Reinsurance News
Innovisk Capital Partners appoints Praveen Reddy as Global President and COO
2nd July 2024
Innovisk Capital Partners (Innovisk), a private equity-backed MGA platform, has recently appointed Praveen Reddy as its new Global President and Chief Operating Officer (COO). Founded in 2017, Innovisk is dedicated to investing in and growing entrepreneurial underwriting talent with a focus on risk analysis, pricing, and distribution. Reddy brings over 25 years ... Read the full article
Howden Re and Keenan complete LPT for a large California workers’ compensation JPA
2nd July 2024
Reinsurance broker Howden Re and Keenan have completed a strategic Loss Portfolio Transfer (LPT) between one of the largest California workers’ compensation joint powers authorities (the JPA) and a top-ten global reinsurer. Howden Re was responsible for facilitating the commutation with historical markets and brokered the loss portfolio transfer for the ... Read the full article
Blue Owl completes acquisition of Kuvare Asset Management
2nd July 2024
Alternative asset manager Blue Owl Capital Inc. has completed its previously announced acquisition of Kuvare Insurance Services LP (dba Kuvare Asset Management) (KAM), marking the official launch of Blue Owl Insurance Solutions. The $750 million acquisition enhances Blue Owl's ability to serve the insurance market at scale. Working across the firm's ... Read the full article
A huge $8.4bn of catastrophe bond issuance in Q2 takes market to record size: Report
2nd July 2024
A record $8.4 billion of catastrophe bond and related insurance-linked securities (ILS) issuance occurred in the second quarter of 2024, taking first half issuance to a new high of $12.6 billion, and the outstanding market to a record $48 billion, according to Artemis' latest quarterly market report. Read the full article
Beazley names Lucien Mounier as Head of Europe, Cyber Risks
2nd July 2024
Specialist insurer Beazley has appointed Lucien Mounier as Head of Europe, Cyber Risks. Reporting to Alessandro Lezzi, Head of International Cyber Risks, Mounier will be responsible for the establishment and oversight of Beazley’s cyber portfolio and team across Europe. Having served as Beazley’s Head of Asia Pacific (APAC) for six years, ... Read the full article
Monument Re acquires life insurance portfolio from Contassur
2nd July 2024
Monument Re has announced that its Belgian subsidiary, Monument Assurance Belgium, has successfully acquired a branch 21 closed book classical group life insurance portfolio from Contassur. Koen Depaemelaere, CEO of Monument Assurance Belgium and Carlo Elsinghorst, Group CEO of Monument Re Limited commented, “We are delighted to share that we have ... Read the full article
Aggregated losses from H1’24 billion-dollar cat events to be around long-term average: CRESTA
2nd July 2024
CRESTA, a provider of insurance industry loss data on non-US catastrophe events which have driven losses of above $1 billion, has released the Q2 2024 update of its CRESTA Industry Loss Index (CLIX), revealing that aggregate losses in the first half of 2024 are expected to be around the long-term ... Read the full article
Westfield launches smart home technology Ting to help prevent electrical fires
2nd July 2024
Westfield, a US-based property and casualty company, has announced a new program designed to help prevent home electrical fires. The new solution, Ting, uses advanced smart plug-in sensors to monitor the electrical network of a home to help detect electrical hazards, alert homeowners, and lead them through timely repairs to avoid ... Read the full article
Coverys gets regulatory approval for new London insurance entity
2nd July 2024
Coverys Limited, part of the company's dedicated London platforms which include both insurance company and MGA operations, (collectively Coverys London), has launched as a company market underwriting platform following approval from the Prudential Regulatory Authority (PRA) and Financial Conduct Authority (FCA). Coverys Limited has also been approved for admittance to ... Read the full article
CG Re (Africa) opens London office, first outside Africa
2nd July 2024
Specialist reinsurance broker, CG Re (Africa) Ltd has announced the opening of its London office, part of the company’s expansion strategy to become an international and global reinsurance broker. The new office, which will open from 10 July 2024, will be located in the City of London, and joins CGRE Group’s ... Read the full article
Aon appoints Lisa Stevens as Chief Administrative Officer
2nd July 2024
Global insurance and reinsurance broker Aon has announced the appointment of Lisa Stevens to the newly established role of Chief Administrative Officer. In her new role, Stevens will continue to oversee the firm’s People Organisation, with expanded responsibilities including Marketing and Communications, and Public Affairs. Greg Case, CEO of Aon, expressed his ... Read the full article
wefox gets €25m capital injection from investors to support restructuring efforts
2nd July 2024
Insurtech wefox Holding AG, at its General Meeting, saw investors reaffirm their support for the company by providing an immediate fresh capital injection of €25 million. This capital will support the ongoing restructuring efforts for which the company has already taken substantial steps, with further capital being realized through the continued ... Read the full article
RGA agrees 200bn KRW transaction with Tongyang Life
2nd July 2024
Reinsurance Group of America, Incorporated (RGA) has reached an agreement with Tongyang Life Insurance Company for an RGA subsidiary to reinsure a 200 billion Korean Won (KRW) (USD 144m) in-force block of life policies through coinsurance, marking the first cross-jurisdictional coinsurance transaction in South Korea. According to RGA, it has pioneered ... Read the full article
Lemonade completes 2024 reinsurance renewal on better terms
2nd July 2024
Insurtech firm Lemonade has successfully renewed its reinsurance program, led by the same tier-one carriers as the expiring treaty, the 2024 placement was oversubscribed on all dimensions as the company secured improved terms. At the program’s core is 55% quota share protection, the same level as in recent years. Lemonade confirms ... Read the full article
Labuan IBFC aims to expand in reinsurance and beyond after strong growth in 2023: CEO Nuli
2nd July 2024
Labuan International Business and Financial Centre (Labuan IBFC), an Asian financial hub known for its insurance, reinsurance, Islamic finance, and digital business solutions, achieved significant growth in 2023, with continued expansion expected in 2024 due to its strong regulatory framework and creative strategies, according to Datuk Iskandar Mohd Nuli, Executive ... 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.
