Reinsurance News
Icosa Investments, a catastrophe bond fund manager, has projected potential insurance industry losses from Hurricane Milton, ranging from $15 billion to over $150 billion, depending on the storm’s landfall location, intensity, and path. “To...
Posted: Oct 09, 2024
NFP, a company under Aon and a broker in property and casualty (P&C) insurance, benefits consulting, wealth management, and retirement plan advising, has acquired Richard S. Miller & Sons, Inc. dba Miller Insurance Group (MIG), a P&C a...
Posted: Oct 09, 2024
With the U.S. National Hurricane Center now placing the entry point of Hurricane Milton about 40 miles south of Tampa, Florida, Morningstar DBRS has suggested that insured losses could be “substantial but not catastrophic”, sitting in...
Posted: Oct 09, 2024
With its projected path and intensity, Hurricane Milton has the potential to become one of the most expensive storms to hit Florida, analysts at RBC Capital Markets, the investment banking arm of Royal Bank of Canada, predict. Currently, Hurricane...
Posted: Oct 09, 2024
According to new research from Marsh McLennan, a professional services firm focused on risk, strategy, and people management, the primary concerns for UK businesses over the next 12 months are economic and financial challenges (43%), cyber threats...
Posted: Oct 09, 2024
Findings from a year-long collaboration between Beazley, Munich Re, and Gallagher Re indicate that the cyber insurance market can withstand a plausible yet remote malware event under current parameters. This information was released in a whitepape...
Posted: Oct 09, 2024
AEGIS London-led Lloyd’s consortium has launched a $25 million insurance product to cover the rescue of miners trapped underground, doubling its available cover from $10 million. The AEGIS Miner Rescue Consortium, is predominantly for hard rock an...
Posted: Oct 09, 2024
Markel, the insurance division of Markel Group Inc., has appointed Jack Eastwood as Senior Underwriter, Cyber, effective immediately. Eastwood will be based at Markel’s London office and report directly to Dan Fox, Head of Cyber for Markel. As a s...
Posted: Oct 09, 2024
Optio Group, a specialty Managing General Agent (MGA), has acquired a strategic investment in Italian MGA Heca S.r.l. (Heca) for an undisclosed amount. This move aligns with Optio’s strategy to expand across Europe and reflects its confidence in H...
Posted: Oct 09, 2024
Insurance technology provider Socotra has appointed Greg Murphy as Head of Global Partnerships, to develop and expand strategic alliances with technology providers and system integrators. Murphy is a market veteran with three decades of experience...
Posted: Oct 09, 2024
Lloyd’s has released a report noting that a hypothetical geopolitical conflict could disrupt global trade and supply chains, potentially leading to $14.5 trillion in losses for the global economy over a five-year period. Produced in partners...
Posted: Oct 09, 2024
Global insurance broker WTW has partnered with the University of Colorado Boulder (CU Boulder) to bring scientific advancements in seasonal climate prediction to the insurance and risk management sectors. This collaboration will help WTW and its c...
Posted: Oct 09, 2024
Separate data analysis from CoreLogic and Moody’s has revealed that 500,000 single-family and multifamily homes in Florida’s Tampa Bay and Sarasota areas, with a reconstruction cost value of $123 billion, are at risk of storm surge fro...
Posted: Oct 09, 2024
According to the Extreme Event Solutions group at Verisk, industry-insured losses due to wind, storm surge, and hurricane precipitation-induced flood from Hurricane Helene will range between $6 billion and $11 billion, excluding the National Flood...
Posted: Oct 09, 2024
While too early to pinpoint an accurate insurance loss range, BMS Group’s Senior Meteorologist Andrew Siffert has noted it is safe to say that Hurricane Milton will likely be at least a $20 billion insurance market event. Hurricane Milton re...
Posted: Oct 09, 2024
Price Forbes Re, an independent specialist risk strategy and reinsurance broker, has appointed Brian Cole as Executive Vice President (EVP), Head of Financial Lines, based in Boston. The appointment aligns with the firm’s efforts to build its offe...
Posted: Oct 09, 2024
Moody’s Ratings has upgraded Swiss Re Corporate Solutions Brasil Seguros’ (SRCSB) financial strength rating (IFSR) to Baa2 from Baa3 and changed its rating outlook to stable from positive. This rating action follows Moody’s upgrade of the Governme...
Posted: Oct 09, 2024
Global program manager Accredited Insurance has appointed Neil McConachie as Chief Risk and Capital Officer. McConachie is an experienced insurance executive, having previously served as Group CFO of Fidelis Insurance and Group President of Lancas...
Posted: Oct 09, 2024
Insurance holding company Ambac has partnered with Mike Miller and his team on the launch of Pivix Specialty Insurance Services Inc., a managing general agency focusing on the excess and surplus (E&S) lines market. Miller, who is the former pr...
Posted: Oct 08, 2024
LIMRA, a research and consulting organisation in the insurance and financial services industries, reports that pension risk transfer (PRT) transactions increased by 14% in the first half of 2024 compared to the same period in 2023. Meanwhile, MetL...
Posted: Oct 08, 2024
In an interview with Reinsurance News around the 2024 APCIA annual conference, Chris Larson, Head of Global Casualty Underwriting at SiriusPoint, highlighted how the casualty market is cautiously addressing challenges like rising losses ahead of t...
Posted: Oct 08, 2024
Amwins, a London-domiciled global speciality distributor, in partnership with insurtech Floodbase, has launched a municipal flood insurance program, designed to insure California municipalities against previously uncovered losses due to atmospheri...
Posted: Oct 08, 2024
AdvantageGo, a global commercial re/insurance software provider, has created an Ecosystem Alliance with Insurants, a document processing solution for global insurance companies. Leveraging the capabilities of artificial intelligence (AI), this par...
Posted: Oct 08, 2024
Arch Insurance International, a division of Arch Capital Group, has promoted Peter Brooks to Global Head of Fine Art & Specie, effective immediately. In this new position, Brooks will oversee the Fine Art & Specie insurance portfolio withi...
Posted: Oct 08, 2024
As the intensity and severity of natural catastrophes continues to increase worldwide, there is more that the re/insurance sector needs to do to show its value in the climate fight, and according to Christoph Lamby, CEO of R+V Re, the German reins...
Posted: Oct 08, 2024