Reinsurance News
Miller, the independent specialist in (re)insurance broking, has appointed Alessia Lombardi as an Account Executive within its Accident & Health team. Lombardi will begin her role in September 2024, reporting directly to Tim Nagle, Head of Spo...
Posted: Aug 21, 2024
The California Earthquake Authority (CEA) purchased $306 million of new reinsurance limit at its June 1st renewal, taking the entity’s total reinsurance and risk transfer tower to approximately $9.15 billion. At the end of 2023, the CEA had...
Posted: Aug 21, 2024
Water risk intelligence firm Fathom has released a new report on the projections of global flooding under climate change, noting that the risk will increase between 9% and 49% this century depending on efforts to cut greenhouse gas emissions. Fath...
Posted: Aug 21, 2024
Guy Carpenter, the reinsurance broking division of Marsh McLennan, has appointed Ridge Muhly as the Regional Mutual Segment Leader, effective August 19th, based in Philadelphia and Adam Kornick as the Personal Lines Segment Leader, effective Septe...
Posted: Aug 21, 2024
Alliant Insurance Services has hired industry veteran Mark Rusas to co-lead its Mergers & Acquisitions specialty practice as Executive Vice President, Managing Director, Alliant Specialty. Based in New York, Rusas will be joining Jonathan Gilb...
Posted: Aug 21, 2024
AM Best-rated U.S. captive insurers experienced a strong year in 2023, posting a net income of $1.4 billion, a 53% increase from the $923 million figure that was posted in the prior year. At the same time, the five-year average combined ratio of 8...
Posted: Aug 21, 2024
In the second quarter of 2024, the commercial property and casualty (P&C) insurance market showed further signs of softening, according to The Council of Insurance Agents & Brokers’ (CIAB) latest quarterly survey. Premiums across all accou...
Posted: Aug 20, 2024
Specialist Risk Group (SRG), the insurance intermediary, has acquired Anthony James Insurance Brokers in a move that is set to expand and further strengthen SRG’s retail pillar – Specialist Risk Insurance Solutions (SRIS). Subject to r...
Posted: Aug 20, 2024
AM Best expects that Puerto Rico-domiciled insurers should be able to navigate losses caused by Hurricane Ernesto, with property losses anticipated to be moderate and contained within reinsurance limits. Based on initial discussions with its rated...
Posted: Aug 20, 2024
Velonetic, previously known as London Market Joint Ventures, has announced Bob James as its new Chief Executive Officer (CEO) and Callum Gibson as its Chief Operating Officer (COO), effective immediately. Velonetic is the trading name of Ins-sure...
Posted: Aug 20, 2024
Prudential Financial, a US insurance and investment firm, has entered into an agreement with Wilton Re to reinsure approximately $11 billion of reserves supporting a portion of its guaranteed universal life block. This deal is expected to generate...
Posted: Aug 20, 2024
Kenya Reinsurance Corporation Limited (Kenya Re) has announced its financial results for the first half of 2024, reporting after-tax profits totalling KSh 1.06 billion (USD 8.2m), down from KSh 1.17 billion (USD 9.1m) during the same period the ye...
Posted: Aug 20, 2024
Record cat bond issuance and large spreads indicate a strong demand for reinsurance capacity, leading to continued interest in parametric-triggered reinsurance and insurance-linked securities (ILS) in the first half of 2024, according to AM Best’s...
Posted: Aug 20, 2024
Annja Karlsson has joined Storebrand, a Norwegian financial services company offering pension, savings, insurance and banking products, as Head of Reinsurance. Headquartered in Oslo, Norway, Storebrand offers its products to individuals, businesse...
Posted: Aug 20, 2024
The Southeast Asia Disaster Risk Facility (SEADRIF) Insurance Company has appointed Heddy Pritasa as a Board Member, while Dr. Yoshihiro Kawai, with the Council of Members’ endorsement, will assume the new role of SEADRIF Initiative Director...
Posted: Aug 20, 2024
Cytora, the digital risk processing platform has partnered with GeoSmart Information, the environmental data specialist, in a move that it set to help insurers stem flood risk. From what we understand, the integration of GeoSmart Information’s dat...
Posted: Aug 20, 2024
Chaucer, the global specialty re/insurance firm has appointed industry veteran Alex Baker as Class Underwriter within its political violence and crisis management team. Baker brings a deep degree of expertise towards his new role, having previousl...
Posted: Aug 20, 2024
Ardonagh Advisory, a UK insurance broking and consulting firm, has announced its plan to acquire R.K. Henshall & Co. Limited, a chartered insurance broker based in Sandbach, Cheshire. Founded in 1976, R.K. Henshall & Co. employs 35 people...
Posted: Aug 20, 2024
Marsh, the insurance broker, risk advisor and a subsidiary of Marsh McLennan, is launching a first-of-its-kind $50 million port blockage insurance facility, covering shipping ports and terminals globally. Following the collapse of the Francis Scot...
Posted: Aug 20, 2024
Industrial insurer HDI Global SE, part of the Talanx Group, has posted a combined ratio of 91.1% for the first half of 2024, an improvement from 93.1% from the same period in 2023. At the same time, the company’s insurance revenue totaled €4...
Posted: Aug 20, 2024
Brazilian reinsurance company Austral Re has announced its financial results for the first half of 2024, reporting a net profit of R$ 27.7 million (USD 5m) and a 13% increase in gross reinsurance premiums (GRP) compared to the same period in the y...
Posted: Aug 20, 2024
According to initial estimates from Catastrophe Indices and Quantification Inc. (CatIQ), the flash flooding in Toronto and other parts of southern Ontario between July 15-16, 2024, is estimated to have caused over $940 million in insured damage. A...
Posted: Aug 20, 2024
A majority of the growth seen in reinsurance demand for health products in emerging markets has been generated in Asia, heavily owed towards fast premium expansion of fixed-benefit products such as critical illness and personal accident, according...
Posted: Aug 20, 2024
Freddie Mac’s Single-Family Credit Risk Transfer (CRT) Program has successfully closed its 100th Agency Credit Insurance Structure (ACIS) transaction. This ACIS 2024-SPH2 transaction executed in Q3 transfers risk on an initial reference pool of fu...
Posted: Aug 20, 2024
Galway Holdings, a diversified broker and insurance distribution platform, has appointed Frank Mammaro as Chief Financial Officer (CFO), based in Jersey City. The appointment follows the reshuffling of the leadership team in February 2024, as Jenn...
Posted: Aug 20, 2024