The International Group of P&I Clubs (IG) has finalised its 2025/26 Group Excess of Loss Reinsurance contract (GXL) structure, demonstrating continued support from key reinsurance partners despite a challenging year marked by increased pool claims and an active hurricane season. Following quieter years for claims in 2022/23 and 2023/24, the 2024/25 policy year has seen […]
Archives for December 2024
How Do We Define Short-Term Health Insurance?
If you have been on a quest for new health insurance, there is a good chance that you have heard of or come across the Marketplace before. You will find a handful of Affordable Care Act (ACA)-compliant Obamacare plans there. Even though the prevalent insurance programs you are likely to see are mostly Obamacare health […]
Gallagher names Bassett and Brookes as CEOs within Specialty arm
Insurance and reinsurance broker Gallagher has appointed Paul Bassett as CEO of Crisis Management and Simon Brookes as CEO of Financial Lines within its Specialty division, both reporting to Jonathan Turner, CEO of Gallagher Specialty. Julian Wallers, who previously served as CEO of Financial Risks, overseeing both teams, has chosen to transition into a Chairman […]
Norway provides $4.5m to ARC’s SACPIP-Africa to strengthen climate resilience
Norway, through the Norwegian Agency for Development Cooperation, has provided NOK 50 million (approximately $4.5 million) to the African Risk Capacity Limited’s (ARC Ltd) Supporting Adaptation Capacity Through Increased Parametric Insurance Penetration in Africa (SACPIP-Africa) initiative. The partnership was formalised during a signing ceremony at the CARICOM Pavilion at COP29 on November 13, 2024. Climate […]
AIG leads launch of new reinsurance syndicate at Lloyd’s
Global insurance firm American International Group, Inc (AIG) has led the launch of a new reinsurance syndicate at the specialist Lloyd’s marketplace, which will be a multi-year participant on the firm’s outwards reinsurance program. Syndicate 2478 will commence underwriting from January 1st, 2025, and will be managed by Talbot Underwriting Limited at Lloyd’s. The new […]
Howden Re appoints Paul Nicholson and Dominic Riley to its aviation and space team
Howden Re, the reinsurance arm of Howden, has announced the appointments of Paul Nicholson and Dominic Riley to its Aviation and Space team within the Global Specialty Reinsurance division. These appointments are set to enhance Howden Re’s Global Specialty Reinsurance division, which has seen significant growth since its establishment two and a half years ago […]
US nonstandard auto insurance manages to squeeze small profit in H1’24, AM Best
According to AM Best, the global credit ratings agency, the US nonstandard auto insurance segment has posted a slight profit for the first half of 2024, following two years of unprofitable but improving results. A new report released by the agency states that the results of the companies that comprise AM Best’s private passenger nonstandard […]
Swiss Re’s Frederico Knapp joins IRB (Re) as CFO
Swiss Re’s Frederico Knapp has been appointed Chief Financial Officer (CFO) of IRB-Brasil Resseguros S.A. (IRB Re). Knapp will reportedly join the firm on December 20, 2024, replacing Marcos Pessôa de Queiroz Falcão, who will remain as Chief Executive Officer and Investor Relations Officer of the business. IRB Re confirmed that Knapp’s appointment is for […]
Relm launches 50-State MGA
Specialty insurance carrier Relm Insurance has officially launched its own managing general agent (MGA) in the US, licensed in all 50 states with locations in Miami, New York and Pennsylvania. It’s worth highlighting that Relm is the first specialist insurer of global emerging industries to launch such an initiative in the United States. With its new domestic presence […]
Optalitix partners with PwC to enhance pricing platform adoption in the London Market
Specialist data analytics solutions provider Optalitix has formed a strategic partnership with PwC to enhance implementation services and support for users of Optalitix Quote, the company’s underwriting and pricing platform for insurers. This collaboration combines Optalitix’s advanced technology with PwC’s actuarial expertise and contract services in the insurance sector, focusing on insurers at Lloyd’s and […]