Reinsurance News
The Multilateral Investment Guarantee Agency of the World Bank (MIGA) and IDB Invest, the private sector arm of the Inter-American Development Bank Group, have entered into a four-year partnership that is set to mobilize more private sector capita...
Posted: Sep 04, 2023
Howden Germany has announced the appointment of Reiner Breeck as Managing Director, Large Corporate Clients. With this hire, the broker looks to continue to drive growth in the large corporate sector and launches a new division to support this str...
Posted: Sep 04, 2023
Bermuda headquartered Compre, an international legacy group, has acquired Medical Insurance Company DAC (MIC), the Irish subsidiary of Covéa, a French mutual insurance company. MIC provided insurance policies covering professional medical malpract...
Posted: Sep 04, 2023
Moody’s Investors Service’s latest buyer survey suggests that reinsurance prices will likely continue to rise across all lines of business in 2024. According to the company’s report, based on its annual survey of 42 global property and casua...
Posted: Sep 04, 2023
Global data analytics and technology provider Verisk has estimated insured losses of $2.5 billion to $4 billion for Hurricane Idalia, a Category 3 hurricane that struck Florida on August 30. The significant majority of these losses can be attribut...
Posted: Sep 04, 2023
“Nation-state cyber threat actors conduct themselves in ways that push the cyber (re)insurance industry to consider the limitations and strengths of current war-exclusion language deeply,” according to cyber risk analytics specialist...
Posted: Sep 04, 2023
Insurity, a provider of cloud-based software for insurance carriers, brokers, and MGAs, has entered into a partnership with Rented Mule Consulting, an advisory and professional services firm, to accelerate cloud-based software implementations for...
Posted: Sep 04, 2023
Insurity, a provider of cloud-based software for insurance carriers, brokers, and MGAs, has entered into a partnership with Rented Mule Consulting, an advisory and professional services firm, to accelerate cloud-based software implementations for...
Posted: Sep 04, 2023
Despite significant improvements in the structural resilience of buildings since the Great Kanto earthquake, which took place 100 years ago in Japan, analysis by reinsurance giant Swiss Re warns that a single quake in the country could result in i...
Posted: Sep 04, 2023
The general insurance industry saw a net profit after tax of $4.6 billion with strong underwriting results in the first half of 2023, according to statistics published by the Australian Prudential Regulation Authority (APRA). APRA has recently rel...
Posted: Sep 04, 2023
FWD Group Holdings Limited (FWD Group), a global insurance company, has reported a remarkable financial performance for 2023 first half, with its value of new business surging to US$482 million, a substantial 22% increase from the previous year, a...
Posted: Sep 04, 2023
Given hardening reinsurance rates and increased retentions, Hurricane Idalia’s effect on reinsurers will be minimal and is expected to be an earnings event for the insurance industry, according to AM Best. Idalia’s fierce winds, torrential r...
Posted: Sep 01, 2023
AM Best has revised the outlooks to stable from negative and affirmed the credit ratings of Lebanon-based Arab Reinsurance Company SAL (Arab Re). The affirmed Financial Strength Rating of B- (Fair) and the Long-Term Issuer Credit Rating of “bb-” (...
Posted: Sep 01, 2023
nT-Tao, a company dedicated to engineering compact and scalable nuclear fusion energy technology, has announced that Mitsui Sumitomo Insurance Venture Capital, the Japanese asset management arm of Mitsui Sumitomo Insurance Company, has joined its...
Posted: Sep 01, 2023
Aon, a leading global professional services firm has collaborated with Rubrik, the Zero Trust Data Security company, to help businesses maintain cyber resiliency against modern threats. By working together, Rubrik will be able to expand its portfo...
Posted: Sep 01, 2023
Irys Insurtech, Inc. has announced the closing of a seed funding round of $3.5 million, signalling its entrance into a market it says is dominated by stagnant legacy agency management systems. Venture capital firm, Markd, which has a keen interest...
Posted: Sep 01, 2023
In 2023, the European property and casualty (P&C) insurance market has been hit by a wave of reduced reinsurance protection, resulting in increased volatility for primary insurers, according to a recent report by Moody’s. The shifting la...
Posted: Sep 01, 2023
Catastrophe risk modeller Karen Clark & Company (KCC) has pegged privately insured losses from Hurricane Idalia at close to $2.2 billion, the majority of which relates to wind and storm surge impacts in the U.S. KCC’s estimate is low com...
Posted: Sep 01, 2023
The global wholesale insurance brokerage and underwriting firm, Burns & Wilcox, has announced the appointment of two Regional Vice Presidents (VP) in Bob Quillman and Doug Legters. Quillman’s role is based in the Dallas/Ft. Worth office and he...
Posted: Sep 01, 2023
Litmus Analysis recommends re/insurers run the prototype of S&P’s new capital model on themselves as early as possible to increase their time to put a persuasive case together to present to the agency ahead of the UCO resolution rating committ...
Posted: Sep 01, 2023
Skyward Specialty Insurance Group’s sustained trend of improving underwriting results since 2020 and consistent investment income has resulted in AM Best revising its outlook to positive from stable. After a period of underwriting volatility...
Posted: Sep 01, 2023
Global data analytics and technology provider, Verisk, has launched its new ClaimSearch system in Israel. Developed in collaboration with the Israel Insurance Association and with the backing of the government, this state-of-the-art, cloud-based s...
Posted: Sep 01, 2023
China Pacific Insurance Company Limited (CPIC) has reported that H1 operating revenue reached RMB 175.539 billion, representing a year-on-year growth of 6.5%. At the same time, attributable operating profit amounted to RMB 21.537 billion, represen...
Posted: Sep 01, 2023
Intact Financial Corporation has estimated that catastrophe losses incurred so far in the third quarter of 2023 from wildfires and other weather events amount to approximately CAD 570 million pre-tax. The firm highlights that these estimated losse...
Posted: Sep 01, 2023
Markel Bermuda Limited (MBL), part of insurer and reinsurer Markel Group, has been appointed to the statutory committee of unsecured creditors in the U.S. Chapter 11 bankruptcy of insurtech Vesttoo, the company has announced. MBL is a class 4 Berm...
Posted: Sep 01, 2023