Reinsurance News
WTW
WTW is a leading broker, consultancy and advisory for the insurance and reinsurance sector. One of the largest insurance brokers in the world and with a new reinsurance broking venture underway, WTW is a key player in the market.
$168bn in fees & commissions earned from insurance broking activity in 2023, Insuramore
4th June 2024
The value of the worldwide market for insurance broking in terms of fees and commissions earned was around $168 billion in 2023, considerably up from around $151 billion in 2022, according to Insuramore a provider of marketing services focusing on the insurance sector. This increase is equivalent to a growth rate ... Read the full article
WTW launches SaaS tool Climate Quantified to better assess nat cat risks
3rd June 2024
WTW, a global advisory, broking, and solutions company, has unveiled Climate Quantified, a new technology set to help quantify the financial impact of climate change with "unprecedented precision". By analysing the interactions between climate risk factors and their impact on business models, including physical risks, supply chain vulnerabilities and regulatory changes, ... Read the full article
Legal & General finalises Nortel pension buyout
28th May 2024
UK insurer Legal & General Assurance Society Limited has successfully completed a buyout with the Nortel Networks UK Pension Plan, which belonged to the now-bankrupt telecommunications company Nortel Networks. This latest agreement secures the benefits for the remaining Plan members, involving an initial premium of £14 million and an additional £6 ... Read the full article
Business interruption poses major threat to food and drink companies: WTW
24th May 2024
According to the 2024 Global Food and Beverage Risk Outlook published by WTW, a global advisory, broking, and solutions company, nearly half (48 percent) of food and drink companies identified business interruption as the biggest internal risk to their success. This was closely followed by supply chain risk, cited by 40 ... Read the full article
WTW names Alex Rosati as Head of Claims Asia, CRB
23rd May 2024
Global re/insurance broker WTW has appointed Alex Rosati as the Head of Claims Asia for its Corporate Risk & Broking (CRB) business, effective August 1st, 2024. Rosati will succeed Neil Thomas who retired earlier this year. Rosati will be based in Singapore, and report directly to Luke Ware, Head of CRB ... Read the full article
PCRIC and WTW launch parametric quake cover for Papua New Guinea submarine cable network
23rd May 2024
The Pacific Catastrophe Risk Insurance Company (PCRIC) alongside broker WTW have designed a parametric insurance policy to help protect PNG DataCo., a Papua New Guinea (PNG) operator, from the financial impact of earthquake damage. The parametric insurance policy will provide rapid payouts following earthquakes that are expected to result in damage ... Read the full article
Companies prepare for political risks during continued global turbulence: WTW
22nd May 2024
Against the backdrop of ongoing global instability, companies intensify their focus on risk management, adapting strategies to navigate evolving threats, reports insurance and reinsurance broker WTW. Following a year in which nearly a fifth of companies had to restate earnings due to geopolitical events, 2024 proved challenging as well, with 69 ... Read the full article
Wright and McLaughlin join WTW’s Strategic Client Engagement Leadership team
21st May 2024
Global broker WTW, has appointed two new members to the Strategic Client Engagement Leadership (SCEL) team, Chad Wright and Conor McLaughlin. Wright will serve as a Strategic Client Engagement Leader while McLaughlin will take over the role of Global Client Advocate, both within Corporate Risk and Broking in North America (CRB ... Read the full article
WTW reports possible firming cyber insurance market later in 2024
16th May 2024
WTW, a global insurance and reinsurance broker, observes that the cyber insurance market has remained stable in 2024, however, there's a potential shift towards a firmer market later this year due to recent cyber events and the expanding cyber threat landscape. Currently, primary and excess cyber renewals are staying level, and ... Read the full article
Moderating trends in property market renewals: WTW
15th May 2024
The property market has witnessed a shift to more relaxed circumstances as Q4 '23 drew to a close and continued into Q1 '24, marked by increasing competitiveness with each successive month. At the start of 2024, insurers were hesitant to support rate flattening, but as Q1 '24 progressed, more incumbent insurers ... Read the full article
WTW collaborates with academic researchers to quantify security impacts of climate change
14th May 2024
WTW has unveiled a new collaboration between its WTW Research Network (WRN), and two academic researchers, designed to support the brokers advisory services on key security aspects of climate change, which are often seen as being overlooked, and rarely quantified. This includes: the geopolitical implications of climate-related migration, resource conflict and ... Read the full article
WTW unveils “market-first” facility for cargo and war-on-land risks in Ukraine
13th May 2024
Global advisory, broking and solutions firm WTW has partnered with Ukrainian insurer, VUSO, to provide a London market-backed facility covering cargo and war-on-land risks. As per WTW, this market-first facility offers "much-needed certainty" to Ukrainian and foreign enterprises moving goods and products overland within the borders of Ukraine. The London Market facility ... Read the full article
Combination of factors have created a challenging environment for M&A activity, WTW
9th May 2024
A recent report released by global re/insurance broker WTW has highlighted several factors that are contributing towards the decline in mergers & acquisitions (M&A) activity, which includes rising interest rates, geopolitical tensions, and ongoing supply chain disruptions. According to the broker, the combination of these factors have created a "challenging environment ... Read the full article
WTW MGU Verita launches new Workers’ Compensation solution
9th May 2024
Verita, the Managing General Underwriting (MGU) company of WTW, has introduced Workers’ Compensation solution to its suite of casualty products. Verita aims to reshape the landscape for US mid-sized and larger companies by bringing a robust, technical approach to underwriting, risk advisory services, and claims management. Verita’s expansive casualty coverage solutions include ... Read the full article
WTW adds new features to global cyber facility to keep ahead of market trends
8th May 2024
Global insurance and reinsurance broker WTW has unveiled strategic enhancements to its global cyber facility, CyXS facility. The broker launched CyXS in January 2023, aiming to provide capacity and efficiency for clients around the world. Now, WTW has introduced new features for the cyber facility, designed to meet the needs of ... Read the full article
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