At least 20 (re)insurers have failed somewhere in the world in every single year between 2000 and 2024, according to the third edition of the "Global Failed Insurer Catalogue" published by Property and Casualty Insurance Compensation Corporation (PACICC).
MS Amlin has appointed Ms Nicola Harris as head of natural resources. She will join the company in August 2025.
Gallagher Re has appointed Mr Pablo Muñoz as CEO of global facultative reinsurance. In this newly created role, he becomes a member of the Reinsurance Global Executive Committee and will collaborate closely with Gallagher Re's leadership team to enhance the firm's facultative capabilities and broaden its client reach.
Arch Insurance International has appointed Mr Stephen Convery as senior construction underwriter. In his new role, he will be responsible for supporting the growth of Arch's construction portfolio, which provides coverage on a global basis for large and complex risks.
During 2024 the world lost 576 containers at sea according to a new report update by The World Shipping Council (WSC). This represents an increase from the record-low 221 containers lost in 2023.
As the adoption of artificial intelligence (AI) systems accelerates globally, the International Association of Insurance Supervisors (IAIS) released on 2 July the final version of an application paper on supervision in this field to support the insurance industry. The association says in the paper that no new standards are proposed at this stage.
Prudential plc has announced the commencement of the third and final tranche of its $2bn share buyback programme for $500m. The announcement follows the successful completion of the first and second tranches in 2024 and June 2025.