Reinsurance News
Insurance and reinsurance broking group Gallagher has announced three senior appointments in its upstream energy division to support its expanding client base. Darren Jones has been named Executive Partner, bringing over 20 years of experience in...
Posted: Oct 08, 2024
According to research from WTW, large deals have been at the forefront of M&A activity in 2024, reflecting growing confidence among dealmakers despite geopolitical and macroeconomic headwinds. WTW’s research revealed that the volume of d...
Posted: Oct 08, 2024
NARDAC, an energy and infrastructure insurance broker and Managing General Agent (MGA), has reported that insurance premiums for offshore renewable energy and infrastructure projects are expected to remain low for the next two to three years, exte...
Posted: Oct 08, 2024
Large insurance industry losses from major hurricane Milton’s eventual impacts in Florida could potentially lead to an extended hard market for property cat reinsurance, according to Jefferies. Analysts explained that should the hard market...
Posted: Oct 08, 2024
Specialty insurer Beazley has expanded its cyber capabilities with the addition of ‘Beazley Quantum’, a new cyber consortium that provides comprehensive cover for large corporates with up to $100 million limit. According to the announcement, the c...
Posted: Oct 08, 2024
A new report from BMO Capital Markets discussing Hurricane Milton’s potential impact has noted that a direct hit on Tampa at a Category 3-5 level could result in insured losses exceeding $75 billion. For those unaware, Milton is currently a...
Posted: Oct 08, 2024
Global credit rating agency AM Best has confirmed that it has revised the outlook to stable from negative for Indonesia’s non-life insurance segment, owing to a number of factors that include solid growth prospects, the potential for compuls...
Posted: Oct 08, 2024
Pen Underwriting’s marine business specialist, Trafalgar Marine Trades (TMT), extends its broker service capabilities with the appointment of Emma Colbourn as UK Senior Marine Trades Underwriter, effective October 8. Colbourn brings to her new rol...
Posted: Oct 08, 2024
Global insurance and reinsurance broker Aon has revealed that the prospective return on equity (RoE) for US diversified homeowners insurance carriers decreased by 100 basis points to 5% from last year, despite the significant rate increases achiev...
Posted: Oct 08, 2024
RLI Corp., the specialty insurer, has estimated pre-tax net catastrophe losses, net of reinsurance recoverables, from hurricanes Beryl and Helene of between $35 million and $40 million, which will be reflected in the carrier’s third quarter...
Posted: Oct 08, 2024
Global insurance broker WTW has announced the appointment of Izabella McGuire as Senior Client Advocate for the Real Estate, Hospitality, and Leisure (REHL) division within Corporate Risk & Broking, North America (CRB NA). In her new role, bas...
Posted: Oct 08, 2024
The impacts of hurricane Helene across Florida, Georgia, the Carolinas, and parts of the Mid-Atlantic are expected to drive insurance industry losses of between $8 billion and $14 billion, while losses to the National Flood Insurance Program (NFIP...
Posted: Oct 08, 2024
Ledgebrook, an insurtech company, is pleased to announce the successful completion of a $17 million Series B funding round. This strategic raise brings two distinguished Family Offices onto Ledgebrook’s cap table: Duquesne (which led the round) an...
Posted: Oct 08, 2024
The SA Special Risk Insurance Association (Sasria) is exploring the expansion of its coverage options to include climate, severe weather, as well as cyber risks. Sasria is a state-owned non-life insurer that provides special risk cover – inc...
Posted: Oct 08, 2024
Hurricane Milton is now a Category 5 with maximum sustained winds estimated at 160 mph with higher gusts, and while there remains much uncertainty as to how strong Milton will be at landfall and the exact location of this, BMS Group’s Andrew...
Posted: Oct 07, 2024
FTI Consulting, Inc., a business advisory firm, has announced the expansion of its Global Insurance Services practice with the appointment of Maria Filipakis as a Senior Managing Director in the company’s Forensic and Litigation Consulting segment...
Posted: Oct 07, 2024
Bloomberg Intelligence reveals that demand for cyber insurance is set to grow amid a series of high-profile cyber attacks. Analysts noted that Beazley, the specialist cyber insurance provider, sees 18% compound annual growth for that cover in 2024...
Posted: Oct 07, 2024
Lockton Re, the reinsurance arm of the independent insurance broker, has appointed Vince Turnbull as Senior Reinsurance Actuary for its Accident, Health & Life team, based in Philadelphia. Turnbull is a credentialed actuary as an FSA and MAAA,...
Posted: Oct 07, 2024
Munich Re believes that a soft market is not likely to happen in the near-term, the reinsurer’s management shared with Jefferies in a recent meeting. According to analysts, in Munich Re’s view, “it takes a globally material reinsurer (i.e. the top...
Posted: Oct 07, 2024
In a recent interview with Reinsurance News, Greg Richardson, Chief Executive Officer of Greenlight Re, stated that the Cayman Islands is an “advantageous environment,” particularly for tech-driven (re)insurance start-ups. “Speak...
Posted: Oct 07, 2024
Despite noting the considerable uncertainty around Hurricane Milton’s path and landfall location, analysts at KBW have suggested that possible reinsured losses from the event could drive property catastrophe reinsurance rates up at the Janua...
Posted: Oct 07, 2024
Insurance Europe, the association representing insurance and reinsurance companies, has announced the appointment of Thea Utoft Høj Jensen as director general, effective 5 November, 2024. Thea will succeed Michaela Koller, who has served as direct...
Posted: Oct 07, 2024
MNK Group has established Pt Mekong Re, a Labuan-domiciled reinsurance entity, aimed at providing additional capacity for specialty lines of business and hard-to-place risks. Through the group, Pt Mekong Re has access to Lloyd’s of London and aims...
Posted: Oct 07, 2024
Charles Taylor, an independent global provider of claims solutions, has announced the appointment of Robert Paxton as Managing Director of its Canadian operations, effective October 1, 2024. In this role, Paxton will lead the company’s effor...
Posted: Oct 07, 2024
Despite cyber security concerns being top-of-mind and the average data breach exceeding over US$3 million, only 2% of businesses have implemented cyber resilience across their organisation, although cyber budgets are poised to increase, a recent P...
Posted: Oct 07, 2024