Reinsurance News
Centerbridge & Gallatin sell up to 21.5% of Phoenix to Affinity and other investors
17th July 2024
International and Israeli investors have agreed to acquire up to 21.5% of Phoenix Group Holdings, an Israeli financial group, from investment firms Centerbridge Partners and Gallatin Point. The investment involves the sale of 4.95% of Phoenix shares to Affinity Partners, a global investment company headquartered in Miami. Additionally, approximately 6.5% of the ... Read the full article
Allianz to acquire majority stake in Singapore’s Income Insurance
17th July 2024
Allianz Group, a global insurer and asset manager, through its wholly owned subsidiary Allianz Europe B.V., has offered Singapore-domiciled insurer Income Insurance a pre-conditional voluntary cash general offer to acquire at least 51% of its shares. This strategic move will propel Allianz from the ninth to the fourth largest composite insurer ... Read the full article
WTW boosts international casualty team with three key hires
17th July 2024
Global insurance broker WTW has announced a series of major hires for its international casualty team, based in the firm's London office, part of the direct and facultative global line of business. Firstly, the company has appointed industry veteran Sam Barnes as a director, having previously held several broking roles at JLT ... Read the full article
Assurant expects $46m cat loss for Global Housing segment in Q2
17th July 2024
Assurant has revealed that it expects its Global Housing segment to record approximately $46 million pre-tax, or $36 million after-tax, of reportable catastrophes for Q2 of 2024. As per the firm, no single event is anticipated to exceed $15 million in pre-tax losses in Q2. Assurant explained that reportable catastrophe losses were ... Read the full article
WTW bolsters its Private Equity and Transaction Solutions, CRB NA team with new hires
17th July 2024
WTW, an advisory, broking, and solutions firm, has appointed Aartie Manansingh as Head of the Private Equity and Transaction Solutions Industry Group within Corporate Risk and Broking, North America (CRB NA). Jorgen Andersson and Peter Galla will serve as Deputy Heads of the Division. This strategic leadership team has been established ... Read the full article
Progressive reverses $95m May reinsurance recoverable
17th July 2024
US primary insurer Progressive has reversed the previously announced reinsurance recoverable of $95 million under its per occurrence reinsurance contracts, as the firm "remains close" to reaching the annual retention thresholds under its 2024 catastrophe aggregate excess of loss contracts. For May, Progressive reported net catastrophe losses of $722.1 million, ... Read the full article
Cytora to enhance risk assessment capabilities with Gamma Risk partnership
17th July 2024
Cytora, a digital risk processing platform, has partnered with Gamma Risk, a global provider of location intelligence systems and services, to help insurers map out commercial property risk assessment. Aiming to provide insurers with enhanced tools for precise risk evaluation and management Cytora has integrated Gamma Risk's Perilfinder™ in to its ... Read the full article
US SCS activity drives $61bn insured nat cat total for H1’24: Gallagher Re
17th July 2024
Global insurance and reinsurance industry losses from natural catastrophes in the first half of 2024 reached at least $61 billion, coming in 25% higher than the first half decadal average on the back of the second costliest H1 on record for the US severe convective storm (SCS) peril, according to ... Read the full article
Lemonade expands Aviva partnership with UK buildings & contents cover launch
17th July 2024
Lemonade, the digital insurance organisation, has expanded its UK homeowners offering with the launch of buildings and contents insurance, in a continuation of the firm's ongoing partnership with Aviva. According to the announcement, homeowners throughout the UK will now be able to purchase extensive coverage for their home and belongings. It has ... Read the full article
Florida Peninsula & Windward appoint CFO Cantor as Vice Chairman of the Board
17th July 2024
Florida Peninsula Holdings and Windward Holdings, which own and manage Florida Peninsula Insurance, Edison Insurance, and Ovation Home Insurance Exchange, have appointed Gary Cantor, currently the Chief Financial Officer (CFO), as Vice Chairman of the Board. Along with Paul Adkins, Chairman & CEO, Clint Strauch, President, and Stacey Giulianti, CLO, Cantor ... Read the full article
Allied Trust expands its homeowners insurance program in North Carolina
17th July 2024
Allied Trust Insurance Company has announced the launch of its homeowners insurance program in North Carolina, US, to provide coverage focused insurance options for coastal residents. Having entered the North Carolina insurance market in 2022 after a successful transition of business from Lighthouse Property Insurance, this is the fourth state in ... Read the full article
Ed Thomas joins Aon as Head of Lloyd’s Capital within Reinsurance Solutions Capital Advisory unit
16th July 2024
Global insurance and reinsurance broking group Aon has named Lloyd's of London's Ed Thomas as head of Lloyd’s Capital within its Reinsurance Solutions Capital Advisory team, based in London. In his new role, Thomas takes on responsibility for leading the broker's Lloyd’s-focused Capital Advisory services. He will have a focus on capital-raising ... Read the full article
TransRe announces key promotions to enhance cyber underwriting and services
16th July 2024
To better support the underwriting of a growing line of business and enhance product and service offerings, TransRe, a global reinsurer, has announced the promotion of Tina Kališnik to Global Portfolio Leader, Cyber, and Diana Liu to US Cyber Underwriting Leader. Tina Kališnik, who joined TransRe in 2016, has played a ... Read the full article
Insured nat cat losses to continue rising, warns Swiss Re’s Kera McDonald
16th July 2024
Global insured losses from natural disasters are expected to continue rising at an annual rate of 5-7% relative to GDP, according to Kera McDonald, Chief Underwriting Officer at Swiss Re Corporate Solutions. During Swiss Re’s recent media dialogue discussing its latest sigma report, McDonald emphasised the increasing severity of weather events, ... Read the full article
SiriusPoint and Irish MGA partner on property owners program
16th July 2024
Global speciality re/insurer SiriusPoint has announced its partnership with Service First Insurance, a managing general agent (MGA) that provides insurance solutions for the commercial and business markets in the Republic of Ireland. Service First’s distribution partnership with SiriusPoint will enable the MGA to underwrite commercial property risks of up to €10 ... Read the full article
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