Reinsurance News
Investment banking specialist, Stonybrook Capital & Risk Management (Stonybrook), has hired Darren Bailey as CEO of International and Group Managing Director, where he will be based in London. The role will see him lead efforts to grow Stonybr...
Posted: Jan 03, 2024
Reinsurance brokerage Gallagher Re has hired Hamilton Re’s Richard Sammons as Head of Aerospace for the UK division. A well-known figure across the specialty reinsurance landscape, Sammons brings 25 years of broking and underwriting experien...
Posted: Jan 03, 2024
Following XDimensional Technologies’ acquisition of I-Engineering in June 2023, the two firms are coming together to form a new brand, Dyad, Inc. Dyad, a provider of insurance software and services backed by Serent Capital, now reportedly ha...
Posted: Jan 03, 2024
Korean Re entered into a coinsurance deal with Samsung Life concerning the life insurer’s liabilities worth KRW 700 billion in October 2023. The agreement follows post-intensive discussions between the two parties and the analysis of the merits an...
Posted: Jan 03, 2024
Amwins, a global distributor of specialty insurance products and services, has hired Ryan Armijo to lead Amwins Underwriting. According to the announcement, Armijo is replacing Bob Petrilli who is retiring after serving as president since August 2...
Posted: Jan 02, 2024
At the January 1st, 2024, reinsurance renewals, U.S. property catastrophe rates increased by as much as 50% for loss-hit business, primarily driven by record severe convective storm (SCS) activity, reports Gallagher Re. The reinsurance broker has...
Posted: Jan 02, 2024
Non-life specialty insurance firm R&Q Insurance Holdings has confirmed that co-founder Alan Quilter retired and stood down from its Board of Directors on 31 December 2023. Back in March of 2023, R&Q revealed that Quilter, then Group Head o...
Posted: Jan 02, 2024
In a notable turnaround, the dedicated reinsurance capital witnessed a robust resurgence in 2023, recovering from the substantial setbacks of the previous year. According to a joint assessment by Guy Carpenter and AM Best, traditional dedicated re...
Posted: Jan 02, 2024
As per the CRESTA Industry Loss Index (CLIX), which provides data on non-US cat events that have generated industry losses above $1bn, the international loss tally for 2023 amounted to $16.7bn, marginally below the annual average of $17.1bn for t...
Posted: Jan 02, 2024
David Flandro, Head of Industry Analysis and Strategic Advisory, Howden Tiger, has observed that dedicated reinsurance capital has recovered to near-record levels, enticed by generationally strong pricing and favourable terms and conditions in key...
Posted: Jan 02, 2024
Miller, a specialist re/insurance broker, has appointed Guy Carpenter’s Ollie Spells as Head of London Property Facultative within the company’s Global Facultative team. Spells, who joins the firm this month, specialises in providing c...
Posted: Jan 02, 2024
Specialist insurer Beazley, has closed its first 144A cyber catastrophe bond providing cover of $140 million. This marks Beazley’s first inaugural 144A bond and builds on its $81.5 million cyber catastrophe bond programme of 2023. The PoleStar Re...
Posted: Jan 02, 2024
According to Gallagher Re’s 1st View renewal report, the global reinsurance market returned to a “more stable and predictable” renewal at 1/1, driven by a healthier property reinsurance market. This is in sharp contrast to 12 mon...
Posted: Jan 02, 2024
An increase in the supply of reinsurance at the January 1st, 2024, renewals, led to a relatively stable and orderly renewal with risk-adjusted pricing witnessing flat changes overall, as global risk-adjusted property catastrophe rates-on-line rose...
Posted: Jan 02, 2024
In the wake of Windstorm Zoltan (internationally named Pia), which battered Western, Northern, and Central Europe with ferocious winds and heavy precipitation between December 21-22, authorities are now grappling with the aftermath as insured loss...
Posted: Jan 02, 2024
Vienna Insurance Group (VIG), the leading insurance group in Central and Eastern Europe, has partnered with Wien Energie to establish the country’s first Austria-wide energy community. The VIG Energy Community aims to generate renewable elec...
Posted: Jan 02, 2024
Seoul-based reinsurer Korean Re has obtained an ESG integrated rating of A (Outstanding) in the 2023 ESG evaluation conducted by the Korea Institute of Corporate Governance and Sustainability (KCGS). This rating marks a major improvement from the...
Posted: Jan 02, 2024
The ninth edition of Aon’s Global Risk Management Survey highlights that conducting business has not become any easier since 2021; rather, it has become more volatile and uncertain. The survey, based on responses from nearly 3,000 participan...
Posted: Dec 29, 2023
Inszone Insurance Services, a national provider of commercial, personal, and benefits insurance, has completed the acquisition of LPL Insurance Agency, Inc., in the Sacramento-based firm’s first transaction since last month’s investment by Lightye...
Posted: Dec 29, 2023
Everest Reinsurance has announced the appointment of Stephane Bleton as the new Head of Strategic Reinsurance and Partnerships. In this role, Bleton will collaborate with clients and brokers to create exciting bespoke solutions to address the ever...
Posted: Dec 29, 2023
The General Association of the German Insurance Industry (GDV) has reported that damage caused by extreme weather events in the country, such as floods and storms in 2023 total €4.9 billion. Jörg Asmussen, General Manager of the GDV, commented: “T...
Posted: Dec 29, 2023
Neptune Flood, a provider of private flood insurance across the United States, has expanded into Kentucky, making residential, commercial, and RCBAP flood products available in the state. As a result, the company is now available across 49 states,...
Posted: Dec 29, 2023
Reflecting on the overall insurance industry losses for the year, BMS Group has revealed that worldwide insurance industry losses for 2023 should end up below the modeled average annual loss suggested by Verisk Annual Global Modeled Catastrophe Lo...
Posted: Dec 29, 2023
Insurers have successfully settled 87% of all private insurance claims stemming from the Auckland Anniversary weekend and Cyclone Gabrielle weather events, according to the Insurance Council of New Zealand (ICNZ). These two incidents stand out as...
Posted: Dec 29, 2023
In a recent announcement, global risk and reinsurance specialist Guy Carpenter, has highlighted the emergence of a responsive reinsurance market during the January 1st, 2024, reinsurance renewals. This market shift is attributed to ample capacity...
Posted: Dec 29, 2023