting multiple initiatives and cross-division opportunities. Additionally, he will be ... Read the full article
Cytora & Overstone to provide insurers with vital data insights on artistic work
5th September 2024
Digital risk processing platform Cytora has partnered with Overstone, the data-driven art evaluator, in a move that will allow speciality insurers to gain access to Overstone’s art intelligence through Cytora’s platform. From what we understand, this integration will allow underwriters to obtain a clear picture of the value, price variation, liquidity ... Read the full article
Bridging the cyber protection gap through public-private partnerships: Zurich & Marsh McLennan
5th September 2024
A new whitepaper from Zurich Insurance Group and Marsh McLennan underscores the urgent need for greater public sector involvement to strengthen societal resilience against catastrophic cyber events. As cyber threats evolve rapidly, they are outpacing the ability of traditional insurance and risk management solutions to fully address them. The report emphasises the ... Read the full article
Aventum now 100% owned by all employees as GWP hits $1.9bn
5th September 2024
International insurance and reinsurance group Aventum has revealed that during this year its gross written premium (GWP) has reached a significant $1.86 billion, as the company confirms that it is now entirely owned by all of its employees as it works to "create a unique winning culture." The $1.86bn GWP milestone ... Read the full article
Bhavesh Mulji appointed as Head of Insurance for the UK at Delta Capita
5th September 2024
Delta Capita, a provider of financial services consulting, managed services, and technology solutions, has announced the appointment of Bhavesh Mulji as the UK Head of Insurance. Mulji, who will be based in London, will report directly to Sarah Carver, Delta Capita’s Head of Retail Banking, Wealth, and Insurance. He joins from Capco, ... Read the full article
Aon forecasts an increase in reinsurance pricing competition in 2025
5th September 2024
Reinsurance renewals in 2024 have seen pricing gradually decrease, partly driven by an increase in alternative capital to $110 billion, combined with rate reductions being granted by reinsurers for the best performing risks. In its Reinsurance Renewal Season 2024 report, broker Aon is forecasting an increase in pricing competition in 2025, ... Read the full article
Hannah Njoki joins Howden Re as Director – Reinsurance Broker East Africa
5th September 2024
Experienced reinsurance executive Hannah Njoki has joined Howden Re as Director - Reinsurance Broker East Africa. Njoki will reportedly be based in Dubai and work with Howden Re's existing team to support clients across the East Africa region. Attilio Tornetta, Managing Director and Head of Reinsurance for Africa at Howden Re commented, ... Read the full article
BMS Re welcomes Aon’s Brad Melvin as President and CEO, US
5th September 2024
BMS Re, the reinsurance division of global broker BMS Group, has appointed Brad Melvin as President and Chief Executive Officer (CEO) of BMS Re, US, effective from November, subject to regulatory approval. In the meantime, Group CEO Nick Cook and Andrew Wheeler, President and Co-CEO of BMS Group, will continue to ... Read the full article
CCR Re’s turnover rises 7% to €970m in H1’24
5th September 2024
French reinsurer CCR Re has announced turnover of €970 million for the first half of 2024, up 7% year-on-year at current exchange rates, as the firm's non-life business performance improved. For CCR Re's life business, turnover was stable in H1 2024 when compared with the prior year, while non-life saw an ... Read the full article
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