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MS Reinsurance CUO Goldie optimistic heading into 1.1, sees opportunities in ‘almost every area’

Reinsurance News

As the autumn conference season concludes and the reinsurance industry shifts its focus to the January renewals, we spoke with MS Reinsurance’s Charlie Goldie, Chief Underwriting Officer, for his insights on the discussions at RVS in Monte Carlo a...

Posted: Nov 12, 2024

People Moves: Everest Promotes Davis to Lead Reinsurance Global Specialties Business; Miller Names A...

Insurance Journal

This edition of International People Moves details appointments at the Everest Reinsurance and the broker Miller. A summary of these new hires follows here. Everest Reinsurance, the reinsurance division of Bermuda-based Everest Group Ltd., announced...

Posted: Nov 12, 2024

Envelop Risk launches new underwriting division, appoints Dom Peters as CEO

Reinsurance News

Data-driven reinsurance and analytics specialist Envelop Risk has launched Envelop Underwriting, appointing Dom Peters to lead the newly established division as CEO. According to the firm, Envelop Underwriting will encompass all existing underwrit...

Posted: Nov 12, 2024

UK Motor Insurer Direct Line to Cut 550 Jobs in Turnaround Bid

Insurance Journal

Direct Line Insurance Group Plc, the UK insurer that rejected a takeover attempt by Belgian rival Ageas SA earlier this year, is set to cut about 550 jobs as part of a turnaround plan aimed at saving £50 million ($64 …

Posted: Nov 12, 2024

Howden strengthens Hong Kong presence with Storfield acquisition

Reinsurance News

Howden, a global insurance intermediary group, has acquired Storfield Insurance Consultants Ltd (Storfield), a specialist in general insurance for small-to-medium-sized enterprises (SMEs) and high-net-worth (HNW) clients. This acquisition strength...

Posted: Nov 12, 2024

Global Warming Is Already on the Cusp of 1.5C, New Research Finds

Insurance Journal

A newly proposed method for calculating the global temperature suggests that countries may have already failed their main climate goal: to limit warming to below 1.5C. Scientists using the method say the world was 1.49C hotter than in pre-industrial...

Posted: Nov 12, 2024

Specialist Risk Group Acquires UK Claims Specialist One Claim Ltd.

Insurance Journal

Specialist Risk Group (SRG), the London-based specialist insurance intermediary, announced the acquisition of One Claim Ltd. Based in Essex, England, One Claim provides broker partners and their clients with claims management support from initial not...

Posted: Nov 12, 2024

UK insurers’ growth to slow with steady premium income projected until 2026: EY

Reinsurance News

In the coming years, UK insurance companies are projected to report steady yet slowing premium income growth; a trend that is expected to persist throughout 2024, 2025, and 2026 as consumer premium increases return to average levels, according to...

Posted: Nov 12, 2024

Howden Broadens Asia Footprint With Acquisition of Hong Kong Broker Storfield

Insurance Journal

Howden, the London-based insurance intermediary group, announced the acquisition of Storfield Insurance Consultants Ltd., a specialist in general insurance for small-to-medium sized enterprises (SMEs) and high-net-worth (HNW) clients. Financial detai...

Posted: Nov 12, 2024

Henchoz to step down from Talanx Board in 2025, Jungsthöfel to succeed as reinsurance lead

Reinsurance News

Jean-Jacques Henchoz, Member of the Board of Management at Talanx AG with responsibility for the Reinsurance division, will not extend his expiring contract and will depart from the Board on 31 March 2025, with Clemens Jungsthöfel, Chief Financial...

Posted: Nov 12, 2024

Lockton Re adds Edward Tyler to Retro & Property Specialty team

Reinsurance News

Lockton Re, the reinsurance division of the global brokerage, has appointed Edward Tyler as a senior broker in its Retrocession and Property Specialty team. Tyler brings expertise in retrocession, London market property and global composite placem...

Posted: Nov 12, 2024

Storm-Weary Philippines Forcibly Evacuates Thousands as Another Typhoon Hits

Insurance Journal

A new typhoon barreled across an agricultural region in the northeastern Philippines on Monday after thousands were evacuated to safety while still struggling to recover from the devastation caused by three successive storms in the last three weeks....

Posted: Nov 12, 2024

IQUW partners with mea to boost underwriting efficiency with AI-driven platform

Reinsurance News

Property and specialty insurer and reinsurer IQUW has formed a strategic partnership with mea, an AI-powered processing platform for re/insurers, to enhance underwriting efficiency across its operations. This collaboration aims to improve IQUW’s p...

Posted: Nov 12, 2024

Insurance Payments are Making the Leap Into the Modern Era

Insurance Journal

One of the few remaining industries dominated by check payments is now adopting online payments and financing, shaped by modern retail checkout convenience and trends. The fast checkout experience enjoyed by online consumers today has its roots in a...

Posted: Nov 12, 2024

Shell Wins Appeal Against Landmark Dutch Climate Ruling

Insurance Journal

A Dutch court on Tuesday accepted Shell’s appeal against a landmark climate ruling, dismissing the order for the oil and gas company to sharply reduce emissions. The original 2021 ruling ordered Shell to cut its absolute carbon emissions by 45%...

Posted: Nov 12, 2024

Matt Roy named Ascot US Chief Operating Officer

Reinsurance News

Bermuda-based global specialty insurance company Ascot has announced the appointment of Matt Roy to the newly created role of U.S. Chief Operating Officer, effective November 18. In his new position, Roy will be tasked with aligning underwriting,...

Posted: Nov 12, 2024

Malaysia’s Top Bank Is Said to Weigh Options for Insurer Etiqa

Insurance Journal

Malayan Banking Bhd. is considering options including buying out Ageas SA’s minority stake in Etiqa as Malaysia’s biggest lender seeks to boost the value of the Southeast Asian insurer, according to people with knowledge of the matter. Ma...

Posted: Nov 12, 2024

Enstar enters into additional $75m legacy reinsurance agreement with James River

Reinsurance News

A wholly owned subsidiary of legacy player Enstar Group has entered into a $75 million adverse development cover (ADC) reinsurance agreement with certain subsidiaries of Bermuda-domiciled insurance holding company, James River Group Holdings. Unde...

Posted: Nov 12, 2024

SiriusPoint names Shapella CUO, Govrin to focus on role as President & CEO of Reinsurance

Reinsurance News

Bermuda-domiciled insurer and reinsurer SiriusPoint has announced Anthony Shapella as its new Group Chief Underwriting Officer (CUO), with David Govrin set to focus solely on his role as Group President and Chief Executive Officer (CEO) of Global...

Posted: Nov 12, 2024

Indonesia’s Indian Ocean tsunami losses equivalent to $20bn today, says Swiss Re

Reinsurance News

Indonesia’s economic losses from the 2004 Indian Ocean tsunami, which amounted to USD 4.5 billion at the time, would equate to approximately USD 20 billion today when adjusted for GDP growth and inflation, according to a recent Swiss Re Institute...

Posted: Nov 12, 2024

Vertafore expands AI capabilities with Surefyre acquisition

Reinsurance News

Insurtech Vertafore has acquired Surefyre, a submission and underwriting workbench platform built to empower managing general agents (MGAs) and wholesalers. By incorporating Surefyre’s AI-powered, low-code/no-code solution into Vertafore&#82...

Posted: Nov 12, 2024

Relation Insurance Services names Brandon YoungFountain as EVP and Head of M&A

Reinsurance News

Insurance brokerage, Relation Insurance Services, has appointed Brandon YoungFountain as Executive Vice President (EVP) and Head of Mergers and Acquisitions (M&A), where he will oversee Relation’s M&A initiatives nationally across the orga...

Posted: Nov 12, 2024

Moody’s changes outlook to stable for Italian life insurance, P&C remains stable

Reinsurance News

Ratings agency Moody’s has changed its outlook for the Italian life insurance sector to stable from negative, and maintained its stable outlook for Italian property and casualty (P&C) insurers. Analysts highlighted how Italian life insur...

Posted: Nov 12, 2024

Biden Administration to Support Controversial UN Cyber Treaty

Insurance Journal

The Biden administration plans to support a controversial cybercrime treaty at the United Nations this week despite concerns that it could be misused by authoritarian regimes, according to senior government officials. The agreement would be the first...

Posted: Nov 12, 2024

FTX Sues Binance and Its Former CEO for $1.8B

Insurance Journal

Collapsed cryptocurrency company FTX is suing Binance and its former CEO Changpeng Zhao, alleging that $1.8 billion was “fraudulently transferred” by FTX management to Binance and its executives. The lawsuit relates to Binance’s sal...

Posted: Nov 12, 2024

FEMA Fires Manager Who Told Staff to Skip Homes With Trump Signs

Insurance Journal

A Federal Emergency Management Agency employee who ordered workers to bypass homes with yard signs supporting President-elect Donald Trump has been fired, the agency’s head said Saturday. “This is a clear violation of FEMA’s core va...

Posted: Nov 12, 2024

Nonresident Surplus Brokers in Alabama Must Have $50,000 Bond Starting Jan. 1

Insurance Journal

Nonresident surplus lines brokers working in Alabama, like their in-state brethren, must secure a $50,000 fidelity bond to be licensed in the state, starting Jan. 1. The Alabama Department of Insurance posted the bulletin last week. A form is availab...

Posted: Nov 12, 2024

NYC Man is Charged With Insurance Fraud in Staged Car Crash Captured By Dashcam

Insurance Journal

A New York City man has been charged with staging a car accident for insurance fraud purposes last month in a case that received wide publicity after the victim shared dashboard camera footage of the crash, authorities announced Friday. Prosecutors &...

Posted: Nov 12, 2024

People Moves: LP Insurance Services Names Reed to Commercial Team in Nevada

Insurance Journal

LP Insurance Services LLC named Travis Reed to its commercial lines team in northern Nevada. Reed has more than 10 years of industry experience, most recently as a sales executive with Alpine Insurance Associates. He previously worked as vice preside...

Posted: Nov 12, 2024

NYC Man Charged With Insurance Fraud in Staged Car Crash Captured By Dashcam

Insurance Journal

A New York City man has been charged with staging a car accident for insurance fraud purposes last month in a case that received wide publicity after the victim shared dashboard camera footage of the crash, authorities announced Friday. Prosecutors &...

Posted: Nov 12, 2024

Progressive to End Offering Dwelling Fire Insurance

Insurance Journal

Progressive said it will stop offering dwelling fire insurance, with nonrenewal notices going out as early as Nov. 19. The Mayfield, Ohio-based insurer late last week said the decision to discontinue writing the coverage, often dubbed “landlord...

Posted: Nov 12, 2024

Abiomed to Pay $57K to Resolve Alleged Gender-Based Promotion Discrimination

Insurance Journal

The U.S. Department of Labor has announced that its Office of Federal Contract Compliance Programs and Abiomed Inc., a federal medical equipment supplier, have entered into a conciliation agreement to resolve allegations of gender-based promotion dis...

Posted: Nov 12, 2024

Dan Browne and Chloe Pitchford join TMHCC’s Professional Risk team

Reinsurance News

Tokio Marine HCC (TMHCC), a specialty insurance provider, has announced the appointments of Dan Browne as a Professional Indemnity (PI) Underwriter and Chloe Pitchford as a PI Development Underwriter. Both will join TMHCC’s expanding Professional...

Posted: Nov 12, 2024

Judge Says New York Can’t Use ‘Antiquated, Unconstitutional’ Law to Block Migrant Buses from Texas

Insurance Journal

New York City can’t use an unconstitutional, two-century-old “anti-pauper” law to block the state of Texas from offering migrants free bus rides to the city from the southern border, a state judge has ruled. The court on Thursday di...

Posted: Nov 12, 2024

Judge Says NY Can’t Use ‘Unconstitutional’ Law to Block Migrant Buses From Texas

Insurance Journal

New York City can’t use an unconstitutional, two-century-old “anti-pauper” law to block the state of Texas from offering migrants free bus rides to the city from the southern border, a state judge has ruled. The court on Thursday di...

Posted: Nov 12, 2024

California Insurance Commissioner Orders 1-Year Moratorium on Cancellations for Wildfire Victims

Insurance Journal

California Insurance Commissioner Ricardo Lara issued a mandatory one-year moratorium on insurance companies to preserve residential insurance coverage for more than 11,000 policyholders affected by the Shelly Fire located in Siskiyou County and the...

Posted: Nov 12, 2024

California Commissioner: 1-Year Moratorium on Cancellations for Wildfire Victims

Insurance Journal

California Insurance Commissioner Ricardo Lara issued a mandatory one-year moratorium on insurance companies to preserve residential insurance coverage for more than 11,000 policyholders affected by the Shelly Fire located in Siskiyou County and the...

Posted: Nov 12, 2024

Inszone Acquires Nugent Insurance Brokers in California

Insurance Journal

Inszone Insurance Services acquired Nugent Insurance Brokers LLC in Chico, California. Valerie and Tom Nugent Jr., and Tom Jr.’s daughter, Marissa, will remain with Inszone. Nugent Insurance will also expand into personal lines by gaining acces...

Posted: Nov 12, 2024

Transforming Insurance Operations Across All Lines of Business with Underwriter Link

Insurance Journal

This post is part of a series sponsored by Selectsys. In today’s fast-paced insurance market, underwriters and wholesalers face increasing pressure to streamline operations, reduce manual processes, and enhance efficiency across multiple lines...

Posted: Nov 12, 2024

Hannover Re’s Henchoz to Step Down as CEO, Succeeded by CFO Jungsthöfel

Carrier Management

Hannover Re’s Henchoz to Step Down as CEO, Succeeded by CFO Jungsthöfel Hannover Re announced tha...

Posted: Nov 11, 2024

Danone Wins Dismissal of Evian Microplastics Lawsuit

Carrier Management

Danone Wins Dismissal of Evian Microplastics Lawsuit The maker of Evian spring water, Danone,...

Posted: Nov 11, 2024

Hippo Sells Majority Stake in First Connect Insurance to Centana Growth Partners

Carrier Management

Hippo Sells Majority Stake in First Connect Insurance to Centana Growth Partners InsurTech Hippo said it ha...

Posted: Nov 11, 2024

WTW Unveils Machine-Led Solution to Enhance Insurance Reserving

Carrier Management

WTW Unveils Machine-Led Solution to Enhance Insurance Reserv...

Posted: Nov 11, 2024

Insurity Partners with ICEYE to Deliver Real-Time CAT Insights to Insurers

IIR

Through the partnership, P&C insurers will have the ability to navigate the challenges of natural catastrophes, reduce loss exposure, and enhance policyholder trust.

Posted: Nov 11, 2024