Reinsurance News
Saudi Arabia-domiciled reinsurer, Saudi Reinsurance Co. has announced plans to increase its capital by SR267.3 million (approximately USD 71 million) through a strategic subscription with the Public Investment Fund (PIF), a sovereign wealth fund,...
Posted: Jul 08, 2024
Reinsurers were more proactive when exploring ways to deploy capacity at the mid-year 2024 renewals, which, together with greater depth of data and detailed dialog between buyers and sellers, made for a healthy marketplace, according to Lara Mower...
Posted: Jul 08, 2024
In 2023, the Pacific Catastrophe Risk Insurance Company (PCRIC) achieved significant milestones, including welcoming Fiji and Niue as new members of the Pacific Catastrophe Risk Insurance Foundation (PCRIF) through policy purchases. PCRIC’s...
Posted: Jul 08, 2024
BMS Group, an independent specialist insurance and reinsurance broker, has appointed Charlie Rozes as Group Chief Financial Officer (CFO) and Executive Director. Rozes will assume his new role in November, succeeding Nick Moss, Group Finance Direc...
Posted: Jul 08, 2024
After hammering Caribbean islands last week and battering Mexico’s Yucatán Peninsula, Hurricane Beryl strengthened again to a Category 1 storm and recently made landfall near Matagorda, Texas, although the impact to reinsurers is expected to be mi...
Posted: Jul 08, 2024
Acrisure Re, the re/insurance division of fintech company Acrisure, has announced that its facultative division has signed a preferred partnership broker agreement with Specialty Reinsurance Brokers (Specialty Re), for facultative Stock Throughput...
Posted: Jul 08, 2024
CoreLogic has estimated that total insurable losses from Hurricane Beryl across Jamaica and the Cayman Islands will be between $400 million and $700 million, while estimated insurable losses in Mexico’s Yucatan Peninsula are less than $1 billion....
Posted: Jul 08, 2024
Although risk-adjusted returns in the reinsurance sector are reaching a three-decade high, this hard market is different than previous ones, and a new class of reinsurers has yet to materialise with investor interest in supporting non-life startup...
Posted: Jul 08, 2024
AXA XL has announced two new underwriting and distribution leadership roles in Canada, James Lee as Head of Client & Distribution and Alex Barker as Chief Underwriting Officer Large Commercial. Lee, who has also been appointed Chief Agent for...
Posted: Jul 08, 2024
The US property and casualty (P&C) market is well on its way to returning to underwriting profitability along with a significant return on capital improvement for the full year, driven by lower winter storm losses and a recovery in personal au...
Posted: Jul 08, 2024
African countries saw a wave of credit rating downgrades last year with only four upgrades to their sovereign bonds, going against the global trend of net upgrades – 20 downgrades and 48 upgrades in 2023 – according to specialty re/ins...
Posted: Jul 08, 2024
Fannie Mae, a government-sponsored enterprise and provider of mortgage financing in the United States, has completed a new Credit Insurance Risk Transfer transaction, known as CIRT 2024-L3. This initiative transferred $337.2 million in mortgage cr...
Posted: Jul 08, 2024
Financial leaders brace for change to address multiple threats as they face significant gaps in organisational preparedness for successful business transformation, a recent Mayer Brown study has found. “The Next Organization: Seven Dimension...
Posted: Jul 08, 2024
The recent severe convective storms that hit Western, Central, and Southeastern Europe between June 27 and July 2 are expected to result in economic and insured losses reaching hundreds of millions of EUR, according to Aon’s weekly catastrophe rep...
Posted: Jul 05, 2024
Japan’s major insurance companies’ capital has further stabilised and it is strengthening, mainly due to better financial conditions, such as higher interest rates, and insurer efforts to reduce market risk, yet S&P Global’s rating...
Posted: Jul 05, 2024
MSIG USA has announced the addition of Dan Riordan, Richard Abizaid, and Javier Gomez to its political risk and credit team. The three will lead the political risk and credit product portfolio in the U.S. market. This move underscore MSIG USA̵...
Posted: Jul 05, 2024
Brendan Lane Larson has recently joined the leadership team of Resilience Opportunity Advisors & Resources (ROAR) Partners to provide expertise in Climatology. Brendan Lane Larson is a climatologist, physical meteorologist, practitioner, and e...
Posted: Jul 05, 2024
Davies, a provider of specialised professional services and technology solutions for insurance and highly regulated markets, has announced a successful £1.5 billion refinancing of its senior debt facilities. This move significantly lowers its inte...
Posted: Jul 05, 2024
PIB Group, a specialist insurance intermediary, has expanded its presence in Central and Eastern Europe with the acquisition of Nord Group, a provider of risk management, insurance and reinsurance solutions in Poland. PIB signed a conditional agre...
Posted: Jul 05, 2024
Analysts at Bloomberg Intelligence have cited inflation, high costs, and premium rates needing to rise as three key themes for the European property and casualty (P&C) sector in 2024. Claims inflation has characterized 2023 trading, and analys...
Posted: Jul 05, 2024
Patrick Raaflaub, Group Chief Risk Officer at Swiss Re, emphasises the importance of promptly identifying minor risks and initiating early discussions on effective management strategies to prevent them from becoming unmanageable in the future. Raa...
Posted: Jul 05, 2024
Analysts at RBC Capital Markets believe reinsurance rates still have a favourable outlook after the mid-year renewals, despite being below peak levels seen last year. The main message from broking groups following the mid-year reinsurance renewals...
Posted: Jul 05, 2024
AutoRek, an insurtech company, has announced a collaboration with J.P. Morgan Payments, a division of J.P. Morgan, a global financial institution, to assist insurance firms in navigating data complexities and exploring new market opportunities. Au...
Posted: Jul 05, 2024
Global insurers AXA and Generali have announced their support for the Insurance Development Forum (IDF)’s Infrastructure Resilience Development Blueprint, an initiative aimed at mobilising and facilitating insurance sector investments in infrastru...
Posted: Jul 05, 2024
Global reinsurer MAPFRE RE to open its new branch in Beijing as it has been granted approval from the National Financial Regulatory Administration of the People’s Republic of China. The Beijing Branch is an important milestone for MAPFRE RE’s stra...
Posted: Jul 05, 2024