Reinsurance News

Munich Re CEO Wenning calls for government support amid rising cyber risks

In a recent earnings call, Munich Re CEO Joachim Wenning highlighted the imperative need for governmental intervention in the face of escalating cybersecurity threats, shedding light on the limitations of private insurance in covering these risks....

Posted: Feb 27, 2024

Middle market companies achieve record growth amidst rising risks: Chubb

Chubb, in collaboration with the National Center for the Middle Market (NCMM), has unveiled the latest insights from the 2023 Year-End Middle Market Indicator (MMI), shedding light on the resilience and growth of middle market companies amidst a b...

Posted: Feb 27, 2024

Stonybrook–Weild NA Insurance Composite maintains record setting performance

The Stonybrook Capital and Weild & Co. North American Insurance Composite showed a notable increase of 1.5% during the week of February 16th-23rd, maintaining its record setting performance from the preceding week (Feb 9th-16th), which saw a r...

Posted: Feb 27, 2024

Steadfast posts 21.4% surge in 1H24 EBITA year-on-year

Steadfast Group, a leading Australian insurance brokerage network, announced a 21.4% increase in unaudited underlying Earnings Before Interest, Taxes, and Amortization (EBITA) for 1H24 compared to the same period last year. The underlying EBITA wa...

Posted: Feb 27, 2024

RSA/NIG announces new leadership appointments to Commercial Lines team

Global insurance provider RSA Insurance has announced a number of changes to its Commercial Lines leadership team, who will lead the combined business following the acquisition of NIG/FarmWeb. In September 2023 RSA agreed to acquire Direct Line’s...

Posted: Feb 27, 2024

CIS insurers to face new risks as they expand reinsurance business internationally: Moody’s

To compete against international reinsurers’ better prices, and increase profitability, insurers in countries part of the Commonwealth of Independent States (CIS), will likely grow their reinsurance business, but this would also bring new risks, a...

Posted: Feb 27, 2024

Marco Re secures A- rating from AM Best

Rating agency AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent) to Marco Re Limited (Guernsey), simultaneously assigning a stable outlook to these ratings. Macro Re, a wholl...

Posted: Feb 27, 2024

Swiss Re reports strong growth and resilience in ILS market

Swiss Re, a global reinsurance firm, recently released a report highlighting key insights from the insurance-linked securities (ILS) market in 2023, which emphasises a surge in new issuance and strong investment performance in the catastrophe bond...

Posted: Feb 27, 2024

Sarah Horler named as Price Forbes’ Deputy CEO

Global specialty broker Price Forbes appointed Sarah Horler as its new Deputy Chief Executive Officer, effective May 2024. Horler’s appointment marks a significant addition to the leadership team of Ardonagh Specialty’s insurance segme...

Posted: Feb 27, 2024

We assume the hard market is going to continue, says Munich Re’s Wenning

After another year of more than $100 billion of insurance and reinsurance industry losses from natural catastrophes in 2023, and with no major influx of fresh capital, the hard market environment is expected to persist, according to Munich Re&#821...

Posted: Feb 27, 2024

AXA XL’s US Mid-Market insurance business rolls out XL Plus

AXA XL has announced that it’s US Mid-Market insurance business is extending its general liability coverage for mid-size businesses by rolling out its new XL Plus broadening endorsement, which offers more than two dozen expanded protections....

Posted: Feb 27, 2024

Richard Coello named CEO of K2 International

K2 Insurance Services, an independent specialty insurance program manager, has announced the appointment of Richard Coello as CEO of K2 Group Holdings Limited (K2 International), effective March 1, 2024. Coello has a successful track record of bui...

Posted: Feb 27, 2024

Global property insurance market shows signs of softening in Q1’24: Gallagher Specialty

In the latest update from Gallagher Specialty on the global property insurance market, significant shifts are noted, particularly in the USA region. Reports indicate smoother treaty renewals towards the end of the year, with reinsurers largely mai...

Posted: Feb 27, 2024

CDPQ to sell over 2.3 million common shares of Intact Financial Corporation

CDPQ has revealed it will sell 2,312,000 common shares of Intact Financial Corporation (IFC), representing approximately 1.3% of the issued and outstanding common shares of IFC as of February 26, 2024. According to CDPQ, the common shares are bein...

Posted: Feb 27, 2024

CRC Group welcomes Markel’s Colosimo as Exec VP

CRC Group, a North American wholesale specialty insurance distributor, has appointed Vince Colosimo as Executive Vice President in the company’s New York City Downtown office. The firm also announced that Colosimo will assume the role of Office Pr...

Posted: Feb 27, 2024

Amphitrite Underwriting London receives full FCA authorization

Amphitrite Underwriting London (Amphitrite), a prominent marine Managing General Agent (MGA), has obtained full authorization from the UK Financial Conduct Authority (FCA), effective as of January 31, 2024. Having commenced operations in 2018, Amp...

Posted: Feb 27, 2024

Acrisure launches new Southeast Region

Global Fintech company Acrisure has announced the establishment of its Southeast Region, which will be led by Dave Hoover and is expected to be the firm’s largest Region by revenue. The new Southeast Region encompasses Acrisure’s busin...

Posted: Feb 27, 2024

Munich Re posts 2023 profit of €4.6bn, P&C CoR of 85.2%

Munich Re, one of Europe’s largest reinsurers, has reported a net result of €4.6 billion for the 2023 financial year, which is above its revised €4.5 billion profit target announced in October, supported by a reinsurance result of €3.9 billi...

Posted: Feb 27, 2024

White Mountains elects Reid T. Campbell to Board of Directors

White Mountains Insurance Group, Ltd. has announced the election of Reid T. Campbell to its Board of Directors. This follows his retirement as President of the Company. This marks the conclusion of a remarkable thirty-year tenure at White Mountain...

Posted: Feb 27, 2024

South Korea insurers to continue to feel pressure due to new standards: AM Best

Capital management of South Korea insurers are expected to continue to feel pressured due to the implementation of new standards, such as Korean-Insurance Capital Standards (K-ICS) and IFRS 17, according to a recent report by AM Best. The agency’s...

Posted: Feb 27, 2024

WTW launches Bermuda excess casualty construction facility

WTW, a global re/insurance broker, has recently launched the Bermuda Excess Casualty Construction Facility to meet the needs of clients within the construction industry, specifically in the North American market. This new facility offers additiona...

Posted: Feb 27, 2024

QBE appoints Kevin Shallow as Executive Director, Intl. Markets

Australian insurer QBE has named Kevin Shallow as Executive Director for International Markets (IM). Subject to regulatory approvals, he will start his new role on March 4th, 2024. Previously, Shallow developed QBE’s portfolio solutions underwriti...

Posted: Feb 27, 2024

MSL Captive Solutions hires Voya’s Sue Russo as CUO

MSL Captive Solutions, Inc (MSLCS), the managing general underwriter, has hired Sue Russo as Chief Underwriting Officer (CUO), effective immediately. Russo joins the firm from Voya where she previously led the successful launch of the company&#821...

Posted: Feb 26, 2024

AM Best affirms unchanged ratings following UnipolSai merger announcement

UnipolSai, an Italian financial services company, recently announced that its Board of Directors has approved a plan aimed at streamlining the company’s structure. This plan involves merging UnipolSai with three other companies—Unipol Financ...

Posted: Feb 26, 2024

Ralf Mutzke joins Aon’s M&A and Transaction Solutions team

Insurance and reinsurance broker Aon has hired Ralf Mutzke as Director Cyber Security – M&A and Transaction Advisory Services at Aon Deutschland. A renowned figure across the industry, Mutzke is a seasoned cyber security expert having wo...

Posted: Feb 26, 2024