Reinsurance News
Argentum Re, a Miami-based reinsurance broker, has announced its designation as a Lloyd’s broker, becoming the second in Miami-Florida and the sixth in the US to earn this status. Founded in 2018 by Raul Perez and Alejandro Rebolledo, Argentum Re...
Posted: Aug 27, 2024
Lockton Re, the reinsurance arm of the independent insurance broker, has appointed Andrew Ferrier as Senior Broker, commencing the build-out of its West Coast Property and Casualty business, based in San Francisco. Ferrier is an industry veteran w...
Posted: Aug 27, 2024
During the first three months of 2024, the US life/annuity market’s total revenue increased 16% to $303.2 billion, compared to $261.4 billion from the previous year, according to credit ratings agency AM Best. This notable increase was drive...
Posted: Aug 27, 2024
Hong Kong-domiciled global reinsurer Peak Reinsurance Company Limited has appointed Peter Hämmerli as Head of Business Operations, effective August 26th, 2024. Hämmerli will report directly to Franz-Josef Hahn, Chief Executive Officer of Peak Re,...
Posted: Aug 27, 2024
Insurance Council of Australia’s “Insurance Catastrophe Resilience Report 2023-24”, disclosed that insurers incurred AUD 2.19 billion in claims from declared extreme weather events this year, in line with the previous 12 months. In monetary terms,...
Posted: Aug 27, 2024
AM Best has assigned Ethiopian Reinsurance S.C. (Ethio Re) a Financial Strength Rating of B (Fair) and a Long-Term Issuer Credit Rating of “bb” (Fair) with a stable outlook. Ethio Re is a small reinsurer by global standards, established in 2016. I...
Posted: Aug 27, 2024
EverPeak Insurance has partnered with Carpe Data to integrate the Minerva platform, aiming to streamline and accelerate its underwriting process as it expands nationwide. As a Managing General Agency, EverPeak Insurance connects businesses with in...
Posted: Aug 27, 2024
Sompo, a subsidiary of the company responsible for the insurance and reinsurance operations of Sompo Holdings Group outside of Japan, has announced its partnership with Palantir Technologies Inc., a vendor of artificial intelligence (AI) systems....
Posted: Aug 23, 2024
Zurich North America, the commercial property and casualty insurer, has promoted Chris Nolan to Head of Surety in US National Accounts, succeeding Bob Murray, who retired in June. In the role, Nolan will oversee both contract and commercial surety...
Posted: Aug 23, 2024
PCF Insurance Services has acquired the insurance business of 360 Insurance, based in Las Vegas, Nevada. With roots in the Las Vegas Valley, the acquired organisation is licensed to operate across the US. For over 75 years, 360 Insurance, a provid...
Posted: Aug 23, 2024
Despite the Japanese government’s issuance of its first-ever Megaquake warning in August, reinsurers are well-positioned to absorb losses from major events, including a large Japanese earthquake, according to J.P. Morgan’s latest repor...
Posted: Aug 23, 2024
Total dedicated reinsurance capital went up by 7% in 2023 to $568 billion, and an even larger increase is projected for 2024 of up to $625 billion, according to a recent report by credit rating agency, AM Best. The report revealed that traditional...
Posted: Aug 23, 2024
Specialty managing general agent (MGA) Nexus Group has announced the launch of a new Alternative Risk Transfer (ART) business, under the leadership of Christof Bentele, President of Nexus Specialty Casualty. Nexus ART will offer multi-year structu...
Posted: Aug 23, 2024
The primary insurance market now understands that price increases in property and casualty (P&C) reinsurance are needed going forwards, with the market now “reaching a new level of equilibrium”, according to Swiss Re’s Chief...
Posted: Aug 23, 2024
Hiscox has confirmed that Senior Independent Director Colin Keogh will be taking up the mantle as Interim Chair following the tragic death of Jonathan Bloomer. Before his passing, Bloomer pursued a successful portfolio career with a range of large...
Posted: Aug 23, 2024
Intact Financial Corporation, a Canadian property and casualty insurer, has estimated total catastrophe losses quarter-to-date of approximately $1.1 billion, pre-tax and net of reinsurance, well above expectations for a third quarter. The insurer...
Posted: Aug 23, 2024
Ascot, the Bermuda-domiciled global specialty insurer, has launched a unified capital management platform, Leadline Capital Partners, to support its expanded third-party capital business. Under the Leadline Capital platform, Ascot has strategicall...
Posted: Aug 23, 2024
Guidewire, a provider of software solutions to the insurance industry, has announced the release of critical data and maps detailing wildfire risk in the United States, with this being available at the national, state, and local levels. Wildfire s...
Posted: Aug 23, 2024
Hymans Robertson, a pensions and financial services consultancy, has announced the appointment of two new hires to its Edinburgh office, Catherine Thain and Christian Ah-See who are joining the firm as Risk Transfer Specialists. “We are delighted...
Posted: Aug 23, 2024
Accession Risk Management Group, the parent company of Risk Strategies and One80 Intermediaries, has secured $1 billion in financing to boost its growth and support continued expansion. The financing includes a $900 million delayed draw term loan,...
Posted: Aug 22, 2024
Compre Group Holdings Limited, a reinsurance group based in Bermuda, announced the completion of a legacy reinsurance transaction with Accelerant, a data-driven risk exchange. This transaction received approval from the Bermuda Monetary Authority....
Posted: Aug 22, 2024
The frequency of global ransomware attacks is rising sharply, with Q2 2024 marking the second-highest number of reported attacks in a single quarter, according to Corvus Insurance’s Q2 2024 Cyber Threat Report. Based on data from ransomware leak s...
Posted: Aug 22, 2024
John Dacey, Group Chief Financial Officer (CFO) of Swiss Re, has said that the firm was surprised at the relatively low set of natural catastrophe losses it incurred in the first half of the year, and while the reinsurer’s ability to absorb...
Posted: Aug 22, 2024
CLARA Analytics, a provider of artificial intelligence (AI) technology for insurance claims optimization, has announced the appointment of Robin Spaulding as Chief Insurance Officer, and Greg Toll as Vice President of Sales for Self-Insured. In he...
Posted: Aug 22, 2024
According to a new report from AM Best, reinsurers met their cost of capital for the first time in four years in 2023, driven by a rebound in capital gains and underwriting profits. The rating agency observed that rising interest rates, stock mark...
Posted: Aug 22, 2024