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The Travelers Companies, Inc. (NYSE: TRV), a provider of property and casualty insurance, has released its Q4 2024 Cyber Threat Report, revealing a notable surge in ransomware activity. The report, based on data gathered from ransomware leak sites, highlights an increase in the number of organisations targeted by ransomware groups last quarter. These groups employed […]

Despite strong growth in microinsurance, an 88% protection gap remains, with 9 out of 10 people globally remaining unprotected from rising risks – including climate change, health crises, disasters, conflict, and nature loss – according to a recent report by the Microinsurance Network (MiN). The Landscape of Microinsurance 2024’ report, done in collaboration with the […]

Markel, the insurance division of Markel Group Inc., has announced the promotion of Nan Fine to Managing Director, Casualty, Southeast Region at Markel Specialty, and the appointment of Hillary Warren as Manager, Commercial Wholesale Excess Casualty, Southeast Region. These appointments strengthen the alignment of Markel Specialty’s Excess Casualty team in the Southeast region. In her […]

Global insurer and reinsurer Everest Group, Ltd., has appointed John Howard as an independent, non-executive member of its Board of Directors, effective immediately. Howard is an industry veteran with over three decades of insurance and senior executive leadership experience at top financial services organisations. Most recently, he was Chief Executive Officer (CEO) of Truist Insurance […]

Independent insurance distribution firm, The Baldwin Group, has posted fourth quarter 2024 total revenue growth of 16% to $329.9 million, reflecting organic revenue growth of 19%, as the firm’s reported full year total revenue growth of 14% and organic revenue growth of 17%. Full year 2024 total revenues amounted to $1.4 billion for Baldwin in […]

Howden Re, a global reinsurance broker, has recently announced the appointment of Nicolò Forcellini as a Director at Howden Re Fac, where he will be joining the DACH London team. Forcellini will work under the leadership of Tom Sharman, Managing Director of Howden Re Fac. Sharman commented: “Nicolò’s appointment further strengthens our London facultative broking […]

Milliman, Inc., a global consulting and actuarial firm, has published the latest findings from its Milliman Pension Buyout Index (MPBI). In January, the estimated cost to transfer retiree pension obligations to an insurer through a competitive bidding process rose from 101.4% to 101.6% of a plan’s accounting liabilities (accumulated benefit obligation, or ABO). This increase […]

Brace Underwriting Limited, a multi-line and alternative risk specialist underwriter supported by Beat Capital Partners, a subsidiary of Ambac Financial Group, Inc., has announced the appointment of Hayley Johnston to its board as an Independent Non-Executive Director, pending regulatory approval. Johnston currently serves as the Chief Executive Officer of Lancashire Insurance Company Limited in Bermuda. […]

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 […]