Reinsurance News
Global reinsurer capital up 4% to new high of $695bn, reports Aon
1st July 2024
Analysis by insurance and reinsurance broking group Aon finds that global reinsurer capital increased by 4% during the first quarter of 2024 to a new high of $695 billion, with growth in both traditional and alternative capital. From the end of 2023 to the end of March 2024, global reinsurer capital ... Read the full article
Miller appoints Kazuhiko Shinkai as Head of Non-Marine Japan Strategy
1st July 2024
Miller, an independent specialist (re)insurance broker, has announced Kazuhiko Shinkai's appointment as Head of Miller Non-Marine Japan Strategy, enhancing their Japanese operations through Lead Insurance Services Limited. Starting on July 1, 2024, Shinkai will manage Miller's Japanese operations and lead the expansion of the non-marine sector locally. Japan is a key growth ... Read the full article
Hong Kong officially begins risk-based capital regime for insurers
1st July 2024
Hong Kong’s risk-based capital (RBC) regime for the insurance industry has officially come into operation as of July 1, 2024. This follows the enactment of the Insurance (Amendment) Ordinance 2023, along with related subsidiary legislation and new guidelines or revised guidelines by the Insurance Authority (IA) that tie in with the ... Read the full article
The Fidelis Partnership Syndicate 3123 begins writing at Lloyd’s
1st July 2024
The Fidelis Partnership and Fidelis Insurance Group have confirmed that Syndicate 3123 (The Fidelis Partnership Syndicate) has formally begun underwriting business at Lloyd’s. The Fidelis Partnership Syndicate was first announced in March of this year, in collaboration with Hampden Agencies, the largest provider of private capital to Lloyd’s. The Fidelis Partnership ... Read the full article
Ryan Specialty announces Tim Turner as new CEO as part of leadership succession plan
1st July 2024
Ryan Specialty Holdings, Inc., an international specialty insurer, has announced that its Board of Directors has unanimously approved a leadership succession plan to be implemented on October 1st, 2024. Under this plan, Patrick G. Ryan, the Founder, Chairman, and Chief Executive Officer (CEO), will transition to the role of Executive Chairman, ... Read the full article
iA Financial Group finalises $170m acquisition of Vericity
1st July 2024
J.C. Flowers & Co. LLC recently announced the successful sale of Vericity to iA American Holdings, a subsidiary of iA Financial Corporation. In October 2023, Vericity entered into a definitive merger agreement with iA American Holdings for an all-cash acquisition valued at approximately $170 million. Under this agreement, iA acquired all ... Read the full article
Gallagher Re finds Florida risk-adjusted rates flat to down 10% at mid-year renewals
1st July 2024
As per Gallagher Re's latest mid-year renewals report, market softening in Florida levelled off and firmed as capacity became less abundant closer to June 1, ultimately leaving risk-adjusted rates on most programs either flat or down by as much as 10%. The report found that programs which were completed in early ... Read the full article
PCRIC names Richard Poulter Chief Risk Officer
1st July 2024
Pacific Catastrophe Risk Insurance Company (PCRIC) has announced the appointment of Richard Poulter as the company's new Chief Risk Officer, effective July 1, 2024. In his new role, Poulter will be responsible for ensuring executive management where the Board of Directors will have a comprehensive view of how key risks are ... Read the full article
Resilience doubles US client cyber insurance limits
1st July 2024
Cyber risk solution company Resilience has doubled the cyber insurance limits it can offer to clients in the US to $20 million per client. The agreement to expand Resilience's limit capability was reportedly brokered by Lockton Re and utilises Resilience's existing coverholder partnership with Lloyd's. "The additional $10 million in excess limits ... Read the full article
Argenta Holdings closes Sydney office, moves operations to London
1st July 2024
Argenta Holdings Ltd, a subsidiary of Hannover Re, has recently announced the immediate closure of the Sydney office of its Service Company, Argenta Underwriting Asia Pte Ltd, which operates on the Lloyd’s Australia platform. Following a review of its underwriting activities in Australia, the business currently managed in Sydney, as well ... Read the full article
Reinsurance market now balanced, sellers holding the line on retentions: Vickers, Gallagher Re
1st July 2024
The reinsurance market was fairly stable heading into the July 1st, 2024, renewals, and is now more balanced than it was a year ago, although reinsurers are holding the line on retentions, according to James Vickers, Chairman, Gallagher Re International. Reinsurance News spoke with Vickers around the launch of reinsurance broker ... Read the full article
PERILS raises industry loss for 2023 Australia Christmas storms to AU$1.6bn
1st July 2024
Zurich-based catastrophe insurance data provider PERILS AG, has provided a third update on the insured loss estimate for the Australia Christmas storms which impacted the states of Victoria, New South Wales, and Queensland during the period of 23 to 29 December 2023, lifting the figure to AU$1.563 billion (US$1.04 billion). Read the full article
Cyber insurance growth to shift to non-US markets by 2030: Howden
1st July 2024
Howden, the insurance intermediary group, has released its fourth annual cyber report, "Risk, Resilience and Relevance," noting market stabilisation last year due to improved cyber hygiene following a surge in ransomware claims in 2020 and 2021. According to the report, carriers and brokers have made notable strides in enhancing price stability, ... Read the full article
AXA XL names Kuklinski as Regional Manager, Northern Europe & Country Manager, Germany
1st July 2024
AXA XL, the property & casualty (P&C) and specialty risk division of global insurer AXA, has appointed Kai Kuklinski as Regional Manager, Northern Europe and Country Manager for Germany (Branch Manager of XL Insurance Company SE’s German branch), effective August 1st, subject to regulatory approvals. Kuklinski's remit will oversee the insurer's ... Read the full article
Zurich & Aon reveal new clean hydrogen insurance facility
1st July 2024
Zurich Insurance Group and Aon have launched a clean energy insurance facility, providing comprehensive coverage globally for blue and green hydrogen projects with capital expenditures of up to USD 250 million. With Zurich as the lead insurer and Aon as the exclusive broker, this initiative aims to accelerate the development of ... 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.
