Reinsurance News
African and Middle East focused re/insurance group Africa Specialty Risks (ASR), has announced that its Middle Eastern and Mauritian subsidiaries, Africa Specialty Risks Mauritius and ASR Middle East Limited, have agreed Binding Authority Agreemen...
Posted: Dec 11, 2024
Specialty MGA Optio Group has advanced its European expansion by completing a strategic investment in the Italian MGA Heca S.r.l., following regulatory approval. Founded in 2010 in Ortona, province of Chieti in Abruzzo, Heca has rapidly grown to b...
Posted: Dec 11, 2024
The global economy could be exposed to potential losses of $13.6 trillion over a five-year period from the threat of a hypothetical future human pandemic, according to systemic risk scenario research from Lloyd’s. Produced in partnership wit...
Posted: Dec 11, 2024
Ratings agency, AM Best has upgraded the Financial Strength Rating (FSR) of Assicurazioni Generali S.p.A. (Generali) (Italy) and its main rated subsidiaries to A+ (Superior) from A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR...
Posted: Dec 11, 2024
Allianz Life Insurance Company of North America (Allianz Life) has partnered with retirement plan provider, Empower, to provide its in-plan annuity solution. Allianz Lifetime Income+ will be the first fixed index annuity on Empower’s platform and...
Posted: Dec 11, 2024
Nearly half (46%) of insurance data leaders fear that failing to adopt artificial intelligence (AI) will leave them at a competitive disadvantage, according to a report by Ataccama. The report revealed that while 74% of organisations have implemen...
Posted: Dec 11, 2024
Nippon Life Insurance Company has agreed to consolidate its ownership interest in Resolution Life by acquiring the remaining shares from the firm’s investment limited partnership for $8.2 billion. The transaction values Resolution Life at $10.6 bi...
Posted: Dec 11, 2024
The Bank of New York Mellon Corporation (BNY) and Conduent Incorporated have formed a strategic alliance to deliver insurers and pension acquirers an end-to-end pension risk transfer (PRT) solution through a single, streamlined platform. As pensio...
Posted: Dec 11, 2024
Strategic Risk Solutions (SRS), an independent insurance company manager, is expanding its Luxembourg office with the appointment of four new and experienced experts to its team. This includes Alain Sougnez as an additional licensed manager, who i...
Posted: Dec 11, 2024
CyberCube, a provider of cyber risk analytics, has unveiled a new partnership with St. Andrews Insurance Brokers, the Canada-based retail brokerage to utilise CyberCube’s Broking Manager. According to the announcement, this partnership will allow...
Posted: Dec 11, 2024
At today’s Board meeting, staff at the Texas Windstorm Insurance Association (TWIA) approved the 2025 budget, which includes $485 million of ceded premiums, up on 2024’s $397 million, amid continued exposure growth and a subsequent lif...
Posted: Dec 10, 2024
Corebridge Financial, an American multinational financial services company, has announced changes to its Board of Directors. Alan Colberg has been elected as Chairman of the Board of Corebridge Financial, succeeding Peter Zaffino, Chairman and CEO...
Posted: Dec 10, 2024
NFP, a subsidiary of Aon and a global insurance brokerage and consultancy, has announced the acquisition of Capstone Strategies, LLC, a property and casualty (P&C) and benefits broker based in Midland, Texas. Blake Johnston and Brandon Sheppar...
Posted: Dec 10, 2024
Professional indemnity (PI) insurance rates are falling at an unprecedented pace, with 56% of market participants predicting no rate increases in 2024, according to a new report from law firm Clyde & Co. The findings highlight the growing impa...
Posted: Dec 10, 2024
The global reinsurance industry is in a strong position and has ample buffers to absorb potential headwinds in the second half of 2024, according to the Artex Risk Solutions’ report, The Alternative View. The market has reported strong results for...
Posted: Dec 10, 2024
Specialist Risk Group, an insurance intermediary backed by Warburg Pincus and Temasek, has announced the acquisition of specialist insurance broker, R3. This marks SRG’s eleventh acquisition in 2024, following previous acquisitions which include S...
Posted: Dec 10, 2024
Specialist data analytics solutions provider Optalitix has formed a strategic partnership with PwC to enhance implementation services and support for users of Optalitix Quote, the company’s underwriting and pricing platform for insurers. This coll...
Posted: Dec 10, 2024
Global insurer American International Group, Inc. (AIG) has closed its previously announced sale of approximately 120 million shares of its Corebridge common stock to Nippon Life Insurance Company. The selling price of the stock, as previously rep...
Posted: Dec 10, 2024
Global specialty insurance provider Amwins Group, has announced the appointment of Ben Sloop as President, effective January 1, 2025. He will be taking over the role from James Drinkwater who will transition into the role of Vice Chair of Amwins w...
Posted: Dec 10, 2024
Global insurer Allianz has established a new independent strategic reinsurance platform called Sconset Re Ltd., which will be capitalized through equity investments from high-quality institutional partners. Located in Bermuda, Sconset Re will spec...
Posted: Dec 10, 2024
New European captive domiciles are seeing growth in company formations, including redomicilations from other jurisdictions, according to AM Best. In a new report, the agency reveals that France is leading the way in terms of new captive formations...
Posted: Dec 10, 2024
The CCRIF issued a total of US$85 million in record time to governments and non-sovereign policyholders in the Caribbean impacted by Hurricane Beryl, marking the largest payout in the organisation’s history, and underscoring its growing role...
Posted: Dec 10, 2024
Data-driven cyber reinsurance and analytics specialist Envelop Risk has completed a capacity agreement with MS Reinsurance for a further three years, in addition to reaching the milestone of $1 billion gross written premium since its launch in 201...
Posted: Dec 10, 2024
Arch Insurance, a division of Bermuda-based re/insurer Arch Capital Group, has announced the appointment of Rachida Laazaouzi as Senior Casualty Underwriter for the French market. Based in Paris, Laazaouzi will focus on growing Arch’s casualty por...
Posted: Dec 10, 2024
Pension Insurance Corporation plc (PIC) has completed a £370 million buy-in for the Hays Pension Scheme, securing coverage for over 4,200 members and transferring all associated financial and demographic risks. Hays Group contributed approximately...
Posted: Dec 10, 2024