Reinsurance News
Global professional services firm Aon has appointed Jane Kielty as UK Chief Executive Officer. Kielty first joined Aon in 2005, becoming the firm’s Chief Commercial Officer in 2021, and later progressing to be head of Commercial Risk UK. Aon...
Posted: Jan 09, 2024
According to a new report from Munich Re, thunderstorms in North America and Europe in 2023 were “more destructive than ever before”, driving overall losses of $76 billion, and insured losses of $58 billion. The reinsurer observed that...
Posted: Jan 09, 2024
Reinsurance broker Guy Carpenter has reported that at the January 1st, 2024, reinsurance renewal, its Global Property Catastrophe Rate on Line Index (ROL) increased by 5.4% when compared with the prior year. Although this 5.4% increase is a steep...
Posted: Jan 09, 2024
In a tumultuous year marked by an extraordinary surge in catastrophic events, Canada grappled with insured losses totaling a staggering CAN $3.1 billion in 2023, as reported by CatIQ. While 2023 ranks among the largest loss years for Canada, disti...
Posted: Jan 09, 2024
According to Verisk’s “Extreme Event Solutions” business unit, insured losses from the earthquake that struck near the Noto peninsula in Ishikawa prefecture, Japan, will be between approximately US $1.8 billion and $3.3 billion (JPY 260-480 billio...
Posted: Jan 09, 2024
Aventum Group’s international insurance and reinsurance MGA, Rokstone, has entered into a strategic alliance with Allianz Commercial, which has committed a $25 million facility to Rokstone. This collaboration is aimed at enhancing Rokstone’s North...
Posted: Jan 09, 2024
Insurance brokerage, World Insurance Associates, has successfully acquired insurance provider TW Group, Inc. (TWG). The acquisition was finalised on December 31, 2023, and the terms of the transaction remain undisclosed. Established in 1946, TW Gr...
Posted: Jan 09, 2024
According to recent analysis from MarketScout, the composite rate increase for personal lines insurance across the United States was plus 4.75% for Q4 2023. The analysis states that insurers made it through 2023 better than expected, with a compos...
Posted: Jan 09, 2024
Janover Inc., an AI-enabled platform for commercial real estate transactions, has launched a new insurtech as a wholly owned subsidiary – Janover Insurance Group. According to the announcement, this new venture is set to seamlessly integrate...
Posted: Jan 09, 2024
UnitedHealth Group Incorporated has maintained the pole position for the ninth straight year in AM Best’s ranking of the world’s 25 largest insurance companies, growing net premiums written (NPW) by 14% in 2022 to $257.2 billion. Of the insu...
Posted: Jan 08, 2024
Carrick Group Limited, the Bermuda-based international non-life legacy insurance business providing reinsurance and run-off solutions, has announced that it has been acquired by Northlight QIAIF plc – an Irish regulated company managed by Lo...
Posted: Jan 08, 2024
According to recent analysis from MarketScout, in 2023, the transportation industry was assessed as the sector with the largest rate increase at plus 7.26%, as the total rate increase across all industry groups hit 4.56% in the year. By coverage c...
Posted: Jan 08, 2024
Marsh, an insurance broker, risk advisor, and business of Marsh McLennan, has launched ReadyCell, a risk financing solution that “enables organisations of all sizes to quickly open their own insurance company and take greater control of thei...
Posted: Jan 08, 2024
Swiss Re Corporate Solutions, the commercial insurance arm of reinsurance giant Swiss Re, has appointed Michael Rüsch to the newly created role as Head DACH, and named Bijan Daftari as Head EMEA Strategy & Execution. Both appointments are effe...
Posted: Jan 08, 2024
Great-West Lifeco, an international financial services holding company has completed the sale of Putnam Investments to Franklin Resources, Inc., operating as Franklin Templeton, an independent and diversified asset manager. According to the announ...
Posted: Jan 08, 2024
Re/insurance broker Arthur J. Gallagher & Co. has announced the successful acquisition of Köberich Financial Lines (Köberich), based in Cologne, Germany. The terms of the transaction were not disclosed. Köberich specialises in financial lines...
Posted: Jan 08, 2024
Fidelis MGU, the Bermuda-based Managing General Underwriter, has promoted Simon Crone to Group Director of Underwriting, a role he will take up alongside his existing position as EEA Chief Underwriting Officer (CUO). An experienced veteran across...
Posted: Jan 08, 2024
Specialty re/insurer Aspen Insurance Holdings Limited, has teamed with Surefire Cyber, a US-based firm, to launch Aspen Cyber Risk Services (ACRS), a complimentary suite of services that will enable its primary cyber insureds to proactively tackle...
Posted: Jan 08, 2024
Onnen Siems, Managing Director of actuarial consultancy firm Meyerthole Siems Kohlruss (MSK), has noted that insured losses from the flooding in various regions in Germany will be less than €1 billion “if the flood dykes hold”. Siems o...
Posted: Jan 08, 2024
The world’s oldest insurance and reinsurance marketplace, Lloyd’s, has confirmed the issuance of the first 144A catastrophe bond transaction via London Bridge 2 PCC Limited, the Beazley sponsored $100 million transaction. The deal, whi...
Posted: Jan 08, 2024
QBE Re has bolstered it’s Bermuda team with the appointment of Carmen DeSilva as Vice President, Specialty Underwriter, effective immediately. Overall, she brings more than 15 years of industry expertise towards her new role. Throughout her...
Posted: Jan 08, 2024
Everest Reinsurance has appointed Mark Wallace as Head of the UK Branch and Chief Underwriting Officer, subject to regulatory approval. In the new role, Everest explained that Wallace will be responsible for managing and directing the strategy and...
Posted: Jan 08, 2024
Kinsale Capital Group, Inc. is set to undergo significant changes in its leadership structure, effective March 1, 2024. Michael P. Kehoe, the current Chief Executive Officer, will take on the additional role of Chairman of the Board. Concurrently,...
Posted: Jan 08, 2024
Following a reinsurance capital recovery in 2023, AM Best has observed that total reinsurance capital will return to $561 billion in 2024, which is less than 2% below the prior high watermark of $570 billion set in 2021. “The year 2023 prove...
Posted: Jan 08, 2024
Misui Bussan Pana Harrison, the Singapore based re/insurance broker that is 51% owned by the Mitsui & Co of Japan, has appointed Inyeong Yi as Head of Treaty Reinsurance and Strategic Growth. He joined the company in December, after more than...
Posted: Jan 08, 2024