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.
Grey zone threats increase for a variety of sectors: says WTW
13th December 2024
The risk to vessels, undersea cables, and offshore oil installations is growing primarily due to the availability of advanced weapons and the willingness of certain states, notably Russia and Iran, to disregard international maritime laws, according to global re/insurance broker WTW. In WTW's Political Risk Index for H2'24, the firm highlighted ... Read the full article
Facultative reinsurance increasingly used to manage emerging challenges: WTW
12th December 2024
New research from WTW has revealed a shift away from a transactional view of facultative reinsurance and a move towards using it as a tool to achieve strategic objectives and priorities, fill gaps in treaties and manage risk throughout the cycle. According to a survey conducted by WTW partner Coleman Parkes ... Read the full article
WTW’s CLIPS reveals US commercial insurance rates climbed 6.1% in Q3’24
11th December 2024
Global re/insurance broker WTW's latest Commercial Lines Insurance Pricing Survey (CLIPS), US commercial insurance rates climbed by 6.1% during the third quarter of 2024. Based on the firm's CLIPS for Q3'24, the collective commercial price change reported by insurance carriers reflects a modest rise compared to 5.9% in Q2 2024 (6.1% ... Read the full article
WTW could ‘acquire complete ownership’ of reinsurance broking JV: CEO Hess
3rd December 2024
After WTW confirmed its re-entry into the treaty reinsurance broking market earlier today, via a joint venture with Bain Capital, Chief Executive Officer (CEO) Carl Hess has explained that, over time, the company could obtain control and purchase complete ownership of the new company. The announcement revealed that WTW will ... Read the full article
MetLife enters into £450m longevity swap with Merchant Navy Ratings Pension Fund
3rd December 2024
The Trustee of the £1 billion Merchant Navy Ratings Pension Fund (MNRPF) has entered into a transaction with Metropolitan Life Insurance Company (MetLife) to manage longevity risk of around £450 million of pensioner and dependant liabilities. This transaction provides long-term protection to MNRPF against costs resulting from pensioners or their dependants ... Read the full article
WTW confirms return to treaty reinsurance broking market via Bain Capital joint venture
3rd December 2024
Global insurance brokerage WTW has confirmed its intention to re-enter the treaty reinsurance broking market via a joint venture with private investment firm, Bain Capital, with WTW set to hold a minority share in the new company. At its 2024 Investor Day later today, WTW will outline its growth and value ... Read the full article
Despite insurers’ innovation efforts customer expectations are not being met: Alastair Swift, WTW
29th November 2024
While insurers are striving to innovate and navigate challenging market conditions, they are failing to meet customers expectations, while customers also need to adapt to the changing insurance landscape, Alastair Swift, Head of CRB Global Lines & CEO of Willis Limited, highlighted during S&P's European Insurance Conference. Speaking on a panel ... Read the full article
Swiss Re’s Xabier Gallardo joins WTW’s Natural Resources, CRB NA team
25th November 2024
Global insurance brokerage WTW has announced the appointment of Xabier Gallardo as Senior Director of Client Relationship Management within the Natural Resources division of Corporate Risk and Broking, North America (CRB NA). In this role, Gallardo will focus on optimising client outcomes and driving strategy execution across WTW’s Natural Resources sector, ... Read the full article
Only one in two risk leaders confident in their organisation’s risk response capability: WTW
21st November 2024
Most risk leaders (80%) are concerned about their organisation’s capability to respond adequately to risks that might emerge in the next decade, as only two in ten (20%) believe in their companies' resilience, a recent WTW survey has revealed. Moreover, only one in two respondents (50%) are confident their ... Read the full article
WTW, Kayna, and Vibrant partner for vendor cybersecurity insurance
20th November 2024
Global broker WTW has announced a partnership with Kayna, an embedded insurance infrastructure platform, and Vibrant to support third-party vendor cybersecurity insurance compliance. US-based vertical SaaS platform Vibrant manages third-party vendor cybersecurity oversight by tracking vendor insurance coverage directly with coverage information from carriers. Its innovative platform enables organisations with extensive vendor ... Read the full article
WTW names Hart as Cyber Leader for PE&TS, CRB NA
18th November 2024
Global advisory, broking, and solutions company WTW has appointed Ashley Hart as Cyber Leader for Private Equity and Transactional Solutions (PE&TS), Corporate Risk and Broking, North America (CRB NA). As the Cyber Leader, Hart will be responsible for cutting-edge cyber risk transfer solutions to private equity clients and their portfolio companies ... Read the full article
WTW appoints Karen Grote as Division LOB Leader for NA Life Practice
8th November 2024
Global insurance brokerage WTW has appointed Karen Grote as Division Line of Business Leader for the North America Life Practice within Insurance Consulting & Technology (ICT). In her new role, Grote will drive growth and enhance client value across WTW’s Life Practice, working alongside Mary Bahna-Nolan, who also serves as DLL. Additionally, ... Read the full article
PCRIC & WTW renew disaster risk insurance cover for Pacific region
6th November 2024
The Pacific Catastrophe Risk Insurance Company (PCRIC), in collaboration with the global advisory, broking, and solutions company WTW, has renewed its portfolio of policies for governments and government-affiliated entities in Pacific Island countries and territories, along with the associated reinsurance placement. PCRIC is a regional catastrophe insurance facility that provides its ... Read the full article
WTW posts $1.67bn net loss in Q3 as revenue hits $2.29bn
31st October 2024
Global brokerage WTW has posted its financial results for the third quarter of 2024, which includes a net loss of $1.67 billion compared to net income of $139 million in the prior-year third quarter. WTW's revenue for Q3'24 climbed by 6% on both a reported and organic basis to $2.29 billion, ... Read the full article
WTW launches ResQ Machine-led Reserving for enhanced P&C accuracy and efficiency
29th October 2024
WTW, an advisory, broking, and solutions firm, has introduced ResQ Machine-led Reserving—a transformative technology designed to help insurers and reinsurers improve accuracy and efficiency in property and casualty (P&C) reserving. ResQ Machine-led Reserving leverages proprietary algorithms to enhance the core reserving methods in ResQ, WTW’s advanced loss-reserving solution, delivering fully automated, ... Read the full article
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