Reinsurance News
Insurtech Betterview has partnered with Near Space Labs, a cutting-edge Earth imagery and geospatial data company, for expanded imagery coverage. According to the announcement, integrating imagery from Near Space Labs into the Betterview Property...
Posted: Oct 16, 2023
Lloyd’s coverholder and carbon insurance specialist, Kita, working closely with lead capacity provider Chaucer, has introduced the ability to pay insurance claims in replacement carbon credits. Clients of its flagship Carbon Purchase Protect...
Posted: Oct 16, 2023
Declining interest rates in China are said to have led to narrowing spreads and increased reinvestment risk for domestic insurance firms, which ultimately places a greater onus on insurers’ asset-liability management. Global ratings agency A...
Posted: Oct 16, 2023
Munich Re alongside investment firm DWS have been approved by the European Commission Directorate-General for Competition to acquire biogas plants operator, Weltec Holding. The transaction relates primarily to the operation of biogas and biomethan...
Posted: Oct 13, 2023
Property and auto-focused insurance group, Progressive, has revealed that during September it recorded a reinsurance recoverable of roughly $21 million under its 2023 catastrophe aggregate excess of loss reinsurance program. This brings the year-t...
Posted: Oct 13, 2023
The British Insurance Brokers’ Association (BIBA) has announced its latest partnership with Sompo International. Sompo International, a member of the esteemed Sompo Group, is a global enterprise specialising in commercial property and casualty ins...
Posted: Oct 13, 2023
China’s PICC Property and Casualty Company (PICC P&C) has entered into a capital increase agreement with PICC Group and PICC Reinsurance, under which the reinsurer will receive a capital increase of 2 billion yuan (USD 274 million). The...
Posted: Oct 13, 2023
Scandinavian insurance company Tryg has reported that its Q3 2023 insurance service result of DKK 1.51 billion was adversely impacted by over DKK 600 million of weather-related claims, resulting in a decline from the DKK 1.79 billion reported for...
Posted: Oct 13, 2023
The National Oceanic and Atmospheric Administration’s (NOAA) National Centers for Environmental Information have confirmed that 2023 has witnessed a staggering 24 separate billion-dollar weather and climate disasters, making it the most even...
Posted: Oct 13, 2023
Slide Insurance, the full-stack homeowners insurtech, has acquired renewal rights for 86,000 Florida homeowners insurance policies from Farmers Insurance. The transaction, however, does not include Farmers Insurance renters, auto, or umbrella poli...
Posted: Oct 13, 2023
ICEYE, a provider of natural catastrophe solutions and insights, is to collaborate with the European Space Agency (ESA) to develop the next generation of Earth Observation insights to revolutionise disaster and crisis management from the vantage p...
Posted: Oct 13, 2023
Life and Health reinsurer, Pacific Life Re, has appointed Sujin Park as its new Head of Underwriting and Claims for its Asia business, based out of the company’s Singapore office. This is in line with the company’s commitment to grow i...
Posted: Oct 13, 2023
In a strategic move to fortify its financial position and mitigate the impact of ongoing challenges stemming from its US casualty exposure, Swiss Re is poised to strengthen its casualty reserves by an estimated $2.1 billion in the years 2023-2024,...
Posted: Oct 13, 2023
InsurAngels Suisse, an angel investor network devoted to insurance opportunities, has expanded its Board of Directors with the addition of Massimo Michaud and the appointment of Ursula Freuler-Büchel as Director of the association. The non-profit...
Posted: Oct 13, 2023
A new insurance market update report re/insurance broker Lockton, notes that the UK Property market has performed better for buyers in 2023 than originally expected due to insurers’ healthy risk appetite. At the same time, high inflation, the elev...
Posted: Oct 13, 2023
Canadian property and casualty insurer Intact Financial Corporation has estimated total losses from catastrophe events in the third quarter of 2023 of approximately CAD 611 million, on a pre-tax basis and net of reinsurance. The figure is up on th...
Posted: Oct 13, 2023
ASR Re, a wholly owned subsidiary of ASR Holdings Limited (Mauritius), the non-operating holding company of the Africa Specialty Risks (ASR) group, has been assigned a Baa1 long-term insurance financial strength rating (IFSR) by Moody’s Investors...
Posted: Oct 13, 2023
IVANS, a division of Applied Systems, has reported renewal rate change for all major commercial lines of business except Workers’ Compensation are up year over year in the third quarter of 2023. According to IVANS Index, Q3 experienced an increase...
Posted: Oct 13, 2023
Global insurer Allianz is set to increase its property and casualty (P&C) market share in Italy with the acquisition of Tua Assicurazioni from Generali for a cash consideration of €280 million. Previously part of Cattolica Assicurazioni, TUA A...
Posted: Oct 13, 2023
Car insurance premiums in the UK have hit a new record as insurers battle sustained cost pressures, according to the latest Confused.com Car Insurance Price Index in association with broker WTW. Motorists are now on average paying £924, 58% (£338)...
Posted: Oct 13, 2023
USQRisk, an international managing general agent specialising in alternative risk transfer solutions, has introduced a new managing general agent (MGA) called Pera. Pera is set to provide cyber insurance and blended cyber and technology Errors ...
Posted: Oct 13, 2023
As the global economy continues to face challenges, Allianz Trade has identified a new growth engine in Asia, India, and has planned further investments to support growth in the country this year. Imran Khan, Country Manager for India at Allianz T...
Posted: Oct 13, 2023
Amwins, an independent wholesale distributor of specialty insurance products, has launched its first comprehensive and proprietary portfolio of data and analytics capabilities, Amwins DNA. According to the firm, Amwins DNA’s capabilities can...
Posted: Oct 13, 2023
The catastrophe risk modeling community is now much more responsive to the insurance and reinsurance business, although there’s clearly still challenges and opportunities to further refine the models, according to industry experts. Speaking...
Posted: Oct 12, 2023
MarshBerry, a financial advisory and consulting firm, has acquired IMAS Corporate Finance LLP (IMAS), a M&A advisory firm in the United Kingdom (UK) insurance and wealth segments. According to the announcement, this partnership expands MarshBe...
Posted: Oct 12, 2023