Reinsurance News
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
American Coastal Insurance Corporation, a property and casualty insurer, has reported net income for Q1 2024 of $23.6 million, or $0.48 per diluted share, compared to $267.3 million, or $6.14 per diluted share, for Q1 2023. This decrease in net in...
Posted: May 13, 2024
Synthetik has announced the successful demonstration of Flowcore, its “Flood Data Collection and Analysis” platform designed for modelling flood scenarios and predicting resulting damages and financial/insurance losses. Flowcore integr...
Posted: May 13, 2024
Assured Guaranty has announced its financial results for the first quarter of 2024, reporting an increased net income of $109 million compared to the $81 million reported in the same period the year prior. Adjusted operating income was also up, to...
Posted: May 10, 2024
Fusion Specialty, a managing general agent (MGA) platform within Pop Group Holdings (POP), is expanding its UK underwriting capabilities with the appointments of Alexander Mackay and Tom Hopkins to its Mergers and Acquisitions (M&A) London tea...
Posted: May 10, 2024