Reinsurance News
London Market
IUA reports 25% increase in London company treaty business premiums
10th September 2024
Recent figures from the International Underwriting Association (IUA) reveal a substantial increase in treaty reinsurance within the London company market for 2023, premiums surged to £10.889 billion, compared to £8.248 billion in 2022, marking nearly a 33% growth. The upcoming London Company Market Statistics Report, due later this month, will offer ... Read the full article
Gavin Hamilton named Director of WTW’s International Property team in London
29th August 2024
WTW, an advisory, broking, and solutions company, has appointed Gavin Hamilton as a Director on its International Property team in London. With over 30 years of industry experience, Hamilton previously led the European Wholesale and South African Property sectors at Miller Insurance Services LLP. Hamilton added: “I am delighted to be joining ... Read the full article
Markel names Grant Smith as Head of Marine & Energy Liability for International Specialty
15th August 2024
Markel Group has announced that Grant Smith has been appointed as Director of Marine & Energy Liability for International Specialty, effective immediately. This appointment is part of Markel's ongoing efforts to strengthen its international specialty underwriting capabilities and expertise, following the establishment of its International Specialty practice last December. In his new ... Read the full article
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
IUA welcomes three new companies as London insurance market expands
29th July 2024
Three new companies have recently become members of the International Underwriting Association (IUA), a trade organisation representing the London insurance market, highlighting the continued expansion of the industry. The IUA now represents 81 firms, more than double the number from a decade ago. According to recent data, the London insurance market ... Read the full article
Fitch appoints new heads for the Global and EMEA insurance divisions
26th July 2024
Fitch Ratings, a global credit ratings agency, has appointed Harish Gohil as the new Global Group Head of Insurance, effective August 1. Gohil will be based in Fitch's London office and will report to Marjan van der Weijden, the company’s Global Group Head for Financial Institutions. He replaces Cynthia Chan, who has ... Read the full article
London market insurers key to future of advanced air mobility: IUA
19th July 2024
The International Underwriting Association (IUA), representing insurance and reinsurance companies in London, has stated that London Market insurers will be essential in advancing new air mobility technologies in the coming years. The IUA emphasised the importance of a thorough certification process that ensures safety and provides access to data, allowing underwriters ... Read the full article
DWF boosts Australian presence with Proclaim acquisition
28th June 2024
DWF, a provider of integrated legal and business services, has announced its acquisition agreement with Proclaim, a claims management business in Australia, aiming to enhance its presence in the country. Group CEO, Sir Nigel Knowles, commented: "This acquisition will mark a significant step forward in our growth strategy, reinforcing our commitment ... Read the full article
Shaun Russ appointed Head of Crisis Management, London Market at Tokio Marine HCC
25th June 2024
Tokio Marine HCC (TMHCC) – Specialty Group, a division of the Tokio Marine HCC group, has announced the appointment of Shaun Russ as Head of Crisis Management for the London Market. This announcement coincides with Mark Hutton's promotion to Head of Crisis Management, International, in May 2024. Russ brings over 15 years ... Read the full article
IUA launches London forum for mergers and acquisitions insurance focus
21st June 2024
A new London company market forum, operated by the International Underwriting Association (IUA), which represents London-based international and wholesale insurance and reinsurance companies, is centring its efforts on warranty and indemnity insurance. This type of insurance is crucial in mergers and acquisitions, helping to mitigate losses stemming from contractual warranties. Recently formed, ... Read the full article
London market clarifies marine cyber clause to address aggregation risk
19th June 2024
The Joint Excess Loss Committee of the Lloyd's Market Association (LMA), an organisation that represents the interests of the Lloyd's underwriting community, and the International Underwriting Association (IUA), which represents international and wholesale insurance and reinsurance companies operating in the London Market, hosted a well-attended session at Lloyd’s Old Library. They ... Read the full article
Canopius appoints Chris Getty as new cyber underwriter
18th June 2024
Canopius Group, a global specialty and property and casualty (re)insurer, has announced the immediate appointment of Chris Getty as Cyber and Technology Underwriter. Getty will enhance Canopius’ cyber and technology capabilities and will report directly to Mike Shen, Head of Cyber & Technology for the London Market. Shen added: “Chris is a ... Read the full article
Howden names Paul Hipson as Head of London Broking
17th June 2024
The insurance intermediary group Howden has announced the appointment of Paul Hipson to the newly created role of Head of London Broking for the Corporate & Commercial division within Howden UK & Ireland, effective June 2024. In his new position, Hipson will oversee the existing London Broking team, which primarily assists ... Read the full article
LMA revises marine insurance policy clauses
10th June 2024
The Lloyd’s Market Association (LMA), representing insurers and reinsurers in the London insurance market, has issued revised versions of the hull and cargo oil price cap clauses. These updates simplify the language to accommodate recent modifications in the oil price cap mechanism, adapting to changes in sanctions regulations. Arabella Ramage, Legal Director ... Read the full article
IUA forms committee to oversee digital transition
10th June 2024
The International Underwriting Association (IUA), which represents companies in the London insurance market, has formed a new committee to oversee the adoption of digital services. As part of the Blueprint Two initiative, a unified digital platform for processing premiums and claims is being developed, with the first phase set to launch ... Read the full article
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