Reinsurance News

Northern Re sees strong start to operations amid warm welcome from market

Cayman Islands-based Northern Re has enjoyed a strong start to its operations, receiving a “very warm welcome” from the market in 2023, and anticipates that conditions will continue to improve into 2025, driven by the ongoing growth tr...

Posted: Jun 21, 2024

Southern New Mexico wildfires bring potential for hundreds of millions in losses: Aon

Aon, a professional services firm specialising in risk management and insurance solutions, has underscored in their weekly catastrophe report the significant economic impact of the ongoing wildfires in southern New Mexico, where potential losses c...

Posted: Jun 21, 2024

CAPE to enhance AI-powered property intelligence products with Vexcel partnership

CAPE Analytics, a provider of AI-powered property insights, has partnered with Vexcel, a provider of aerial imaging, to increase its coverage to over 99% of US households and adds access to post-disaster imagery. The new partnership provides CAPE...

Posted: Jun 21, 2024

ISC hires Dimitri Robert as Chief Technology Officer

Integrated Specialty Coverages (ISC), the multi-line program administrator, has appointed Experian’s Dimitri Robert as Chief Technology Officer (CTO). In his new role, Robert is expected to head ISC’s engineering department, as well as...

Posted: Jun 21, 2024

Softening pricing in US directors & officers insurance as premiums decline: AM best

Strong underwriting performance in the US directors and officers (D&O) liability insurance market is expected to put downward pressure on rates due to reduced demand in this segment, according to a recent report by credit rating agency AM Best...

Posted: Jun 21, 2024

Howden places first W&I policy for Mere Plantations carbon credits sale

Howden, a global insurance intermediary group, has announced the launch of the first Warranty & Indemnity insurance policy for the sale of carbon credits for the reafforestation project of degraded forest lands by Mere Plantations. UK-based Me...

Posted: Jun 21, 2024

MAPFRE USA promotes Olohan to Chief Operating Officer

Industry veteran Daniel P. Olohan has been promoted to Chief Operating Officer (COO) of MAPFRE USA, effective August 1, 2024. Olohan has been with the firm since 2006, and has served as General Counsel and Secretary since 2008. As well as taking o...

Posted: Jun 21, 2024

AXA and HK Express partnership to provide travellers hassle-free journeys

AXA Hong Kong and Macau has entered into an exclusive partnership with HK Express Airways to offer tailored protection to enable HK Express customers enjoy hassle-free journeys. Kenneth Lai, Chief General Insurance Officer at AXA Hong Kong and Mac...

Posted: Jun 21, 2024

ISC introduces New Marine Division with seasoned industry experts

Integrated Specialty Coverages (ISC), a programme administrator based in Carlsbad, California, specialising in creating comprehensive insurance solutions using advanced artificial intelligence (AI) and data analytics, has recently introduced its n...

Posted: Jun 21, 2024

S&P upgrades REVO Insurance rating to A-

S&P Global Ratings has raised REVO Insurance, S.p.A.’s, an Italian insurer specialised in parametric policies and specialty lines, rating from BBB+ to A- with a stable outlook. According to the rating agency, the upgraded rating reflects the i...

Posted: Jun 21, 2024

Palomar Holdings announces two key leadership appointments

Palomar Holdings, a specialty property insurer, has announced two key appointments: Tim Carter as Chief People Officer and Rodolphe “Rudy” Herve as Chief Operating Officer. Mac Armstrong, Chairman and Chief Executive Officer of Palomar, expressed...

Posted: Jun 21, 2024

Achmea sponsors €100m cat bond covering European windstorm

Achmea Reinsurance Company N.V has entered into a four-year reinsurance agreement with Windmill III Re DAC, a multi-arrangement special purpose vehicle incorporated in Ireland, providing per occurrence cover in respect of losses from European wind...

Posted: Jun 21, 2024

AM Best upgrades credit ratings of Athene

Rating agency AM Best has upgraded the Financial Strength Rating (FSR) to A+ (Superior) from A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “aa-” (Superior) from “a+” (Excellent) of the members of Athene Group (Athene), an...

Posted: Jun 21, 2024

LMA backs postponement of cutover date for Blueprint Two

Sheila Cameron, CEO of the Lloyd’s Market Association (LMA) has noted that it welcomes the decision by Velonetic, supported by Lloyd’s Council, to postpone again the cutover date for Blueprint Two, which was “taken in light of the real...

Posted: Jun 21, 2024

MGA Devonshire appoints Sam Jeater as Underwriting Manager

Managing General Agent (MGA) Devonshire Underwriting has announced that it has hired Sam Jeater as its new Underwriting Manager. In the role, he will largely focus on enhancing Devonshire’s Warranties & Indemnities (W&I) product offering f...

Posted: Jun 21, 2024

CAD $19tn in Canadian insured assets exposed to natural perils: CatIQ

CatIQ, a subsidiary of Zurich-based PERILS AG, has released its Canadian Insurance Industry Exposure Database (IED) for 2024, revealing that CAD 19 trillion worth of insured property assets are exposed to natural perils. This represents an 11.3% i...

Posted: Jun 21, 2024

Thomas Neil Morrison joins Aviva’s Board as Non-Exec Director

Thomas Neil Morrison has been appointed to the Board of Aviva plc, the insurance and financial services company, as a Non-Executive Director. Based in Toronto, Ontario, Canada, Neil will become a member of the Aviva plc Nomination and Governance,...

Posted: Jun 21, 2024

AXIS launches Cyber Incident Commander for rapid response support

AXIS Capital Holdings Limited (AXIS) has recently launched AXIS Cyber Incident Commander, a new service designed to assist policyholders facing cyber incidents by providing them with a single point of contact for immediate guidance from experience...

Posted: Jun 21, 2024

Mosaic Insurance partners with WNS to create future-ready operations model

Global specialty insurer Mosaic Insurance has entered into a multi year partnership with WNS, a provider of global digital-led Business Process Management (BPM) solutions. This partnership aims to create a future-ready operations model for underwr...

Posted: Jun 21, 2024

IUA launches London forum for mergers and acquisitions insurance focus

A new London company market forum, operated by the International Underwriting Association (IUA), which represents London-based international and wholesale insurance and reinsurance companies, is centring its efforts on warranty and indemnity insur...

Posted: Jun 21, 2024

ICEYE nat cat data being integrated into Guidewire

Guidewire, a provider of software solutions to the insurance industry, and ICEYE, of satellite-powered disaster management solutions provider, have launched ICEYE’s new Ready for Guidewire validated accelerator on the Guidewire Marketplace,...

Posted: Jun 20, 2024

Emerald Bay & Lightspeed launch homeowners insurance facility in California

Emerald Bay Risk Solutions, a collaborative underwriting carrier, has partnered with Lightspeed Specialty Insurance Solutions, a subsidiary of Volnay Insurance Holdings, to launch an insurance facility in California aimed at providing comprehensiv...

Posted: Jun 20, 2024

Marsh’s Chestiperova joins SCOR’s Alternative Solutions Reinsurance team

Olga Chestiperova has joined SCOR’s Alternative Solutions Reinsurance team as a Senior Underwriter, based in the company’s Paris office. The addition of Chestiperova further bolsters a team that has been expanding in recent months. Chestiper...

Posted: Jun 20, 2024

Kingstone completes 24/25 reinsurance placement with savings of $6mn

Kingstone Companies, Inc., a US property and casualty insurance holding company, has finalised its 2024/2025 catastrophe reinsurance placement, purchasing a total cat limit of $275 million with savings of $6 million. Jennifer Gravelle, Chief Finan...

Posted: Jun 20, 2024

European cyber insurance market now more friendly, says Marsh

The European cyber insurance market has become much more friendly, with increased capacity per layer, significant overall capacity growth, removal of coverage restrictions, and more enhancements and innovative coverages available, according to Mac...

Posted: Jun 20, 2024