Reinsurance News

The UK government’s Competition and Markets Authority (CMA) has said today that it is investigating the anticipated acquisition of the Willis Re treaty reinsurance business of Willis Towers Watson (WTW) by Arthur J. Gallagher (Gallagher).

The New Zealand Earthquake Commission (EQC), the state-owned residential property disaster insurance entity, is likely to need more reinsurance protection from private markets as new rules are set to dramatically expand the amount of catastrophe risk it takes on.

Global reinsurance giant Swiss Re has provided preliminary estimates for its losses from two of the major catastrophe events of the summer months, while it says the industry loss from hurricane Ida is estimated at between $28 billion and $30 billion, while Europe’s flooding is estimated as a $12 billion industry loss.

Neptune Flood, a flood insurance specialist that uses artificial intelligence technology to provide its products, is branching out into parametric insurance with the acquisition of California earthquake specialist Jumpstart Insurance Solutions.

Rob Bredahl has become the new CEO of TigerRisk Partners LLC, the global risk, capital and reinsurance brokerage and advisory, after a change at the top that sees current CEO Rod Fox moving into the role of Executive Chairman.

The Howden insurance and reinsurance broking group is doubling-down on the example set by the Danish Red Cross with the first disaster relief catastrophe bond and aims to expand the use of private capital in the sector, unlocking it for social good.

McGill and Partners, the boutique risk solutions and broking firm launched by former Aon President Steve McGill, has announced the launch of a Bermuda office and the hire of Aspen’s Kate Vacher as its CEO on the island.

The severe floods across Europe in July 2021 are estimated to have caused an insurance and reinsurance industry loss of US $11 billion, according to organisation Cresta, while convective storms in June added another US $5.1 billion to the summer loss tally for the continent.

TigerRisk Partners LLC, the global risk, capital and reinsurance brokerage and advisory, has announced a new senior hire, taking Tim Ronda from Aon’s Reinsurance Solutions division.

Wildfires burning in California in the current season have now either damaged or completely destroyed more than 3,500 structures, according to the latest data from Cal Fire.