Reinsurance News
Arch Insurance International promotes Marie Penberthy to CFO
5th August 2024
Arch Insurance International, part of Bermuda-based re/insurer Arch Capital Group Ltd., has promoted Marie Penberthy to Chief Financial Officer (CFO), subject to regulatory approval. Penberthy will be based in London, reporting to Hugh Sturgess, President and Chief Executive Officer (CEO) of Arch Insurance International. Her appointment aligns with Arch’s succession planning strategy ... Read the full article
Julian Coates appointed Chief Broking Officer of Price Forbes’ Singapore unit
5th August 2024
Price Forbes has bolstered its leadership team with the appointment of Julian Coates as Chief Broking Officer of the firm's Singapore unit. Based in Singapore, Coates will hold responsibility for developing Price Forbes' broking strategy in Asia Pacific. Overall, Coates boasts more than a decade of experience from working within the Asian market. He ... Read the full article
Allstate adds Nationwide cover but reduces Florida reinsurance tower at mid-year renewal
5th August 2024
US primary insurer Allstate opted to shrink the size of its 2024-2025 Florida excess catastrophe reinsurance program at the mid-year reinsurance renewals, and also added $90 million of limit to the top of its Nationwide coverage. This is now the second year running Allstate has elected to reduce its Florida specific ... Read the full article
Debby intensifies to cat 1 hurricane as Florida landfall imminent
5th August 2024
With tropical storm Debby recently intensifying into a category 1 hurricane, the National Hurricane Center (NHC) has warned of further strengthening, as an imminent landfall is anticipated in the Big Bend area of the Florida Panhandle. According to the forecasters, conditions will remain conducive for intensification as tropical storm Debby moves ... Read the full article
AXA to acquire Gruppo Nobis for €423m
5th August 2024
AXA has entered into an agreement to acquire Gruppo Nobis for an upfront payment of €423 million, with a potential additional earn-out of up to €55 million. Nobis is a predominantly Retail property and casualty (P&C) insurance company in Italy, with a diverse distribution network that includes multi-tied agents and car ... Read the full article
Miller appoints Edward Cheak Head of Credit & Political Risk Insurance, Asia
5th August 2024
Independent specialist re/insurance broker Miller has appointed Edward Cheak as Head of Credit and Political Risk Insurance (Asia). According to the firm, Cheak's appointment comes as it continues the expansion of its presence and offerings in various Asian markets. Based in Miller’s Singapore office, Cheak begins his new role on 1st August, ... Read the full article
Swiss Re Asia adds Alan Wilson to its Board of Directors
5th August 2024
Global reinsurer Swiss Re has appointed Alan Wilson as a member of the Board of Directors for its Asian business, Swiss Re Asia Pte. Ltd. (SRAL). Wilson is an industry veteran with 45 years of experience, and stepped into his new role on August 1st, 2024. Most recently, he was a non-executive ... Read the full article
Marsh McLennan Agency completes acquisition of Illinois-based broker Horton
5th August 2024
Marsh McLennan Agency, a subsidiary of Marsh, has completed the acquisition of The Horton Group, Inc., a full-service insurance brokerage based in Illinois, US. Horton, which was founded in 1971, offers property and casualty insurance, employee benefits consultation, and personal lines coverage to businesses and individuals across Indiana, Illinois, Wisconsin, Minnesota, ... Read the full article
John Brecker to head Hamilton Lane’s newly launched Insurance Solutions team
5th August 2024
Hamilton Lane, a global private markets investment management firm, has announced the creation of a specialised Insurance Solutions team, to be led by John Brecker. Moreover, the firm formalised its long-standing efforts to serve insurers and enhance its focus on investments and client support with the appointment of two senior team ... Read the full article
MGA Kova names Sarah Morrison Senior Underwriter
5th August 2024
Kova Professions, the specialist MGA focused on Professional Indemnity (PI), has announced the appointment of Sarah Morrison as Senior Underwriter. With two decades of industry experience, Morrison’s deep expertise in the PI sector will further enhance Kova's underwriting strategy and risk management processes, the firm stated. Led by CEO Kate Albert, Kova ... Read the full article
FERMA urges Hungarian Presidency to ensure holistic approach to European competitiveness
5th August 2024
The Federation of European Risk Management Associations (FERMA) has called upon the Hungarian Presidency to ensure holistic approach to European competitiveness and simplification of regulatory maze. The organisation recently published its Contribution to the Hungarian Presidency of the Council of the EU which focuses on two key elements of the Presidency’s ... Read the full article
AM Best upgrades Eureka-Re’s ratings
5th August 2024
AM Best, the global credit rating agency, has upgraded the ratings of reinsurer Eureka-Re SCC (Eureka) (Barbados). The Financial Strength Rating has been upgraded to A- (Excellent) from B++ (Good) along with the Long-Term Issuer Credit Rating changed to “a-” (Excellent) from “bbb+” (Good). AM Best stated that the ratings reflect Eurekas’s ... Read the full article
Berkshire Hathaway’s re/insurance businesses deliver $2.3bn net underwriting result for Q2’24
4th August 2024
Berkshire Hathaway, the Warren Buffett-run holding company and conglomerate, has achieved an 82% year-on-year rise in net underwriting earnings across its insurance and reinsurance businesses for the second quarter of 2024, as the firm's property and casualty (P&C) reinsurance operation again generated more than $1 billion in underwriting profit. Within P&C ... Read the full article
AIG expects 2025 CoR to be the same or lower than in 2023: CEO Zaffino
2nd August 2024
Global insurer AIG expects its 2025 calendar year combined ratio to come in the same or lower than the one reported in 2023, mainly as the result of actions taken as part of its AIG Next reorganization and expense reduction program. This news follows the insurer’s release of its second ... Read the full article
Chubb appoints Leander Metzger as Regional Executive Officer, Eastern Region, EMEA
2nd August 2024
Global property and casualty (P&C) insurer Chubb has appointed Leander Metzger as Regional Executive Officer, Eastern Region, for Continental Europe, Middle East & North Africa (EMEA), effective January 1st, 2025. Metzger will be based in Frankfurt and report to Peter Kelaher, Division President of Chubb Continental Europe, Middle East, and Africa. ... Read the full article
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