Reinsurance News
Reinsurance News
Reinsurance industry news, analysis, insight and interviews.
Reinsurance market news coverage provided everyday, on the top reinsurers and insurers, covering news topics of relevance to the reinsurance sector, as well as commercial and specialty insurance.
Northern Re partners with Jaffa for asset management
25th June 2024
Northern Re, a reinsurance firm focused on long-tail casualty business, has announced an asset management partnership with Jaffa Capital Management, LLC, an insurance and reinsurance investment manager. Through this partnership Northern will have access to Jaffa’s expertise in fixed income, guided by investing and insurance veterans Mark Zarkhin and Nathan Lord, ... Read the full article
AM Best reports stable global cyber insurance outlook as demand rises
24th June 2024
AM Best, a credit rating agency, has assigned a stable outlook to the global cyber insurance sector, citing increased demand and promising growth prospects in the near term as uptake rates continue to rise steadily. “The reduction in rates has been due to various factors, including increased competition from the supply ... 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
Kingstone completes 24/25 reinsurance placement with savings of $6mn
20th June 2024
Kingstone Companies, Inc., a US property and casualty insurance holding company, has finalised its 2024/2025 catastrophe reinsurance placement, purchasing a total cat limit of $275 million with savings of $6 million. Jennifer Gravelle, Chief Financial Officer at Kingstone, said: "I am delighted to share that Kingstone has finalised its 2024/2025 catastrophe ... 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
AM Best downgrades Sun Re Ltd’s financial strength amid balance sheet challenges
19th June 2024
Credit rating agency AM Best has downgraded the financial strength rating of reinsurer Sun Re L from B+ (Good) to B (Fair) and lowered its Long-Term Issuer Credit Rating from “bbb-” (Good) to “bb” (Fair). These Credit Ratings are now under review with negative implications following Sun Re's request to withdraw ... Read the full article
Mark Houghton joins Canopius as Global Product Leader, Specialty
18th June 2024
Canopius, a global specialty and P&C (re)insurer, has announced the appointment of Mark Houghton to the newly created role of Global Product Leader, Specialty. Starting in October, Houghton will oversee the governance, performance, and standards of Canopius’ specialty underwriting lines across the business. He will also drive product development and innovation while ... Read the full article
Insurers continue to face capital challenges: Aon
18th June 2024
Aon, a global insurance and reinsurance broking group, has released its latest capital poll, highlighting the capital challenges and growth prospects for insurers. The challenges faced in 2023 significantly reduced the financial buffers that many insurers previously benefitted, leading to a heightened focus on capital management and diverse funding sources. Despite robust ... Read the full article
Fitch upgrades German non-life insurance sector outlook to ‘improving’
18th June 2024
Fitch Ratings, a financial analysis firm operating out of Frankfurt and London, recently announced a notable change in its evaluation of the German non-life insurance sector. The outlook has been elevated from 'neutral' to 'improving,' driven by expectations of heightened profitability fuelled by robustly increasing premium rates. Despite some European counterparts, recent ... Read the full article
Asian Re achieves 76% increase in net profit in 2023 fiscal year
18th June 2024
Asian Reinsurance Corporation (Asian Re), a regional non-life reinsurer, has reported a substantial 76% rise in net profit to USD 3.21 million for the fiscal year 2023, marking a significant milestone in its financial performance. Underwriting and operating performance metrics are expected to improve in the intermediate term as Asian Re ... 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
June US SCS flooding spurs anticipation of hundreds of millions in insured losses: Aon
17th June 2024
Aon, a professional services firm providing risk, retirement, and health solutions, has released a weekly catastrophe report showing that since June 11, Southern Florida has faced substantial financial losses due to prolonged and excessive rainfall and severe convective storms (SCS). This has led to significant flash flooding and expected economic and ... Read the full article
Proactive risk management key for 2024: Gallagher
17th June 2024
(Re)insurance broking group Gallagher's new report highlights the necessity for businesses and communities to adopt proactive risk management strategies, in light of global uncertainties in 2024. The year is marked by the potential for civil unrest, terrorism, and political violence due to upcoming elections worldwide. In the UK, environmental activism has caused ... Read the full article
DARAG and UnipolSai form service partnership
17th June 2024
DARAG Group, a (re)insurance specialist in discontinued business and capital and operational relief, has entered into a service agreement with UnipolSai Assicurazioni S.p.A. (Unipol), an Italian insurer within the Unipol Group. Unipol is a major player in non-life insurance and motor vehicle third-party liability (TPL) in Italy. Under this agreement, DARAG Deutschland ... Read the full article
Insurance industry adapts to new challenges, experts reveal at S&P conference
14th June 2024
At S&P Global Ratings' 40th Annual North American Insurance Conference, industry experts discussed current trends and challenges, agreeing that while the insurance landscape has evolved over the past four decades, the industry has successfully adapted. Elizabeth Heck, Chairman, President, and CEO of Greater NY Mutual, emphasised that the adaptability comes from ... Read the full article
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