Reinsurance News
While the financial implications of last week’s significant IT outage, which was caused by an update to the CrowdStrike Falcon endpoint detection and response (EDR) tool, will take time to be understood, the event is expected to accelerate i...
Posted: Jul 22, 2024
In addition to the $44 million paid to the Government of Grenada by CCRIF SPC following damage from Hurricane Beryl, payouts to both the Grenada Electricity Services Limited and the National Water and Sewerage Authority under their policies have n...
Posted: Jul 22, 2024
Despite expecting the July 19 global IT outage to cause widespread disruption across a variety of corporate and financial sectors, including an influx of cyber business interruption claims, Morningstar DBRS does not anticipate a lasting impact on...
Posted: Jul 22, 2024
WTW, the global insurance and reinsurance broker, has appointed industry veteran Lucy Clarke as president, Risk & Broking. Clarke joins the firm with 25 years of industry experience, which includes previous tenures working in leadership roles...
Posted: Jul 22, 2024
AXA XL, the property & casualty (P&C) and specialty risk division of global insurer AXA, has appointed Michelle Bailey to the new role of Head of Professional, Bermuda. Bailey has more than two decades of industry experience, and will repo...
Posted: Jul 22, 2024
If a solar storm similar to the “Carrington Event” were to occur today, US insurance industry losses could range anywhere between $71 billion to $433 billion, according to global insurance broker WTW. The Carrington Event, the most pow...
Posted: Jul 22, 2024
Artex, Gallagher’s wholly-owned subsidiary for alternative risk and capital, has announced that the team from Malta-based Bee Insurance Management Ltd. has joined Artex EMEA. Bee Insurance has provided clients with a variety of services, inc...
Posted: Jul 22, 2024
AM Best, the global credit rating agency, has revised the outlook to positive from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Kuwait Reinsurance Company K.S.C.P...
Posted: Jul 22, 2024
Falcon Risk Services, a managing general agency and HDI Company, has announced the hire of Chris Sterger as Senior Vice President – Southeast Regional Leader and Andrew Nowlan as Vice President, Design & Build. In his new role, based in...
Posted: Jul 22, 2024
Following today’s Microsoft Cloud outage, analysts currently expect business interruption claims to drive the bulk of insurance industry losses, and question whether this could be the litmus test for cyber underwriters, notably UK headquarte...
Posted: Jul 19, 2024
While the active 2023 severe convective storm (SCS) season led to higher-than-average insured losses, these losses were not extreme, according to Karen Clark & Company’s (KCC) SCS Model. The KCC US SCS Reference Model offers a realistic depict...
Posted: Jul 19, 2024
The International Underwriting Association (IUA), representing insurance and reinsurance companies in London, has stated that London Market insurers will be essential in advancing new air mobility technologies in the coming years. The IUA emphasis...
Posted: Jul 19, 2024
KatRisk recently announced two key appointments: Petros Keshishian as the new Head of Model Engineering and John Tewhill as Enterprise Account Executive. Founded in 2012, KatRisk specialises in catastrophe modelling for various perils, including i...
Posted: Jul 19, 2024
OneAdvent, the specialist managing general agent (MGA) and broker services platform, has partnered with risk management and security services organisation, Solace Global Risk, in a move that is set to provide a holistic insurance and risk manageme...
Posted: Jul 19, 2024
Severe convective storms (SCS) that struck parts of the US and Canada from July 13-17, as well as several countries in Europe between July 11-17, are each expected to result in economic and insured losses totaling hundreds of millions of USD, acco...
Posted: Jul 19, 2024
The Travelers Companies, Inc. has reported a net income of $534 million for Q2 of 2024 despite an underwriting loss of $65 million driven by substantial cat losses of $1.5 billion, which were offset by net favourable prior year reserve development...
Posted: Jul 19, 2024
US primary insurer Travelers decided to increase the size of its Northeast property catastrophe excess-of-loss (XoL) reinsurance treaty by $150 million at the July renewals, and also renewed its personal insurance hurricane cat XoL treaty with a h...
Posted: Jul 19, 2024
As per a new Fitch Ratings report, the regulation of Letras de Risco de Seguro (LRS), which are similar to insurance linked-securities (ILS), could benefit Brazil’s re/insurance market. According to Fitch, LRS may provide new access to portfolio d...
Posted: Jul 19, 2024
According to reinsurance broker Gallagher Re, there were at least 19 individual billion-dollar insured natural catastrophe loss events in the first half of 2024, making it the second-highest H1 total on record, behind the 20 events seen in 2023 an...
Posted: Jul 19, 2024
Verisk’s Extreme Event Solutions group has estimated that industry insured losses to onshore property from wind in the US for Hurricane Beryl will range between $2 billion and $3 billion. For those who need refreshing, Beryl began as a tropi...
Posted: Jul 19, 2024
Agile Underwriting Services has appointed Matthew Rowan, formerly of insurance and reinsurance broker Aon, as Group Risk and Compliance Officer, based in Sydney. Rowan takes on oversight of both the syndicate service company and MGA operations as...
Posted: Jul 19, 2024
Global credit ratings agency AM Best has revised the outlook to stable from positive for the Long-Term Issuer Credit Ratings (Long-Term ICR), and also affirmed the Financial Strength Ratings (FSR) of A (Excellent) and the Long-Term ICR’s of...
Posted: Jul 19, 2024
Global reinsurer Swiss Re has revealed that Chris Minter will take over as Head of its Alternative Capital Partners (ACP) division, succeeding Philipp Rüede, who is leaving the firm after 12 years of service. As Reinsurance News understands, Rüede...
Posted: Jul 19, 2024
Selective Insurance has reported a net loss of $65.6 million for Q2 of 2024, with a combined ratio of 116.1% in what the firm described as a “challenging” quarter. According to the firm, a net unfavourable prior year casualty reserve d...
Posted: Jul 19, 2024
Property and casualty insurance holding company, The Hanover Insurance Group, Inc., has preliminary estimated pre-tax catastrophe losses of $157.1 million, or 10.7 points of net earned premium for the second quarter of 2024. The insurer has stated...
Posted: Jul 19, 2024