Reinsurance News

McKenzie Intelligence Services launches AI damage classifier to revolutionise insurance assessments

McKenzie Intelligence Services (MIS), a provider of geospatial data and analysis to the insurance industry, has announced the launch of a cutting-edge AI damage classifier to enhance its human intelligence-led damage assessments for insurers follo...

Posted: Jun 06, 2024

Insurers’ private credit holdings set to keep growing, Moody’s

Insurers are set to keep increasing their private credit holdings throughout the coming years, with almost 80% saying they plan to increase their holdings of at least one class of private credit over the long term, according to a recent analysis b...

Posted: Jun 06, 2024

Lloyd’s new Miami office to strengthen Latin America and Caribbean business

Global re/insurance marketplace, Lloyd’s has announced the opening of a new office in Miami, a move that is designed to strengthen its Latin America and Caribbean business. The new office, which will open from 1 September 2024, will enable Lloyd’s...

Posted: Jun 05, 2024

CEA renews $3.73bn of reinsurance so far in 2024

The California Earthquake Authority (CEA) has renewed $3.73 billion of reinsurance in 2024 so far, having secured almost $1.2 billion in new protection at the April 1st renewals. At the end of 2023, the earthquake insurer had $9.1 billion of prote...

Posted: Jun 05, 2024

SRG’s MX enhances capacity through Accredited Insurance Limited partnership

Specialist Risk Group’s managing general agent (MGA), MX, has recently secured a new capacity agreement with Accredited Insurance (Europe) Limited (AIEL), which significantly boosts MX’s capacity in the UK and Ireland. Established in 2...

Posted: Jun 05, 2024

Beat is a “perfect fit” for our strategic vision for the future of Ambac, CEO, LeBlanc

Earlier today it was announced that Ambac Financial Group had signed a definitive agreement to acquire a 60% controlling stake in Beat Capital Partners Limited. This afternoon, a conference call was held which involved members of Ambac and Beat, d...

Posted: Jun 05, 2024

Majesco & Microsoft collaborate to deliver advanced GenAI-driven solutions

Majesco collaborates with Microsoft to develop Majesco Copilot, which integrates cutting-edge generative artificial intelligence (GenAI) into the company’s solutions to revolutionise and encourage operational optimisation across the insurance indu...

Posted: Jun 05, 2024

Ambac to sell its legacy financial guarantee businesses to Oaktree for $420mn

Ambac Financial Group, Inc., an insurance holding company, has announced it is to sell its legacy financial guarantee businesses, Ambac Assurance Corporation (AAC) and Ambac UK (AUK), to funds managed by Oaktree Capital Management, L.P.. The compa...

Posted: Jun 05, 2024

Harvey Monk to lead Verlingue new dedicated construction practice

Insurance broker Verlingue has established a new dedicated construction practice to be led by Harvey Monk, Sales Director South, who will work with a team of specialists from across the company. The broker launched this new practice to serve the U...

Posted: Jun 05, 2024

Moody’s changes outlook of US P&C personal insurance sector to stable

Moody’s has changed the outlook for the US property & casualty (P&C) personal insurance sector to stable from negative, reflecting continued improvement in underwriting results. According to the rating agency, insurers in this sector...

Posted: Jun 05, 2024

Alta Signa expands into Swiss market with new office

Alta Signa Europe B.V., the European boutique managing general agent (MGA), is expanding its presence in the DACH region by opening a new office in Switzerland. This new office will have access to high-quality insurance options from trusted partne...

Posted: Jun 05, 2024

Appian & Swiss Re expand Connected Underwriting Life Workbench to Asia & EMEA

Following the launch of Connected Underwriting Life Workbench in North America last year, Appian, a software company that automates business processes, in partnership with Swiss Re, has made the solution available in select countries in Asia Pacif...

Posted: Jun 05, 2024

Ambac to acquire majority stake in Beat Capital Partners for $282m

Ambac Financial Group has signed a definitive agreement to acquire a 60% controlling stake in Beat Capital Partners Limited, a London-based insurance underwriting and managing general agency (MGA) incubation platform, for approximately $282 millio...

Posted: Jun 05, 2024

Swiss Re calls for industry focus on European catastrophe loss creep issue

Swiss Re has proposed an industry focus on the issue of loss creep after natural catastrophe events in Europe, calling it an industry-wide phenomenon, which shows the “pressing need” for a more precise reserve setting after nat cat eve...

Posted: Jun 05, 2024

SEADRIF selects Gallagher Re as its reinsurance broker and risk advisor

Global reinsurance broking and advisory firm Gallagher Re has been selected to provide reinsurance broking and risk advisory services to SEADRIF Insurance Company. According to SEADRIF, this appointment includes the placement of reinsurance in int...

Posted: Jun 05, 2024

Kathleen Winters joins The Hartford’s board of directors

Property and casualty insurer, The Hartford has announced the appointment of Kathleen Winters to the company’s board of directors, effective July 1, 2024. Winters will serve on the board’s Finance, Investment and Risk Management Committee as well...

Posted: Jun 05, 2024

MGA Crux launches with DA Strategy support

Crux Risk Services, a Managing General Agent (MGA) focused on delegated authority underwriting in the Terrorism insurance sector, has been approved by Lloyd’s as a Coverholder. With support by MGA accelerator DA Strategy, Crux was co-founded by Gr...

Posted: Jun 05, 2024

Guidewire sees Q3 2024 total revenue increase 16% to $240.7m

Guidewire has revealed that total revenue for Q3 of the fiscal year 2024 was $240.7 million, an increase of 16% from the same quarter in 2023. Guidewire also disclosed that its subscription and support revenue was $138 million in Q3 of 2024, an in...

Posted: Jun 05, 2024

Fairfax Financial names Gobinath Athappan its new Chairman & CEO of Asia

Canadian financial holding company, Fairfax Financial Holdings Limited has appointed Gobinath Athappan as its new Chairman and Chief Executive Officer of Fairfax Asia. He will also reportedly be appointed Chairman of Singapore Re after regulatory...

Posted: Jun 05, 2024

ClimateWise collabs with Howden & MS Amlin on nature-related financial use cases

ClimateWise, which is part of the Cambridge Institute for Sustainability Leadership (CISL), in collaboration with two of its members, Howden, the global insurance intermediary group, and MS Amlin, Lloyd’s global insurer and reinsurer, have d...

Posted: Jun 05, 2024

Chubb to acquire Melbourne-domiciled MGA Catalyst Aviation Insurance

Global insurer Chubb has entered into a definitive agreement to acquire Catalyst Aviation Insurance, a Melbourne-domiciled managing general agent (MGA) specialising in general aviation insurance for the Australian market. The transaction is expect...

Posted: Jun 05, 2024

Bloomberg Intelligence warns insurers of black swan risk from solar space storms

Bloomberg Intelligence, a research division of the financial media company Bloomberg LP, warns that major space storms could surpass the financial impact of events like Hurricane Katrina, with disruptions to radio communications, power grids, spac...

Posted: Jun 05, 2024

Toka Tū Ake EQC renews record reinsurance program of $9.2bn

EQC Toka Tū Ake, or New Zealand’s Earthquake Commission (EQC) in a record move has secured a whopping reinsurance tower of $9.2 billion from 1st June 2024 to protect homeowners from the impact of natural hazards, helping to ensure home insurance r...

Posted: Jun 05, 2024

Cyber risk viewed as top concern by mid-market leaders: Marsh McLennan Agency

Mid-market business leaders in the US view cyber, economic, and regulatory risks as the biggest threats to their operations in 2024, according to a new report by Marsh McLennan Agency. The report reveals that 75% of businesses are highly concerned...

Posted: Jun 05, 2024

Charles Taylor names Clay Humphries Exec VP of US P&C

Charles Taylor, a global provider of professional services and technology solutions to the global insurance industry, has announced the appointment of Clay Humphries as Executive Vice President of Property and Casualty in the United States. In his...

Posted: Jun 05, 2024