Reinsurance News
Fitch Ratings, the credit rating agency, has reported that reinsurers will likely push for double-digit increases in US casualty premium rates during policy renewals in January 2025, as companies look to keep pace with elevated loss costs. This ad...
Posted: Sep 16, 2024
AXA XL, the property & casualty (P&C) and specialty risk division of global insurer AXA, has promoted Anthony Lamb to Global Underwriting Manager, Marine, as part of the firm’s Global Chief Underwriting Office. An experienced veteran...
Posted: Sep 16, 2024
Privately insured losses from Hurricane Francine have been initially estimated as close to $1.5 billion, according to catastrophe risk modelling specialist Karen Clark & Company (KCC). Hurricane Francine, a Category 2 storm with sustained maxi...
Posted: Sep 16, 2024
Specialty insurance firm Ryan Specialty has completed the acquisition of Ethos Specialty Insurance’s P&C managing general underwriters (MGUs) From Ascot Group Limited. Ryan Specialty had signed a definitive agreement to acquire these MGUs back...
Posted: Sep 16, 2024
Everest Insurance International has announced the launch of its new office in Bogotá, Colombia: Everest Compañía de Seguros Generales Colombia S.A., following regulatory approval from the Superintendencia Financiera de Colombia. This launch marks...
Posted: Sep 16, 2024
Allianz has revealed that Thomas Lillelund will be joining Allianz Global Corporate & Specialty SE (AGCS) as CEO in early 2025. He will also reportedly assume leadership of Allianz Commercial, Allianz Group’s integrated global model for servin...
Posted: Sep 16, 2024
Amphitrite Underwriting London, a marine specialist managing general agent (MGA), has received its final approval from Lloyd’s of London to become an approved coverholder. The MGA stated that securing the coverholder status represents a significan...
Posted: Sep 16, 2024
Liberty Mutual Reinsurance (LM Re), the reinsurance arm of Boston headquartered Liberty Mutual Insurance Group, has hired Manja Kollmann from Generali Germany as its new Chief Operating Officer (COO), based in London. In her new role, Kollmann has...
Posted: Sep 16, 2024
The Lloyd’s Market Association (LMA) has launched a market-wide consultation on the new Computable Binding Authority Agreement (CBAA) model wording, developed with support from Lloyd’s, LIIBA, MGAA, and the IUA. The draft CBAA model wording...
Posted: Sep 16, 2024
Akur8, a machine learning-powered insurance pricing and reserving platform, has secured $120 million in series C funding which will significantly bolster the company’s capacity to broaden its product portfolio and drive its expansion within global...
Posted: Sep 16, 2024
Following meetings with executives at the recently held 2024 Rendez-Vous de Septembre (RVS) in Monte Carlo, analysts at KBW have reported that reinsurers remain positively disposed toward most specialty lines, which primarily reflects the rate ade...
Posted: Sep 16, 2024
In an interview with the Financial Times (FT), Joachim Wenning, CEO of global reinsurer Munich Re, described calls for property reinsurance rate cuts as “asymmetric”, suggesting that reinsurers will hold firm ahead of the 1.1 2025 rene...
Posted: Sep 16, 2024
If the ongoing impact of COVID-19 is not curtailed, excess mortality rates in the general population may remain up to 3% higher than pre-pandemic levels in the US and 2.5% in the UK by 2033, as per a report from the Swiss Re Institute. According t...
Posted: Sep 16, 2024
AXA XL, the property & casualty (P&C) and specialty risk division of global insurer AXA, has announced the appointment of Chris Caponigro as Head of Reinsurance Capital Management. For over a decade, AXA XL has been an active participant i...
Posted: Sep 16, 2024
According to initial estimates from Catastrophe Indices and Quantification Inc. (CatIQ), the remnants of Hurricane Debby, which hit southern Quebec on August 9-10, caused nearly $2.5 billion in insured damage, making it the costliest event in Queb...
Posted: Sep 16, 2024
DUAL Europe has appointed Maria Borrego as Chief Underwriting Officer, reporting to Olaf Jonda, CEO of DUAL Europe. Based in Spain, Borrego will reportedly play a pivotal role in driving underwriting excellence for DUAL’s European clients. Accordi...
Posted: Sep 16, 2024
A new report from AM Best has revealed that losses resulting from Hurricane Francine will likely be manageable in aggregate, though will be borne by primary insurers given a shift toward higher reinsurance attachments. Hurricane Francine made land...
Posted: Sep 16, 2024
Global life insurance group Resolution Life has appointed former Swiss Re executive Moses Ojeisekhoba as its new President, and he is also expected to take over from Sir Clive Cowdery as Chief Executive Officer (CEO) of the company in 2026. Ojeise...
Posted: Sep 16, 2024
Flood Re, a UK government-backed initiative that makes flood insurance more affordable, has partnered with the British Insurance Brokers’ Association (BIBA), the trade body for UK insurance brokers. Together, they aim to increase awareness within...
Posted: Sep 16, 2024
Admiral Insurance Group, a Berkley subsidiary, has appointed Ben Rosenthal as Vice President of Excess Casualty, following the establishment of Admiral’s Excess Casualty Department, led by Brian Lineberger, a year ago. Rosenthal’s addi...
Posted: Sep 16, 2024
US insurance brokerage TIH has appointed Jim Odell as General Counsel, based at the firm’s headquarters in Charlotte, effective immediately. Odell brings over three decades of proven financial leadership experience in both general counsel ro...
Posted: Sep 16, 2024
French reinsurer SCOR has announced the appointment of Robert MacKenzie as Head of Life and Health (L&H) Canada, succeeding François Bernard, who is leaving to pursue other opportunities. MacKenzie is well-prepared for the role, bringing stron...
Posted: Sep 13, 2024
Property and auto-focused insurance group Progressive’s property business recognised favourable development of around $110 million in the month of August, with just over 60% relating to the May storms. If you recall, in June, the US primary...
Posted: Sep 13, 2024
Venbrook Group, LLC, one of the largest independent insurance distribution and services firms in the US has expanded its Private Risk Practice with the opening of its new West Coast office, and the appointment of Christina Oakes as Executive Vice...
Posted: Sep 13, 2024
Ryan Specialty, an international specialty insurance firm, has announced the appointment of Tom Daniels as Managing Director of LifeScienceRisk International, based in London. LifeScienceRisk, part of Ryan Specialty Underwriting Managers, focuses...
Posted: Sep 13, 2024