Reinsurance News
Everest Evolution brand launched for Group’s US Wholesale business
17th September 2024
Everest Insurance, the insurance division of Bermuda-domiciled insurer and reinsurer, Everest Group, has established a new brand called Everest Evolution for its fast-growing US Wholesale business. The move was driven by an established demand for access to Everest’s offerings in the U.S. excess and surplus (E&S) lines market, which accounts for ... Read the full article
Takuya Aibe to lead Howden Japan’s retail business following Foresight acquisition
17th September 2024
Global insurance intermediary group Howden has launched into the Japanese retail insurance broking and captive consulting and management markets with the acquisition of Foresight Holdings Co. Ltd, appointing Takuya Aibe as CEO of its Japanese retail business. Founded in 2005, Foresight is a group of companies licensed to offer retail brokerage ... Read the full article
ICA Board names Suncorp’s CEO Steve Johnston as Chair
17th September 2024
The Insurance Council of Australia (ICA) has appointed Steve Johnston, Suncorp's Chief Executive Officer and Managing Director, as Chair of the ICA Board, effective January 1st, 2025. Johnston joined the ICA Board as a Director in August 2021, and succeeds Nick Hawkins, IAG Managing Director and CEO, who has served as ... Read the full article
Evolving risk landscape presents new challenges for re/insurers in Asia: Peak Re’s Hahn
17th September 2024
One of the biggest challenges currently facing the Asian re/insurance market is the substantial protection gaps, particularly for natural catastrophes, according to Franz-Josef Hahn, Chief Executive Officer of Peak Re. Reinsurance News spoke to Hahn around this year's Rendez-Vous de Septembre (RVS) in Monte Carlo about a range of topics, such ... Read the full article
Brit adds Mithal, Lynch & Lewis to Private Client team
17th September 2024
Brit Ltd, the global specialty insurer and reinsurer, has expanded its Private Client team with the appointments of Vijay Mithal, Billy Lynch and Chris Lewis. They each bring a deep degree of experience within the High Net Worth (HNW) market along with well-established broker relationships across the sector. Both Mithal and Lynch ... Read the full article
CrowdStrike event reveals opportunity for non-malicious cyber coverage: Broadstone
17th September 2024
Broadstone's latest Insurance Risk Monitor suggests that the CrowdStrike event challenges the cyber insurance market's conventional focus on malicious actors, highlighting an opportunity to offer more comprehensive coverage for non-malicious losses. Broadstone notes that until recently, the market primarily addressed malicious events, which has kept claims from the CrowdStrike incident—caused by ... Read the full article
Fitch expects reinsurers to seek double-digit US casualty rate rises at Jan 1
16th September 2024
Fitch Ratings, the credit rating agency, has reported that reinsurers will likely push for double-digit increases in US casualty premium rates during policy renewals in January 2025, as companies look to keep pace with elevated loss costs. This adjustment is seen as necessary in light of where loss costs have trended, ... Read the full article
Anthony Lamb promoted to Global Underwriting Manager, Marine, AXA XL
16th September 2024
AXA XL, the property & casualty (P&C) and specialty risk division of global insurer AXA, has promoted Anthony Lamb to Global Underwriting Manager, Marine, as part of the firm's Global Chief Underwriting Office. An experienced veteran across the sector, Lamb has been with AXA XL for over a decade working within ... Read the full article
KCC estimates Hurricane Francine privately insured loss at close to $1.5bn
16th September 2024
Privately insured losses from Hurricane Francine have been initially estimated as close to $1.5 billion, according to catastrophe risk modelling specialist Karen Clark & Company (KCC). Hurricane Francine, a Category 2 storm with sustained maximum winds of 100 miles per hour, made landfall near Terrebonne Parish, Louisiana on September 7th. Based on ... Read the full article
Ryan Specialty completes Ethos Specialty’s P&C MGUs acquisition from Ascot
16th September 2024
Specialty insurance firm Ryan Specialty has completed the acquisition of Ethos Specialty Insurance’s P&C managing general underwriters (MGUs) From Ascot Group Limited. Ryan Specialty had signed a definitive agreement to acquire these MGUs back in September. Upon completion of the acquisition, Ethos P&C, established in 2017 by Ascot Group, will be ... Read the full article
Everest expands LatAm presence with new branch in Bogotá, Columbia
16th September 2024
Everest Insurance International has announced the launch of its new office in Bogotá, Colombia: Everest Compañía de Seguros Generales Colombia S.A., following regulatory approval from the Superintendencia Financiera de Colombia. This launch marks a key step in Everest's strategic expansion across Latin America (LatAm), coming shortly after its recent opening ... Read the full article
Lillelund to takeover as CEO of Allianz Global Corporate & Specialty in early 2025
16th September 2024
Allianz has revealed that Thomas Lillelund will be joining Allianz Global Corporate & Specialty SE (AGCS) as CEO in early 2025. He will also reportedly assume leadership of Allianz Commercial, Allianz Group’s integrated global model for serving the Commercial Property & Casualty insurance segment (Mid Corporate, Large Corporate and Specialty customers). Lillelund ... Read the full article
Amphitrite Underwriting London now an approved Lloyd’s of London coverholder
16th September 2024
Amphitrite Underwriting London, a marine specialist managing general agent (MGA), has received its final approval from Lloyd’s of London to become an approved coverholder. The MGA stated that securing the coverholder status represents a significant milestone in its growth trajectory toward strategic diversification. Konstantinos Tampakakis, Chief Executive Officer of Amphitrite, stated, “This ... Read the full article
Liberty Mutual Re hires Manja Kollmann from Generali Germany as COO
16th September 2024
Liberty Mutual Reinsurance (LM Re), the reinsurance arm of Boston headquartered Liberty Mutual Insurance Group, has hired Manja Kollmann from Generali Germany as its new Chief Operating Officer (COO), based in London. In her new role, Kollmann has a dual reporting line to Sue Figueredo Cook, COO, Global Risk Solutions (GRS), ... Read the full article
LMA launches market-wide consultation on new CBAA model wording
16th September 2024
The Lloyd's Market Association (LMA) has launched a market-wide consultation on the new Computable Binding Authority Agreement (CBAA) model wording, developed with support from Lloyd’s, LIIBA, MGAA, and the IUA. The draft CBAA model wording is the result of months of work by experts from the London delegated authority (DA) community ... Read the full article
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