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Probitas sees gross written premiums rise quicker than expected
16th August 2022
Probitas has said in its latest results that following a mid-year pre-emption of the 2022 Year of Account, gross written premiums for its Syndicate are expected to increase from an original plan of £202.5m to £223.5m. A further 22% increase to £271m is planned for the 2023 Year of Account. According ... Read the full article
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10th August 2022
Thank you for subscribing to our Reinsurance News email newsletters and alerts. We hope you'll enjoy receiving all of our reinsurance news by email, but you will be able to unsubscribe at any time by finding the link in each email to do so. You can always stay up to date with ... Read the full article
Aon names James Platt Chief Digital Officer and Mindy Simon joins as COO
9th August 2022
Insurance and reinsurance broker Aon has named James Platt as Chief Digital Officer, Mindy Simon is joining the company as Chief Operating Officer (COO), taking over from Platt. Based in London, Platt will be overseeing Digital Client Solutions and will be reporting to Aon President Eric Andersen. In his new role he ... Read the full article
US P/C rates up 5.9% in Q2: MarketScout
8th August 2022
MarketScout data shows that US property and casualty (P/C) insurance rates are stabilizing at a composite increase of 5.91% in Q2 of 2022, matching the rate increases of Q1. MarketScout found cyber rates continue to increase the most at 21.3% up from 19.7% in Q1 of 2022. Umbrella rates moderated slightly by ... Read the full article
Mitsui Sumitomo reported on verge of $400m Transverse acquisition
7th August 2022
Japanese insurance group Mitsui Sumitomo has been reported to be on the verge of a $400 million acquisition of hybrid P&C program and fronting carrier specialist Transverse Insurance Group. Japanese newspaper the Nikkei reported the news and said a deal for the rumoured roughly $400 million acquisition could be announced before ... Read the full article
Hiscox reports solid underwriting performance, but investments drive H1 net loss
3rd August 2022
Global re/insurer Hiscox has fallen to a loss of $107.4 million in the first half of 2022, as a negative investment result more than offset an improved underwriting performance in the period. The loss for H1 2022 compares with profit of $133.4 million a year earlier, with Hiscox highlighting a strong ... Read the full article
Impacts from Russia’s war against Ukraine keenly felt, says Lloyd’s and Aon report
28th July 2022
A new report from Lloyd’s and Aon says that the sector most affected by Russia’s invasion of Ukraine will be the energy sector. The report, Ukraine: A Conflict that Changed the World, lays out five plausible scenarios to the industries and geographies most affected by the conflict. Each scenario explores ... Read the full article
Palomar links up with Omaha National
27th July 2022
Palomar has gone into a two-year arrangement with Omaha National. Under the partnership, Palomar Specialty Insurance Company (PSIC) will act as the insurer in California to help support Omaha National’s workers compensation product. Omaha National, through its managing general agent, Omaha National Underwriters, will be overseeing the insurance operations including underwriting, ... Read the full article
Alta Signa appoints Jeroen Kisters as PI manager in the Netherlands
26th July 2022
MGA firm Alta Signa has appointed Jeroen Kisters as professional indemnity manager for the Netherlands. A statement from the firm said that Kisters will be responsible for developing Alta Signa’s professional indemnity (PI) product offering in the Dutch market as part of the business’s wider focus on carefully targeted, sustainable, and ... Read the full article
Beazley’s H1 profit falls on investment losses as underwriting performance improves
22nd July 2022
Specialist re/insurer Beazley has reported a combined ratio of 87% for the first half of 2022, the best at a half year since 2015, although investment losses suffered in the period pushed down its pre-tax profit by 87%. Beazley's profit has declined from $167.3 million in H1 2021 to $22.3 million ... Read the full article
CFC partners with Farillio on professional liability digital platform
20th July 2022
CFC, the specialist insurance provider, has partnered with Farillio to launch a digital platform for its professional liability and management liability policyholders in the UK. Designed for small business owners, the platform delivers practical tools and resources to help customers grow and scale their businesses – from employment ... Read the full article
Mosaic opening new office in Toronto
13th July 2022
Mosaic Insurance has announced that it is opening an office in Toronto, Ontario, and has appointed Ian Fraser – an underwriting specialist, to spearhead the company’s expansion into the Canadian specialty insurance market. Fraser joins as President of Mosaic Insurance Services Canada Inc (Mosaic Canada), where he will be responsible for ... Read the full article
Corvus promotes James Berry to Chief Claims Officer
13th July 2022
Specialty insurance MGA Corvus Insurance has announced the promotion of James Berry to Chief Claims Officer. Berry, who previously served as Corvus London Markets’ Claims Team Lead, will now manage the in-house Claims teams at Corvus on a global scale. The new role is also a first of its kind for Corvus, ... Read the full article
DeNexus opens office in Switzerland
13th July 2022
DeNexus, a provider of second-generation cyber risk modelling for industrial organisations, reinsurers and investors in insurance linked securities (ILS), has opened an office in Lugano, Switzerland. The company has recruited Marco Sabitini and Mario Pio Gioiosa to the Lugano office, with plans to add more members to the team ... Read the full article
Disaster Risk Financing could help to mitigate climate risk in Africa
13th July 2022
Only three percent of losses caused by drought, floods and tropical cyclones have been insured on the African continent. This emerged at a recent DZ BANK Capital Markets Conference held in Berlin. Insured losses on the African continent are close to 97 percent, which means, at best, ... Read the full article