Reinsurance News
According to Insuramore’s global rankings, cyber insurance gross direct premiums written (GDPW) valued at just over USD 15.7 billion in 2023, rising towards more than USD 16 billion if captive insurers are also included too. In a statement,...
Posted: Jul 24, 2024
Optio Group, a specialty Managing General Agent (MGA), has announced the acquisition of Den Hartigh Beheer & Exploitatie B.V., a Netherlands and Brussels-based MGA specialising in B2B insurance solutions. Established in 1916, Den Hartigh offer...
Posted: Jul 24, 2024
Global commercial insurance rates were reportedly flat in Q2 of 2024, down from a 1% increase in Q1, ending the 26 consecutive quarter streak of increasing rates, as per Marsh’s Global Insurance Market Index. According to Marsh, Q2 of 2024 m...
Posted: Jul 24, 2024
The CrowdStrike linked IT global outage is estimated to have an insured loss range of $540 million to $1.08 billion, according to Parametrix, a provider of cloud monitoring, modeling, and insurance services. For those who need a reminder, the outa...
Posted: Jul 24, 2024
The Connect Group, an insurance and reinsurance organisation, has announced the creation of Stability Re, a specialty reinsurer, following the launch of Stability Risk in September 2023. Stability Risk is a London-based Managing General Agent (MGA...
Posted: Jul 24, 2024
Global property and casualty (P&C) insurer Chubb has reported Q2 2024 P&C underwriting income of $1.42 billion with a combined ratio of 86.8%, despite a rise in pre-tax catastrophe losses, net of reinsurance, to $580 million. In the second...
Posted: Jul 24, 2024
Aon has appointed Nick Moore as Chief Executive Officer of Bermuda, where he will lead the firm’s Bermuda Commercial Risk Solutions broking operations and have oversight over the Bermuda-based commercial risk claims team. Moore is an Aon vet...
Posted: Jul 24, 2024
The fact the cost of capital and the return on equity (ROE) are once again almost in synch is a positive development for the insurance industry and beyond, according to Jérôme Jean Haegeli, Chief Economist at reinsurance giant Swiss Re. As highlig...
Posted: Jul 24, 2024
Markel, the insurance operations within Markel Group Inc., has appointed Jennifer Devereaux as Executive Underwriting Officer, Casualty, effective September 3rd, 2024. In her new role, Devereaux takes on oversight of Markel’s casualty suite of pro...
Posted: Jul 24, 2024
MSIG USA, a insurance subsidiary under MSIG Holdings, has appointed industry veteran Claudette Monsier as the new Head Of Delegated Business. Bringing extensive experience to her new role, Monsier will oversee and manage all aspects of delegated b...
Posted: Jul 24, 2024
Global reinsurer Munich Re has been named as the capacity provider for a wind proxy hedge risk transfer product structured using a solution from kWh Analytics, for a 59MW, 14-turbine wind project in Maine. This innovative product was developed by...
Posted: Jul 24, 2024
The Chartered Insurance Institute, a professional body dedicated to building public trust in the insurance and financial planning profession, has announced the addition of three new members to its Group Board. Known as Engagement Board Members, ea...
Posted: Jul 24, 2024
A new report from global ratings agency AM Best shows that U.S. life/annuity (L/A) insurers continued to increase allocations to commercial mortgage loan portfolios in 2023, however, problem loans, which includes those 90 days delinquent, rose sh...
Posted: Jul 24, 2024
Analysts at ratings agency Fitch Ratings have said that last week’s mass global IT outage is not expected to have a material impact on the financial results of insurers and reinsurers, with preliminary market estimates of global insured loss...
Posted: Jul 23, 2024
WTW, a global advisory, broking and solutions company, is strengthening its M&A practice in Asia Pacific within its Financial, Executive & Professional Risks business with the appointment of Steven Torresan. Torresan was named Head of M...
Posted: Jul 23, 2024
Applied Systems has acquired Planck, an AI-based data platform provider for commercial insurance. By leveraging AI capabilities, Applied explained that it aims to enhance the speed and quality of critical business processes, including marketing, s...
Posted: Jul 23, 2024
Carbon Underwriting Limited (Carbon), an independent managing general underwriter and Lloyd’s syndicate CBN 4747, has announced that Lloyd’s, the insurance and reinsurance market, has granted approval for the launch of Syndicate 5757, effective 1...
Posted: Jul 23, 2024
The DICK’s Sporting Goods Open, PGA TOUR Champions Event received rain from June 21–June 23, triggering their parametric rainfall insurance policy with Vortex Weather Insurance, the data driven weather risk insurtech, which resulted in the t...
Posted: Jul 23, 2024
The CrowdStrike outage is a wake-up call for the systemic exposure that exists around technology, but it will prove manageable for the insurance and reinsurance industry, W. Robert Berkley, Jr., President and CEO of W. R. Berkley stated as he shar...
Posted: Jul 23, 2024
Martello Re Limited, the Bermuda-based Class E life and annuity reinsurer, has successfully raised $1.3 billion across a second round of equity funding and the upsizing of its current credit facility, enabling the firm to provide support to additi...
Posted: Jul 23, 2024
DUAL, the specialist underwriting arm of Howden Group Holdings, has announced the appointment of Marilena Rodriguez Forero as CEO for its newly established region, DUAL Latin America, effective 1 August 2024. Rodriguez Forero brings over three dec...
Posted: Jul 23, 2024
Markel, a global specialty insurer, and MEA, an AI-driven platform for insurers, have announced a new strategic partnership, leveraging MEA’s GenAI solution to enhance its underwriting processes in International Wholesale operations. Martin Henle...
Posted: Jul 23, 2024
Brown & Brown, the insurance brokerage, has reported its results for the second quarter of 2024, which includes a net income of $257 million, representing a substantial increase from the previous year’s $190 million. At the same time, re...
Posted: Jul 23, 2024
IQUW, a property and specialty re/insurer, has announced the promotion of Robbie MacDonald from Head of Property, Direct and Facultative (D&F) to Head of Property. MacDonald started his former role in 2023, where he co-lead IQUW Property along...
Posted: Jul 23, 2024
Insurance holding company W. R. Berkley Corporation generated record net premiums written (NPW) of more than $3.1 billion in the second quarter of 2024, as net investment income increased by almost 52% to a new record. As NPW grew more than 11% ye...
Posted: Jul 23, 2024