Brokers Aon and Gallagher Re described a buyers’ reinsurance market for the April 1, 2024 property and specialty renewals as reinsurer profit margins benefited from last year’s “redistribution of risk” to cedents. Reinsurers are not only venturing out with increased …
Negative ratings actions and financial challenges are forcing carriers to explore reinsurance options offering needed capital, according to a report released last month by Gallagher Re’s Strategic and Financial Analytics team. Downgrades of U.S. property/casualty (re)insurers jumped significantly in the …
This edition of International People Moves details appointments at Mitsui Sumitomo Insurance (Europe) and Gallagher Re. A summary of these new hires follows here. Mitsui Sumitomo (Europe) Appoints Rodden as Interim CEO, Rebrands as MSIG UK Mitsui Sumitomo Insurance Co. …
Dirk Spenner has been appointed to the role of CEO, International, at Gallagher Re, taking over from Tony Melia, who is retiring after a career of over 40 years. Spenner’s new role is effective June 1, 2024. He joined Willis …
Climate change poses the most significant threat for South African insurance companies and risks raising premiums and the cost of reinsurance, a top official at its biggest insurer by assets said. After staying almost flat in the decade to 2020, …
Reinsurers had varied appetites for casualty reinsurance during the January 2024 renewals; while capacity was sufficient, they still maintained underwriting discipline, according to reinsurance brokers in their renewal reports. “Some reinsurers adopted a tougher stance ahead of the January 2024 …
Non-peak (secondary) perils and record-setting weather and climate events drove global insured losses from natural catastrophes to an estimated $123 billion in 2023, the fourth consecutive year to exceed $100 billion, according to Gallagher Re’s annual Natural Catastrophe and Climate …
Swiss Re has purchased the cyber market’s first retrocession industry loss warranty (ILW), brokered by Gallagher Re and supported by a number of specialist reinsurers. Swiss Re secured $50 million of catastrophic US cyber insurance event protection, including cover against …
Arthur J. Gallagher & Co. announced that its reinsurance division, Gallagher Re, has acquired Toronto, Ontario-based MGB Re (MGB). Terms of the transaction were not disclosed. MGB provides reinsurance solutions to health maintenance organizations (HMOs), managing general underwriters (MGUs) and …
While the reinsurance market indeed stabilized during the January 2024 reinsurance renewals (from the chaotic January renewals of last year), buyers with loss-affected programs experienced further upward pressure on retentions and prices, according to reinsurance brokers in comments about the …
