Reinsurance News

Beazley forecasts cyber insurance market to grow to $40bn by 2030

Specialty insurer Beazley predicts that the cyber insurance market will grow from $15 billion in 2024 to $40 billion by 2030, driven by increasing demand due to rising cyber threats and costs, as the firm continues to manage its exposure amid prem...

Posted: Oct 02, 2024

US insurers face declining income from private equity despite growth in holdings: AM Best

US insurers saw a second consecutive year of declining income from their private equity investments, which fell to $7.7 billion in 2023, down from $10.2 billion in 2022, according to AM Best, the credit rating agency. A recent Best’s Special Repor...

Posted: Oct 02, 2024

Industry veteran Sylvie Hirn to head Ageas Re’s Credit & Bond business

Ageas Re, the reinsurance brand of international insurance firm Ageas, has appointed Sylvie Hirn to head its Credit & Bond business. In a statement, Joachim Racz, CEO Ageas Re, said: “Sylvie brings a wealth of experience both on the dire...

Posted: Oct 02, 2024

PIC’s market poll suggests bulk annuity market could hit £60bn in 2025

Pension Insurance Corporation plc (PIC), a specialist insurer for defined benefit pension schemes, has disclosed that in a recent poll of 140 trustees, consultants, and lawyers working in the bulk annuity market, 47% expected the market size next...

Posted: Oct 02, 2024

Markel strengthens International Casualty Portfolio with key leadership appointments

Markel, the insurance division of Markel Group Inc., has made three significant appointments as part of its strategy to expand its International Casualty portfolio and enhance its Wholesale Claims service for broker partners. Lauren Percival has b...

Posted: Oct 02, 2024

FCCI expands offerings with new specialty company for E&S Lines

FCCI Insurance Group has introduced FCCI Specialty Insurance Company, now offering Excess and Surplus (E&S) lines coverage. This marks an important expansion of FCCI’s services, providing innovative coverage solutions for businesses across var...

Posted: Oct 02, 2024

Gillard Jr. to succeed Mosher as President of A.M. Best Rating Services

Global ratings agency AM Best announced that James A. Gillard Jr. will succeed Matthew C. Mosher as President of A.M. Best Rating Services, Inc. (AMBRS), effective September 30th, 2024. In his new role, he will assume Mosher’s responsibilities of...

Posted: Oct 02, 2024

CMC partners with Parametrix to assess cloud outage impacts on UK businesses

The Cyber Monitoring Centre (CMC) has partnered with Parametrix Analytics, a newly established provider of cloud risk analytics services, to examine cloud exposure and the effects of cloud outages on UK organisations. An initial project is underwa...

Posted: Oct 02, 2024

WTW enters a co-brokerage agreement with Ori-gen’s The J. Morey Company, Inc.

Global insurance broker WTW has entered into a co-brokerage arrangement with The J. Morey Company, Inc., an Ori-gen family company, to provide tailored insurance solutions by joining resources and industry expertise. This agreement aims to align r...

Posted: Oct 02, 2024

Gallagher names Simon Collings Chief Broking Officer

Simon Collings has been appointed to the newly created executive role of Chief Broking Officer for Gallagher, subject to regulatory approval, and will report to Michael Rea, the broker’s Chief Executive Officer in the UK. Joining the UK executive...

Posted: Oct 02, 2024

Oceanview Re names Michael Ward as VP and CFO

Oceanview Reinsurance Ltd., the Bermuda-domiciled reinsurance subsidiary of Oceanview Holdings Ltd., has appointed Michael C. Ward as Vice President (VP) and Chief Financial Officer (CFO). His appointment follows Oceanview’s recent expansion...

Posted: Oct 02, 2024

Fathom launches Global Flood Cat model

As large-scale flooding increasingly contributes to global insured losses, accounting for $14 billion of 2023’s insured nat cat loss total, according to reinsurer Swiss Re, flood risk intelligence firm Fathom has launched Global Flood Cat, a...

Posted: Oct 02, 2024

Central Europe floods likely to drive insured losses of $2.8-$3.9bn: Moody’s RMS

Damages from severe flooding across Czech Republic, Austria, Poland, Slovakia, Hungary, Germany, and Italy between September 11th-19th is expected to result in insurance industry losses of between $2.8 billion (€2.5bn) and $3.9 billion (€3.5bn), a...

Posted: Oct 02, 2024

MGA and fronting re/insurer Trigger Parametric launches

Trigger Parametric, a new parametric underwriter has been launched with the aim to model, structure, and place parametric cover for natural and man-made perils globally. A UK entity, Trigger Parametric intends to operate as both a managing general...

Posted: Oct 02, 2024

Ventis expands into Ireland offering mid-market property coverage

Ventis, a Managing General Agent specialising in Commercial and Residential insurance, has expanded its operations into Ireland. Established in early 2024, Ventis remains focused on providing quality service and coverage to brokers in the underser...

Posted: Oct 02, 2024

Ahmed Al-Jabr becomes Saudi Re CEO

Saudi Reinsurance Company has announced the appointment of Ahmed Al-Jabr as its new Chief Executive Officer, effective October 1, taking over the role from Fahad Al-Hesni. Al-Jabr has 25 years of diverse experience in the insurance and reinsurance...

Posted: Oct 02, 2024

Munich Re’s HSB launches comprehensive cyber insurance solution for SMBs

HSB, a multi-line specialty insurer and part of the reinsurance giant Munich Re, has introduced HSB CyberPro™, a new cyber insurance option for commercial clients seeking comprehensive coverage against evolving cybersecurity risks. HSB CyberPro co...

Posted: Oct 02, 2024

Belcher joins Mayer Brown as partner in its Corporate & Securities practice

International law firm Mayer Brown has announced the addition of George Belcher as partner in its Corporate & Securities practice and Global Insurance Industry Group in London. Belcher specialises in insurance-related mergers and acquisitions,...

Posted: Oct 02, 2024

Jefferies predicts strong growth in ILS market, doubling to $200bn 2032

Jefferies, a global investment banking firm, forecasts a significant rebound in the Insurance-Linked Securities (ILS) market, with CAT bond issuance expected to grow in 2023-2024 and expand into other ILS vehicles by 2025. The firm anticipates the...

Posted: Oct 01, 2024

MGAs drive innovation and growth in emerging insurance markets: GILC

Managing General Agents (MGAs) are becoming increasingly vital in emerging and developing markets, offering insurers greater flexibility, innovation, and niche underwriting solutions, a recent Global Insurance Law Connect (GILC) report has highlig...

Posted: Oct 01, 2024

Hannover Re names Wilson MD of Life & Health Global Services

Global reinsurer Hannover Re has announced the appointment of Margot Wilson as Managing Director of the newly created division Life & Health Global Services. The division will be responsible for spearheading crucial initiatives related to L&#3...

Posted: Oct 01, 2024

LCP reveals 198% own funds ratio amid evolving market risks in insurance sector

LCP (Lane Clark & Peacock), a consultancy firm specialising in actuarial, investment, and insurance services, has reported another robust financial year for the insurance market, despite the challenges posed by increasing risks. Their eighth a...

Posted: Oct 01, 2024

UK P&I Club appoints Kyle Lochridge as SVP, Americas

The UK P&I Club, a provider of protection and indemnity (P&I) insurance and other services for the international shipping community, has announced the appointment of Kyle Lochridge as Senior Vice President (SVP) for the Americas. Lochridge...

Posted: Oct 01, 2024

WTW to sell TRANZACT to GTCR & Recognize in $632.4m transaction

WTW, the global insurance broker, has entered into a definitive agreement to sell its TRANZACT direct-to-consumer insurance distribution business to GTCR, a private equity firm, and Recognize, a technology services investment platform, for $632.4...

Posted: Oct 01, 2024

Global cyber attacks will more than double this year to 211, says QBE

The number of disruptive and destructive global cyber-attacks taking place each year is set to increase by 105% to the end of 2024, according to a new report from QBE. In fact, the trend shows that these significant, disruptive and destructive glo...

Posted: Oct 01, 2024