Preliminary market loss estimates for the Jeju Air crash have coalesced around $200mn to $250mn, although all-risk reinsurance program lead Axa XL is yet to set an official reserving figure, The Insurer understands.

Zurich North America has established a new specialties business unit that will combine its construction, surety and financial lines operations under former head of construction Kelly Kinzer.

The outlook for the space insurance market has improved for 2025 following a difficult period, with sufficient capacity expected to be available for the foreseeable future, according to Gallagher Specialty’s Peter Elson.

The buyers’ market in airline insurance is expected to continue into 2025 despite the impact of the Jeju Air and Azerbaijan Airlines crashes in late December, according to Gallagher Specialty’s Nigel Weyman.

CAC Group’s Mike Rice will transition to vice chairman later this quarter and be succeeded as CEO by natural resources head Erin Lynch, with the move coming after the broker grew revenues by 12 percent to over $295mn in 2024, The Insurer can reveal.

Munich Re has appointed Christa Schwimmer as CEO for its specialty reinsurance and Lloyd’s and Bermuda business.

Arch Insurance International has appointed Tim Watson as credit underwriting manager.

Settlements related to Russia-Ukraine aviation lessor claims may reduce the overall loss quantum to $6bn to $8bn, but this would still remain the largest aviation/aviation war loss in the market’s history, according to Howden.

Scor’s chief underwriting officer for marine, energy, engineering, aviation and space Adrian Poxon has retired from his position at the business.

As we wrap up 2024, The Insurer TV has provided a comprehensive look at the evolving (re)insurance landscape.