Insurance brokerage firm, Brown & Brown has announced the appointment of Stephen P. Hearn to its board of directors. H. Palmer Proctor, Jr., Brown & Brown’s lead independent director and chair of the Nominating/Corporate Governance Committee of Brown & Brown’s board of directors, said: “Steve has established himself as a fixture in the London insurance […]

After taking a $1 billion slice in 2023, it’s notable that Berkshire Hathaway did not participate in Florida Citizens Property Insurance Corporation’s 2024 catastrophe reinsurance renewal, which was dominated by Bermuda-based and collateralised reinsurers. As we reported previously, Florida’s property insurer of last resort secured a cost-effective risk transfer program of approximately $3.564 billion at […]

Bangkok-based Asian Reinsurance Corporation (Asian Re) has announced the appointment of a new Chairperson, Sumalee Satitchaichareon, Deputy Director-General, Fiscal Policy Office, the Ministry of Finance of Thailand. Asian Re is an intergovernmental organisation established in 1979 with the support of the United Nations Economic and Social Commission for Asia and the Pacific (UN-ESCAP). The organisation […]

S&P Global Ratings has upgraded Fairfax Financial Holding and its re/insurance subsidiaries, which include Odyssey Re and Allied World amongst others, on revised criteria and assigned a positive outlook. The agency raised its long-term issuer credit rating on Fairfax Financial Holdings to ‘BBB+’ from ‘BBB’. The long-term issuer credit and financial strength ratings on Fairfax’s […]

Howden, Allianz Trade, and Saudi EXIM bank have signed an Initial Framework Agreement to bolster Saudi Arabia’s economic growth and facilitate international trade. As part of the initial agreement, facilitated by Howden, Allianz Trade and Saudi EXIM Bank will collaborate to provide dedicated non-payment insurance for international exporters and banks. This insurance will support the […]

International re/insurance broker Consilium, part of the Aventum Group, has announced the appointment of Rori-Leigh Mighty as Partner for its Cayman office. She will be reporting to Yaremis Hydes, Managing Partner in Consilium Cayman, who joins the business from Aon. Mighty is joining Consilium with close to two decades of P&C broking experience. Through her […]

Nassau Financial Group, an insurance and financial services firm, and Golub Capital, a credit asset management firm, have announced the signing of a definitive agreement to form a strategic partnership. As part of this agreement, Golub Capital will invest $200 million in minority non-voting common equity in Nassau, becoming the largest minority equity holder in […]

In 2023, net investment income for the US property/casualty insurance sector reached a record $73.9 billion, boosted by higher interest rates, according to a new report by AM Best, a credit rating agency for the insurance industry. The Best’s Special Report, “US P/C Insurers Achieve Record Investment Income in 2023,” reveals that net investment income […]

Global professional services firm Aon has revealed that Edmund Reese will serve as its executive vice president and chief financial officer (CFO) from July 29, 2024. According to Aon, Reese will join the firm on July 1 to succeed Christa Davies, who will certify second-quarter 2024 results and then become a senior advisor to the […]

Arch Insurance International, part of Bermuda-based re/insurer Arch Capital Group Ltd., has announced the appointment of Ketan Motwani as UK Chief Operating Officer (COO). In his new role, Motwani will directly report to Hugh Sturgess, Chief Executive Officer at Arch Insurance International. He will work closely with the larger Arch senior leadership team to support […]