Reinsurance News
Ryan Specialty has signed a definitive agreement to acquire the property & casualty (P&C) MGUs owned by Ethos Specialty Insurance, LLC (Ethos P&C) from Ascot Group Limited, with the acquisition expected to close during September 2024....
Posted: Sep 03, 2024
Member companies of the Association of Bermuda Insurers and Reinsurers (ABIR) reported record gross written premium of over $171 billion in 2023, up from the $145 billion figure that was reported in 2022. These figures stem from ABIR’s global unde...
Posted: Sep 03, 2024
Global insurance broker WTW has launched a new property facility, Client Edge Facility, with specialty re/insurer Canopius. This exclusive property option, now available in the market, was developed by WTW Corporate Risk and Broking, North America...
Posted: Sep 03, 2024
Aon, via its protected cell company White Rock Insurance Company PCC Limited, has facilitated a new $45.5 million Randolph Re private catastrophe bond, marking the first time a cat bond has been issued using a Guernsey PCC structure. This new seri...
Posted: Sep 03, 2024
Global rating agency AM Best has affirmed its “A” (Excellent) Financial Strength Rating (FSR) and its “a” (Excellent) Long-Term Issuer Credit Rating (ICR), both with a stable outlook, for Active Capital Reinsurance, Ltd. (Active Re). The rationale...
Posted: Sep 03, 2024
Global ratings agency S&P Global expects the reinsurance industry to earn its cost of capital once again in 2024-2025, cementing its stable outlook view of the sector, but warns that discipline must be maintained amid casualty risks. In 2023,...
Posted: Sep 03, 2024
Ryan Specialty, the international specialty insurer, has signed a definitive agreement to acquire certain assets of the European managing general agent (MGA), Geo Underwriting Europe BV (Geo Europe), which is part of The Ardonagh Group. The compan...
Posted: Sep 03, 2024
Reinsurance giant’s Munich Re and Swiss Re remain the two largest global reinsurers across the globe according to data from ratings agency AM Best. In prior years, the agency ranked the top 50 global reinsurers in a single list, but now, wit...
Posted: Sep 03, 2024
A combination of higher prices and tighter policy terms, supported by favourable risk/return dynamics and healthy investment income, are among the key drivers supporting the global reinsurance industry, as Moody’s outlook for the sector has...
Posted: Sep 03, 2024
Dale Underwriting Partners, the trading name for Dale Managing Agency Limited’s Lloyd’s Syndicate 1729, has entered the International Professional Indemnity Insurance marketplace. Simultaneously, Ryan Barnes has been appointed Head of Professional...
Posted: Sep 03, 2024
Zurich Insurance Group and its corporate foundation, the Z Zurich Foundation, have launched the Zurich Climate Resilience Alliance (the Alliance) to assess current levels of resilience within vulnerable communities and implement appropriate soluti...
Posted: Sep 03, 2024
Parametric insurance catalyser Skyline Partners and reinsurance giant Munich Re have revealed that a claim triggered by Hurricane Beryl has been paid to the Jamaican Co-operative Credit Union League (JCCUL). The payment was due under a parametric...
Posted: Sep 03, 2024
Underwriting agency Dynamic Reinsurance has announced the promotion of David Vargas Chavez to Operations Director, a role based in Mexico City. “For me this role represents a challenge that I feel prepared to take on, supported by the experience I...
Posted: Sep 03, 2024
A combination of rapid exposure growth and inflationary pressures means that insurers should now be expecting average annual losses (AAL) from global natural catastrophes to reach a new high of $151 billion, according to a new study from Verisk Ex...
Posted: Sep 03, 2024
Copilot for Microsoft 365 has been successfully adopted by 3,000 users at reinsurance giant Swiss Re, with plans to expand its usage across the firm’s entire workforce. According to Microsoft, this deployment marks a significant milestone in...
Posted: Sep 03, 2024
French reinsurer SCOR has appointed Sofia Kyriakopoulou as its new Chief Data & Analytics Officer, where she will further integrate advanced analytics, enabling the firm to harness the full potential of AI and support data-driven decisions acr...
Posted: Sep 03, 2024
The £1.1 trillion of UK defined-benefit (DB) pensions, boosted by yields, should benefit Aviva, Legal & General and Phoenix, which help firms offload pension obligations viewed as an unwelcome liability, Bloomberg Intelligence (BI) believes. T...
Posted: Sep 03, 2024
USAA, a provider of insurance, banking, and investment and retirement solutions for US military veterans, has announced that its President and CEO, Wayne Peacock, will retire in the first half of 2025. Jim Zortman, USAA Board Chairman and retired...
Posted: Sep 03, 2024
Cayman Islands-based reinsurer Topsail Re has announced the key appointments of Joel Belliveau as Vice President of Analytics and Jessica Hall as Reinsurance Accounting Manager. Belliveau joins Topsail Re from National General Insurance, where he...
Posted: Sep 03, 2024
IAT Insurance Group, a specialty property and casualty insurance carrier, has selected CLARA Analytics Claims Document Intelligence Pro (Claims DocIntel Pro) as its newest AI platform to boost its auto and general liability claims process. Accordi...
Posted: Sep 02, 2024
An increasing number of small and medium-sized businesses (SMBs) are seeking cyber coverage, but current cyber catastrophe (CAT) models still struggle to accurately assess SMB risk aggregation, according to a recent report by Guy Carpenter. The re...
Posted: Sep 02, 2024
The African Reinsurance Corporation (Africa Re) posted a gross written premium (GWP) income of US $558.74 million at the end of the second quarter of 2024, representing a 5.56% increase from the US $529.33 million figure that was reported in the s...
Posted: Sep 02, 2024
Aon enhances its capital advisory capabilities with the appointments of Mike Cane as Capital Advisory leader for the UK and Yen Chu Choo as Capital Advisory leader for Asia Pacific (APAC). Mike Cane will be based in London and will report to Kelly...
Posted: Sep 02, 2024
DUAL UK, part of the specialist underwriting arm of Howden Group, has announced its acquisition of International Passenger Protection (IPP) in both the UK and Malta, subject to regulatory approval. This acquisition strengthens DUAL UK’s posi...
Posted: Sep 02, 2024
Miller, an independent specialist in (re)insurance broking has appointed Siva Krishnan as Head of Sports and Entertainment, Asia, as the firm expands its Sports and Entertainment business into the Asia-Pacific region. With over 25 years of experie...
Posted: Sep 02, 2024