Asia Pacific
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The recruits will join from Nephila, Aon and Malaysian Re. -
The underwriter has worked for Markel in Singapore since 2020.
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The transaction marks the largest US market entry by a Korean non-life insurer.
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Equivalent to a Category 5 hurricane, Ragasa is the world's strongest storm this year.
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The major storm is set to move on to mainland China later in the week.
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The action follows Sompo’s $3.5bn all-cash acquisition of Aspen Insurance.
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The deal is part of Gallagher’s ongoing Asia-Pacific investment strategy.
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The firm has also updated the loss-calculation engines of existing Jeannie tools.
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The Japanese company announced the $3.5bn deal today, three months after the Bermudian completed its IPO.
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The all-cash deal values the Bermudian’s stock at a 36% premium.
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This publication first reported deal talks last week.
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Aspen would give Sompo more reinsurance scale, more US premium and a Lloyd’s presence.
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This publication revealed yesterday that the two were in detailed takeover talks.
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This publication revealed yesterday that Sompo is currently in negotiations with Aspen.
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Sources said that detailed discussions have taken place, with a clear path to a deal.
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Candy Wong spent 30 years at Aon Re China before a stint at Guy Carpenter.
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DB reiterated that no final decisions have been made regarding a potential deal.
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Millions are evacuating after one of the strongest earthquakes in modern history.
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Insured losses produced the second highest first-half tally since records began in 1980.
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The carrier agreed to acquire Liberty Mutual’s P&C firms in Thailand and Vietnam in March.
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The company has also opened a fac office in Singapore.
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The carriers remain in takeover negotiations but have not reached a decision around valuation.
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The broker’s fac reinsurance division will encompass around 70 staff, it is understood.
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The expansive broker now employs over 450 people in Japan, after launching there in 2024.
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The Australian carrier’s nat cat losses are A$200mn lower than its annual allowance.
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Ex-Tropical Cyclone Alfred has been the costliest event, with A$1.36bn in losses.
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The firm believes UK support for policyholders is under-served compared with the US.
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Sources told this publication the hull of the aircraft is valued at $80mn.
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The man is alleged to have conspired with others to falsify LOCs and collateral letters.
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The Japanese carrier noted the impact of increasing natural disasters.
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Holmes, Froideval and Cheak will head up the units for London, Europe and Asia.
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The syndicate-in-a-box is the first Lloyd’s syndicate to operate outside London.
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The group reported “robust” growth in property reinsurance premium.
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Total reinsurer capital grew by $45bn in 2024 to $715bn.
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Overall market capacity increased by 5.3% year-on-year, the broker reported.
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Caution around economic volatility wrought mixed outcomes in specialty re.
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The merger is set for April 2027, subject to regulatory approval.
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The event has caused widespread damage in Bangkok, Thailand.
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Reinsurers fended off 20% cuts, but wildfires pleas failed to hold pricing flat.
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The reinsurer anticipates downward rate pressure to continue over 2025.
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Reinsurers’ hopes that LA wildfires will slow 1.4 softening are in question.
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The two Asian companies wrote $265mn net premiums in 2024.
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Cedants could choose to retain more as cross-share sell-offs boost their capital.
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Reinsurers on portfolios with longer-tail liabilities may withdraw.
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The council has begun gathering data to assess the insurance impact.
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Behind Axa XL, Convex wrote a 9.5% line on the all-risks reinsurance programme.
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The storms struck Victoria, New South Wales and Queensland.
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Insight into the insurance M&A market, powered by Insurance Insider’s deal database.
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The move follows objections from the Singapore government.
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The deterioration was driven by increased operating expenses.
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The international segment’s net written premium grew 15.8%.
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Parent MS&AD highlighted “strong underwriting fundamentals”.
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The vehicle will leverage global reinsurance market capacity in the event of a natural disaster.
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The ratings agency said the upgrade reflects an improvement in GIC Re’s balance-sheet strength.
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We may be in the midst of US hurricane season, but international catastrophe losses can emerge at any moment.
