Reinsurance News
Global professional services firm Marsh McLennan, along with its renowned management consulting business, Oliver Wyman, has unveiled a cutting-edge Generative AI tool named LenAI. Developed by Marsh McLennan’s Dublin Innovation Center in collabora...
Posted: Nov 22, 2023
In response to rising interest rates, persistent inflation, and subdued economic growth, European insurers are poised to recalibrate their investment portfolios, gradually shifting towards higher quality bonds, according to a Moody’s report....
Posted: Nov 22, 2023
Arthur J. Gallagher & Co. subsidiary, Pen Underwriting, has taken a box at Lloyd’s as its investment into maximising ease of doing business continues. Pen’s team of specialist marine underwriters will be taking box 393, on gallery 3. Their pre...
Posted: Nov 22, 2023
Despite the fact that there has been solid progress on economic disinflation, claims development dynamics are still said to be a “major concern” for the property & casualty (P&C) insurance sector. In a recent Swiss Re sigma rep...
Posted: Nov 22, 2023
Lemonade has named two new members to its Board of Directors, Deb Schwartz and Dr. Samer Haj-Yehia, effective immediately. The newly named Directors are set to succeed departing Directors Irina Novoselsky and Silvija Martincevic, who have undertak...
Posted: Nov 22, 2023
Bermuda-based insurer and reinsurer, Aspen Insurance Holdings, has reported a better underwriting result across the group as it posted underwriting income of $47.9 million in Q3’23, up significantly from a loss of $70 million in Q3’22,...
Posted: Nov 22, 2023
Parametric insurtech CelsiusPro Group has partnered with Tower to upgrade the New Zealand-based insurer’s IT platform for its Cyclone Response Cover, a parametric insurance product designed to provide cover in the Pacific CelsiusPro’s award-winnin...
Posted: Nov 22, 2023
Specialist insurer Beazley is tapping the capital markets for reinsurance protection against cyber risks and named storm and earthquake losses with its first two Rule 144a catastrophe bond transactions. After sponsoring three private cyber cat bon...
Posted: Nov 22, 2023
AM Best has removed from under review with negative implications and affirmed Credit Ratings of Clear Blue Insurance Group Members, noting that the fronting carrier has managed to replace reinsurance capacity and raise $25mn in capital following t...
Posted: Nov 22, 2023
Global professional services firm Aon has unveiled its 2023 Global Risk Management Survey results, highlighting cyber attack/data breach as the top concern for organisations in the Asia Pacific region. Aon CEO, Greg Case, emphasised the heightened...
Posted: Nov 22, 2023
The Florida Office of Insurance Regulation (OIR) has approved HCI Group’s Condo Owners Reciprocal Exchange to form as a property and casualty reciprocal insurer in Florida. The OIR explained that this announcement marks the newest property a...
Posted: Nov 22, 2023
Global ratings agency Fitch has revised reinsurance giant Swiss Re’s outlook to positive from stable, reflecting the firm’s “strongly improved financial performance and better capitalisation and leverage.” Alongside the rev...
Posted: Nov 22, 2023
73% of UK insurance executives anticipate that Generative AI (GAI) will eventually take their jobs, according to a new study launched by FintechOS. The firm’s new study, ‘Generative Artificial Intelligence: The Technology Polarising the Fina...
Posted: Nov 22, 2023
Lloyd’s insurer AEGIS London has strengthened its Digital Trading Team with the addition of two industry experts, Iain Lewers and Mark Wilding, to key roles. The team expansion is part of AEGIS London’s strategic initiative to diversify its...
Posted: Nov 22, 2023
Zurich-based catastrophe insurance data provider PERILS AG has disclosed its third industry loss estimate for the floods in the Emilia-Romagna region of Italy during May 2023, upping the figure to €509 million. This compares to the previous loss e...
Posted: Nov 22, 2023
The insurance market’s overall understanding of generative AI-related risk is still within it’s early stages, but this developing form of the technology is expected to impact many different lines within the sector, such as Technology Errors...
Posted: Nov 22, 2023
The largest subsidiary of HCI Group, Inc., Homeowners Choice Property & Casualty Insurance Company, has successfully assumed approximately 53,750 policies from Citizens Property Insurance Corporation, Florida’s state-backed insurer. Thes...
Posted: Nov 22, 2023
Redline Underwriting, a Lloyd’s coverholder specialty underwriting firm, has adopted Moody’s RMS’ Risk Modeler application on the Moody’s RMS Intelligent Risk Platform (IRP). This comes as Redline Underwriting enters into a long-...
Posted: Nov 22, 2023
In its latest sigma report, Swiss Re has forecasted that natural catastrophe insured losses are set to surpass USD 100 billion in 2023, marking the fourth consecutive year and the sixth year since 2017 (inflation-adjusted) that the industry has fa...
Posted: Nov 21, 2023
Farmsure Underwriters Ltd, an agricultural insurance specialist has partnered with INSTANDA, a global provider of no-code insurance platform technology, to deliver innovative and tailored insurance solutions for the farming community. This partner...
Posted: Nov 21, 2023
Vienna Insurance Group (VIG) has signed a purchase agreement to acquire 35% stake of the Hungarian holding company VIG Magyarország Befektetesi Zrt., which is currently held by the Hungarian state holding company Corvinus. Once the transaction has...
Posted: Nov 21, 2023
Global multi-line reinsurer Fortitude Re has announced the closing of its $28 billion reinsurance agreement with The Lincoln National Life Insurance Company, a subsidiary of Lincoln National Corporation. This is consistent with the agreement annou...
Posted: Nov 21, 2023
Property and casualty (P&C) insurance premium growth is expected to soften next year and in 2025, but the sector’s profitability is poised to improve on stronger investment results and a better underwriting performance, according to Swis...
Posted: Nov 21, 2023
Artificial intelligence (AI) is seen as a “potential boon for improving M&A processes and value creation,” according to Jana Mercereau, Head of Corporate M&A Consulting, Great Britain at WTW. As per WTW, historic levels of infl...
Posted: Nov 21, 2023
According to Philip Hough, Global Head of Property Reinsurance and Head of EMEA & LATAM, Aspen, there was a calmness to the meetings at Baden-Baden this year ahead of 1:1, after “the chaos and uncertainty around capacity last year.”...
Posted: Nov 21, 2023