by Jason Woolfe

The boss of American Re, the second biggest US reinsurer, has quit after the company reported a £350m loss.

Munich Re subsidiary president and chief executive Edward Noonan will leave after March when the renewal season is expected to be completed.

Munich Re put $1bn (£690m) into the operation last year to help it take advantage of rising reinsurance rates.

American Re reported net losses of $506.5m (£350m) in the third quarter of last year. This was attributed to the attacks on the World Trade Centre.

Munich Re was reported as saying last week: "Mr Noonan did a good job through difficult times but last year we aimed to make a profit at American Re."

Noonan will be succeeded by John Phelan, president of Munich Reinsurance Company of Canada.

The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.

Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.