reinsurer News

Peak Re Granted License to Open Reinsurance Branch in India

Peak Reinsurance Co. Ltd., a Hong Kong-based global reinsurer, announced it was granted a reinsurance branch license in India. Peak Re has been authorized to write both property/casualty and life & health business, which the company said “marks a significant …

SCOR Placed Under Court Examination for Allegations Against Former Chair Kessler

French reinsurance company SCOR said on Friday it has been placed under examination by a Paris court for facts alleged against its former chairman, Denis Kessler, in relation to Covea Group’s acquisition of PartnerRe in 2022. SCOR said it firmly …

Conduit Re CEO Carvey to Retire; Company Announces Plans to Buy More Retro Cover

Conduit Re’s Chief Executive Officer Trevor Carvey has a decided to step down and retire with effect on April 11, according to the reinsurer’s parent company CHL. At the same time, the company announced a trading update with a stated …

Swiss Re Expects Hit of Less Than $700 Million From Los Angeles Wildfires

Reinsurance company Swiss Re said on Thursday that claims from wildfires in Los Angeles would be less than $700 million and would impact its first quarter results, the latest European reinsurer to disclose a hit from the January blaze. The …

Ex-AIG Chief Duperreault Secures $700M for Mereo Reinsurance Startup

Mereo Advisors, a Bermuda-based firm chaired by former American International Group Inc. Chief Executive Officer Brian Duperreault, has secured more than $700 million to fund its new reinsurance operations. The company received commitments from investors that include alternative asset manager …

Polo Insurance Managers Launches Clockwork Re

Polo Insurance Managers (PIM), the Guernsey based insurance manager business within the PoloWorks group, announced the launch of Clockwork Re – a newly established Category 4 Commercial General Reinsurer in Guernsey. Clockwork Re has been formed to access superior insurance …

AIG Leads Launch of Reinsurance Syndicate at Lloyd’s

American International Group announced it has led the launch of a new reinsurance syndicate at Lloyd’s. Commencing underwriting from Jan. 1, 2025, Syndicate 2478 will be a multi-year participant on AIG’s outwards reinsurance program. The syndicate, which will be managed …

Munich Re Targets Net Profit of €6 Billion ($6.3 billion) for 2025

Munich Re is aiming for an IFRS net profit of €6 billion (US$6.3 billion) in 2025 as a result of “consistently good operational performance in all business segments.” It also expects good underwriting profitability with a combined ratio of 79% …

Oak Reinsurance Gets Permission From Lloyd’s to Begin Underwriting in January

Oak Reinsurance (OAK Re), the London-based reinsurance company, announced that its Lloyd’s Syndicate 2843 has received permission to begin underwriting business incepting from Jan. 1, 2025. This follows the approval in principle that was received in September 2024. OAK Re …

Swiss Re Execs Sleeping Well After $2.4 Billion Q3 Reserve Boost

While a $2.4 billion boost in loss reserves for the third-quarter will help Swiss Re’s executives sleep better on a bigger cushion, across the industry, worsening trends in U.S. liability loss costs aren’t letting up, they said yesterday. In fact, …