Reinsurance News
As expected, Hurricane Idalia has continued to strengthen with maximum sustained winds of 85 mph and higher gusts, as the NHC warns that the storm is forecast to be a major hurricane when it makes landfall on the Gulf coast of Florida Wednesday mo...
Posted: Aug 29, 2023
Reinsurers must remain responsive to market conditions and balance short-term opportunistic-moves with strategic long-term goals and sound risk management, in order to meet or remain above the cost of capital amid economic uncertainty, rising clim...
Posted: Aug 29, 2023
Core Specialty Insurance Holdings, Inc., and its subsidiaries have entered the mortgage reinsurance market in collaboration with Enact Holdings, Inc. According to the announcement, Core Specialty will provide excess of loss reinsurance on selected...
Posted: Aug 29, 2023
Arch Re, the reinsurance arm of Arch Capital Group Ltd., has announced a number of changes to its executive team, including promotions for Crystal Doughty and William Soares. Doughty is now Chief Underwriting Officer (CUO), Property and Soares has...
Posted: Aug 29, 2023
Bayview Asset Management (Bayview), a leading investment management firm has announced the launch of an insurance Asset Management business, bringing three decades of investing in mortgage and consumer credit to the new entity, Bayview Insurance A...
Posted: Aug 29, 2023
One80 Intermediaries, a specialty US insurance broker, has acquired Managing General Agent, GMI Insurance (GMI). Terms of the deal were not disclosed. Established in 1980, GMI specialises in commercial transportation and related insurance. The com...
Posted: Aug 29, 2023
Citing initial estimates from CatIQ, the Insurance Bureau of Canada (IBC) has reported that the flooding in Nova Scotia on July 23 is estimated to have caused over $170 million in insured damage. According to IBC, this severe weather event produce...
Posted: Aug 29, 2023
Markel, the insurance operation within Markel Group Inc., has hired Andrew Umphress as the Head of terrorism for North America. In the role, Umphress will be based at Markel’s New York office and report to Ed Winter, director of terrorism, in Lond...
Posted: Aug 29, 2023
Trium Cyber, a Lloyds of London cyber insurance specialist, has announced the appointment of Amie Watson as Head of International Underwriting. In her new position, Watson will establish Trium’s presence in London by building out the company’s int...
Posted: Aug 29, 2023
Charles Taylor, an independent global provider of claims solutions, has appointed Steven Beard as Group President, effective September 1, 2023. Based in London, Beard joins the firm with over 25 years of industry expertise. He joins Charles Taylor...
Posted: Aug 29, 2023
Following a phase of escalating rates and more stringent terms, the global cyber insurance market has resurged into profitability, with annual premiums reaching around $12 billion by the end of 2022, as reported by S&P Global Ratings. Projecti...
Posted: Aug 29, 2023
Following a phase of escalating rates and more stringent terms, the global cyber insurance market has resurged into profitability, with annual premiums reaching around $12 billion by the end of 2022, as reported by S&P Global Ratings. Projecti...
Posted: Aug 29, 2023
Reinsurance broker Guy Carpenter has estimated that the Lahaina wildfire will result in an insured loss of between $4 billion and $6 billion, making it the second costliest disaster in Hawaii’s history since Hurricane Iniki in 1992. The deva...
Posted: Aug 29, 2023
Fidelis MGU has bolstered its underwriting team with the promotions of Richard Coulson to Deputy Group CUO, Michael Davern to UK CUO, and Matthew Bellamy to Deputy UK CUO. In addition to his new role as Deputy Group Chief Underwriting Officer (CUO...
Posted: Aug 29, 2023
Africa Specialty Risks (ASR), the pan-African reinsurance group, has announced the launch of its captives solution to allow businesses and financial institutions to have greater control and flexibility over their insurance programs. According to A...
Posted: Aug 29, 2023
Swiss Re Reinsurance Solutions and Wysa, a provider of anonymous mental health support, have launched Wysa Assure, an Artificial Intelligence-based mental health support app. Australian MLC Life Insurance is the first to bring the solution to the...
Posted: Aug 29, 2023
Idalia has now reached hurricane strength and the latest update from the NHC says that the storm is expected to become an extremely dangerous major hurricane before making landfall on the Florida coast early Wednesday. With sustained winds of 75 m...
Posted: Aug 29, 2023
Acrisure Re, the (re)insurance division of global fintech Acrisure, has appointed Steve Ryland as Global Head of Legacy and Thomas Deane as Head of Investment Banking to its corporate advisory and solutions division (ARCAS). According to Acrisure,...
Posted: Aug 29, 2023
Global underwriter Everest Group, has announced the appointment of Charlie Higham as Senior Vice President and Head of Everest Underwriting Partners. He will succeed Brian Drum who is to retire from Everest on September 1, 2023, after 16 years wit...
Posted: Aug 29, 2023
Based on its high-resolution US Hurricane Reference Model, catastrophe modeller Karen Clark & Company (KCC) has estimated the privately insured loss from Hurricane Hilary will be close to $600 million in the US. As per KCC, this estimate inclu...
Posted: Aug 29, 2023
In a recent update on Solvency II reform proposals in the UK, analysts at J.P. Morgan highlight the positive impact these changes could have on UK life insurers, particularly those involved in Pension Risk Transfer (PRT) and annuity writing. The p...
Posted: Aug 29, 2023
NEXT Insurance, an insurance provider for small businesses recently expanded its offerings for its clients with the launch of commercial umbrella/excess liability across 41 US states. The company has stated that it is confident that this highly re...
Posted: Aug 29, 2023
Losses from the ongoing wildfire season across Canada could reach into the billions of USD, according to a new report from Aon. As per Aon’s weekly cat report released on August 25, more than 1,000 fires were burning in Canada across several...
Posted: Aug 29, 2023
CLARA Analytics (CLARA) and ClaimDeck, prominent players in the realm of artificial intelligence-driven solutions for insurance claims optimisation, have announced a strategic partnership aimed at revolutionising the management of litigation rates...
Posted: Aug 29, 2023
CLARA Analytics (CLARA) and ClaimDeck, prominent players in the realm of artificial intelligence-driven solutions for insurance claims optimisation, have announced a strategic partnership aimed at revolutionising the management of litigation rates...
Posted: Aug 29, 2023