Reinsurance News
MSIG USA bolsters its political risk and credit team in the U.S. market
5th July 2024
MSIG USA has announced the addition of Dan Riordan, Richard Abizaid, and Javier Gomez to its political risk and credit team. The three will lead the political risk and credit product portfolio in the U.S. market. This move underscore MSIG USA's commitment to providing comprehensive insurance solutions to safeguard businesses against ... Read the full article
Brendan Lane Larson joins ROAR as Chief Climatologist
5th July 2024
Brendan Lane Larson has recently joined the leadership team of Resilience Opportunity Advisors & Resources (ROAR) Partners to provide expertise in Climatology. Brendan Lane Larson is a climatologist, physical meteorologist, practitioner, and experienced entrepreneur. He currently serves as Co-founder and CEO of AbsoluteClimo LLC, a global company specialising in climate physics and ... Read the full article
Davies secures £1.5 billion refinancing to support growth initiatives
5th July 2024
Davies, a provider of specialised professional services and technology solutions for insurance and highly regulated markets, has announced a successful £1.5 billion refinancing of its senior debt facilities. This move significantly lowers its interest expenses, extends debt maturity dates, and secures additional credit lines to support its future growth initiatives. The agreement ... Read the full article
PIB expands presence in Poland with Nord Group acquisition
5th July 2024
PIB Group, a specialist insurance intermediary, has expanded its presence in Central and Eastern Europe with the acquisition of Nord Group, a provider of risk management, insurance and reinsurance solutions in Poland. PIB signed a conditional agreement to acquire 100% of the shares in the companies of Nord Group, which include ... Read the full article
Inflation, high costs, and need for rate increases key for European P&C: Bloomberg
5th July 2024
Analysts at Bloomberg Intelligence have cited inflation, high costs, and premium rates needing to rise as three key themes for the European property and casualty (P&C) sector in 2024. Claims inflation has characterized 2023 trading, and analysts expect it to be a feature of 2024, with insurers challenged to increase rates ... Read the full article
Identifying minor risks to prevent future challenges: Raaflaub, Swiss Re
5th July 2024
Patrick Raaflaub, Group Chief Risk Officer at Swiss Re, emphasises the importance of promptly identifying minor risks and initiating early discussions on effective management strategies to prevent them from becoming unmanageable in the future. Raaflaub illustrates this point with the Schweizerhalle catastrophe, which, nearly four decades later, still demonstrates the consequences ... Read the full article
Stable mid-year renewals point to favourable outlook for reinsurance rates: RBC
5th July 2024
Analysts at RBC Capital Markets believe reinsurance rates still have a favourable outlook after the mid-year renewals, despite being below peak levels seen last year. The main message from broking groups following the mid-year reinsurance renewals was that it was a more stable environment than last year, as supply generally met ... Read the full article
AutoRek partners with J.P. Morgan Payments to enhance insurance premium processing
5th July 2024
AutoRek, an insurtech company, has announced a collaboration with J.P. Morgan Payments, a division of J.P. Morgan, a global financial institution, to assist insurance firms in navigating data complexities and exploring new market opportunities. AutoRek's solution enhances financial data flows from banking sources, aiding in cash allocation, matching, and credit control. This ... Read the full article
AXA & Generali join IDF’s Infrastructure Resilience Development Blueprint
5th July 2024
Global insurers AXA and Generali have announced their support for the Insurance Development Forum (IDF)’s Infrastructure Resilience Development Blueprint, an initiative aimed at mobilising and facilitating insurance sector investments in infrastructure that will enhance the resilience of vulnerable communities to risks from climate change and other natural disasters. The IDF is ... Read the full article
MAPFRE RE expands presence in Asia with new China office
5th July 2024
Global reinsurer MAPFRE RE to open its new branch in Beijing as it has been granted approval from the National Financial Regulatory Administration of the People’s Republic of China. The Beijing Branch is an important milestone for MAPFRE RE’s strategic development in China, the company stated. It will enable MAPFRE RE to ... Read the full article
ARC makes US$32m climate insurance payouts to assist people impacted by drought in Zimbabwe
5th July 2024
The Government of the Republic of Zimbabwe has received an insurance payout of US$16. 8 million following its participation in the African Risk Capacity (ARC) Group disaster financing mechanism. For those who are not aware, the mechanism is designed to help African Union (AU) Member States plan, prepare and better respond ... Read the full article
Alternative reinsurance capital hits record $110bn: Aon
5th July 2024
So far in 2024, the insurance-linked securities (ILS) market has seen significant growth, with the volume of alternative capital in the global reinsurance industry increasing to a record high of $110 billion through the second quarter, as reported by insurance and reinsurance broker Aon. Aon’s mid-year 2024 report reveals that each ... Read the full article
All insurance lines targeted by tech-enabled claim instigation: 4WARN
5th July 2024
According to Todd Kozikowski, Co-founder, CEO, 4WARN, nearly all insurers and lines of insurance are now being targeted by tech-enabled claim instigation, a phenomenon once considered confined to Florida. In March 2022, Demotech’s research, undertaken by aforementioned Kozikowski and authorised by Joe Petrelli, President and Co-Founder of rating agency Demotech and ... Read the full article
Labour government to have minimal real impacts on earnings & capital for UK re/insurers: Deutsche Bank
5th July 2024
With Labour winning the UK election, a report from Deutsche Bank has observed that the new government will have minimal real impacts on earnings & capital for the country's re/insurers. "Our view about Labour's manifesto policies remains unchanged from our first take - i.e. we expect minimal real impacts on earnings ... Read the full article
Suncorp adds $350m to top of catastrophe reinsurance tower as CEO welcomes market stability
5th July 2024
Australian insurer Suncorp has successfully placed its 2025 fiscal year catastrophe reinsurance program, maintaining its maximum event retention of $350 million for a first large event and lifting the top of its tower to $6.75 billion. For 2024, Suncorp reduced the top of its tower by $400 million to $6.4 ... Read the full article
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