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MAPFRE launches new insurtech scale-up program
28th February 2022
MAPFRE has launched a new scale-up program for insurtechs that offers up to €100,000 of financing per project, focusing on health and wellness, climate risks, and cybersecurity for SMEs. This version of insur_space is MAPFRE’s fourth to date, and is aimed at early-stage or growth companies that already have a product ... Read the full article
Russian invasion of Ukraine likely to have ‘significant fallout’: AM Best
28th February 2022
Russia’s invasion of Ukraine will likely have significant fallout in the capital markets, impacting the entire industry in the short-to-medium term, says AM Best. Citing the potential for cyberattacks, AM Best said that the invasion may have ‘a substantial impact on the world’s insurance industry’. It added: “The economic effects of sanctions ... Read the full article
Jim O’Neill joins McGriff’s Executive Risk Advisors Group
28th February 2022
McGriff, an insurance broking subsidiary of the Truist Insurance Holdings group, has announced the appointment of Jim O’Neill as a Senior Vice President and New York City-based producer in the firm’s Executive Risk Advisors group. O’Neill joins McGriff with nearly 40 years of experience as an underwriter and broker working with ... Read the full article
Insurers face exposure to Ukraine invasion in multiple areas: analysts
25th February 2022
The insurance industry is counting the cost of Russia’s invasion of Ukraine. According to multiple analysts, the market is exposed in a number of areas, including political risk insurance (PRI), aviation war, trade credit, and marine cargo/war. It is understood that the credit and energy insurance markets will also come under ... Read the full article
Acrisure Re names Duncan Ainsby as Head of Asia
25th February 2022
Acrisure Re, the reinsurance arm of the global insurance broker and fintech platform, has appointed Duncan Ainsby as Senior Vice President, Head of Asia, where he will be based in Hong Kong. He joins from WTW, where he held the role of Strategic Account Director for just under three years. Prior to ... Read the full article
US P&C saw $5.6bn underwriting loss in first nine months of 2021
24th February 2022
A new report from Verisk estimates that private US property and casualty insurers saw a $5.6bn underwriting loss in the first nine months of 2021. The report, authored by Verisk president of underwriting solutions Neil Spector and APCIA’s senior vice president for policy, research, and international Robert Gordon says that the ... Read the full article
Alta Signa backed by A-Rated capacity providers
23rd February 2022
Alta Signa, a European boutique Managing General Agent, has been backed by five leading capacity providers from Company Markets and Lloyd’s Europe to write business across the financial lines and cyber insurance markets in Europe. The lines of business provided includes Directors & Officers (D&O), with up to €25mn in capacity, ... Read the full article
Mosaic activates more capacity to meet transactional liability risks
18th February 2022
Specialty insurer Mosaic Insurance is looking to activate further global capacity to meet transactional liability risks, as a growing consortia of industry partners joins its syndicated capital program. The specialty insurer will underwrite transactional risks for several new trade-capital partners, among them, HDI Global Specialty, Verto Syndicate 2689, and IQUW Syndicate ... Read the full article
QBE ups reinsurance spend at renewal, adds top layer
18th February 2022
Australian insurer and reinsurer, QBE Insurance Group Limited, has reported on the details of its reinsurance renewal for 2022, which included increased costs of $50 million for its Core Group Program, as well as the addition of a new catastrophe top layer for Australia and New Zealand. Coming out of the ... Read the full article
One80 acquires Professional Risk Solutions
18th February 2022
Intermediary firm One80 has bought specialty wholesale brokerage firm Professional Risk Solutions (PRS) for an undisclosed amount. According to a statement from One80, PRS specializes in management liability for non-profit, for-profit, public entities, and publicly traded companies; professional liability, including lawyer’s professional and errors and omissions coverage for technology, architects, and ... Read the full article
AIG ‘very pleased’ with core reinsurance placements at Jan 1: CEO Zaffino
17th February 2022
The Chairman and Chief Executive Officer (CEO) of global insurer AIG, Peter Zaffino, said today that the carrier is "very pleased" with the outcome of its core reinsurance placements at the January 1st, 2022 renewals, despite limited retrocessional and other capacity issues. AIG has been evolving its use of reinsurance for ... Read the full article
At-Bay appoints new head of reinsurance
16th February 2022
Cyber insurance provider At-Bay has appointed Stephanie Lynch to be its new head of reinsurance. Along with Adam Petrone, who will become the firm’s head of insurance operations and strategy, Lynch is joining the company to work with reinsurers to increase capacity. Most recently, she served as vice president at Safety ... Read the full article
Important to assess risk exposure as Ukraine tensions rise: McGill’s Greenwood
14th February 2022
As the situation in Ukraine intensifies, with mainstream media in the UK reporting that Russia is making serious preparations for an invasion, it's important that businesses assess their current risk exposures, according to Hamish Greenwood, Partner at global insurance broker, McGill and Partners. Despite situating some 100,000 soldiers on Ukraine's borders, ... Read the full article
Political violence losses can come where re/insurers don’t expect them: Johansmeyer, PCS
14th February 2022
Just weeks after unrest in Kazakhstan that began with peaceful protests before turning violent, claiming the lives of 225 people, our sister site Artemis spoke with Tom Johansmeyer, Head of PCS, about political violence, unrest and what these events mean for the re/insurance market. This is the first ... Read the full article
Brit returns to profit in 2021 as combined ratio falls to 95.7%
11th February 2022
Specialty insurer Brit has reported a return to underwriting profitability for 2021 and produced its strongest result for five years, with a gain of $90.6 million compared with a loss of over $217 million in 2020, as the combined ratio strengthened to 95.7%. As well as a stronger underwriting performance, Brit ... Read the full article