Reinsurance News
The US Property & Casualty (P&C) insurance industry is anticipated to transition from a challenging 2022 to a more favourable 2024, with improved profitability driven by higher premiums and increasing interest rates, as indicated by the Sw...
Posted: Sep 22, 2023
Baoba Insurtech, and Continental Assist, a North America-based travel assistance company, have announced a strategic partnership that aims to promote and expand parametric insurance solutions in the Latin American market. The insurtech is a compre...
Posted: Sep 22, 2023
A series of devastating storms that struck Alberta and the Prairies across the summer has resulted in over $300 million in insured losses, according to initial estimates from Catastrophe Indices and Quantification Inc. (CatIQ), a subsidiary of Zur...
Posted: Sep 22, 2023
NEXT Insurance a leading digital insurtech company has announced a differentiated new offering that will enable agents to fully customize coverage quotes to better meet the needs of their small business clients. According to the announcement, NEXT...
Posted: Sep 22, 2023
The energy market is grappling with a series of challenges, as record losses, rising costs, and global events continue to impact the sector, according to Amwins “State of the Market: A Focus on the Energy Market” report. Key factors dr...
Posted: Sep 22, 2023
As major insurance companies have pulled-back on underwriting property insurance in California, the local government has announced plans to enable insurers to better cover their loss costs and expenses within their pricing. Unlike public utilities...
Posted: Sep 22, 2023
Recent years have witnessed a surge in food price inflation, with global food prices soaring by 41% in May 2021 and 34% in March 2022, primarily driven by supply shocks, according to Swiss Re Institute. The repercussions of these spikes continue t...
Posted: Sep 22, 2023
Arthur J. Gallagher & Co. has acquired Ace Commercial Insurance Center (Ace), a specialist insurance broker serving the trucking industry primarily in Southern California. Terms of the transaction were not disclosed. According to the announcem...
Posted: Sep 22, 2023
Global insurer American International Group (AIG) has announced the appointment of Edward L. Dandridge as Executive Vice President (EVP) and Chief Marketing and Communications Officer, effective October 16th, 2023. In his new role, Dandridge he wi...
Posted: Sep 22, 2023
In a rapidly changing economic environment, Fitch Ratings predicts that the multi-year reviews of the Solvency II (S2) regimes in the European Union and the United Kingdom will continue as planned, with both reviews expected to conclude in 2024. T...
Posted: Sep 22, 2023
Sompo International, a global property & casualty reinsurer, has appointed Jérôme Gossé as Head of Cyber Insurance, Continental Europe. In the role, he will report to Mathieu Borneuf, Head of Professional Lines, Insurance, Continental Europe....
Posted: Sep 22, 2023
“The long era of robust economic growth, low inflation, and geopolitical stability is over, and it’s replaced by uncertainty, volatility, and war. Suddenly, fighting climate change has become an ever greater challenge,” suggests...
Posted: Sep 22, 2023
Aon plc, a globally renowned professional services firm, has announced the appointment of Nicola Fraccalvieri as the leader of the EMEA Facultative team within its Reinsurance Solutions division. Based in London, Fraccalvieri will report directly...
Posted: Sep 22, 2023
Addressing Lloyd’s participants and partners, Patrick Tiernan, Chief of Markets, suggested that the marketplace was disappointed with the response of many syndicates to tightening reinsurance coverages in the specialty space, and in particul...
Posted: Sep 22, 2023
Authentic, a turnkey insurance platform that allows vertical Software-as-a-Service (SaaS) businesses to adopt the benefits of captive insurance, has raised $5.5 million in seed funding led by Slow Ventures, with participation from Altai Ventures,...
Posted: Sep 22, 2023
DWF, a global provider of integrated legal and business services, has announced the addition of Andrew Symons to the London Global Risks team as insurance partner. Well established in the re/insurance markets, Symons has over 30 years’ exper...
Posted: Sep 22, 2023
“We expect Bermuda will continue to play a significant role in the growth and evolution of the legacy market due to the depth of talent and also its regulator,” suggests Matt Britten, Partner, Insurance, PwC Bermuda. According to PwC, the gl...
Posted: Sep 22, 2023
Fiducia MGA has appointed Rachel Lilliott as senior development underwriter to grow its engineering team to meet rising broker and client demand. Fiducia specialises in marine cargo, freight liability, engineering insurance and inspection and terr...
Posted: Sep 22, 2023
Global non-life specialty insurer R&Q Insurance Holdings has confirmed that it is now in advance talks regarding a potential sale of its Accredited program Management business to private equity investment manager Onex Corporation. The news was...
Posted: Sep 22, 2023
A growing number of US citizens are facing difficulties in affording insurance on their homes, a problem that is only expected to worsen because insurers and lawmakers are said to have underestimated the impact of climate change, a new report from...
Posted: Sep 22, 2023
Planck, global insurtech platform for commercial insurance, has launched the first generative artificial intelligence (GenAI) enhanced underwriting workbench known as Planck PLUS. Planck PLUS is both a strategic toolkit and a trusted co-pilot that...
Posted: Sep 22, 2023
Maamoun Rajeh, Chairman and Chief Executive Officer (CEO) of Arch Worldwide Reinsurance Group, remains bullish on the reinsurance sector, and expects to see increased demand for coverage in what he describes as a healthy ecosystem. Speaking recent...
Posted: Sep 21, 2023
Global specialty re/insurer Canopius Group has announced the appointment of Lucy Lumb as Underwriter, Property Coverholder and Delegated Authority, and Trisha Urquhart as Underwriter, Accident & Health. The new additions bolster the firm’...
Posted: Sep 21, 2023
In early September, Hong Kong and the Pearl River Delta area, including China’s Guangdong Province and Macau, suffered substantial flooding from a major rainstorm, and AM Best expects the gross loss will not be quite as severe but could come close...
Posted: Sep 21, 2023
In its “2023 Cyber Claims Report: Mid-year Update,” Coalition, a leading Active Insurance provider for digital risk prevention, reveals a concerning 12% increase in cyber claims during the first half of 2023, driven by rising ransomwar...
Posted: Sep 21, 2023