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John Peterson named World’s new chief growth officer
23rd January 2024
US insurance brokerage World Insurance Associates LLC (World), has announced the appointment of John Peterson as chief growth officer, effective January 10, 2024. In his new role, based in Chicago, Peterson will be dedicated to driving new business, client cross sell initiatives, and he will also oversee the Retail sales infrastructure. Additionally, ... Read the full article
Global specialty (re)insurance sector gains investor confidence: ICMR
22nd January 2024
In a recent review conducted by Insurance Capital Markets Research (ICMR), the 'RISX' equity index, representing listed companies with businesses in the Lloyd's market, has showcased robust annual returns for the year 2023. Investors have shown a renewed appetite for the sector, with the Global Specialty (Re)Insurance sector registering a favourable ... Read the full article
Truist posts higher insurance income in Q4’23
18th January 2024
Financial services firm Truist Financial Corporation has reported insurance income of $813 million in the fourth quarter of 2023, compared with $766 million in Q4'22. The company attributed its improved insurance income to organic growth. Organic revenue growth was 7.3% in Q4'23. Revenue increased 7.4% to $851 million in Q4'23, compared with ... Read the full article
Alliant Insurance appoints Greg Zimmer as CEO
18th January 2024
U.S. insurance brokerage, Alliant Insurance Services, has appointed Greg Zimmer as its new Chief Executive Officer (CEO), taking over from Tom Corbett, who will transition to the firm's Executive Chairman. Corbett joined Alliant in 1977, and served as the firm's CEO for more than 30 years. Zimmer joined Alliant in 1998 as ... Read the full article
Investing in climate adaption can create a competitive advantage: Swiss Re
17th January 2024
Climatic natural disasters caused global economic losses of $275 billion in 2022, and this trend is anticipated to continue as economic growth and property development increase the exposed economic value, according to Swiss Re. A new report, authored by Veronica Scotti, Chairperson, Public Sector Solutions, highlights how the ... Read the full article
Xceedance names Peter Flynn as SVP, Personal Lines, Americas
17th January 2024
Xceedance, a prominent global provider of strategic operations support, technology, and data services for insurance organisations, has announced the appointment of Peter Flynn as Senior Vice President, Personal Lines, Americas. This strategic move underlines Xceedance's dedication to delivering exceptional value to personal lines insurance organisations. Flynn, with an impressive 25 years of ... Read the full article
Debevoise names Dutton and Swirski as Co-Heads of UK/European insurance practice
16th January 2024
Debevoise & Plimpton LLP, a prominent global law firm, has announced the appointment of Drew Dutton and Clare Swirski as co-heads of its UK/European insurance transactional and regulatory practice. This strategic move is aimed at bolstering the firm's presence in the thriving UK/European insurance market. Dutton, currently based in the firm's New ... Read the full article
Dale Underwriting appoints Carter Class Underwriter, Energy and Liability insurance
15th January 2024
Dale Underwriting Partners, the trading name for Dale Managing Agency Limited’s Lloyd’s Syndicate 1729, has appointed Andrew Carter as Class Underwriter, Energy and Liability insurance. Carter joins Dale from Markel International, where he most recently served as Director of Liability. Before this, he worked at QBE Syndicate 1036 for nearly two decades, ... Read the full article
TRUE reciprocal acquisition to help create “healthy competition”: Florida CFO
12th January 2024
Florida's Chief Financial Officer (CFO), Jimmy Patronis, has lauded the recent developments in the state's insurance market, particularly with the approval of the acquisition of Trusted Resource Underwriters Exchange (TRUE). The move is expected to not only bolster the existing company's presence in Florida but also ignite a surge in healthy ... Read the full article
Reinsurance sector’s digital transition shows gradual progress, Supercede data reveals
11th January 2024
In a recent report, Supercede, a reinsurtech software specialist, has unveiled insights into the industry's movement towards digital platforms, showcasing a measured pace in the adoption of innovative solutions. Amidst the critical January 2024 reinsurance renewal period, Supercede's data indicates a growing acceptance of digital transformation, though progress remains slower than ... Read the full article
Merck reaches settlement with insurers over $1.4bn NotPetya cyber attack
10th January 2024
It's been reported that pharmaceutical giant Merck & Co. Inc. and its insurers have reached an agreement over the $1.4 billion in losses Merck alleged it suffered from the NotPetya cyberattack in 2017. Bloomberg Law reported last week that Merck struck an 11th-hour settlement with its insurers on January 3rd, 2024, which ... Read the full article
American Coastal renews all other perils cat XoL reinsurance with risk adjusted price decrease
10th January 2024
Florida property insurer American Coastal, formerly known as United Insurance Holdings, successfully renewed its all other perils catastrophe excess of loss agreement at the 1.1 2024 renewal, providing the firm with up to $100 million in limit excess of $10 million per occurrence to limit its losses from catastrophe events ... Read the full article
Insurance Managers Association of Cayman appoints board members for 2024
8th January 2024
The Insurance Managers Association of Cayman (IMAC), the body representing the international insurance industry in the Cayman Islands, at its Annual General Meeting in early December, confirmed the appointments of new board positions for 2024. The Executive Committee will be Chaired by Kieran Mehigan, with James Trundle serving as Vice Chair. ... Read the full article
Space insurance market navigates uncertain terrain in 2024 amid capacity shifts: Gallagher
5th January 2024
In a year marked by unexpected challenges, the space insurance market faced a significant shift in the second half of 2023, reporting claims totaling USD 826 million, according to Gallagher Specialty's Plane Talking - Q4 2023. Notably, over 85% of losses, including those from Viasat-3 and Inmarsat 6-F2, stemmed from post-separation ... Read the full article
Florida Insurance Commissioner celebrates successful 2023, enhances market stability
5th January 2024
Florida's Insurance Commissioner, Michael Yaworsky, has highlighted significant achievements in 2023 aimed at fostering a stable and competitive insurance market for the state's policyholders. The accomplishments were made in conjunction with the implementation of bold reforms advocated by Governor DeSantis and the Florida Legislature to address litigation, enhance consumer choice, and ... Read the full article