Reinsurance News
The July 19 global IT outage is an opportunity for the re/insurance market “to react by improving granularity on codifying policy information important for understanding portfolio accumulation risks stemming from certain coverage grants,” Aon anal...
Posted: Jul 22, 2024
Gallagher has appointed Sompo International’s Joe Gilliland as Executive Director within its US crisis management team. As Executive Director of the practice, Gilliland will work closely with Gallagher’s existing US team led by Bill Harrison...
Posted: Jul 22, 2024
Experts at the reinsurance broking arm of Marsh McLennan (MMC), Guy Carpenter, have said that while business interruption losses will be in scope for re/insurers, the magnitude of last week’s global IT outage suggests that lines of insurance...
Posted: Jul 22, 2024
Despite a decade of strong profitability, Laure Forgeron, Chief Underwriting Officer for Casualty at Swiss Re, a global reinsurance company, highlights emerging risks such as rising medical costs and intense competition in states like California,...
Posted: Jul 22, 2024
Berkshire Hathaway Specialty Insurance Company (BHSI), the insurance arm of Warren Buffett’s global re/insurance company, has entered the surety market in Spain. Jesús Barbero is to lead the new product line. Constanza Gállegos, Country Mana...
Posted: Jul 22, 2024
Global insurer and asset manager Allianz’s proposed acquisition of Singapore’s Income Insurance Limited “should not materially change the competitive landscape in Singapore’s insurance market,” says Fitch Ratings. If you recall,...
Posted: Jul 22, 2024
Aspen Insurance has appointed Tony Bishop as Chief Data & Analytics Officer, where he will be responsible for the firm’s recently launched Data Labs and Architecture in addition to his current remit overseeing its Data and Analytics stra...
Posted: Jul 22, 2024
French mutual re/insurance company Groupama has issued a new Cat bond Aggregate to protect its climatic exposures in France, placed and structured by the Aon Securities team. The €150 million Quercus Re DAC Cat bond came into effect on July 19, it...
Posted: Jul 22, 2024
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