Reinsurance News

Record growth in W&I insurance usage in H1’24: HWF Partners

The use of warranty and indemnity (W&I) insurance reached record levels in the first half of 2024, with 1,540 policies placed and an increase in claims and payouts, according to a market study by HWF Partners. W&I insurance protects partie...

Posted: Dec 09, 2024

WNS and Canopius extend strategic partnership

WNS, a digital-led business transformation and services partner, has extended its transformation-led strategic engagement with specialty and P&C lines re/insurer, Canopius Group. Through this collaboration, WNS aims to strengthen Canopius&#821...

Posted: Dec 09, 2024

Moody’s maintains stable outlook on US life insurance

Moody’s Ratings has issued a stable outlook for the US life insurance sector in 2025, citing steady economic growth, and sustained high interest rates as key drivers. Moody’s forecasts that the US economy will grow at a pace of 2% in 2...

Posted: Dec 09, 2024

Honduras receives CCRIF payout of $4.7m following excessive rainfall event

Excessive rains have triggered a payout of $4.665 million from the Caribbean Catastrophe Risk Insurance Facility (CCRIF) within two weeks for The Government of Honduras. The event took place from 14th to 19th of November, significantly impacting r...

Posted: Dec 09, 2024

K2 International opens box at Lloyd’s of London

K2 Group Holdings Limited, a division of K2 Insurance Services and a London-based specialty insurance and reinsurance underwriting platform, has announced the opening of its box in Lloyd’s of London. Three divisions of K2 International will be rep...

Posted: Dec 09, 2024

Invesco appoints Joe Steidl as Head of UK Insurance distribution

Global asset manager Invesco has announced the appointment of Joe Steidl as Head of UK Insurance Distribution. Based in London, Steidl will report to Sachin Bhatia, Head of UK Pensions & EMEA Consultant Relations. In his new role, Steidl will...

Posted: Dec 09, 2024

Gallagher to acquire AssuredPartners for $13.45bn

Arthur J. Gallagher & Co. today announced it has signed a definitive agreement to acquire AssuredPartners, a US insurance broker with client capabilities across commercial property/casualty, specialty, employee benefits and personal lines, for...

Posted: Dec 09, 2024

IRB Re gets first ILS structure in Brazil approved by regulator

The Brazilian insurance regulator, Superintendence of Private Insurance (SUSEP), has approved the country’s first insurance-linked securities (ILS) structure, Andrina, sponsored by IRB Re. The authorisation allows Andrina Sociedade Segurador...

Posted: Dec 09, 2024

Miller names Elizabeth McGonagle as Head of Power, Asia Pacific

Independent specialist re/insurance broker Miller has appointed Elizabeth McGonagle as Head of Power, Asia Pacific, a role based in Singapore effective January 2025. McGonagle holds over a decade of experience in the sector, most recently as Regio...

Posted: Dec 09, 2024

UK personal injury discount rate increase positive for insurers: AM Best

AM Best believes the recent changes to the UK’s personal injury discount rate (PIDR), also known as the Ogden Discount Rate, will positively impact the country’s non-life insurers. The UK government announced an increase in the rate fr...

Posted: Dec 09, 2024

Insurance costs against government defaults driven up by falling oil prices in Middle East: Chaucer

The cost of insuring against sovereign debt defaults in the Gulf states has risen significantly over the past year, bucking the global trend, according to new research from Chaucer, a global specialty re/insurance group. This increase comes despit...

Posted: Dec 09, 2024

UNHCR & ARC provide payouts to Malawi nationals and refugees dealing with drought

Amid a crippling drought characterised by a delayed onset of rains and prolonged dry spells, refugees at Dzaleka Camp in Malawi received funds last month to prepare for the new agricultural season. These funds were facilitated as part of the Afric...

Posted: Dec 09, 2024

LMA introduces International Bodily Injury Index to track global injury awards

The Lloyd’s Market Association (LMA), representing the interests of insurance market participants at Lloyd’s, has revealed the International Bodily Injury Index, a resource that tracks personal injury awards globally. This index is a strateg...

Posted: Dec 09, 2024

LMA introduces new index to track global injury awards

The Lloyd’s Market Association (LMA), representing the interests of insurance market participants at Lloyd’s, has revealed the International Bodily Injury Index, a resource that tracks personal injury awards globally. This index is a strateg...

Posted: Dec 09, 2024

American Integrity Insurance appoints Jon Ritchie as President

American Integrity Insurance Group, a provider of residential property insurance in Florida, has announced the promotion of Jon Ritchie to President. Ritchie, who joined the company in 2019 as Chief Operating Officer, has reportedly been instrumen...

Posted: Dec 06, 2024

Trustees urged to look beyond price when selecting insurers: Hymans Robertson

A new paper from Hymans Robertson, a leading pensions and financial services consultancy, advises trustees of defined benefit (DB) pension schemes to look beyond price when selecting an insurer for buy-in or buy-out transactions. While cost remain...

Posted: Dec 06, 2024

Andy Bills to serve as Chief Revenue Officer of Risk Solved

Global risk engineering and risk data solution provider, Risk Solved, has appointed Andy Bills to the newly created role of Chief Revenue Officer, designed to build on its existing sales and revenue generation activity. Bills is a market veteran a...

Posted: Dec 06, 2024

J.P. Morgan forecasts positive growth outlook for life insurance sector

Despite life insurance facing a challenging decade, analysts at J.P. Morgan expect a better growth outlook for the sector moving forward. In its recent report, the firm noted that most advanced life markets, including developed markets in Asia lik...

Posted: Dec 06, 2024

European insurers set for acquisitions in 2025 amid market shifts: Bloomberg Intelligence

A recent report from Bloomberg Intelligence (BI), the research division of Bloomberg, European general insurers’ debt-to-equity ratios indicate that they have the financial capacity to pursue acquisitions in 2025. These acquisitions are expe...

Posted: Dec 06, 2024

Ping and ACORD Solutions Group launch property data solution

ACORD Solutions Group, an extension of ACORD, the standards-setting body for the global insurance industry, has partnered with insurance technology provider Ping to create a Property statement of values (SOVs) extraction and global exposure techno...

Posted: Dec 06, 2024

HDI Global names Hannah Brooke Head of Marine Cargo Underwriting for UK and Ireland

Commercial and specialty lines insurer HDI Global has announced the appointment of Hannah Brooke as Head of Marine Cargo Underwriting for the UK and Ireland, effective from January 1, 2025. Reporting to Antonia Osborne, Director of Underwriting-Co...

Posted: Dec 06, 2024

PERILS revises insured loss estimate for southern Germany floods to €1.58bn

Zurich-based catastrophe insurance data provider PERILS has revised its industry loss estimate for the third time, confirming the total cost of the floods in southern Germany, which occurred between May 31st and June 6th, 2024, at €1,582 million....

Posted: Dec 06, 2024

Sola raises $3.7m in seed round to provide affordable natural disaster insurance

Insurtech company Sola has closed its seed round, bringing total funding to $3.7 million, furthering its mission of providing affordable, reliable natural disaster insurance to homeowners and businesses. Sola aims to tackle the challenges of a vol...

Posted: Dec 06, 2024

James Irvine joins Oak Re as chief underwriting officer

Global reinsurance firm Oak Re has announced the appointment of James Irvine as chief underwriting officer (CUO), property, a London-based role. The executive will be joining the company in spring 2025, and report directly to Cathal Carr, chief ex...

Posted: Dec 06, 2024

Concert promotes Scott Stosek to Director of Finance & CFO of Harmony Re

Concert Group Holdings (Concert), a privately owned insurance holding company, has promoted Scott Stosek to the newly-created positions of Director of Finance, Concert Group, and Chief Financial Officer (CFO) of Harmony Re, the firm’s risk retenti...

Posted: Dec 06, 2024