Reinsurance News
Your search for “cyber”
CFC adds professional liability & tech E&O to admitted product suite
23rd March 2023
Specialist insurance provider CFC has announced the expansion of its admitted product suite offerings with the additions of professional liability and technology E&O. Leveraging CFC’s trading platform and API - Connect - US brokers will now possess the ability to auto-rate and bind admitted professional liability policies for more than 500 ... Read the full article
Cowbell opens new technology center in Pune, India
23rd March 2023
Cowbell, a leading provider of cyber insurance for small and medium-sized enterprises (SMEs) has announced the opening of a new technology center in Pune, India. The new center will augment the firm’s existing development centers in Pleasanton, California; Plano, Texas; and Toronto, Canada. At the same time, it will also drive further global footprint ... Read the full article
Leading cloud service providers faced 1000+ disruptions in 2022: Parametrix
22nd March 2023
The world’s leading providers of cloud services suffered 1,190 performance disruptions across their cloud landscape in 2022, of which 492 were classified as critical, according to a report from Parametrix. Businesses were affected by limited access to cloud storage and the cloud-native services provided by Amazon Web Services, Microsoft Azure, and Google ... Read the full article
EPIC expands Financial Services division with creation of new group
21st March 2023
EPIC Insurance Brokers & Consultants, a retail property and casualty insurance brokerage and employee benefits consultant, has expanded its Financial Services division with the creation of its newly formed Insurance Capital Solutions (ICS) group. EPIC states that ICS will align and coordinate origination, placement, and service capabilities across four key business ... Read the full article
ABIR announces string of leadership appointments
21st March 2023
The Association of Bermuda Insurers and Reinsurers (ABIR) has announced changes in the leadership of its most influential committee and an expansion of its working groups’ focus areas, drawing on the professional talent of member companies. The firm has announced that Jim Paugh, of Arch Re, has been appointed Co-Chair of ... Read the full article
Challenging times for aviation, specialty lines remain attractive to reinsurers: Aon’s Skilton
21st March 2023
Aviation lines face challenging reinsurance renewals in 2023, yet specialty lines continue to provide reinsurers with opportunities, according to Aon’s Global Head of Specialty and Aviation, Mark Skilton. Having experienced complex and challenging reinsurance renewals on January 1st, aviation insurers face an uncertain market in 2023, a trend that according to ... Read the full article
Fenix24 gets funding from insurtech investor Eos Venture Partners
21st March 2023
Cyber disaster recovery firm Fenix24 has announced a $5 million investment by Eos Venture Partners, a prominent insurtech investor. Fenix24, a sister company of Conversant Group, provides a professional cybersecurity force focused exclusively on restoring companies after cyber breach events. The firm states that Eos' investment will support it in serving additional ... Read the full article
Latin America continues to present reinsurers with opportunities, says Aon
16th March 2023
According to a report from Aon's Reinsurance Solutions, Latin America continues to present reinsurers with a host of diversification and growth opportunities. Aon's report suggests the renewal outcomes in Latin America varied by territory at January 1, with many catastrophe and loss-exposed markets experiencing price increases and capacity constraints. Property catastrophe reinsurance ... Read the full article
Limited downside risk to UK insurers following SVB failure: Jefferies
16th March 2023
Considering the risks to asset/liability duration matching, credit losses and insured losses, analysts at Jefferies have concluded that there is limited downside risk to UK insurers following the failure of the Silicon Valley Bank (SVB). According to Jefferies, insurers are not vulnerable to a run on assets like banks are. The ... Read the full article
AXA exposure to SVB banking crisis seen as minimal: Berenberg
16th March 2023
Berenberg has reported that AXA should face relatively low exposure to the collapse of Silicon Valley Bank (SVB) and the shockwaves this crisis has sent through the banking sector. Analysts note that AXA has €66 million invested in senior bonds of Silicon Valley Bank and €300m in US regional banks, and ... Read the full article
Inigo reports $28.7m pre-tax profit for 2022
15th March 2023
Specialty re/insurer Inigo has published a pre-tax profit of $28.7m for 2022 alongside a combined ratio of 94.4%. In its second full year of operation, the start-up led by Richard Watson, also reported growing Gross Written Premiums (GWP), which increased 95% to $801.5m. According to the announcement, Inigo’s net assets grew from ... Read the full article
Shekar Pannala joins The Hartford as CIO for P&C
14th March 2023
Property and casualty insurer, The Hartford has appointed Shekar Pannala to the newly created role of Chief Information Officer (CIO) for Property & Casualty. With broad technology experience, built over a 30-year career, Pannala will lead technology across the company’s Personal Lines, Small Commercial and Middle & Large Commercial businesses. He will ... Read the full article
MGA Nirvana launches in London following management buyout from Castel
9th March 2023
Nirvana, a managing general agent (MGA), has launched in London after acquiring Nirvana Risk Partners, - a leading media, tech and cyber underwriter, from MGA formation platform Castel Underwriting Agencies in a management buyout. Backed by a number of leading insurance carriers, Nirvana has been set up by Founding Directors Kabir ... Read the full article
Lloyd’s sees uptick in reinsurance submissions in recent weeks: Tiernan
9th March 2023
The Lloyd’s insurance and reinsurance market is seeing an uptick in reinsurance submissions in the first-quarter of 2023, as syndicates and participants work through the impacts of the January renewals, according to Chief of Markets Patrick Tiernan. At the same time, Tiernan noted that, only those syndicates that demonstrate they can ... Read the full article
PIC completes £142mn buy-in of Spirent Communications pension plan
9th March 2023
Pension Insurance Corporation plc (PIC), a specialist insurer of defined benefit pension funds, has announced that it has concluded a full buy-in transaction with the Trustees of the Spirent Communications plc Staff Pension & Life Assurance Plan. The transaction was completed during the fourth quarter of 2022, meaning that all defined ... Read the full article