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P&I Clubs underwriting upswing to be offset by investment losses: AM Best
14th February 2023
AM Best anticipates that Protection and Indemnity (P&I) clubs will see improved underwriting results in 2023, though the challenging investment environment will likely offset any profits. Best explains that the P&I segment is dominated by the members of the International Group of P&I Clubs (International Group), which collectively insures approximately 90% ... Read the full article
Ransomware attacks creating repercussions for the insurance industry: Coinnect
14th February 2023
A new report from Coinnect has highlighted how ransomware attacks are creating repercussions for the insurance sector, as companies are being forced to deal with several issues related to the assessment of their customers' cyber risks and the determination of the potential impact of an attack. The report, titled, ‘Ransomware Intelligence ... Read the full article
2022’s reprieve from ransomware attacks only temporary, says Resilience’s Bryant
9th February 2023
In an interview with Reinsurance News, Kyle Bryant, Chief Underwriting Officer at cyber risk solutions firm, Resilience, suggested that 2022's reprieve from ransomware attacks is only temporary. The first question we posed to Bryant was what are the most important lessons of 2022 regarding cybersecurity, to which he answered, "2022 was ... Read the full article
WTW appoints Aon’s Van Ede as Global Head of Trade Credit
3rd February 2023
Broking and solutions company WTW, has appointed Aon’s Pieter Van Ede as Global Head of Trade Credit. Within this role, he will report to Evan Freely - Head of Global Financial Solutions at WTW. Based in Denver, Van Ede will be responsible for delivering the Global Trade Credit strategy. WTW has recently highlighted ... Read the full article
Global commercial insurance rates continue to moderate in Q4: Marsh
3rd February 2023
Global commercial insurance prices increased 4% in Q4 of 2022, down from a 6% increase in Q3 and a 9% increase in Q2, according to Marsh's Global Insurance Market Index. Marsh's Index explains that this continues a trend of moderating increases that first began in Q1 of 2021. It adds that while ... Read the full article
Relm Insurance expands its partnership with Trisura Specialty Insurance Company
1st February 2023
Specialty insurer Relm Insurance Ltd., has announced an expansion of its strategic fronting partnership with Trisura Specialty Insurance Company. The expansion will enable the Bermuda-domiciled carrier to provide capacity in support of AM-Best rated paper for US digital asset risks. Rated A- by AM Best, Trisura is a leading international specialty insurance ... Read the full article
Munich Re and CloudCover announce partnership
31st January 2023
CloudCover, an AI-generative cybersecurity threat prevention platform, has announced the inclusion of the $1m Ransomware Warranty backed and insured by reinsurance giant, Munich Re. With ransomware attacks on the rise, including high-profile breaches in energy infrastructure, finance, and healthcare, offerings like the Ransomware Warranty have never been more necessary, CloudCover highlighted. CEO ... Read the full article
HDI Global names Jason Tyng Leader of US Captive Solutions
31st January 2023
Jason Tyng has been appointed to the newly create role of Lead of US Captive Solutions at HDI Global. Tyng’s appointment comes in line with HDI’s plan to further expand its international footprint for its Captive Solutions business. Overall, Tyng brings more than 15 years of sales and leadership experience across the ... Read the full article
Everest Insurance announces official entrance into Spain
31st January 2023
Everest Insurance, the insurance division of Everest Re Group, has announced its expansion into the Spanish market. The Spain branch is headquartered in Madrid, with another office opening in Barcelona. José Ramón Morales will lead the operations as Head of Spain. Everest suggests that its Spanish offices will provide a bespoke range of insurance ... Read the full article
Coalition launches Coalition Insurance Company
31st January 2023
Cyber insurance provider Coalition has announced the launch of Coalition Insurance Company (CIC), a full-stack, Active Cyber Insurance carrier. The launch of CIC is a milestone for the firm, expanding its available capacity in the cyber insurance market and facilitating its transition to a full-stack insurance organisation. Coalition notes that CIC, which ... Read the full article
AXIS lost <$10m of desired renewals after property cat exit: Benchimol
27th January 2023
AXIS Capital CEO Albert Benchimol has reported that his company feels “encouraged” by the fact it lost less than $10 million of desired renewals following its exits from property and property catastrophe reinsurance business. “In the end, we successfully balanced substantially all the non-property-related renewals that met our thresholds,” he said ... Read the full article
Beazley launches new private equity liability insurance product
27th January 2023
Beazley, the specialist insurer, has announced the launch of a new private equity liability insurance product. The insurer stated that the tailored product is designed to focus on the inherent directors and officers (D&O) risks within the long-term lifecycle of portfolios held by private equity firms. Across the full lifecycle of investments, ... Read the full article
MS Azure outage triggers Parametrix parametric cloud insurance
26th January 2023
Earlier this week, Parametrix, the leading provider of cloud downtime insurance, monitored an outage of Microsoft Azure, the world’s second-ranked cloud service provider. Part of the ‘Big Three’, which includes Amazon Web Services and Google Cloud Platform (GCP), Azure boasts a reported 22% global market share. The outage event affected thousands of ... Read the full article
Coalition gains Lloyd’s coverholder status in UK
26th January 2023
Cyber insurance provider Coalition has announced that its UK business is now trading as an approved Lloyd's coverholder, following its launch into the country in September of last year. Coalition says that the authority from Lloyd's to write and service policies in its marketplace will align its UK offering with ... Read the full article
At-Bay acquires licensed P&C insurance carrier
26th January 2023
Cyber insurance provider, At-Bay, has completed the acquisition of At-Bay Specialty Insurance Company - a Delaware-domiciled E&S lines P&C insurer licensed in 44 states, from XL Insurance America, Inc. By making the move to a full-stack carrier, this will now allow the firm to better serve its policyholders and accelerate planned ... Read the full article