Your weekly re/insurance round-up, ending March 22nd 2024

Among this week's most important news, Aon launched its Climate Risk Monitor?to drive improved risk management and renewals decision making, while?WTW received USAID funding to develop a climate-resilient insurance solution.

Elsewhere,?Fidelis MGU revealed it is rebranding to?“The Fidelis Partnership” on the 28th of March, and?Marsh McLennan Agency released a report anticipating a stable commercial property reinsurance market in 2024.

In results news,?Hannover Re’s 2023 net income improved as its reinsurance revenue climbed to €24.5bn, while Talanx boasted a record net income of €1.58bn for the year, lifting its earnings targets substantially.

Meanwhile,?speaking in an interview with Reinsurance News,?Michael Berger, Head of Insure AI at Munich Re, noted how?AI brings systematic accumulation risk potential towards portfolios.

This week was also a huge one for people moves, with Gallagher Re appointing Brian Flasinski as CEO of the North American region, succeeding Jim Bradshaw, who is set to assume the role of Chairman, Gallagher Re North America.

Amitabha Ray was also named as CEO of Swiss Re's India Branch, and?MS Amlin placed Martin Burke as permanent CUO.

Elsewhere,?Hiscox appointed Leigh Hellrung as COO in the US, and?Holborn hired Luke Kwiatkowski as new SVP and CFO.

In other developments,?State Farm announced it is set to pull out of 72,000 California insurance policies, and Allstate noted that its estimated catastrophe losses for February 2024 were under the $150 million reporting threshold.

We’ll continue to update you with more coverage on the major developments from this week, while also keeping up with the regular news coming out of the re/insurance industry.

We hope all our readers stay safe and well this weekend!