Reinsurance News
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
Arthur J. Gallagher & Co. has acquired the Illinois-domiciled Afina Insurance Advisors Inc., a property & casualty insurance broker serving clients in greater Chicago, in an undisclosed transaction. As per the announcement, George Van Dene...
Posted: Jan 02, 2025
Ratings agency Moody’s has changed its outlook for the global property and casualty (P&C) insurance sector to stable from negative for 2025. The stable outlook is driven by factors such as improved personal lines pricing adequacy, commercial l...
Posted: Dec 31, 2024
Saudi Re has announced the signing of a reinsurance contract with Walaa Cooperative Insurance Company for the Surety Insurance Bonds Coinsurance Program. This program provides financial guarantees to ensure contractors meet their obligations on co...
Posted: Dec 31, 2024
Bermuda-domiciled global specialty re/insurer SiriusPoint is set to repurchase all of its common shares and warrants held by CM Bermuda Limited for an aggregate purchase price of $733 million. As per the terms of the repurchase transaction, post-c...
Posted: Dec 31, 2024
A new regulation has been launched aimed to expand insurance access for Californians amid increasing climate risks, this includes increased coverage for wildfire-prone regions by factoring reinsurance costs into the provision of this insurance. Un...
Posted: Dec 31, 2024
Kettle, an AI-enabled re/insurer for commercial property owners in areas affected by catastrophic climate events, has appointed Jeff Chen as Chief Risk Officer to lead risk management and actuarial. With this appointment, Kettle aims to meet its m...
Posted: Dec 31, 2024
Data from Guy Carpenter, the reinsurance broking arm of Marsh McLennan, and ratings agency AM Best, shows that global reinsurer capital has grown by approximately 7% year-on-year, rising from $568 billion in 2023 to a projected $607 billion in 202...
Posted: Dec 31, 2024
The year 2024 saw several extreme climate disasters that resulted in billions of dollars in insured losses, underscoring the urgent need to reduce carbon emissions, accelerate the transition to renewable energy, and provide funding for vulnerable...
Posted: Dec 31, 2024
Green Shield Risk Solutions, a provider of risk management and insurance solutions, has announced a strategic partnership with Technosylva, a company specialising in catastrophic event simulation, risk analysis, and operational response that suppo...
Posted: Dec 31, 2024
Ahead of the release of its Reinsurance Market Dynamics January 2025 Renewal report next week, re/insurance broking group Aon has noted the greater flexibility exhibited by reinsurers at the January 1st, 2025, renewals, following consecutive years...
Posted: Dec 30, 2024
A new study by the Bermuda Regulatory Authority (BMA) on catastrophe risk modelling practices on the island has found a notable decrease in the proportion of insurers purchasing external catastrophe reinsurance. The BMA asked insurers how their ca...
Posted: Dec 30, 2024
A new study by the Bermuda Monetary Authority (BMA) on catastrophe risk modelling practices on the island has found that the number of insurers purchasing little or no external catastrophe reinsurance decreased in 2023, which reflects the heighten...
Posted: Dec 30, 2024
Maiden Holdings, Ltd., a provider of insurance and reinsurance services, and program specialist Kestrel Group have entered into a combination agreement to form a new, publicly listed specialty program group, expected to close in the first half of...
Posted: Dec 30, 2024
Fidelis Insurance Bermuda Limited (FIBL) has successfully closed a new catastrophe bond, Herbie Re Ltd. (Series 2024-2), which provides the firm with $375 million of collateralized reinsurance protection against U.S., DC, Puerto Rico, and Virgin I...
Posted: Dec 30, 2024
Global reinsurer Swiss Re has announced the appointment of Aisyah Fuad as Market Head Southeast Asia (South), effective 1 January 2025. Fuad joined Swiss Re in 2011 as an Associate Client Manager, Retakaful, where she worked as a multi-line treaty...
Posted: Dec 30, 2024
A statement from Jeju Air has revealed that Samsung Fire & Marine Insurance was the lead aviation insurer, while AXA XL served as the primary reinsurance provider for the plane that recently crash-landed at Muan International Airport in South...
Posted: Dec 30, 2024
Specialist insurer Hiscox has appointed Frank Lamantia as its new Chief Technology Officer in the U.S., where he will serve on the Hiscox US leadership team and the Hiscox Group Technology leadership team, effective January 21st, 2025. Lamantia wi...
Posted: Dec 30, 2024
Property catastrophe renewals were consistently oversubscribed at January 1 as reinsurer appetite increased more than demand, with a range of pricing outcomes as non-loss-impacted renewals saw risk-adjusted rate reductions of 5% to 15%, according...
Posted: Dec 30, 2024
Global insurance brokerage Arthur J. Gallagher & Co. has acquired Tustin, California-based Murray Gardner Insurance Agency Inc., dba BMR Insurance, a retail insurance agency that serves commercial and personal lines clients primarily across So...
Posted: Dec 30, 2024