Reinsurance News

Aon & Marsh urge re/insurance industry to aid Ukraine’s resilience

In a joint statement, Aon and Marsh McLennan have called on the re/insurance industry to aid Ukraine’s resilience by facilitating economic growth, chiefly through the removal of blanket exclusions. According to the two firms, blanket exclusi...

Posted: Sep 08, 2024

Oak Re Syndicate 2843 gets Lloyd’s approval to commence underwriting

Oak Reinsurance and Polo Managing Agency Limited (PMA), a PoloWorks company, have announced that Oak Re Syndicate 2843 has received Lloyd’s ‘in principle’ approval to commence underwriting from 1 January 2025. Paul Andrews, Chief Executive Officer...

Posted: Sep 08, 2024

Global reinsurance premiums to continue to grow: Fitch

Global rating agency Fitch forecasts global reinsurance net premiums written to continue to grow in 2024 and 2025, forecasting USD 173.4 billion and USD 183.8 billion, respectively, with the impact of catastrophe losses to worsen. “Premiums growth...

Posted: Sep 08, 2024

Ranked by revenue, Aon is still the world’s largest reinsurance broker

Based on fully-year 2023 and first half 2024 revenues, Aon Reinsurance Solutions, the reinsurance broking arm of the global intermediary, remains the world’s top reinsurance broker, and while Guy Carpenter is a close second so far this year,...

Posted: Sep 08, 2024

Social inflation drives US liability claims to reach annual peak of 7% in 2023: Swiss Re

Social inflation has become the main growth driver of US liability claims, with a rising number of large court verdicts pushing claims in the US to increase by 57% in the past decade, ultimately causing them to peak at 7% in 2023, the first time s...

Posted: Sep 07, 2024

Cyber demand met by significant reinsurance supply: Co-Heads of Cyber, Guy Carpenter

During Guy Carpenter’s virtual media briefing, the firm’s Global Co-Heads of Cyber discussed the growing demand for cyber reinsurance, which has been met with ample supply in the reinsurance markets. Erica Davis, Global Co-Head of Cyber at Guy Car...

Posted: Sep 06, 2024

W. R. Berkley appoints Antonio Q. L. Rhodes as President of BMAG

Insurance holding company W. R. Berkley Corporation has appointed Antonio Q. L. Rhodes as President of Berkley Mid-Atlantic Insurance Group (BMAG), a Berkley subsidiary, effective immediately. Rhodes is an industry veteran with nearly two decades...

Posted: Sep 06, 2024

Legacy carriers integral to the insurance landscape, says IRLA Chairman

The legacy insurance market is evolving, with the strongest players continuing to adapt and thrive, reinforcing their critical role in the global re/insurance industry, says Kevin Gill, Chairman of the Insurance & Reinsurance Legacy Associatio...

Posted: Sep 06, 2024

Reinsurers to focus on pricing sustainability at 66th RVS, poll finds

According to a recent Reinsurance News poll, sustaining price levels is perceived as the main focus of conversations for reinsurers at the 66th Rendez-Vous de Septembre (RVS) in Monte Carlo. With the global reinsurance industry soon to meet at RVS...

Posted: Sep 06, 2024

NER, Erthos & CAC Specialty to place insurance-backed warranty for Earth Mount Solar

Specialist managing general underwriter, New Energy Risk (NER), a wholly owned division of Paragon Insurance Group, and CAC Specialty, an insurance broker have partnered with Erthos, a large-scale renewable energy technology company to develop an...

Posted: Sep 06, 2024

AXA XL appoints Arti Rawal as Chief Underwriting Officer for Middle Market, Canada

AXA XL, the re/insurance company, has named Arti Rawal as Chief Underwriting Officer for the Middle Market segment in Canada. Rawal will head the newly formed Middle Market team in Canada and will report to Matthew Waters, Head of Middle Market fo...

Posted: Sep 06, 2024

Aon expands Bermuda reinsurance platform to drive client growth opportunities

Global insurance and reinsurance broking group Aon has expanded its Bermuda reinsurance platform to enhance transactional and capital optimisation solutions and support profitable growth opportunities for clients. Aon has added five new members to...

Posted: Sep 06, 2024

Cyber insurance market poised for growth as cyberattacks continue to increase: Moody’s 

The cyber insurance market is poised for significant growth over the next several years as cyberattacks continue to grow in number and sophistication, with the potential to cause major financial and reputational damage and disrupt business operati...

Posted: Sep 06, 2024

Sun Life Malaysia to streamline underwriting process with Munich Re SaaS-based underwriting platform

Sun Life Malaysia has adopted Munich Re Automation Solutions’ software-as-a-service (SaaS) underwriting solution to streamline the underwriting process and enhance its customer experience. This partnership will provide Sun Life Malaysia with a cut...

Posted: Sep 06, 2024

Pacific Life Re aims to tackle financial services skills challenge with FSSC partnership

Global life and health reinsurer Pacific Life Re has partnered with the Financial Services Skills Commission (FSSC) to ensure the financial services sector is prepared for long-term skills needs; becoming the first dedicated reinsurance firm to jo...

Posted: Sep 06, 2024

Guy Van Hecke named Head of Ceded Reinsurance at AXA

Global insurer AXA has announced the appointment of Guy Van Hecke as the new Head of Ceded Reinsurance for AXA, succeeding Guillaume Lejeune. Van Hecke, who is currently Head of Ceded Reinsurance at AXA XL, a division of AXA, will continue in this...

Posted: Sep 06, 2024

Asia-Pacific reinsurers deliver strong results in strengthened investment climate

According to a recent report by AM Best, reinsurance companies in the Asia-Pacific region experienced a sharp increase in their return on equity, rising to 9.2% from 0.1% under IFRS 17, which was driven by improved investment conditions and a rela...

Posted: Sep 06, 2024

Record weather-related losses challenge US homeowners insurers in 2024: S&P

This year is on track to surpass 2023’s record weather-related losses for U.S. homeowner insurers, posing challenges in estimating catastrophe risk charges, according to S&P Global Ratings. U.S. homeowner insurers have faced several years of u...

Posted: Sep 06, 2024

Chaucer appoints industry veteran Angus Milgate as Head of Distribution

Chaucer, the global specialty re/insurance firm, has announced the appointment of industry veteran Angus Milgate as Head of Distribution. Milgate will join the company in October and will report to Nicola Stacey, Chief Underwriting Officer at Chau...

Posted: Sep 06, 2024

Brit posts 80.5% undiscounted CoR in H1’24, pre-tax profit climbs to $362.4m

Brit Ltd, the global specialty re/insurer and subsidiary of FairFax Financial Holdings Limited, has posted an undiscounted combined ratio of 80.5% for the first half of 2024, representing an improvement from the prior year’s 82.3%. At the sa...

Posted: Sep 06, 2024

The Demex Group raises $10.25m for its weather and climate reinsurance solution

The Demex Group, a technology-enabled managing general agent (MGA), has raised $10.25 million through a Series A and previously closed SAFE funding round for its breakthrough weather- and climate-related reinsurance solution. Demex delivers an inn...

Posted: Sep 06, 2024

McGill and Partners hires Nick Williams-Walker as Group Chief Operating Officer

Insurance and reinsurance broker McGill and Partners has appointed Nick Williams-Walker as the Group Chief Operating Officer (COO), effective September 23rd, 2024. Williams-Walker succeeds Stephen Cross, who has been the firm’s acting Group COO si...

Posted: Sep 06, 2024

UK & US PRT markets expected to exceed £250bn in three years: Legal & General

The UK and US Pension Risk Transfer (PRT) markets are experiencing exceptionally strong demand, with insurers expected to secure over £250 billion in combined volumes over the next three years, according to Legal & General. The latest edition...

Posted: Sep 06, 2024

US-Bermuda reinsurers’ poised to sustain strong performance in 2024: AM Best

AM Best reports that the U.S. and Bermuda reinsurance composite is maintaining its positive momentum and is set to continue its strong performance from 2023 into 2024. The U.S.-Bermuda composite recorded its third consecutive year of improved unde...

Posted: Sep 06, 2024

Moody’s assigns A1 IFSR to SCOR & entities, outlook retained at stable

Global ratings agency Moody’s Ratings has affirmed the A1 insurance financial strength ratings (IFSR) of French reinsurer SCOR and its key operating entities, with the outlook on all retained at stable. Simultaneously, all debt ratings were also a...

Posted: Sep 06, 2024