Reinsurance
UK economic losses from natural catastrophes hit $800m in 2024 – Swiss Re
UK economic losses caused by natural catastrophes reaching $800m (£596.6m) in 2024 has shone a spotlight on the urgent need to strengthen resilience against future events, according to Swiss Re.
Flood Re names Perry Thomas as CEO
Flood Re has appointed Perry Thomas as CEO succeeding Stuart Logue, who has been leading the organisation on an interim basis since last August.
Miller signs up to buy AHJ
Miller has struck a deal to buy UK headquartered Alwen Hough Johnson, a reinsurance broker that also places business in a number of niche insurance lines.
Flood Re targets Scotland in resilience drive
Flood Re is targeting Scotland, promoting property-level flood resilience and aiming to help communities better prepare for future flooding events.
Lloyd’s CEO Neal to leave for new role at Aon
Lloyd’s has announced that CEO John Neal will be leaving in 2025 to join Aon as its global CEO of reinsurance and global chairman of climate solutions.
Review of the Year 2024: OneAdvent’s Tim Quayle
Tim Quayle, CEO of OneAdvent, raises his eyebrows over the BMS/DR&P deal; would stress the importance of proportionality to the FCA; and believes 2024 will go down as the Era of Stability.
SRG builds out MGA arm MX with fourth buy of 2024
Specialist Risk Group has announced the acquisition of reinsurance firm NW Re.
People Moves: 28 October – 1 November 2024
Follow the latest insurance personnel moves.
Peach rebrand to come into effect at Broker Expo
Peach PI will rebrand as Peach at the UK Broker Expo, Insurance Age can reveal, with new messaging and a company logo to reflect its modern appetite.
AM Best upgrades Lloyd’s to A+ and AA-
AM Best has raised the financial strength rating of Lloyd’s to A+ (superior) from A (excellent) and the long-term issuer credit rating to AA- (superior) from A+ (excellent).
Flood Re sees record claims of £241.6m
Flood Re’s gross claims jumped to £241.6m in the past financial year from £45.9m in 2023.
Gallagher boss: Whether fronter or insurer, MGAs need ‘certainty of capacity’
In the head-to-head Fronting Insurers Vs Traditional Insurers session at the Managing General Agents Association conference last week, Martyn Glover, partner at Gallagher Re, stated MGAs need certainty of capacity.
Onex MD targets “responsible growth” after completing Accredited deal
Onex Partners has completed its acquisition of fronting business Accredited.
Flood Re CEO Andy Bord steps down after seven years
Andy Bord, CEO of Flood Re, will be stepping down at its annual general meeting this July after seven years in the role.
Accelerant Insurance Europe sees record GWP ahead of UK MGA business transfer
Accelerant Insurance Europe recorded €780m (£664m) gross written premium for the 2023 financial year (2022: €659m), according to its latest Solvency and Financial Condition Report.
Flood Re raises levy and liability and loss limits
Flood Re has increased the annual insurance industry levy by £25m to £160m from next April, in a string of changes it said were designed to keep flood insurance available and affordable.
US fronter Hadron set to onboard first UK MGA in Q2
Altamont-backed hybrid insurer Hadron is aiming to change the reputation of fronters to businesses that priortise sensible and measured underwriting rather than just scale.
Bissell & Partners adds Lloyd’s broker status to offering
Bissell & Partners has been authorised as an independent boutique Lloyd’s insurance broker.
Pool Re treaty modernisation to enable more flexibility for members
Pool Re members and HM Treasury have backed the board’s proposals to transform the government-backed terrorism reinsurer, switching the model of the scheme’s offering in a move the carrier stated would keep it relevant and fit for purpose in the digital…
Fire safety reinsurance facility to launch on 1 April
A reinsurance facility aimed at increasing competition in the insurance market for properties affected by dangerous cladding and other fire safety issues has been unveiled ahead of launching on 1 April.
AM Best sees positive implications for Folgate rating after Hadron deal
AM Best is reviewing the ratings of Folgate Insurance after the takeover by Hadron, flagging Folgate is expected to be “strategically important” to the US hybrid carrier.