Reinsurance News
Reinsurance broking news
Reinsurance broker news, analysis and insight, covering reinsurance broker market trends and opportunities.
Reinsurance brokers have a core role to play in the market, so we frequently cover news related to their activities and also interview senior reinsurance broking executives as well.
Marsh McLennan extends lead as top global broker based on 2021 revenues
6th July 2022
Marsh McLennan remains the world's largest re/insurance broker, in terms of total revenues, which reached a huge $19.8 billion for the firm in 2021, according to our directory of the Top 20 Global Insurance & Reinsurance Brokers, based on research data from A.M. Best. Year-on-year, Marsh McLennan's ... Read the full article
Stand-alone protection for cyber ‘essentially unobtainable’ at economical terms: Gallagher Re
6th July 2022
According to Gallagher Re’s mid-year renewals report, stand-alone risk protection for cyber is essentially unobtainable at economical terms, however some cyber risk protection is still available via composite casualty treaties. The report also highlights how there is a continued appetite on the proportional side for supporting existing programmes as both cyber ... Read the full article
California Earthquake Authority adds TigerRisk to reinsurance broker panel
6th July 2022
The California Earthquake Authority (CEA), one of the world's largest insurers of residential earthquake cover, has added TigerRisk Partners as an additional reinsurance broker to its panel of providers. Given the size of the CEA's reinsurance needs, around $9 billion, the insurer utilises multiple reinsurance brokers to help it in facing ... Read the full article
$5bn+ of additional reinsurance limit sought by carriers at mid-year renewals: Aon
5th July 2022
Buyers sought an estimated additional $5 billion+ in limit at the mid-year 2022 reinsurance renewals, driven mostly by elevated inflation expectations, and also heightened secondary peril losses, reports Aon. "Faced with inflation-driven exposure growth, as well as increased frequency of secondary perils, many insurers entered the renewals looking to purchase higher ... Read the full article
Gallagher Re and Africa Re team up to address protection gap in Africa
5th July 2022
Gallagher Re and Africa Re are to team up in an effort the firms say will ‘strengthen the financial resilience of African countries against a broad range of climate, crisis and disaster risks’. Named ‘Accelerating action through scalable risk transfer schemes’, the initiative is offering a robust, replicable, and modular framework ... Read the full article
Gallagher Re appoints Swiss Re’s Christian Kreutzer to Executive Director
4th July 2022
Global reinsurance broker Gallagher Re, has announced that it has appointed Christian Kreutzer to the role of Executive Director, effective immediately. Kreutzer will join the Nordic management team alongside David Egan, Mikkel Nyquist, Mark Cole and Randi Paulsrud and will report to Ditte Deschars, Regional Director and Head of Nordic at ... Read the full article
Howden names Mary O’Connor CEO of new capital advisory arm
4th July 2022
Global insurance broker Howden has appointed Mary O'Connor as Chief Executive Officer (CEO) of its new capital, advisory and placement business for financial institutions and corporates, HowdenCAP. The new proposition has been launched in response to the changing needs of financial institutions and corporate clients, and will for the first time ... Read the full article
Gallagher Re finds pricing in Australia market up by 25% in spots
4th July 2022
According to Gallagher Re’s latest mid-year renewals report, property reinsurance rates in some cases in Australia has increased by up to 25%. In their 1st View Report, the broker stated that it was a much later and tougher renewal than normal, with reinsurers seeking additional information on the impact of flood ... Read the full article
Gallagher Re finds pricing in Florida market up by 50% in spots
1st July 2022
Gallagher Re’s latest mid-year renewals report has found that pricing in some cases in the Florida market has increased by up to 50%. The report found that reinsurers had continued in their efforts to de-risk portfolios and manage net PMLs. It also found that some had existed the Florida market completely. ... Read the full article
Sellers market persists as attachment levels & costs rise at July renewals: Gallagher Re
1st July 2022
Almost all buyers of protection were able to secure their reinsurance coverage at a July 1st, 2022, renewals shaped by economic factors which helped to sustain market hardening, according to Gallagher Re's 1st View report. After a late and tough June 1st reinsurance renewals, all eyes turned to the later mid-year ... Read the full article
Mid-year renewals a ‘near-perfect storm’ for buyers, ‘true hard’ property market to come: Aon
30th June 2022
Alongside a stable casualty reinsurance market, buyers experienced the most challenging specialty renewals in a generation and also capacity constraints in the property space, as reinsurer appetite for catastrophe risk fell materially at the mid-year renewals, reports insurance and reinsurance broker Aon. For buyers of protection, Aon describes a "near-perfect storm" ... Read the full article
BMS builds out casualty capabilities with new hires
30th June 2022
BMS, the independent insurance and reinsurance broker, has announced the appointment of seven industry hires to its growing casualty division. Andrew Park, Charles Waddington, Sean Cahill, and Natasha Anne Mitchell González all join BMS as Directors, effective October 2022. Based in London, the team will report to Chris Ritchie, Managing Director of ... Read the full article
WTW appoints new Global Head of ICT business
30th June 2022
Advisory and broking solutions company WTW, has appointed Frank Schepers to lead its Insurance Consulting & Technology (ICT) business. He replaces Alice Underwood, who is retiring this year after 16 years of dedicated service to WTW, which includes five years as head of ICT, leading the company through a period of ... Read the full article
WTW names Sudhir Modhvadia as Head of Structured Risk in GB
30th June 2022
Re/insurance broker WTW, has appointed Sudhir Modhvadia as Head of Structured Risk, GB, where he will report to Alex Shepherd, Head of Facultative, WTW. Within this role, he will also be based in London. As Head of Structured Risk, Modhvadia will be responsible for all multiple risk transactions within Facultative as the ... Read the full article
Gallagher acquires Erimus
29th June 2022
Global insurance and reinsurance brokerage Gallagher has acquired broker firm Erimus. The firm has said it bought the privately-owned firm, which is based in the north east of England and deals with around 2,500 clients. Michael Rea, CEO of Gallagher’s Retail Division, UK & Ireland, said: “We are delighted to welcome Paul, ... Read the full article