Reinsurance News
Global investment firm GIC has completed the acquisition of Cinven’s shares in Miller, a transaction that “secures long-term independent future for Miller as a leading specialist broker.” Having announced GIC’s acquisition plans back in December 2...
Posted: Mar 28, 2024
The Fidelis Partnership, formerly known as Fidelis MGU, has confirmed that Lloyd’s has granted “in principle” approval for the launch of Syndicate 3123 in collaboration with Fidelis Insurance Holdings Limited (Fidelis Insurance Group), a global sp...
Posted: Mar 28, 2024
John Neal, Chief Executive Officer (CEO) of the specialist Lloyd’s insurance and reinsurance marketplace, said this afternoon that the Baltimore bridge event provides an opportunity for the industry to show the value of insurance. “I&#...
Posted: Mar 28, 2024
According to a recent Reinsurance News poll, over 80% of industry respondents anticipate the use of parametric triggers in reinsurance arrangements to rise in 2024. Parametric news has featured heavily in our pages so far this year, though admitte...
Posted: Mar 28, 2024
Velonetic has revealed that the market cutover to Blueprint Two phase one digital services will move from July 2024 to a target date of October 2024, a decision driven by feedback shared by market participants and their respective market associati...
Posted: Mar 28, 2024
Chubb Personal Risk Services (PRS) has launched Flood Insurance System, a new self-service platform designed to give agents quicker access to flood quotes. Integrated with the Chubb Agent Portal and Masterpiece EZ Quote homeowners platform, this n...
Posted: Mar 28, 2024
Mosaic Insurance, a specialist firm, has extended its political risk coverage to the US market and launched a new insurance product named Arbitration Award Default Insurance (AADI), offering a global coverage limit of $65 million. AADI is designed...
Posted: Mar 28, 2024
Ki, the digital and algorithmically driven Lloyd’s follow platform, has entered into a multi-year partnership with Beazley by adding the insurer’s capacity to its platform. This partnership will include Ki offering additional follow capacity from...
Posted: Mar 28, 2024
Analysts at Moody’s Investors Service anticipate that trade credit insurers will maintain strong underwriting discipline in 2024, supported by robust financial reserves, despite an increase in insolvencies and claims resulting from a global econom...
Posted: Mar 28, 2024
Depending just how long the Port of Baltimore is blocked for after the collapse of the Francis Scott Key Bridge, and the nature of the Port’s business interruption coverage, insured losses could land between $2 billion and $4 billion, accord...
Posted: Mar 28, 2024
Hong Kong-based global reinsurer Peak Re has posted a record net profit of $200 million for 2023, despite the year being characterised by high inflation, rising interest rates and a continuation of costly natural catastrophe events. According to t...
Posted: Mar 28, 2024
Independent insurance broker The Ardonagh Group has seen a rise in full year 2023 reported income when compared with the prior year to $1.6 billion, as reported adjusted EBITDA increased 42.5% to $522 million. For 2023, the broker has reported pro...
Posted: Mar 28, 2024
Lloyd’s, the world’s oldest marketplace for insurance and reinsurance, has today reported a strong set of results for 2023 which includes a 127% year-on-year rise in underwriting income to £5.9 billion, which contributed to a 7.9 percentage point...
Posted: Mar 28, 2024
Genasys, a provider of insurance administration software, has launched Genasys Unify, a major update to its core platform. The latest release provides an overhaul of the previous Genasys user interface as well as a host of new features. With this,...
Posted: Mar 28, 2024
As AI technology continues to progress further, especially with the rise in Generative AI (GenAI), organisations across the re/insurance sector are experimenting more with the technology and finding new ways to apply it into their workforce. Reins...
Posted: Mar 28, 2024
Amwins Program Underwriters (APU), part of the Amwins Underwriting division, has launched its new Home Health Care HNOA program designed to provide hired and non-owned auto liability coverage for home health care operations. With more seniors opti...
Posted: Mar 28, 2024
The National Association of Insurance Commissioners (NAIC) has appointed Gary D. Anderson as its new Chief Executive Officer (CEO), effective May 1st, 2024, after completing his service as the Massachusetts Insurance Commissioner. NAIC is a 153-ye...
Posted: Mar 28, 2024
AXA XL, the property & casualty (P&C) and specialty risk division of global insurer AXA, has announced that it has promoted Neil Cole to the role of Global Chief Underwriting Officer (CUO), Marine, effective April 1, 2024. In the role, he...
Posted: Mar 27, 2024
Oxbridge Re Holdings has reported a net loss of $9.9 million for fiscal year 2023, compared to net loss of $1.8 million in the prior year. For the year ended December 31, 2023, Oxbridge Re’s net premiums earned increased to $1,255,000 from $...
Posted: Mar 27, 2024
Exactly how long the Port of Baltimore is closed to ships after yesterday’s collision and the subsequent collapse of the Francis Scott Key Bridge is unclear, but according to Julien Horn, Partner – Ports & Terminals and Logistics a...
Posted: Mar 27, 2024
Bishop Street, a RedBird Capital Partners portfolio company, has announced a joint venture with Topsail Re, a privately held reinsurer, to support growth of its differentiated Managing General Agents (MGA) platform. Through this partnership, Topsa...
Posted: Mar 27, 2024
SageSure, a managing general underwriter focused on catastrophe-exposed markets, and SureChoice Underwriters Reciprocal Exchange (SURE) have announced the close of the Gateway Re 2024-1 catastrophe bond at $250 million. According to SageSure, this...
Posted: Mar 27, 2024
Corvus Insurance, a cyber speciality insurer, has improved its policy renewal process by introducing an application-free, click-and-bind option for eligible accounts. This update will significantly reduce brokers’ time spent on cyber renewal...
Posted: Mar 27, 2024
Analysts at Moody’s Investors Service report that the four largest European reinsurers—Munich Re, Swiss Re, Hannover Re, and SCOR — achieved a combined earning of €10.2 billion in 2023, more than double their earnings in 2022, attributed to higher...
Posted: Mar 27, 2024
According to the Louisiana Department of Insurance Commissioner, Tim Temple, the state must modernise its regulatory framework and fix its broken legal environment to prevent its ongoing insurance crisis from getting worse. Temple observed in a re...
Posted: Mar 27, 2024