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Global reinsurer SCOR has extended its contingency capital program for a further three years, which could provide the company with up to €300 million in additional capital following the occurrence of extreme events, natural disasters or events affecting mortality or “a significant decline in the share price of the company’s common shares”. The last renewal…

Cliff Falkenhagen will succeed Wolfgang Jöbkes, who retires after more than 46 years with the DEVK Group, as Chief Underwriting Officer (CUO) of the German insurance company’s reinsurance subsidiary DEVK RE. Since 1987, Jöbkes has successfully led DEVK’s sub-reinsurance division. After the creation of DEVK Rückversicherungs- und Beteiligungs-AG in 2001, he assumed responsibility for the…

Bill Ackman, founder and CEO of Pershing Square Capital Management, said Howard Hughes’ $2.1 billion purchase of specialty insurance and reinsurer Vantage Group echoes Warren Buffett’s early moves at Berkshire Hathaway, as the company he backs looks to build a diversified holding company. As reported earlier today, Howard Hughes’ purchase of Vantage Group was priced…

The Financial Services Regulatory Authority (FSRA), the regulator responsible for overseeing financial services within the Abu Dhabi Global Market (ADGM), has released a discussion paper outlining a series of strategic enhancements to its insurance regulatory framework. FSRA’s discussion paper identifies areas where it plans to undertake significant updates to its regulatory approach, with a focus…

Fitch Ratings expects losses from Cyclone Ditwa floods to be limited for most Sri Lankan insurers due to low non-motor vehicle retention and reinsurance rates. However, the country’s only local reinsurer, the National Insurance Trust Fund Board (NITF), is more vulnerable to losses due to a lack of retrocession. The agency expects the industry’s underwriting…

Markel Insurance, the insurance business of Markel Group Inc., has appointed James Howell as senior war and terrorism underwriter, effective immediately. Howell has nearly a decade of expertise in terrorism underwriting, most recently as senior underwriter on terrorism and political violence at AXIS Capital. Prior to joining AXIS, he spent two years as a Risk…

Global reinsurance broker Howden Re, in partnership with Howden Iberia, has been selected to provide natural catastrophe modeling services to Spain’s national special risk insurance bank, the Consorcio de Compensación de Seguros (CCS). State-operated CCS provides protection against high-impact events not covered by private insurance, including floods, earthquakes, volcanic eruptions, atypical cyclones and other unusual…

Specialist re/insurance broker Miller has hired Elisabeth Chalon Lambertin and Toni Beltzer to further expand its guarantee services in Europe. Lambertin and Beltzer both come from Transitions, a surety broker specializing in suretyship, construction and real estate, which they co-founded in 2023. Prior to founding Transitions, Lambertin served for more than a decade as chief…

A new report from KBW analysts following a semi-annual visit to Bermuda shows that the January 1 reinsurance renewal season is later than expected and has been characterized by delays in firm order time (FOT) issuance and few contracts signed to date. Despite the slow progress, analysts described the market as “orderly” and delays appeared…

Getlink, the company that manages and operates the Channel Tunnel infrastructure between France and the UK, has reached an agreement with its insurers to provide compensation of approximately €55 million for ElecLink’s operational losses following the suspension of its activities at the end of 2024. The outage was caused by a failure of the ElecLink…