With Canada’s 2025 wildfire season poised to become one of the most destructive on record following a historically damaging 2024, reinsurers are likely to re-evaluate their Canadian exposure, according to a recent report by Morningstar DBRS. As of June 2025, Canada’s wildfire season is once again testing the resilience of the property and casualty (P&C) […]
Archives for June 2025
US P/C insurers hit by $1.1bn underwriting loss in Q1’25 primarily due to LA wildfires: AM Best
According to credit rating agency AM Best, the US property and casualty (P/C) insurance industry recorded a $1.1 billion net underwriting loss in the first quarter of 2025—a significant decline from the $9.4 billion gain reported during the same period in 2024. The drop was primarily driven by elevated losses from the January wildfires in […]
Transamerica Life Bermuda to establish in Dubai following DFSA licence approval
Transamerica Life Bermuda, a global high-net-worth (HNW) life insurer, is expanding its international presence with the establishment of a new base in the Dubai International Financial Centre (DIFC). This strategic move follows the successful acquisition of a licence from the Dubai Financial Services Authority (DFSA), a global financial centre in the Middle East, Africa, and […]
VIG Re appoints Swiss Re’s Milan Padych as CIO
VIG Re, the reinsurance arm of Vienna Insurance Group, has announced the appointment of Milan Padych as Chief Information Officer (CIO). Padych joins VIG Re from Swiss Re, where he served as Head of Information Technology, overseeing the development and operations of a fully digital, in-house-built insurance backend SaaS platform, ensuring it scales resiliently within […]
ABI names Chris Bose Director of General Insurance & International
The Association of British Insurers (ABI), the trade body representing the UK’s insurance and long-term savings industry, has announced the appointment of Chris Bose as Director of General Insurance & International, effective August 11, 2025. Bose, an experienced public policy practitioner with extensive expertise in financial services, is joining ABI from Nationwide Building Society, where […]
Renewal rates up YoY for all commercial lines except Workers’ Comp in May: Ivans
Ivans, a division of Applied Systems, has released the May 2025 results of the Ivans Index, showing that average premium renewal rates increased year over year across all major commercial lines of business except Workers’ Compensation. Month over month, Commercial Auto, General Liability, and Commercial Property saw increases in premium renewal rate change, while BOP, […]
AM Best assigns credit ratings to Accelerant Re I.I., affirms Accelerant Holdings’ subsidiaries ratings
Credit rating agency AM Best has assigned a Financial Strength Rating (FSR) of A- (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” (Excellent) to Accelerant Re I.I. (ARPR) (Puerto Rico), with a stable outlook. Concurrently, AM Best affirmed the FSR of A- (Excellent) and the Long-Term ICRs of “a-” (Excellent) of Accelerant […]
Reinsurers have ‘three organic options’ to strengthen market position: BCG
As concentration in reinsurance increases, those players who want to secure a stronger place in the market, or just stay relevant, have three organic options: expand their offerings, expand where they play, or expand their relationships, Boston Consulting Group (BCG) analysts highlight in a recent report. For over four decades, the reinsurance industry has grown […]
Aon names Andy Marcell as CEO of Global Solutions
Andy Marcell, currently Chief Executive Officer (CEO) of Risk Capital at global insurance and reinsurance broking group Aon, where he successfully combined the firm’s Commercial Risk and Reinsurance solutions, will serve as the company’s CEO of Global Solutions. In his new role, Marcell heads Aon’s integrated Risk Capital and Human Capital capabilities across the broker’s […]