Reinsurance News
Agile Underwriting names Matthew Rowan as Group Risk and Compliance Officer
19th July 2024
Agile Underwriting Services has appointed Matthew Rowan, formerly of insurance and reinsurance broker Aon, as Group Risk and Compliance Officer, based in Sydney. Rowan takes on oversight of both the syndicate service company and MGA operations as well as the claims handling units, and working with broking partners. He has more than ... Read the full article
AM Best revises outlook for Beazley subsidiaries to stable
19th July 2024
Global credit ratings agency AM Best has revised the outlook to stable from positive for the Long-Term Issuer Credit Ratings (Long-Term ICR), and also affirmed the Financial Strength Ratings (FSR) of A (Excellent) and the Long-Term ICR's of “a+” (Excellent) of specialist re/insurer Beazley’s subsidiaries. The subsidiaries include: Beazley Insurance Designated ... Read the full article
Chris Minter appointed Head of Swiss Re’s Alternative Capital Partners division
19th July 2024
Global reinsurer Swiss Re has revealed that Chris Minter will take over as Head of its Alternative Capital Partners (ACP) division, succeeding Philipp Rüede, who is leaving the firm after 12 years of service. As Reinsurance News understands, Rüede is set to depart Swiss Re to pursue other opportunities. “We would like ... Read the full article
Selective sees Q2 net loss as combined ratio climbs to 116.1%
19th July 2024
Selective Insurance has reported a net loss of $65.6 million for Q2 of 2024, with a combined ratio of 116.1% in what the firm described as a "challenging" quarter. According to the firm, a net unfavourable prior year casualty reserve development of $176 million increased the combined ratio by 16.3 points ... Read the full article
The Hanover expects $157.1m of catastrophe losses for Q2’24
19th July 2024
Property and casualty insurance holding company, The Hanover Insurance Group, Inc., has preliminary estimated pre-tax catastrophe losses of $157.1 million, or 10.7 points of net earned premium for the second quarter of 2024. The insurer has stated that the losses were primarily driven by severe convective storm activity and mostly impacted ... Read the full article
Everest appoints new Chief Claims Officers
19th July 2024
Bermuda-domiciled global re/insurer Everest Group, Ltd. has promoted Andrew McBride to Group Chief Claims Officer and appointed Lope Garcia as Global Reinsurance Chief Claims Officer. In his new role, McBride will lead claims across Everest’s insurance and reinsurance divisions, working closely with the firm’s global leaders. Most recently, as the Global Head ... Read the full article
Aon estimates H1’24 insured catastrophe losses of at least $58bn
19th July 2024
Total economic losses from natural catastrophe events reached $117 billion in the first half of 2024, of which at least $58 billion, or approximately 50% was covered by insurance, resulting in one of the lowest H1 protection gaps on record, according to insurance and reinsurance broking group Aon. The broker's first ... Read the full article
Natural Disaster Fund makes $1.45m in payouts in Grenada after hurricane Beryl
19th July 2024
The Natural Disaster Fund (NDF), which is managed by Global Parametrics, a CelsiusPro Group company, has made payouts exceeding USD 1.45 million to enable support for businesses and communities in Grenada following the impacts of hurricane Beryl. CelsiusPro has reported that the NDF, a public-private partnership funded by UK and German ... Read the full article
ARPC names Karin Rathbone Chief Risk Officer
19th July 2024
The Australian Reinsurance Pool Corporation (ARPC) has appointed risk management expert Karin Rathbone as Chief Risk Officer. Rathbone brings extensive experience to the role and joins ARPC after five years with Colonial First State (CFS), serving most recently as Chief Risk Officer, Investments. Prior to her role as CRO at CFS, she ... Read the full article
European & London market re/insurers very well placed for an active hurricane season: BofA
19th July 2024
As hurricane forecasters anticipate an active 2024 hurricane season, analysts at BofA Securities have said that European and London market re/insurers are very well placed to deal with the potential fallout. While the majority of Atlantic hurricane activity typically occurs between mid-August and mid-October, insurers and reinsurers were put on high ... Read the full article
UK re/insurers confident economic growth will improve in 2024: Lloyds Bank
19th July 2024
Economic growth is expected to improve over the next 12 months, according to a recent survey by Lloyds Bank’s which interviewed over 100 senior decision-makers at UK financial institutions, including re/insurers, banks, asset managers and others. The survey revealed a significant increase in positive sentiment compared to 12 months ago, mainly ... Read the full article
Increased demand & appetite, but there’s caution in the property reinsurance market: Klisura, GC
18th July 2024
The property catastrophe reinsurance market is much more predictable and smooth than it was a year ago, and while there's been a notable increase in demand for protection from clients, the potential for another year of $100 billion+ in insured natural catastrophe losses means there's caution in the marketplace, according ... Read the full article
Juniper Re collabs with CAPE to strengthen catastrophe analytics platform
18th July 2024
Juniper Re, the reinsurance broking arm and indirect subsidiary of The Baldwin Group, has announced a strategic collaboration with CAPE Analytics to deliver portfolio-improving property risk insights to its clients, as well as a differentiated view of the reinsurance market. "This collaboration adds another strategic component to Juniper Re’s sophisticated, tightly ... Read the full article
PartnerRe to provide capacity for the launch of Banyan Excess Liability
18th July 2024
Banyan Risk, a Bermuda-based specialist multi-line Managing General Agent (MGA), has announced a long-term strategic partnership with global reinsurer PartnerRe to write Excess Casualty Insurance. This collaboration, subject to approval by the Bermuda Monetary Authority (BMA), will see PartnerRe provide capacity and shareholder support for the launch of a new subsidiary ... Read the full article
PRA shares design and timetable for its 2025 dynamic general insurance stress test
18th July 2024
UK regulator the Prudential Regulation Authority (PRA) has revealed the design for its dynamic general insurance stress test (DyGIST), scheduled to take place in 2025. The plan to run this stress test was announced in October last year, alongside the DyGIST three objectives. One is the assessment of the UK general ... 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.
