Reinsurance News
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
Bermuda-domiciled global re/insurer Everest Group, Ltd. has promoted Andrew McBride to Group Chief Claims Officer and appointed Lope Garcia as Global Reinsurance Chief Claims Officer. In his new role, McBride will lead claims across Everest’s insu...
Posted: Jul 19, 2024
Total economic losses from natural catastrophe events reached $117 billion in the first half of 2024, of which at least $58 billion, or approximately 50% was covered by insurance, resulting in one of the lowest H1 protection gaps on record, accord...
Posted: Jul 19, 2024
The Natural Disaster Fund (NDF), which is managed by Global Parametrics, a CelsiusPro Group company, has made payouts exceeding USD 1.45 million to enable support for businesses and communities in Grenada following the impacts of hurricane Beryl....
Posted: Jul 19, 2024
The Australian Reinsurance Pool Corporation (ARPC) has appointed risk management expert Karin Rathbone as Chief Risk Officer. Rathbone brings extensive experience to the role and joins ARPC after five years with Colonial First State (CFS), serving...
Posted: Jul 19, 2024
As hurricane forecasters anticipate an active 2024 hurricane season, analysts at BofA Securities have said that European and London market re/insurers are very well placed to deal with the potential fallout. While the majority of Atlantic hurrican...
Posted: Jul 19, 2024
Economic growth is expected to improve over the next 12 months, according to a recent survey by Lloyds Bank’s which interviewed over 100 senior decision-makers at UK financial institutions, including re/insurers, banks, asset managers and others....
Posted: Jul 19, 2024