Reinsurance News
SRG bolsters retail business with Anthony James Insurance Brokers acquisition
20th August 2024
Specialist Risk Group (SRG), the insurance intermediary, has acquired Anthony James Insurance Brokers in a move that is set to expand and further strengthen SRG's retail pillar - Specialist Risk Insurance Solutions (SRIS). Subject to regulatory approval, Anthony James becomes SRG’s fifth acquisition since it announced its new investment partners, Warburg ... Read the full article
Puerto Rico insurers should be able to navigate Ernesto losses: AM Best
20th August 2024
AM Best expects that Puerto Rico-domiciled insurers should be able to navigate losses caused by Hurricane Ernesto, with property losses anticipated to be moderate and contained within reinsurance limits. Based on initial discussions with its rated companies, the rating agency has noted that most of the damage caused by Hurricane Ernesto ... Read the full article
Bob James named CEO of Velonetic, Callum Gibson to serve as COO
20th August 2024
Velonetic, previously known as London Market Joint Ventures, has announced Bob James as its new Chief Executive Officer (CEO) and Callum Gibson as its Chief Operating Officer (COO), effective immediately. Velonetic is the trading name of Ins-sure Holdings Limited and Xchanging Claims Services Limited, the joint ventures between DXC Technology, the ... Read the full article
Prudential to reinsure $11bn universal life block with Wilton Re
20th August 2024
Prudential Financial, a US insurance and investment firm, has entered into an agreement with Wilton Re to reinsure approximately $11 billion of reserves supporting a portion of its guaranteed universal life block. This deal is expected to generate roughly $350 million in proceeds after closing. The transaction involves policies issued by Pruco ... Read the full article
Kenya Re sees improved combined ratio in H1 2024
20th August 2024
Kenya Reinsurance Corporation Limited (Kenya Re) has announced its financial results for the first half of 2024, reporting after-tax profits totalling KSh 1.06 billion (USD 8.2m), down from KSh 1.17 billion (USD 9.1m) during the same period the year prior. The firm reported an improved combined ratio of 94% compared to ... Read the full article
Growing demand for parametric insurance in 2024: AM Best
20th August 2024
Record cat bond issuance and large spreads indicate a strong demand for reinsurance capacity, leading to continued interest in parametric-triggered reinsurance and insurance-linked securities (ILS) in the first half of 2024, according to AM Best’s latest report. In the first half of 2024, six natural catastrophe bonds with parametric triggers ... Read the full article
Annja Karlsson joins Norwegian firm Storebrand as Head of Reinsurance
20th August 2024
Annja Karlsson has joined Storebrand, a Norwegian financial services company offering pension, savings, insurance and banking products, as Head of Reinsurance. Headquartered in Oslo, Norway, Storebrand offers its products to individuals, businesses and public enterprises. Today, it is one of the largest private asset managers in the Nordic region, with over NOK ... Read the full article
SEADRIF bolsters team with two senior appointments
20th August 2024
The Southeast Asia Disaster Risk Facility (SEADRIF) Insurance Company has appointed Heddy Pritasa as a Board Member, while Dr. Yoshihiro Kawai, with the Council of Members' endorsement, will assume the new role of SEADRIF Initiative Director in August 2024. Pritasa is an industry veteran with over three decades of experience in ... Read the full article
Cytora & GeoSmart Information collaboration to help insurers stem flood risk
20th August 2024
Cytora, the digital risk processing platform has partnered with GeoSmart Information, the environmental data specialist, in a move that it set to help insurers stem flood risk. From what we understand, the integration of GeoSmart Information’s data into Cytora’s digital risk processing platform will allow insurers to gain access to almost complete ... Read the full article
Chaucer hires Baker as Class Underwriter within political violence & crisis management team
20th August 2024
Chaucer, the global specialty re/insurance firm has appointed industry veteran Alex Baker as Class Underwriter within its political violence and crisis management team. Baker brings a deep degree of expertise towards his new role, having previously worked at AXA XL (Catlin) for thirteen years where he specialised in underwriting Terrorism and ... Read the full article
Ardonagh Advisory to acquire R.K. Henshall
20th August 2024
Ardonagh Advisory, a UK insurance broking and consulting firm, has announced its plan to acquire R.K. Henshall & Co. Limited, a chartered insurance broker based in Sandbach, Cheshire. Founded in 1976, R.K. Henshall & Co. employs 35 people and specialises in commercial insurance, offering premium schemes through its Air Underwriting division. Following ... Read the full article
Marsh launches $50m port blockage insurance facility following Baltimore Bridge collapse
20th August 2024
Marsh, the insurance broker, risk advisor and a subsidiary of Marsh McLennan, is launching a first-of-its-kind $50 million port blockage insurance facility, covering shipping ports and terminals globally. Following the collapse of the Francis Scott Key Bridge and subsequent disruption at the Port of Baltimore, Marsh created this insurance facility. It is ... Read the full article
HDI Global posts 91.1% CoR in H1’24, insurance revenue reaches €4.8bn
20th August 2024
Industrial insurer HDI Global SE, part of the Talanx Group, has posted a combined ratio of 91.1% for the first half of 2024, an improvement from 93.1% from the same period in 2023. At the same time, the company's insurance revenue totaled €4.8 billion for the period, a 14% increase from ... Read the full article
Austral Re sees net profit growth in H1’24 despite impact of floods in Rio Grande do Sul
20th August 2024
Brazilian reinsurance company Austral Re has announced its financial results for the first half of 2024, reporting a net profit of R$ 27.7 million (USD 5m) and a 13% increase in gross reinsurance premiums (GRP) compared to the same period in the year prior. Despite the negative impact the Rio Grande ... Read the full article
Toronto/Ontario flash flooding drives $940m in insured damage: CatIQ
20th August 2024
According to initial estimates from Catastrophe Indices and Quantification Inc. (CatIQ), the flash flooding in Toronto and other parts of southern Ontario between July 15-16, 2024, is estimated to have caused over $940 million in insured damage. Amanda Dean, Vice-President, Ontario and Atlantic, Insurance Bureau of Canada (IBC), commented, “The insurance ... Read the full article
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