Reinsurance News

Despite insurers’ innovation efforts customer expectations are not being met: Alastair Swift, WTW

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 &...

Posted: Nov 29, 2024

Bridgehaven and Accredited secure capacity deal with Policy Expert

Bridgehaven Insurance, the hybrid fronting insurer, will serve as capacity provider alongside Accredited on a new co-insurance arrangement with Policy Expert, the UK personal lines managing general agent (MGA). According to the announcement, the a...

Posted: Nov 29, 2024

Marco Capital completes acquisition of Inceptum from R&Q

European P&C insurance run-off group Marco Capital Holdings Limited has completed its acquisition of Inceptum Insurance Company Limited, a UK non-life insurance company in run-off, from Randall & Quilter II Holdings Ltd. The acquisition wa...

Posted: Nov 29, 2024

CelsiusPro unveils new platform to ‘revolutionise’ parametric insurance for brokers

CelsiusPro has unveiled ParameterPro 2.0, a platform that enables brokers to visualise, structure, and model parametric climate and NatCat insurance solutions with “unmatched” speed and precision. According to the firm, this new platfo...

Posted: Nov 29, 2024

Altea Insurance appoints Holly Dixon as Senior Underwriter

Altea Insurance (Altea), the multi-class, multi-year Managing General Agent (MGA) specialising in the healthcare and medical sectors, has appointed Holly Dixon as Senior Underwriter. Dixon will report to Altea Chief Executive Officer, Carly Matson...

Posted: Nov 29, 2024

Bindable partners with Recoop to expand access to disaster insurance

Insurance technology firm Bindable has announced a distribution partnership with Recoop Disaster Insurance to bring Recoop’s innovative disaster insurance product to Bindable’s extensive network of carriers, brokers, affinity groups, a...

Posted: Nov 29, 2024

AM Best upgrades AzRe’s financial strength and issuer credit ratings

AM Best, the credit rating agency, has upgraded the Financial Strength Rating of AzRe Reinsurance, OJSC (AzRe) to B++ (Good) from B+ (Good), and its Long-Term Issuer Credit Rating to “bbb” (Good) from “bbb-” (Good), with a stable outlook for both...

Posted: Nov 29, 2024

Rate momentum, adequacy and trading challenges bring caution to Lloyd’s market: Patrick Tiernan

Speaking at the Lloyd’s Q4 2024 Market Message, Patrick Tiernan, Chief of Markets, explained that whilst looking at the jump off point for 2025, he sees a “global specialty market that continues to experience favourable, if not, more c...

Posted: Nov 28, 2024

Demand for ‘organised crime cover’ on the rise in Mexico amid more dangerous cartel activity: Chauce...

Global speciality insurance and reinsurance group, Chaucer, has highlighted growing demand in Mexico for insurance protection against cartels and other organised crime, driven by cartel activity spreading into new areas and greater demand from sec...

Posted: Nov 28, 2024

IAG to acquire 90% of RACQ’s insurance underwriting business

Australian insurer IAG is to acquire 90% of RACQ’s existing insurance underwriting business for $855m, under a 25-year exclusive partnership between the two companies. According to the announcement, IAG also has the option to acquire the remaining...

Posted: Nov 28, 2024

SCOR backs climate prediction market initiative

French reinsurance giant SCOR’s corporate foundation is backing an initiative led by Lancaster University Management School (LUMS) to use prediction markets to combine diverse forecasts of future climate into unified predictions, potentially...

Posted: Nov 28, 2024

Allianz Partners names Michael Buttstedt as CFO and Board Member

Allianz Partners, a provider of insurance and assistance services, has announced that Michael Buttstedt has assumed the role of Chief Financial Officer and Board Member as of September 1, 2024. He reports directly to Tomas Kunzmann, CEO of Allianz...

Posted: Nov 28, 2024

AM Best maintains stable outlook on US health insurance segment

Credit rating agency AM Best has maintained its stable outlook for the US health insurance market, citing strong capitalisation and profitability as key factors, among others, despite declining underwriting results. In 2023, the health insurance s...

Posted: Nov 28, 2024

Zurich Resilience Solutions launches Climate Spotlight

Zurich Resilience Solutions (ZRS), the commercial risk advisory and services unit of global insurer Zurich Insurance Group, has launched Climate Spotlight, an interactive digital solution leveraging climate data to provide businesses, municipaliti...

Posted: Nov 28, 2024

The re/insurance industry has to evolve and innovate faster than ever before: Lloyd’s CEO, Neal

As the insurance and reinsurance industry continues to grow, the extensive risk landscape also continues to widen, with major risks stemming from key areas such as climate change and cyber, which according to John Neal, Chief Executive Officer (CE...

Posted: Nov 28, 2024

Underwriting discipline likely to remain for majority of market: William Ho, MS Amlin

In an interview with Reinsurance News, William Ho, Chief Executive Officer of MS Amlin for Asia Pacific, affirmed that although reinsurance market dynamics in Asia have shifted in 2024, discipline is expected to persist as the company continues to...

Posted: Nov 28, 2024

CFC unveils new insurance solution for mid-size to multinational tech companies

Specialist insurance provider, CFC has announced the launch of a new comprehensive insurance solution which will provide coverage for technology and cyber risks faced by tech businesses with revenues exceeding $250 million. This new product, desig...

Posted: Nov 28, 2024

S&P projects cyber insurance premiums to hit $23bn by 2026

S&P Global Ratings, a provider of credit ratings, research, and analytics, maintains a stable outlook on the global cyber insurance and reinsurance industry, supported by solid underwriting profitability in 2023 and 2024, with expectations for...

Posted: Nov 28, 2024

Gallagher welcomes Neil Clutterbuck as Non-Exec Director

Neil Clutterbuck has been appointed as the Chair of Pen Underwriting and an Independent Non-Executive Director of Arthur J Gallagher Holdings (UK) Limited, subject to regulatory approval. Clutterbuck brings a wealth of experience to his new positi...

Posted: Nov 28, 2024

QBE names Jamie Kelly Group Chief Compliance Officer

Australian insurer QBE has appointed Jamie Kelly as its Group Chief Compliance Officer, following Ed Rainsford’s recent transition to the role of Chief Risk Officer, AUSPAC. In the new role, Kelly reports to Fiona Larnach, the Group’s Chief...

Posted: Nov 28, 2024

Miller adds industry veteran Guy Pierpoint to its Marine team

Independent specialist re/insurance broker Miller, has appointed Guy Pierpoint to its Marine team in a leadership role which will see him focus on business development. Pierpoint joined the broker at the beginning of the month, bringing almost fou...

Posted: Nov 28, 2024

Direct Line rejects ‘highly opportunistic’ £3.28bn takeover bid from Aviva

Direct Line has unanimously rejected Aviva’s £3.28 billion ($4.16 billion) 100% acquisition proposal, stating that it does not adequately reflect the firm’s standalone value, describing the offer as “highly opportunistic” a...

Posted: Nov 28, 2024

Root debuts new certified Developer Community Program

Root, an end-to-end digital insurance platform, has announced the launch of a certified developer community programme that aims to enhance scalability, efficiency, and cost-effectiveness. The programme has been designed to support in-house develop...

Posted: Nov 28, 2024

UK P&I Club appoints Richard Offord as Chief Executive of Singapore Branch

The UK P&I Club, a provider of protection and indemnity insurance to the global shipping industry, has announced the appointment of Richard Offord as Chief Executive of its Singapore Branch, effective 1 December 2024. Offord succeeds Yiah Soon...

Posted: Nov 28, 2024

AM Best assigns A- ratings to Fed Re with stable outlook

Global credit ratings agency AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent) to Fed Re Ltd. (Fed Re) (Bermuda), with a stable outlook. According to AM Best, the ratings re...

Posted: Nov 28, 2024