Reinsurance News
The Excess and Surplus (E&S) insurance market has experienced significant growth, achieving a 21% compound annual growth rate over the past five years, surpassing $104 billion in premiums in 2023, and is expected to continue its upward traject...
Posted: Jan 03, 2025
Law firms Troutman Pepper and Locke Lord have announced their merger to form Troutman Pepper Locke LLP, a firm with over 1,600 attorneys and 33 offices across the US and Europe. Tom Cole, Chair of Troutman Pepper Locke, said, “This merger is...
Posted: Jan 03, 2025
AM Specialty Insurance Company has announced that AM Best has reaffirmed its Financial Strength Rating (FSR) of A- (Excellent) with a stable outlook. This recognition highlights ASIC’s focus on underwriting quality, disciplined risk manageme...
Posted: Jan 03, 2025
According to reinsurance broker Gallagher Re, Central and Eastern Europe (CEE) catastrophe loss-free property reinsurance treaties were renewed -2.5% to up 5%, while catastrophe loss-hit reinsurance rates increased 10% to 20% at the January 1, 202...
Posted: Jan 03, 2025
Labuan Reinsurance (L) Ltd (Labuan Re) has appointed Encik Zaid Aziz Ibrahim as its Officer in Charge, following the recent departure of Puan Johana Era Zainuddin on December 31, 2024. Encik Zaid currently serves as the firm’s Chief Underwri...
Posted: Jan 03, 2025
Specialty property insurer Palomar Holdings has completed its acquisition of First Indemnity of America Insurance Company (FIA). Founded in 1979, FIA is an independent surety company specialising in providing bonding solutions for contractors, bus...
Posted: Jan 03, 2025
Canadian financial holding company, Fairfax Financial Holdings Limited, has appointed Brian Young as President of Fairfax Insurance Group, with Carl Overy taking over as Chief Executive Officer (CEO) of Odyssey Group, effective January 1st, 2025....
Posted: Jan 03, 2025
In terms of net premiums written (NPW), health insurance companies continued to dominate in 2023 as four out of the top five were US-based health insurers, with UnitedHealth Group holding on to the top spot for the 10th year in a row with NPW grow...
Posted: Jan 03, 2025
The 1 January 2025 cyber reinsurance renewals progressed smoothly, with some notable price moderation, the entry of new reinsurers, and a growing focus on non-proportional products, reflecting an increasingly mature and efficient market, according...
Posted: Jan 03, 2025
Global data analytics and technology provider, Verisk, has submitted its wildfire catastrophe model for review by the California Department of Insurance (CDI), which recently finalised regulatory changes aimed at stabilising the state’s insu...
Posted: Jan 03, 2025
Managing general underwriter SageSure has closed the previously announced acquisition of GeoVera Advantage Insurance Services, LLC. The entity will now function as a newly formed MGA, including the residential earthquake risk underwriting franchis...
Posted: Jan 03, 2025
Reinsurers view the current market as an attractive space, even after some moderation in terms and conditions. However, they face ongoing pressure to deliver strong results amid a renewal season marked by variability and diverse outcomes, accordin...
Posted: Jan 03, 2025
After announcing its reserve review in November, Maiden Holdings has reported that it currently anticipates that it will incur charges of up to $150 million in the fourth quarter of 2024. The reserve review, outlined in the company’s third-quarter...
Posted: Jan 03, 2025
Marsh McLennan Agency (MMA), a division of Marsh offering insurance and financial services across North America, has acquired Melville, New York-based full-service insurance agency Acumen Solutions Group LLC, with terms of the deal undisclosed. Fo...
Posted: Jan 03, 2025
According to the Q4 CRESTA Industry Loss Index (CLIX) update, which provides data on non-US catastrophe events that have generated industry losses above $1 billion, 2024 was dominated by flood events, driving 78% of the total industry loss figure....
Posted: Jan 02, 2025
Amwins, a distributor of specialty insurance products and services, has reached an agreement to acquire Superior Underwriters, a Bellevue, Washington-based managing general agency (MGA) that specialises on commercial lines, personal lines and tran...
Posted: Jan 02, 2025
Manulife Financial Corporation (Manulife) has announced the closure of its transaction to reinsure two blocks of legacy business, including a younger block of long-term care (LTC), with Reinsurance Group of America (RGA). The $4.1 billion reinsura...
Posted: Jan 02, 2025
According to global insurance and reinsurance broking group Howden, risk-adjusted global property-catastrophe reinsurance rates-on-line decreased by 8% on average at the January 1st, 2025, reinsurance renewals, in comparison to +3% that was recor...
Posted: Jan 02, 2025
Aon, a large global insurance and reinsurance broking group, has announced the successful completion of its acquisition of Griffiths & Armour. The deal, finalised on January 1, 2025, enhances Aon’s strategy to broaden its regional footprint in...
Posted: Jan 02, 2025
With an expected return on equity (ROE) of 17.3% for 2024, reinsurers are projected to remain strong through 2026, with the annual ROE forecasted to consistently exceed the cost of equity, according to data from Guy Carpenter, the reinsurance brok...
Posted: Jan 02, 2025
Hawkes Bay Underwriting (HBU) Marine, a Managing General Agent (MGA) in the Asia-Pacific region, has resumed its status as a Lloyd’s of London Coverholder after several years on pause. Established in 2008, HBU has been delivering specialised...
Posted: Jan 02, 2025
Taiping Reinsurance Co., Ltd sponsored the issuance of Asia’s first dual-peril, dual-trigger catastrophe bond on 31st December 2024 in Hong Kong, enhancing its catastrophe risk management capabilities. The $35 million sized cat bond was issued thr...
Posted: Jan 02, 2025
Global property reinsurance renewals were largely orderly at the January 1st, 2025, renewals, and although reduced risk adjusted pricing was greater than many sellers planned for, is “entirely rational and expected” given plentiful cap...
Posted: Jan 02, 2025
According to Howden’s 2025 market report, the January 1 reinsurance renewals experienced notable softening overall, reflecting strong price adequacy and reinsurers’ ambitions for growth. Howden explained that over the past 12 months, favoura...
Posted: Jan 02, 2025
ICICI Prudential Life Insurance, in collaboration with Reinsurance Group of America (RGA), has developed and launched ICICI Pru Wish, a first-of-its-kind health product in the life insurance industry that addresses critical illnesses and surgeries...
Posted: Jan 02, 2025