Archives for February 2025

African Risk Capacity Limited (ARC), a specialised agency of the African Union, and the International Finance Corporation (IFC), the private sector arm of the World Bank Group, have signed a Letter of Engagement to strengthen agricultural insurance solutions across the continent. The partnership aims to create a more secure and attractive investment environment for agriculture […]

Moody’s Ratings (Moody’s) has affirmed the ratings of Reinsurance Group of America (RGA) and changed its outlook to negative from stable. According to the agency, the negative outlook “reflects the company’s reduced financial flexibility and the financial strain on RGA’s capital adequacy to fund the transaction with Equitable and its new business pipeline”. RGA entered […]

In 2024, third-party risk emerged as a primary driver of cyber insurance claims and significant financial losses, according to new data from Resilience, a provider of cyber risk solutions. As businesses become increasingly reliant on interconnected systems and a broad range of software vendors, third-party risks have become a critical yet often overlooked threat. Organisations […]

Zurich Insurance has recently promoted Alex Todd to the position of Chief Underwriting Officer for Asia Pacific (APAC). Todd brings over 20 years of industry experience to his new role, specialising in Property, with a strong focus on the APAC region. He joined Zurich Insurance in August 2023 as Head of Short-Tail Lines, APAC. Prior […]

Kentucky Employers’ Mutual Insurance (KEMI), a provider of workers’ compensation insurance in Kentucky, has completed the deployment of Origami Risk’s multi-tenant core claims solution. This upgrade has enhanced the efficiency, speed, and accuracy of its claims process, while also improving the overall customer experience. Through this transition, KEMI has introduced several key improvements to better […]

Annuities have grown significantly amid rising interest rates, creating a need for additional capital in the reinsurance market, which has led to increased use of reinsurance and the growing popularity of sidecars to manage risk and support larger deals, according to a recent report by AM Best. The annuity growth has created a need for […]

Berkshire Hathaway, the Warren Buffett-run holding company and conglomerate, has reported a 66% year-on-year rise in net underwriting earnings for its insurance and reinsurance businesses in 2024 to $9.02 billion. 2024 was another strong year for Berkshire’s re/insurance operations as the underwriting performance of its Berkshire Hathaway Reinsurance Group and GEICO more than offset a […]

The UK insurance sector is predicted to experience steady but slowing growth in premium income over the next three years as economic conditions stabilise and premium rises ease, according to the latest EY ITEM Club Outlook for Financial Services. The forecast anticipates a return to more normal premium increase levels, averaging around 3.4%, similar to […]

American Financial Group, Inc. (AFG) has announced the election of Craig Lindner Jr. and David Thompson to its Board of Directors. Additionally, James Evans will not stand for reelection at the 2025 Annual Meeting of Shareholders but will continue to serve as Executive Consultant, a role he has held since 2014. Lindner brings 20 years […]

Credit rating agency AM Best has revised the outlooks to negative from stable for Mercury General Corporation and its subsidiaries following significant losses from the recent California wildfires. The fires, which began on January 7, 2025, are estimated to cost Mercury General between $1.6 billion and $2 billion in gross losses. The agency has also […]