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Profitable growth is back: Beazley
2nd December 2021
Beazley has released a new report which shows a good outlook for profitable growth in the short and medium term. The report noted that the outlook for growth in 2022 has improved in comparison to six months ago. Its margin has returned to the business as the combined ratio is now trending ... Read the full article
Gallagher Re feels like a billion dollar startup with a tremendous opportunity: James Kent & Pat Gallagher
1st December 2021
With Arthur J. Gallagher’s (AJG) acquisition of Willis Re’s treaty reinsurance operations now complete, resulting in a much larger Gallagher Re, senior executives told Reinsurance News that it feels like day one at a billion dollar startup. In the past seven years, Gallagher Re has established itself as the fifth largest ... Read the full article
Ransoms demanded to ransoms paid on the decline: Corvus
1st December 2021
Corvus Insurance has released a new report, showing the insights and tools used by risk managers, IT departments, security researchers, and solution providers to hone their offerings and approaches to keeping organisations safe from evolving cyber threats. The report looked at ransomware which has quickly become a dominant force in cyber ... Read the full article
SMEs responded well to COVID-19 and Brexit: Marsh
30th November 2021
According to a new report by insurance broker Marsh, small and medium sized enterprises (SME) in the UK believe that their business continuity plans responded well to both the COVID-19 pandemic and Brexit, despite the disruption they have experienced since the beginning of 2020. However, the report also highlighted that since ... Read the full article
Re/insurance pricing undergoing “period of dislocation”: HX’s Flandro
29th November 2021
David Flandro, Managing Director at HX Analytics, has said that the re/insurance market is “clearly going through a period of dislocation” when it comes to pricing, with multiple factors set to influence trends at the upcoming 2022 renewals. Speaking as part of HX’s re/insurer earnings review for Q3, Flandro noted that ... Read the full article
Reinsurance pricing expectations high across lines, survey shows
26th November 2021
Data from the latest Reinsurance News market survey, undertaken in collaboration with our sister-site Artemis, shows that market participants overall are expecting price rises across all business lines next year, with loss-affected lines in particular forecast for large increases. The survey looked at responses from hundreds of identifiable market ... Read the full article
Arthur J. Gallagher acquires Real Estate Insurance Solutions in Utah
25th November 2021
Global insurance broker, Arthur J. Gallagher & Co. has announced the acquisition of Park City, Utah-based Real Estate Insurance Solutions for an undisclosed sum. Founded in 2004, Real Estate Insurance Solutions offers a range of real estate errors & omissions insurance/cyber liability coverages. Its clients include commercial and residential real estate agents ... Read the full article
Technology is changing consumer behaviours: Moody’s
25th November 2021
According to Moody’s, the rapid take-up of digital technology by businesses and consumers during the pandemic underlined its critical importance for the insurance sector. The company's research showed that insurers increasingly use data from social media and devices connected to the internet to gain actionable insights into policyholder behaviour, which supports ... Read the full article
Premium prices continued to increase in Q3, finds CIAB survey
24th November 2021
According to a new survey from The Council of Insurance Agents & Brokers (CIAB), premium prices continued to increase by 8.9% in Q3 2021, up slightly from the average increase of 8.3% recorded in the previous quarter. When segmenting the data by account size, large accounts had the highest increase out ... Read the full article
Berkshire (BHSI) promotes leaders within UK Exec & Professional Lines
24th November 2021
Berkshire Hathaway Specialty Insurance (BHSI), the insurance arm of Warren Buffett's global insurance and reinsurance company, has announced the promotion of Chris Warrior and Jessica Kirby within its UK Executive & Professional Lines business. Warrior has been appointed as Head of Executive & Professional Lines in the UK, and Kirby as ... Read the full article
Resilience raises $80 million in Series C funding round
23rd November 2021
Resilience Cyber Insurance Solutions has closed an $80 million Series C funding round, co-led by General Catalyst and Corey Thomas of Rapid7, with participation from Lightspeed Venture Partners, Founders Fund, Charles River Ventures, Shield Capital and Intact Ventures. Resilience will use the funding for its middle market expansion and international growth. As ... Read the full article
Vesttoo receives $15mn in Series B funding round
22nd November 2021
Alternative Reinsurance and Investment platform, Vesttoo has announced its $15 million Series B equity investment from Mouro Capital and MS&AD Ventures, the corporate venture capital fund of Japan-based MS&AD Insurance Group Holdings. The Series B round, which comes just three months after Hanaco Ventures led the company's Series A round, will ... Read the full article
Retail profit erosion leaves Moody’s negative on European P&C
22nd November 2021
Europe's P&C insurers, who had benefited from lower retail claims during the pandemic, are expected to find difficulty with sluggish price growth and have received a negative outlook from Moody's. Analysts see the P&C cycle as one in transition, with claims frequency returning to normal levels and inflation continuing its steep upwards ... Read the full article
Industry needs to reprice large parts of cat business: SiriusPoint’s Sankaran
19th November 2021
Sid Sankaran, Chairman and CEO of SiriusPoint, has argued that the re/insurance industry needs to reprice large parts of its property catastrophe business in order to generate acceptable net returns. Speaking as part of the company’s Q3 earnings call, Sankaran maintained that SiriusPoint remains committed to property reinsurance, but intends to ... Read the full article
Hiscox hires Buchanan as London market casualty Director
19th November 2021
Hiscox, the specialist global insurer, has appointed Colin Buchanan as the new Divisional Director of Casualty for its London Market business, effective November 22nd. Reporting to Paul Lawrence, Chief Underwriting Officer at Hiscox London Market, Buchanan joins from Starr where he was Director and Head of International Casualty. He has over 35 ... Read the full article