On 17 January, Paris-based reinsurer CCR Re officially announced a name change to Arundo Re.
WTW has secured a licence to act as a reinsurance broker in the Kingdom of Saudi Arabia. The company has appointed Mohammed S AlSudairy as WTW Saudi Arabia's new head of reinsurance broking, based in the Kingdom.
Oman Reinsurance Company (Oman Re) has launched its retakaful window starting 1 January 2025, the reinsurer told Middle East Insurance Review (MEIR). The step represents a significant milestone in the reinsurers' journey to deliver specialised and shariah-compliant risk solutions.
Reinsurers, including Swiss Re have become more willing to provide cover for the Middle East in the industry's January policy renewal season, removing a clause which allowed them to pull out if the Gaza conflict escalated, according to Reuters.
Saudi Reinsurance Company (Saudi Re), the kingdom's sole home-grown reinsurer is making big strides within its local market and abroad as international business accounts for half of its premium income; its strategic partnership with the PIF would give further momentum to its business, said Saudi Re CEO Ahmed Al-Jabr.
On 8 January, the National Financial Regulatory Administration (NFRA) approved Taiping Reinsurance (China) and Bank of China Insurance to set up reinsurance operation centres in Shanghai's Pudong New Area. These centres are authorized to handle reinsurance business as permitted by regulatory authorities and within their company mandates.
The Australian Reinsurance Pool Corporation (ARPC) has teamed up with the University of Queensland for a three-year resilience study programme. The programme aims to understand how risk pooling can support individual and community resilience to cyclones and improve community outcomes for the ARPC-run reinsurance pool.
Swiss Re's Board of Directors has proposed Mr Morten Hübbe and Mr George Quinn for election as new members of the Board at the upcoming AGM in April 2025.
The Public Investment Fund (PIF) announced yesterday that it has acquired a 23.08% stake in Saudi Reinsurance Company (Saudi Re) by way of a capital increase and subscription to new shares, with the suspension of preemptive rights in accordance with Capital Market Authority regulations, the Fund said in a statement.
Lloyd's announced on Thursday that CEO John Neal will be leaving Lloyd's in 2025, after leading the world's marketplace for insurance and reinsurance for over six years. Mr Neal will be joining Aon as its global CEO of reinsurance and global chairman of climate solutions.