Reinsurance News
European insurance companies posted strong results in 1H24, driven by favourable interest rates and pricing cycles, despite varied national trends, according to Fitch Ratings. Most insurers are on track for a solid full-year performance, with inte...
Posted: Oct 14, 2024
Global insurance and reinsurance broking group Aon has announced that Stephen Hofmann will become U.S. CEO of Reinsurance Solutions for Aon, and Kevin Traetow will serve as U.S. vice chairman of Reinsurance Solutions. In their new respective roles...
Posted: Oct 14, 2024
Quotech, a developer of integrated technology solutions for underwriting and broking teams, has supplied systems to Volt Underwriting, a new energy-focussed managing general agent (MGA) launched earlier today. From what Reinsurance News understand...
Posted: Oct 14, 2024
Catastrophe risk modeller Moody’s RMS Event Response expects private market insurance industry losses in the US from hurricanes Helene and Milton to fall between $35 billion and $55 billion, although warns of complexities and uncertainties surroun...
Posted: Oct 14, 2024
Nearmap, a location intelligence and aerial imagery solutions provider, has completed an asset purchase agreement with Tensorflight. Tensorflight is the first property-inspection platform based on convolutional neural networks, offering underwrite...
Posted: Oct 14, 2024
Bermuda-headquartered insurer and reinsurer Arch Capital Group Ltd. has announced the appointment of Nicolas Papadopoulo as Chief Executive Officer, as Marc Grandisson is to retire from the company. Papadopoulo will also be joining Arch’s Board of...
Posted: Oct 14, 2024
Third quarter catastrophe bond and related insurance-linked securities (ILS) issuance was muted at $573 million, but sufficient to take issuance for the first nine months of the year to a new high of $13.2 billion, according to Artemis. Now availa...
Posted: Oct 14, 2024
Employers Holdings, Inc., a provider of workers’ compensation insurance, has announced the appointment of Michael Pedraja as Executive Vice President and Chief Financial Officer (Designate), effective February 3, 2025. He will assume the rol...
Posted: Oct 14, 2024
Employers Holdings, Inc., a provider of workers’ compensation insurance, has announced the appointment of Michael Pedraja as Executive Vice President and Chief Financial Officer (Designate), effective February 3, 2025. He will assume the rol...
Posted: Oct 14, 2024
African Development Bank Group’s Board of Directors has approved $34.8 million, ($34,796,402.40) in grants to enhance resilience and adaptation to climate disaster risks for vulnerable communities in Malawi and Zimbabwe. Under the Bank Group’s Afr...
Posted: Oct 14, 2024
Global specialty re/insurance group Chaucer has announced the appointment of marine insurance specialist Nicola Miles as Class Underwriter Ports and Terminals. Miles joins the Marine team reporting to James Irvine, Leader of Global Hull Lines, and...
Posted: Oct 14, 2024
Land Bank Insurance Company (LBIC) has partnered with CelsiusPro to pilot index insurance in South Africa, offering affordable drought-risk coverage for smallholder crop and livestock farmers. Index insurance is a cost-effective way to protect sma...
Posted: Oct 14, 2024
The number of buildings in Florida impacted by Hurricane Milton are similar to, or even more than Helene which totalled over 150,000, according to ICEYE’s initial data. Hurricane Milton made landfall on the 9th of October in Florida’s Sarasota Cou...
Posted: Oct 14, 2024
According to a new Morningstar DBRS report, Hurricane Milton is expected to result in insured losses approaching $60 billion, likely causing the stabilisation of reinsurance prices seen during mid-year renewals to revert to their upward trajectory...
Posted: Oct 14, 2024
Price Forbes Re, an independent reinsurance broker, is excited to announce the appointment of Colin Kelley as its new Chief Commercial Officer (CCO), a role specifically created to support the company’s expansion. In this position, Kelley wi...
Posted: Oct 14, 2024
Chubb, the global property and casualty insurer, has launched its new Construction Industry Practice in the UK and Ireland, bringing together specialist underwriters, risk engineers and claims executives across multiple risk areas to create one cu...
Posted: Oct 14, 2024
With insured losses from Hurricane Milton anticipated to be manageable for the larger carriers, analysts at Morgan Stanley have suggested that pricing is less likely to increase for property catastrophe going into 2025. However, the prior expectat...
Posted: Oct 14, 2024
Global credit rating agency AM Best has upgraded and revised the credit rating outlooks for Indian public sector reinsurer, General Insurance Corporation of India (GIC Re), to stable from positive. Specifically, AM Best has upgraded the reinsurer&...
Posted: Oct 14, 2024
London-domiciled, Lloyd’s Approved Coverholder, energy sector managing general agent (MGA) Volt Underwriting launches today to support clients active in the energy transition sector, with initial capacity of $25 million for US and international on...
Posted: Oct 14, 2024
Home insurance firm Hippo has announced it will expand home builder access to its New Homes Program in California, Florida, and Texas by the end of the year. Hippo’s New Homes Program expects to provide access to insurance for almost 50,000...
Posted: Oct 14, 2024
Arc Legal Group, a member of the AmTrust Financial Group and a prominent provider of ancillary products and services in the UK, has announced the immediate appointment of Lee Taylor as Chief Executive Officer, pending regulatory approval. With two...
Posted: Oct 14, 2024
Broadstone, an independent financial services consultancy, has announced the appointment of Rahul Choudhary as Director of Regulatory Analytics in its Insurance, Regulatory & Risk division. In this role, Choudhary will help expand the division...
Posted: Oct 14, 2024
The US commercial insurance sector saw a composite rate increase of 3.8% in Q3 2024, with property insurance up 5.7% and commercial auto and transportation risks experiencing the highest rise at 7.3%. MarketScout notes that although insurers expec...
Posted: Oct 14, 2024
Duck Creek Technologies, a provider of SaaS core systems for the P&C insurance industry, has acquired Risk Control Technologies, Inc. (RCT), a Toronto-based provider of risk management and loss control solutions. According to the announcement,...
Posted: Oct 14, 2024
Strategic Risk Solutions (SRS), an independent provider of insurance, reinsurance and captive management and consulting services, has announced that Konrad Baumann has joined SRS Switzerland as a General Manager of SRS Europe. He joins the organis...
Posted: Oct 11, 2024