Reinsurance News
Moody’s downgrades Saga Plc’s ratings
22nd October 2024
Moody’s Ratings has downgraded Saga Plc's corporate family rating (CFR) and backed senior unsecured debt ratings to B3 from B2 and the probability of default rating to B3-PD from B2-PD. The rating agency has also changed the company’s outlook to stable from negative. According to the announcement, this downgrade reflects Saga’s constrained ... Read the full article
Insurance industry on alert as 91% of executives see climate change as a major threat: Conning
22nd October 2024
A new report by Conning, a provider of investment management and insurance research, titled "Climate Risk: An Imminent Threat to Business," highlights the growing importance of assessing and managing both physical and transitional climate change risks within the insurance industry. The report, based on a survey of insurance executives, reflects Conning's ... Read the full article
Harry Edwards to lead Allianz Trade, ASEAN hub as Commercial Director
22nd October 2024
Allianz Trade in Asia Pacific has named Harry Edwards as ASEAN Commercial Director effective October 21st, 2024, based in Singapore. He replaces Céline Peredy, who is now Strategic Account Director for Allianz Trade for Multinationals. In his new role, Edwards will be responsible for all commercial activities in six ASEAN countries ... Read the full article
INSHUR secures $19m to scale operations with MS&AD backing
22nd October 2024
INSHUR, a global embedded insurance provider, has raised $19 million in its latest funding round to continue to strengthen market position across the US and Europe, bringing total funding to $78.5 million since 2019. The round was led by Viola Growth, with the participation of MS&AD Ventures and existing investors. The funding ... Read the full article
FERMA Forum 2024 calls for a transformative approach to risk management
21st October 2024
FERMA, the Federation of European Risk Management Associations, represents the interests of risk managers across Europe, and in her opening speech at the FERMA Forum in Madrid, President Charlotte Hedemark urged them to adapt, improve, and innovate to tackle the fast-changing risk environment. In her address at the FERMA Forum 2024, ... Read the full article
AXA Climate renews parametric insurance to safeguard marine protected areas
21st October 2024
AXA Climate has announced the renewal of parametric insurance coverage for 88 Marine Protected Areas (MPAs) in the Philippines. In partnership with Blue Alliance Marine Protected Areas and Howden, this initiative bolsters the financial stability of communities and ecosystems alike. It protects over 90,000 hectares of coral reefs and ensures the livelihoods ... Read the full article
Thomas McShane named Head of Technology and Media E&O at Tokio Marine Kiln
21st October 2024
Tokio Marine Kiln (TMK), an international insurer, has appointed Thomas McShane as Head of Technology and Media E&O, a newly created position. McShane will officially join the company in January and will report to Laila Khudairi, Head of Cyber & Enterprise Risk. In this role, McShane will focus on expanding TMK's global ... Read the full article
Reinsurers regain leverage as late storms drive up nat cat losses: Bloomberg
21st October 2024
With a series of late storms causing natural catastrophe losses to rise, pressure on reinsurers to cut pricing and offer more generous terms has eased, according to a new report from Bloomberg Intelligence (BI). As per Charles Graham, BI Senior Industry Analyst (Insurance), the insured cost of natural catastrophe losses may ... Read the full article
Ping An reports 4.5% growth in P&C insurance revenue in 9M 2024
21st October 2024
Chinese insurer Ping An has reported its results for the first nine months of 2024, showing a solid 4.5% year-on-year growth in property & casualty (P&C) insurance revenue, reaching RMB246,022 million. At the same time, its P&C operating profit increased 39.7% year-on-year to RMB13,987 million. The company also improved its overall P&C ... Read the full article
China approves new insurance ventures from BNP Paribas and Prudential
21st October 2024
China is further opening its massive insurance market by approving the establishment of separate insurance units for BNP Paribas and Prudential Financial. The National Financial Regulatory Administration (NFRA) greenlit a BNP Paribas joint venture with Volkswagen Financial Services, according to NFRA head Li Yunze. US-based Prudential Financial has also received approval for ... Read the full article
European reinsurance market remains dynamic: Munich Re
21st October 2024
The European reinsurance market remains dynamic, with demand for property reinsurance protection continuing to expand, according to Munich Re. At this year's Baden-Baden event, the global reinsurer revealed plans to deploy more capital in its European markets, namely where clients demonstrate underwriting discipline in their primary market. The firm said it will ... Read the full article
Lloyd’s Market Association welcomes John Levett as Head of Regulatory Affairs
21st October 2024
The Lloyd's Market Association (LMA) has announced the appointment of John Levett as Head of Regulatory Affairs, effective immediately, where he will report to Arabella Ramage, the Legal Director at the LMA. Levett became part of the LMA in October 2023 as Senior Executive for Regulatory Affairs. Since then, he has worked ... Read the full article
HBC Group acquires reinsurance broker, Genillard & Co.
21st October 2024
Genillard & Co. GmbH, a well-established reinsurance broker operating for over 20 years, has been acquired by HBC Group. This partnership aligns with HBC Group’s strategic plan to strengthen its market presence and expertise in the highly specialised reinsurance sector, enabling it to expand its strategic focus dynamically. Hauke Martinsen, Chief Executive ... Read the full article
Starr Insurance to start operating branch in Korea
21st October 2024
South Korea’s Financial Services Commission has granted Starr Insurance’s Starr International Insurance (Singapore) Pte. Ltd., Korean branch, a licence to operate in Seoul. This development enables Starr to initiate the sale of commercial property/casualty insurance across the entirety of South Korea. Phil Finley, president of Starr Asia Pacific, commented: “Korea is one ... Read the full article
Travelers Europe appoints Mark Clifford as Active Underwriter
21st October 2024
Travelers Europe, a division of The Travelers Companies Inc., has appointed Mark Clifford as the Active Underwriter for Syndicate 5000 at Lloyd’s and Vice President of Business Insurance (BI) Specialty. Clifford will be part of the Europe Operating Committee and report to Mike Lawton, Vice President of BI Europe and Chief ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
