Reinsurance News

BNY and Conduent partner to deliver seamless end-to-end PRT solution

The Bank of New York Mellon Corporation (BNY) and Conduent Incorporated have formed a strategic alliance to deliver insurers and pension acquirers an end-to-end pension risk transfer (PRT) solution through a single, streamlined platform. As pensio...

Posted: Dec 11, 2024

SRS adds four new experts to Luxembourg team

Strategic Risk Solutions (SRS), an independent insurance company manager, is expanding its Luxembourg office with the appointment of four new and experienced experts to its team. This includes Alain Sougnez as an additional licensed manager, who i...

Posted: Dec 11, 2024

CyberCube adds St. Andrews as new Broking Manager client to boost growth

CyberCube, a provider of cyber risk analytics, has unveiled a new partnership with St. Andrews Insurance Brokers, the Canada-based retail brokerage to utilise CyberCube’s Broking Manager. According to the announcement, this partnership will allow...

Posted: Dec 11, 2024

TWIA Board approves 22% increase in reinsurance budget for 2025

At today’s Board meeting, staff at the Texas Windstorm Insurance Association (TWIA) approved the 2025 budget, which includes $485 million of ceded premiums, up on 2024’s $397 million, amid continued exposure growth and a subsequent lif...

Posted: Dec 10, 2024

Corebridge Financial announces Board changes including new Chairman

Corebridge Financial, an American multinational financial services company, has announced changes to its Board of Directors. Alan Colberg has been elected as Chairman of the Board of Corebridge Financial, succeeding Peter Zaffino, Chairman and CEO...

Posted: Dec 10, 2024

Aon’s NFP strengthens West Texas presence with Capstone Strategies acquisition

NFP, a subsidiary of Aon and a global insurance brokerage and consultancy, has announced the acquisition of Capstone Strategies, LLC, a property and casualty (P&C) and benefits broker based in Midland, Texas. Blake Johnston and Brandon Sheppar...

Posted: Dec 10, 2024

Professional indemnity insurance rates plunge amid new competition, says Clyde & Co

Professional indemnity (PI) insurance rates are falling at an unprecedented pace, with 56% of market participants predicting no rate increases in 2024, according to a new report from law firm Clyde & Co. The findings highlight the growing impa...

Posted: Dec 10, 2024

Reinsurance industry in strong position to absorb any potential future volatility: Artex

The global reinsurance industry is in a strong position and has ample buffers to absorb potential headwinds in the second half of 2024, according to the Artex Risk Solutions’ report, The Alternative View. The market has reported strong results for...

Posted: Dec 10, 2024

SRG acquires specialist insurance broker R3

Specialist Risk Group, an insurance intermediary backed by Warburg Pincus and Temasek, has announced the acquisition of specialist insurance broker, R3. This marks SRG’s eleventh acquisition in 2024, following previous acquisitions which include S...

Posted: Dec 10, 2024

Optalitix partners with PwC to enhance pricing platform adoption in the London Market

Specialist data analytics solutions provider Optalitix has formed a strategic partnership with PwC to enhance implementation services and support for users of Optalitix Quote, the company’s underwriting and pricing platform for insurers. This coll...

Posted: Dec 10, 2024

AIG closes sale of Corebridge stake to Nippon Life

Global insurer American International Group, Inc. (AIG) has closed its previously announced sale of approximately 120 million shares of its Corebridge common stock to Nippon Life Insurance Company. The selling price of the stock, as previously rep...

Posted: Dec 10, 2024

Ben Sloop to succeed James Drinkwater as Amwins Group President

Global specialty insurance provider Amwins Group, has announced the appointment of Ben Sloop as President, effective January 1, 2025. He will be taking over the role from James Drinkwater who will transition into the role of Vice Chair of Amwins w...

Posted: Dec 10, 2024

Allianz launches life reinsurance sidecar Sconset Re

Global insurer Allianz has established a new independent strategic reinsurance platform called Sconset Re Ltd., which will be capitalized through equity investments from high-quality institutional partners. Located in Bermuda, Sconset Re will spec...

Posted: Dec 10, 2024

New domiciles are impacting the landscape of the European captive insurance segment: AM Best 

New European captive domiciles are seeing growth in company formations, including redomicilations from other jurisdictions, according to AM Best. In a new report, the agency reveals that France is leading the way in terms of new captive formations...

Posted: Dec 10, 2024

CCRIF’s parametric insurance delivers record $85m in payouts after Hurricane Beryl

The CCRIF issued a total of US$85 million in record time to governments and non-sovereign policyholders in the Caribbean impacted by Hurricane Beryl, marking the largest payout in the organisation’s history, and underscoring its growing role...

Posted: Dec 10, 2024

Envelop Risk completes three year capacity agreement with MS Reinsurance

Data-driven cyber reinsurance and analytics specialist Envelop Risk has completed a capacity agreement with MS Reinsurance for a further three years, in addition to reaching the milestone of $1 billion gross written premium since its launch in 201...

Posted: Dec 10, 2024

Arch Insurance appoints Rachida Laazaouzi as Senior Casualty Underwriter

Arch Insurance, a division of Bermuda-based re/insurer Arch Capital Group, has announced the appointment of Rachida Laazaouzi as Senior Casualty Underwriter for the French market. Based in Paris, Laazaouzi will focus on growing Arch’s casualty por...

Posted: Dec 10, 2024

PIC finalises £370m buy-in for Hays Pension Scheme

Pension Insurance Corporation plc (PIC) has completed a £370 million buy-in for the Hays Pension Scheme, securing coverage for over 4,200 members and transferring all associated financial and demographic risks. Hays Group contributed approximately...

Posted: Dec 10, 2024

Liberty Mutual Insurance names Arangio as EVP & Chief Compliance Officer as Morton retires

Liberty Mutual Insurance has appointed Nicole Arangio as its new Executive Vice President (EVP) and Chief Compliance Officer, effective April 1st, 2025, with a transition over the next few months. Currently, Arangio serves as Chief Compliance Offi...

Posted: Dec 10, 2024

Liberty Mutual Insurance places Arangio as EVP & Chief Compliance Officer as Morton retires

Liberty Mutual Insurance has appointed Nicole Arangio as its new Executive Vice President (EVP) and Chief Compliance Officer, effective April 1st, 2025, with a transition over the next few months. Currently, Arangio serves as Chief Compliance Offi...

Posted: Dec 10, 2024

Allianz lifts financial targets through 2027 after surpassing goals

After exceeding its 2024 economic goals, Allianz has raised its financial targets for the 2024-2027 cycle, aiming for a property and casualty operating profit of approximately €9.5 billion by 2027, with a combined ratio of 92-93%. In its other seg...

Posted: Dec 10, 2024

Aon names Ciaran Healy as Global Captive Leader for Commercial Risk Solutions

Global insurance and reinsurance broker Aon has promoted Ciaran Healy to Global Captive Leader for Commercial Risk Solutions, effective January 1st, 2025, based in Dublin. The promotion of Healy sees John English take on the role of Chairman of Ao...

Posted: Dec 10, 2024

AXA and HK Express launch new flight delay parametric protection product

AXA Hong Kong and Macau (AXA) and HK Express, supported by AXA Partners, have launched new flight delay parametric protection for HK Express customers who purchase U-First. This makes HK Express the first airline in Asia to offer parametric delay...

Posted: Dec 10, 2024

AM Best affirms Singapore Re’s Credit Ratings with stable outlook

AM Best has affirmed Singapore Reinsurance Corporation Limited’s (Singapore Re) Financial Strength Rating of A and Long-Term Issuer Credit Rating of “a”, with a stable outlook for these ratings. The ratings reflect Singapore Re’s balance sheet str...

Posted: Dec 10, 2024

L&G posts £10bn in bulk annuity volumes for Institutional Retirement division

Legal and General Plc (L&G) has revealed that its shares have climbed higher after the organisation posted an update on its Institutional Retirement division, which specialises in bulk annuities. The company has reaffirmed its solid outlook fo...

Posted: Dec 10, 2024