Reinsurance News
Rate is adequate in most lines we’re in, it’s too soon to backpedal: Dale Underwriting CEO
18th September 2024
Duncan Dale, founder and Chief Executive Officer (CEO) of Dale Underwriting Partners, told Reinsurance News that rating is adequate in most of the lines the specialist re/insurance provider operates in, with little room to go backwards as the carrier focuses on developing the right opportunities. Last week, we spoke with Dale ... Read the full article
MGA Spring Insure targets major expansion following Bridgehaven deal
18th September 2024
Specialist financial and commercial lines managing general agent (MGA), Spring Insure, has secured significant new and enhanced A-rated capacity across all its existing product lines following an agreement with hybrid fronting insurer, Bridgehaven Specialty UK, effective immediately. The agreement covers Spring Insure’s entire product portfolio, vastly broadening its underwriting appetite. The capacity ... Read the full article
Central Europe floods could cost up to $3.3bn in insured losses: Gallagher Re
18th September 2024
Global reinsurance broker Gallagher Re estimates that the insured losses from the severe floods in central Europe, which occurred mainly from September 12-15, are likely to range between EUR 2.0 to 3.0 billion (USD 2.2 to 3.3 billion). A slow-moving low-pressure system caused continuous rainfall across central Europe, leading to severe ... Read the full article
First half of 2024 sees record number of buy-in transactions for a six-month period
18th September 2024
With 134 buy-ins, the first half of 2024 has seen the largest ever number of buy-in transactions for a six-month period, compared to the 96 buy-ins that were completed during the same period in 2023, a recent analysis by Hymans Robertson has revealed. According to data, the 134 buy-ins completed in ... Read the full article
Fac reinsurance ‘might be moving away from a hard market’, says UIB’s Barrington
18th September 2024
“It appears that the facultative reinsurance might be moving away from a hard market, but there are a number of global events that could happen between September and January which could heavily influence where the market is heading,” UIB CEO Shaun Barrington commented at RVS Monte Carlo 2024. With one of ... Read the full article
AM Best maintains stable outlook for China’s non-life insurance sector
18th September 2024
AM Best has maintained a stable outlook for China’s non-life insurance sector, pointing to factors like a supportive regulatory environment, increased awareness of health insurance, and growth potential in the electric vehicle insurance market. The ratings agency notes that the sector's solvency ratios under the China Risk-Oriented Solvency System (C-ROSS) stabilised ... Read the full article
Munich Re North America Life launches new longevity reinsurance offering
18th September 2024
Munich Re North America Life has launched a new longevity reinsurance offering which will reportedly allow clients to accumulate assets while transferring biometric risk. Munich Re North America Life includes Munich Re Life US and Munich Re, Canada (Life), which have served the US, Canada, Bermuda and Caribbean markets for 65 ... Read the full article
Material softening of the P&C Re market not expected heading into 2025: Goldman Sachs
18th September 2024
According to Goldman Sachs, the market backdrop for property & casualty (P&C) reinsurance remains favourable, following rates hardening following the impact of Hurricane Ian, and 2023 seeing the strongest subsector return on equity's (ROEs) of the past seven years. Analysts noted that P&C Re risk-adjusted rates have been stable to moderately ... Read the full article
Vortex increases parametric hurricane insurance limit to $500,000
18th September 2024
Vortex Weather Insurance, a parametric weather insurtech, has announced an increased available limit of $500,000 for its parametric hurricane insurance, available to businesses along the Atlantic and Gulf Coasts. This type of insurance provides supplemental coverage triggered by specific data, helping to cover unexpected costs such as deductibles and lost business ... Read the full article
LMG adds Aon’s Kus to board as representative of LIIBA
18th September 2024
Tracy Lee Kus, Head of Aon’s London-based Global Broking Centre, has joined the London Market Group (LMG) board as a representative of London & International Insurance Brokers’ Association (LIIBA). Kus, who has over three decades of experience in the insurance industry, joined Aon’s Global Broking Centre earlier this month after ... Read the full article
Amwins Global Risks bolsters leadership team, Nick Abraham to lead as CEO
18th September 2024
The London-domiciled global speciality distributor Amwins, has named Nick Abraham to succeed Nathan Mathis as Chief Executive Officer of its specialty distributor, Amwins Global Risks effective January 1st, 2025. Mathis, who has served in several leadership roles in London for six years, including three as CEO, will rejoin the US-based leadership ... Read the full article
B.P. Marsh & Partners reports funds at £80.2m and no debt
18th September 2024
In a recent trading update, B.P. Marsh & Partners, the specialist investor in early stage financial services businesses, has revealed that as of July 31st, 2024 it had cash of £80.2 million. The firm also revealed that the current cash and treasury balance is £82.9 million and the Group is debt ... Read the full article
Altea Insurance expands across Europe with new office in Ireland
18th September 2024
Altea Insurance (Altea), a provider of combined insurance and risk management services for the medical, allied health, and care sectors, has announced its expansion into the European Economic Area (EEA). Launched last summer under the leadership of Carly Matson, Altea is supported by Mission Underwriters UK & Europe and backed ... Read the full article
US private market insured losses from Francine to be under $2bn: Moody’s RMS
18th September 2024
Moody’s RMS Event Response has disclosed an estimate for US private market insured losses from Hurricane Francine, which made landfall in Terrebonne Parish, Louisiana, on September 11th, 2024, of less than $2 billion. This estimate includes onshore insured losses driven by wind, storm surge, and precipitation-induced flooding, and insured offshore energy ... Read the full article
IQUW adds Peter Hearn as Independent Non-Exec Director to Bermuda Board
18th September 2024
IQUW, a property and specialty insurer and reinsurer, has appointed Peter Hearn as an Independent Non-Executive Director to the IQUW Holdings Bermuda Board. Hearn is an industry veteran with over four decades of experience in the global insurance and reinsurance broker sector. Throughout his career, he has held various senior leadership roles, ... Read the full article
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