Reinsurance News
According to the latest Insurance Economics Outlook from the Insurance Information Institute (Triple-I), property/casualty replacement costs in the US are currently rising more slowly than overall inflation and are expected to maintain this trend...
Posted: May 14, 2024
Everest Insurance, the insurance arm of Bermuda-based re/insurer Everest Group, Ltd., has appointed four U.S. regional executives as part of a strategic realignment. The changes see the firm’s retail business realign to four distinct regions...
Posted: May 14, 2024
FloodFlash, a parametric flood insurer, has added a Dealer program, which is designed to support vehicle sales and rental businesses that have been denied flood coverage, as it looks to support more US businesses ahead of the 2024 Atlantic hurrica...
Posted: May 14, 2024
Tokio Marine HCC Specialty Group, a member of the Tokio Marine HCC group of companies, has launched a new Product Recall offering in London, with two senior appointments to its Crisis Management team. Mark Hutton has been appointed to the newly cr...
Posted: May 14, 2024
To increase resilience, both adaptation and mitigation are needed in Latin America as insurance alone cannot help protect the region from disruption caused by severe weather events brought by El Niño and La Niña, which will also test the long-stan...
Posted: May 13, 2024
ICEYE, a provider of satellite-powered disaster management solutions, has launched a high-resolution Flood Early Warning and ongoing customer pilots of Flood Rapid Impact solutions for the UK insurance market. The company’s Flood Early Warni...
Posted: May 13, 2024
In the April 2024 results of the Ivans Index, year over year, Commercial Auto, Business Owner’s Policy (BOP), General Liability, Commercial Property and Umbrella each experienced increasing average premium renewal rates, while premium renewal rate...
Posted: May 13, 2024
Multi-line specialty Managing General Agency (MGA), Paragon Insurance Holdings LLC has expanded its use of Kalepa’s AI-powered Copilot underwriting platform to four additional programs. Kalepa’s Copilot will now support Paragon’s underwriter...
Posted: May 13, 2024
A recent analysis by credit rating agency S&P Global Ratings has revealed that new cyber insurance capacity is increasingly matching fast-growing demand, particularly within the United States, and greater competition is said to be leading to d...
Posted: May 13, 2024
Bowhead Specialty, a provider of casualty and professional liability products, has announced the launch of the initial public offering (IPO) of 6,666,667 shares of its common stock, aiming to raise as much as $106.6 million. The IPO price, accordi...
Posted: May 13, 2024
Over the last decade, the severity of losses in various lines of casualty insurance in the United States has outpaced economic inflation. This trend indicates that additional factors are at play, affecting the costs of claims for both indemnity an...
Posted: May 13, 2024
Home insurance premiums in the UK increased by 3% in the first quarter of 2024. Despite this uptick, prices remain below historic highs, according to data from the Association of British Insurers (ABI). Home insurance premiums increased by 3% in t...
Posted: May 13, 2024
The International Underwriting Association (IUA) has strengthened its Board with the appointment of senior London market veteran Luis Prato, who will join at its next meeting in July. The board, which comprises of 20 senior member representatives,...
Posted: May 13, 2024
Global managing general underwriter Victor has entered into an agreement with Berkshire Hathaway Specialty Insurance (BHSI) to expand coverage capacity for its US builders risk and contractors equipment offerings, effective immediately. As part of...
Posted: May 13, 2024
Applied Systems has reached record commercial lines eTrading growth in the 12 months to March 2024, which has been heavily supported by accelerated take-up of its Applied Epic broker management platform and expansion into new markets. Throughout t...
Posted: May 13, 2024
Global advisory, broking and solutions firm WTW has partnered with Ukrainian insurer, VUSO, to provide a London market-backed facility covering cargo and war-on-land risks. As per WTW, this market-first facility offers “much-needed certainty...
Posted: May 13, 2024
Allianz Commercial and the Aventum Group’s international re/insurance MGA Rokstone have announced a new collaboration for a $10 million facility to write marine cargo business worldwide. This new collaboration will reportedly broaden Allianz’s who...
Posted: May 13, 2024
PoloWorks, a Lloyd’s and London Market insurance services business, has announced the launch of Polo MGA, a new Managing General Agent (MGA) incubator. The new offering was created to provide services to both start-up and established MGAs ranging...
Posted: May 13, 2024
According to a new analysis by Bloomberg Intelligence, a sustainable margin recovery looks “increasingly challenging” for European insurers, with premiums needing to increase in real terms in order to prevent any erosion after a tripli...
Posted: May 13, 2024
Reinsurance broker Augment Risk has announced that Paul Corver, formerly of Randall & Quilter Investment Holdings (R&Q), will join the firm as an Advisor. Corver brings deep experience and insights in the reinsurance industry to the broker...
Posted: May 13, 2024
With losses due to floods in Rio Grande do Sul, Brazil, estimated at BRL 7.5 billion ($1.45 billion), AM Best has noted that the impact on most re/insurers will be contained as they retain smaller exposures and have exited volatile business lines....
Posted: May 13, 2024
AXA XL Reinsurance, the property and casualty and specialty risk unit of global insurer AXA, has appointed Alfredo Salcedo as the Head of Latin America, Reinsurance, effective June 1st, 2024. Subsequently, AXA XL has announced that Michael Yeats w...
Posted: May 13, 2024
Aon’s latest weekly cat report, ending May 10, highlights ongoing severe weather across the United States, with predictions of significant economic losses in the billions, particularly affecting the Southern Convective States (SCS). From May...
Posted: May 13, 2024
Brookfield Reinsurance announces that its wholly-owned subsidiary, American Equity Investment Life Insurance Company (AEL), has been upgraded in its Insurer Financial Strength rating by S&P Global Ratings, advancing from ‘A-‘ to &#...
Posted: May 13, 2024
Arch Insurance’s UK Regional Division has announced the launch of its enhanced standalone terrorism insurance product for businesses across the UK regions, to be led by Jason Whiddett. The expanded terrorism insurance solution includes a ser...
Posted: May 13, 2024