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Beazley’s 9M 2021 GWP growth exceeds expectations
5th November 2021
Specialist insurer Beazley has reported higher than expected gross written premiums (GWP) for the first nine months of the year, as well as a year to date rate change of 23% across the business. For the nine month period ended September 30th, 2021, Beazley has announced GWP of roughly $3.3 billion, ... Read the full article
MMC urges public-private collaboration to strengthen UK resilience
5th November 2021
A new report by international re/insurance brokerage Marsh McLennan (MMC) has examined the opportunities for stronger interactions between the public and private sectors to strengthen the UK’s ability to anticipate and respond to strategic risks and crises. Partnering with Purpose, a new report for the National Preparedness Commission, recommends a fresh ... Read the full article
PCS to include worldwide aviation events in specialty lines loss reporting
3rd November 2021
Property Claim Services (PCS), a Verisk business, is expanding its specialty loss lines reporting platform to include worldwide insured aviation loss events. PCS Global Aviation is to focus on events with estimated industrywide insured losses of at least $50 million and, in addition to airline industry losses, will include estimates for ... Read the full article
Hiscox sees 9M GWP rise 6.4% to $3.5bn off strong rate momentum
2nd November 2021
International specialist insurer Hiscox has reported gross premiums written for the first nine months of 2021 of $3,462.9 million, a 6.4% increase driven by strong rate momentum across business segments. Hiscox London Market achieved aggregate rate increases of 13% across the portfolio, with cyber growing at a significant double digit rate. In ... Read the full article
WTW to acquire 100% of Indian business following regulatory shift
1st November 2021
Recent regulatory changes have prompted global re/insurance broker Willis Towers Watson to acquire the remaining 51% shares of its business in India. The group currently owns 49% of the company and will be purchasing its remaining shares from Anemone Holdings Private Ltd and WTW India's head, Rohit Jain. As one of the ... Read the full article
S&P highlights increasing reinsurer reliance on ILS
28th October 2021
A new report from S&P has highlighted reinsurers' increasing reliance on third-party capital to support their retrocession needs. In 2021, reinsurers are reported to have ceded roughly 50% of their exposures at a 1-in-250 return period through collateralised instruments, such as insurance-linked securities (ILS). S&P notes that around 15% of total reinsurance ... Read the full article
COVID fixation compromising insurers’ long-term goals: Aon
27th October 2021
A new study by Aon has warned that a focus on resolving the immediate challenges posed by the COVID-19 pandemic may be compromising re/insurers’ longer-term plans and goals. The 2021 edition of Aon’s Global Risk Management Survey found that cyber risk topped the list as the number one current and predicted ... Read the full article
Insurtech set for record-breaking 2021 as investment tops $10.5bn, reports WTW
27th October 2021
2021 has now overseen a record-breaking $10.5 billion in insurtech investment raised during the first three quarters, according to a Willis Towers Watson (WTW) report. In fact, a further $12 million will ensure 2021 equals the amount of capital invested during the entirety of 2018 and 2019 combined. WTW’s report states that ... Read the full article
Ascot appoints Peter Trochev to run Financial Institutions unit
22nd October 2021
Specialty insurer and reinsurer Ascot Group has announced the appointment of Peter Trochev as Senior Vice President and Head of Financial Institutions (FI). Trochev will lead Ascot’s FI strategy with a focus on expanding the range of FI products offered by Ascot throughout the US. He joins Ascot from Nationwide, where he ... Read the full article
Mosaic offers up to $600m in war & terrorism, political violence capacity
20th October 2021
Specialty insurer Mosaic Insurance has extended its war, terrorism and political violence coverage to offer up to $600 million per risk. The increased capacity will enable the company to serve clients via domestic US or Bermuda markets through underwriting teams in both locations. Currently, Mosaic is the only carrier to write political ... Read the full article
Coverys launches underwriting agency in Barcelona
20th October 2021
Coverys European Holdings (CEH) has expanded its AEC underwriting agency with the launch of AEC Europe in Barcelona. AEC Europe underwrites a suite of products including professional indemnity, directors and officers (D&O), medical malpractice, and cyber. AEC Europe will execute a pan-European underwriting strategy drawing on the collective experience of the assembled ... Read the full article
Ransomware a growing concern for re/insurers, says Fitch
18th October 2021
As part of a new report on cybersecurity risks, analysts at Fitch Ratings have noted that ransomware in particular is becoming a “growing concern” for the re/insurance industry. The rating agency said cybersecurity is arguably reaching an “acute phase,” following high-profile events at several of the largest and most sophisticated insurance ... Read the full article
Beazley receives in principle approval to launch Lloyd’s first ESG syndicate
18th October 2021
Specialist insurer Beazley has received in principle approval from Lloyd’s to establish Syndicate 4321 from the start of next year. The syndicate will focus exclusively on offering additional capacity to businesses that perform well against ESG metrics and will be led by Will Roscoe, Head of the Market Facilities Division. Syndicate 4321, ... Read the full article
Mosaic opens New York office
15th October 2021
Specialty insurer Mosaic Insurance has opened an office in New York City, which will accommodate members of Mosaic’s cyber and transactional liability lines, along with technologists, and finance executives The startup already has cyber and transactional liability underwriters based in Chicago, and other key employees in Los Angeles, Boston, and Virginia. Backed ... Read the full article
Allianz report highlights growing threat of ‘ransomware pandemic’
15th October 2021
An Allianz Global Corporate & Specialty (AGCS) report has identified a number of key trends in the ransomware space re/insurers should be aware of in order to protect itself from cyber criminals, including the recent development of ‘ransomware as a service’. AGCS’ report explains how ransomware as a service has made ... Read the full article