Reinsurance News

John Doyle, President and CEO of broking group Marsh McLennan (MMC), said earlier today that reinsurance market conditions remain stable, and that early signs suggest a better environment for cedents at the June 1 Florida catastrophe risk renewals...

Posted: Apr 18, 2024

The Board of Directors of Generali, chaired by Andrea Sironi, has approved a new organizational structure to reflect its main activities proposed by Philippe Donnet, Group Chief Executive Officer. Effective June 1st 2024, the Generali Group will o...

Posted: Apr 18, 2024

McGill and Partners has appointed Abhishek Suroiwal as Partner in its Treaty Reinsurance team. Suroiwal joined McGill and Partners in 2022 as an Associate focusing on AI, data science and data engineering. Before this, he worked as a Data Scientis...

Posted: Apr 18, 2024

Applied Underwriters has revealed its plan to sell Centauri Insurance to the newly formed Arbol subsidiary, Lilypad Insurance. The transaction is subject to regulatory approval and is anticipated to close within the next 45 days. As per Applied, L...

Posted: Apr 18, 2024

Allianz Group, a global insurer and asset manager, has announced the completion of the disposal of its 51% stake in Allianz Saudi Fransi to Abu Dhabi National Insurance Company (ADNIC), a multiline regional insurance provider ADNIC is based in the...

Posted: Apr 18, 2024

U.S. primary insurer Allstate has estimated that total catastrophe losses for Q1 of 2024 were $731 million, pre-tax, much below the $1.69 billion recorded in Q1 of 2023. The firm also disclosed catastrophe losses for March 2024 of $328 million or...

Posted: Apr 18, 2024

Analysis by AM Best discloses that low insurance penetration, coupled with extensive reinsurance cover, should keep the cost borne by United Arab Emirates (UAE) primary insurers at a manageable level after the recent extreme weather that caused se...

Posted: Apr 18, 2024

As Iran’s attacks on Israel risk an escalation, and with the ongoing Israel-Hamas conflict expected to persist, risks to insurers remain, although, at present, insurers in Israel, the Gulf region, and Europe are not significantly affected, a...

Posted: Apr 18, 2024

Guy Carpenter, the reinsurance broking arm of Marsh McLennan (MMC), recorded a 7% rise in revenue in the first quarter of 2024 to $1.1 billion, as MMC President and CEO, John Doyle, welcomes a “terrific start” to 2024 for the global br...

Posted: Apr 18, 2024

Markel, the insurance operations within Markel Group Inc., has announced the promotion of Chloe Gordge to Head of Terrorism in London, effective immediately. In her new role, Gordge will lead the day-to-day running of Markel’s London Terrori...

Posted: Apr 18, 2024

Speciality re/insurance managing general agent (MGA) Rokstone, which is part of the Aventum Group, has launched a free Directors & Officers (D&O) Limits of Indemnity (LOI) Calculator, designed to support brokers partners. The MGAs new tool...

Posted: Apr 18, 2024

High net worth insurance specialist PURE Insurance has revealed that its direct combined ratio for 2023 fell to 102.2%,  an improvement compared to the last two years, mainly due to stricter underwriting guidelines, pricing enhancements, and manag...

Posted: Apr 18, 2024

Lloyd’s insurer AEGIS London has announced the hire of a new underwriting team to focus on building a ‘profitable cyber portfolio’ and strengthen its position in the cyber market. Daniel Johnson has been appointed to the role of class underwriter...

Posted: Apr 18, 2024

Convex Group, the international specialty insurer and reinsurer, has reported its first annual net profit since inception, announcing 2023 net income of $503.2 million, a significant improvement on the $142.2 million loss seen in 2022. The 2023 ne...

Posted: Apr 18, 2024

Munich Re is to strengthen its P&C underwriting teams in Asia Pacific, Middle East & Africa (APAC MEA) with a revised set-up, which includes two regional divisions and personnel changes at the senior executive level. As Chief Executive, Hi...

Posted: Apr 18, 2024

Nationwide’s Ting program has reached a 50,000 home milestone demonstrating a positive impact on engagement and prevention to reduce fire and water loss risk, the insurance services company has stated. The Ting program was launched in 2022 in part...

Posted: Apr 18, 2024

The Global Federation of Insurance Associations (GFIA) has expressed its concerns over the proposal by the United Nations Tax Committee, a group of experts on international cooperation in tax matters that would revise a UN Model Convention and hel...

Posted: Apr 18, 2024

McGill and Partners, a global specialty insurance and reinsurance broker, has announced the appointment of Faye Adamou as a Partner in its Financial Lines team. Adamou has been with McGill and Partners since 2020, initially serving as an Associate...

Posted: Apr 18, 2024

PwC has achieved Guidewire Migration Acceleration Specialization to speed insurers’ move to Guidewire Cloud with lower transitioning costs delivery and improved delivery of quality and predictability. In order to gain specializations, either regio...

Posted: Apr 18, 2024

American International Group, Inc. (AIG), a global insurer, has appointed Ryan Thomas as the Head of Financial Lines, Asia Pacific, based out of Singapore. Thomas has over 20 years of underwriting experience. The insurer stated that, “Ryan brings...

Posted: Apr 18, 2024

The World Bank has issued $420 million in catastrophe bonds for renewed disaster risk protection for the Government of Mexico. The cat bond, which will finance insurance coverage against named storm events along the Atlantic coast of Mexico and ea...

Posted: Apr 17, 2024

Liberty Mutual Insurance has announced that it has formed a new international insurance business division, set to be led by Phil Hobbs, who serves as President and Managing Director, Liberty Specialty Markets. The new division, dubbed Liberty Inte...

Posted: Apr 17, 2024

The build-up of stuck vessels following the Francis Scott Key Bridge collapse will likely give rise to substantial cargo claims, according to Nick Evans, Insurwave’s Head of Product. For those in need of a refresher, on March 26th 2024, the contai...

Posted: Apr 17, 2024

Following the response Ageas Re received from the market in its inaugural year of operation, the company is now looking to expand its portfolio with opportunities in the Casualty space. Ageas stated: “As a key engine for future growth Ageas Re rem...

Posted: Apr 17, 2024

ICEYE, the global provider of satellite-powered disaster management solutions, has signed a definitive agreement for an oversubscribed $93 million growth funding round, led by Solidium Oy. The firm aims to use the funds raised to further accelerat...

Posted: Apr 17, 2024