Reinsurance News

Milliman reports increase in pension risk transfer costs in Feb

Milliman, a global consulting and actuarial firm, has recently released the results of its Milliman Pension Buyout Index (MPBI), highlighting a slight increase in pension risk transfer costs at the end of February. As the pension risk transfer (PR...

Posted: Mar 19, 2024

FWD Group sees operating profit growth in 2023

FWD Group has announced its 2023 financial results, reporting $372 million in operating profit after tax, a 27% increase from 2022’s $299 million, and a new business value of $991 million, up 22% compared to the prior year. Huynh Thanh Phong, Grou...

Posted: Mar 19, 2024

Novatae Risk acquires Bretton Woods International

Novatae Risk Group, the wholesale insurance brokerage, managing general agency and program manager, has completed its acquisition of Bretton Woods International (BWI) of London, England. BWI is a specialized insurance broker focused on open market...

Posted: Mar 19, 2024

The American Club reports stable renewal results amid challenges

The American Club (the Club), a US-domiciled mutual protection and indemnity club, has reported slight decreases in its year-on-year renewal results, indicating overall stability despite recent challenges. For the Club’s Class I entries, it&...

Posted: Mar 19, 2024

Gallagher Re names Flasinski CEO of NA region, Bradshaw assumes Chairman role

Reinsurance broker Gallagher Re has appointed Brian Flasinski as Chief Executive Officer of the North American region, succeeding Jim Bradshaw who is set to assume the role of Chairman, Gallagher Re North America. According to the firm, both appoi...

Posted: Mar 18, 2024

Cowen to lead Chubb’s newly launched global transactional risk platform

Global insurer Chubb has announced the launch of International Transactional Risk, a global platform that aims to provide transactional risk liability insurance products across international markets. Josh Cowen, a seasoned mergers and acquisition...

Posted: Mar 18, 2024

Markel announces new role for David Roos

Markel, the insurance operations within the Markel Group Inc., has announced the promotion of David Roos to Senior Director, Property and Marine for Markel Specialty’s Wholesale Southeast region. Roos will report to Steve Girard, Regional Pr...

Posted: Mar 18, 2024

Hannover Re entering 2024 with stronger balance sheet as it targets net income of at least €2.1bn

Speaking during Hannover Re’s earnings call for the 2023 financial year earlier today, Jean-Jacques Henchoz, the company’s chief executive officer (CEO), confirmed that the company is aiming to deliver a group net income of at least €2...

Posted: Mar 18, 2024

Howden collabs with Cyberwrite to increase cyber resiliency for clients worldwide

Howden has partnered with cyber insurance technology firm Cyberwrite to increase cyber resiliency for its clients across 50 countries. Founded in 2017, Cyberwrite specialises in providing cyber risk reports, offering brokers the tools to assess th...

Posted: Mar 18, 2024

Lockton and Campden BRI to help food and drink industry mitigate current and emerging risks

Independent insurance broker Lockton has announced a global collaboration initiative with food science company Campden BRI to provide the food and drink industry with key risk mitigation support and build resilience in an evolving risk landscape....

Posted: Mar 18, 2024

Miller continues to bolster Fine Art & Specie team with Thorpe appointment

Independent specialist re/insurance broker, Miller, has expanded its newly created Fine Art and Specie offering by building out a team of sector specialists under the leadership of Annabel Fell-Clark, Head of Fine Art and Specie. The company has c...

Posted: Mar 18, 2024

MAPFRE seeking average 6% revenue growth, 95-96% CR over next three years

MAPFRE has revealed that it is targeting average revenue growth of 6% over the next three years, with an aim of exceeding €32 billion in premiums by the end of the three-year period. At the same time, the company is also seeking an 11% return on e...

Posted: Mar 18, 2024

WTW gets USAID funding to develop climate-resilient insurance solution

Global advisory, broking, and solutions firm WTW has revealed it will receive funding from the U.S. Agency for International Development (USAID) to develop a climate-resilient insurance solution that aims to unlock climate adaptation investment fr...

Posted: Mar 18, 2024

Marsh McLennan expects stable commercial property reinsurance market in 2024

Marsh McLennan Agency (MMA), part of the global insurance and reinsurance broker, has released its 2024 Commercial Property Insurance Trends report, highlighting a more balanced reinsurance market this year compared to the harsh conditions of 2023...

Posted: Mar 18, 2024

Marsh McLennan Agency expects stable commercial property reinsurance market in 2024

Marsh McLennan Agency (MMA), part of the global insurance and reinsurance broker, has released its 2024 Commercial Property Insurance Trends report, highlighting a more balanced reinsurance market this year compared to the harsh conditions of 2023...

Posted: Mar 18, 2024

Gallagher Re appoints Head of Asia Pacific Cyber

Reinsurance broker Gallagher Re has announced the appointment of Sie Liang Lau as Head of Asia Pacific Cyber, a Singapore-based role. Lau is a UK qualified Actuary with over two decades of experience in the re/insurance industry. He joined Gallagh...

Posted: Mar 18, 2024

FWD Group becomes majority stakeholder of FWD Takaful Berhad

FWD Group Holdings Limited, an Asian insurance company, has completed an additional investment for a further 21% stake in FWD Takaful Berhad, making it the majority shareholder with a 70% holding. The remaining 30% is held by the Employees Provide...

Posted: Mar 18, 2024

Hannover Re adds Swiss Re’s Steinmann to Executive Board to succeed Pickel

The Supervisory Boards of Hannover Rück SE and E+S Rückversicherung AG, the Hannover Re subsidiary responsible for the Group’s German business, have appointed Thorsten Steinmann as a member of the Executive Board, effective 1st September 202...

Posted: Mar 18, 2024

Brit names David Cary Deputy Head of Property Treaty, Bermuda

Brit Ltd has appointed David Cary as Deputy Head of Property Treaty, Bermuda. Cary holds almost 20 years of experience in the reinsurance sector, having most recently served as Underwriting Manager and Head of Property & Casualty, Bermuda for...

Posted: Mar 18, 2024

Hannover Re’s 2023 net income improves as reinsurance revenue climbs to €24.5bn

Hannover Re has disclosed that it generated net income of €1.8 billion for the 2023 financial year, up from €800 million in 2022 and beating its guidance of at least €1.7 billion. As a result of this, the firm’s earnings per share reached €1...

Posted: Mar 18, 2024

Roosevelt and Tradesman file lawsuit over alleged fraudulent WC claims

Bermuda-based Roosevelt Road Re and its affiliate managing general agency Tradesman Program Managers (TPM) have filed a lawsuit to recover funds from 46 individuals and companies who made “potentially fraudulent claims” related to alleged New York...

Posted: Mar 18, 2024

West of England P&I Club reports successful 2024 renewals

The West of England P&I Club has reported a successful 2024 renewal across all business lines and expects a combined ratio of below 100%. West has maintained its selective approach to new business after reporting strong organic growth from exi...

Posted: Mar 18, 2024

Hannover Re US teams with GalenusRx to drive medication safety services

Hannover Life Reassurance Company of America and Hannover Life Reassurance Company of America (Bermuda) Ltd., collectively Hannover Re US, have entered into a cooperation agreement with GalenusRx, Inc., (GalenusRx), which sees the latter offering...

Posted: Mar 18, 2024

Ransomware attack on Change Healthcare pegged as “most significant” in sector history

The American Hospital Association has named the suspected ransomware attack on Change Healthcare, a unit of insurance giant UnitedHealth Group’s Optum division, as “the most significant and consequential incident of its kind against th...

Posted: Mar 15, 2024

Fundamental Global reports spike in reinsurance premiums for 2023

Fundamental Global Inc., formerly known as FG Financial Group, Inc., has reported Q4 2023 net reinsurance premiums earned of $5.1 million, increasing from $3.2 million in Q4 2022, driven by the successful execution of its strategy to deploy capita...

Posted: Mar 15, 2024