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.
One80 introduces GeneBridge reinsurance product for gene therapy
2nd July 2024
One80 Intermediaries (One80), an insurance broker based in Boston, announced the launch of GeneBridge, an innovative product designed to reduce the financial burden of high-cost gene therapy claims. Matthew Power, President, One80, commented: “With the number of gene and cell therapies expected to double over the next two years, we saw ... Read the full article
Miller appoints Kazuhiko Shinkai as Head of Non-Marine Japan Strategy
1st July 2024
Miller, an independent specialist (re)insurance broker, has announced Kazuhiko Shinkai's appointment as Head of Miller Non-Marine Japan Strategy, enhancing their Japanese operations through Lead Insurance Services Limited. Starting on July 1, 2024, Shinkai will manage Miller's Japanese operations and lead the expansion of the non-marine sector locally. Japan is a key growth ... Read the full article
Competitive reinsurance marketplace observed at mid-year renewals, landscape remains dynamic, Aon
27th June 2024
Global re/insurance broker Aon has reported that insurers generally achieved positive mid-year renewal outcomes, which included rate reductions for property catastrophe risk and improvements in terms and coverage. However, the broker notes, that while a "more competitive reinsurance marketplace was observed", the landscape remains "somewhat dynamic" due to volatility in secondary peril ... Read the full article
Surge in cyber insurance market fuelled by regulatory shifts and global tensions: Morningstar DBRS
27th June 2024
Morningstar DBRS, a global credit rating agency, emphasises that cyber insurance is rapidly growing and essential in the digital age, projected to soar to $40 billion by decade's end amidst rising cyber threats and stringent data regulations. Morningstar DBRS highlights that Cyber insurance is a relatively new type of insurance designed ... Read the full article
Re/insurance sector has to be ambitious amid expanding risk environment: Carnegie-Brown, Lloyd’s
26th June 2024
Speaking earlier today in London during Marsh McLennan's Rising Professionals’ Global Forum 2024 event, Bruce Carnegie-Brown, Chairman, Lloyd’s, distilling down on the scope of risk, said that "the greatest challenges of our time are climate change, evolving cyber and technology risks, geopolitics and political violence and financial risk." According to Carnegie-Brown, ... Read the full article
inDrive teams up with MIC Global for driver accident and medical coverage
25th June 2024
MIC Global (MIC), a provider of comprehensive embedded micro insurance solutions, is teaming up with inDrive, an international platform specialising in mobility and urban services, as well as local insurers. Their goal is to introduce advanced micro insurance options to inDrive drivers and passengers globally, starting in Latin America. These offerings will ... Read the full article
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
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