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Boost Insurance partners with Amwins Program Underwriters on LPL programs
10th April 2024
Boost Insurance, the insurance infrastructure platform, has partnered with Amwins Program Underwriters, part of Amwins Underwriting Division, to launch an enhanced, technology-enabled version of Lawyers Professional Liability (LPL) programs along with the re-launch of its Attorneys’ Select program. The two long-standing LPL programs are LawGold and Firemark, with the business to ... Read the full article
Lancashire Insurance expands global footprint with opening of US business
8th April 2024
Bermuda-based re/insurer Lancashire Holdings has announced the official opening of its Lancashire Insurance US (LUS) business, with Huw Jones, previously Group Head of Specialty Insurance, named Chief Executive Officer (CEO) of LUS. LUS will conduct insurance commerce under Lancashire Insurance (US) LLC doing business as Lancashire Insurance Specialty Services across the ... Read the full article
Japan property cat demand marginally down at April 1 reinsurance renewals: Gallagher Re
5th April 2024
Japan property catastrophe demand was marginally down year-on-year at the April 1st, 2024, reinsurance renewals, while some increases in retentions were offset by a small amount of additional capacity purchased, reports Gallagher Re. In the reinsurance broker's 1st View Report, the firm highlights how there was a "significant uptick in ... Read the full article
Stage set for more comprehensible reinsurance market at mid-year and beyond: Aon’s Attard
4th April 2024
Aon, the global insurance and reinsurance broker, has released its latest Reinsurance Market Dynamics report, revealing that the 1/1 and April 1 2024 renewals set the stage for a more comprehensible market for reinsurance buyers throughout mid-year and into 2025. According to Aon, market conditions have improved further following the ... Read the full article
Florida insurance market continues to strengthen following impactful legislation: OIR
4th April 2024
The Florida insurance market continues to strengthen, showing signs that recent legislation is having positive impacts on the property insurance market, according to the state's Insurance Commissioner Michael Yaworsky. Yaworsky's comments stem from the Florida Office of Insurance Regulation's (OIR) update on the state's property and casualty insurance market. As per the ... Read the full article
Ardonagh Advisory completes acquisition of Westfield Insurance
3rd April 2024
Ardonagh Advisory has completed its previously announced acquisition of Westfield Brokers Ltd. Established in 2009 by Managing Director Peter Cowan, Westfield Brokers, which trades under the name of Westfield Insurance, is an independent commercial broker based in Horsham, West Sussex. The firm offers a range of general insurance products, including, fleet, ... Read the full article
Conifer partners with Palomar to offer specialised cannabis insurance
3rd April 2024
Conifer Holdings, Inc., a specialty insurance holding company, has announced its partnership with Palomar Holdings, Inc., to provide specialised insurance coverage tailored for the cannabis industry. This coverage will be provided through Palomar Specialty Insurance Company (PSIC) and Palomar Excess and Surplus Insurance Company (PESIC), both of which hold an “A-” ... Read the full article
Coalition Insurance Company now quoting across the entire US
2nd April 2024
Active insurance pioneer Coalition has announced that its full-stack carrier, Coalition Insurance Company (CIC), is now quoting for its admitted cyber product across the entire United States. Through CIC, the US admitted carrier wholly owned by Coalition, Inc., the insurer offers primary admitted cyber coverage for small and midsize businesses, including ... Read the full article
April 1 reinsurance renewals more favourable to buyers: Aon
28th March 2024
The April 1st, 2024, reinsurance renewals were "more predictable and generally favorable to reinsurance buyers," with pricing broadly flat for property catastrophe reinsurance, according to insurance and reinsurance broker Aon. Aon's latest Reinsurance Market Dynamics report, scheduled to be released on April 2nd, reveals that market conditions since 1/1 2024 have ... Read the full article
Majority of industry respondents expect use of parametric triggers in reinsurance to rise in 2024
28th March 2024
According to a recent Reinsurance News poll, over 80% of industry respondents anticipate the use of parametric triggers in reinsurance arrangements to rise in 2024. Parametric news has featured heavily in our pages so far this year, though admittedly, this has been largely insurance-related. For example, speaking in an interview with ... Read the full article
Louisiana Commissioner urges modernisation to avert insurance crisis worsening
27th March 2024
According to the Louisiana Department of Insurance Commissioner, Tim Temple, the state must modernise its regulatory framework and fix its broken legal environment to prevent its ongoing insurance crisis from getting worse. Temple observed in a recent statement that as natural disasters become more frequent and severe, the insurance industry is ... Read the full article
Hippo’s First Connect Insurance hits 100-carrier milestone
27th March 2024
Home insurance firm Hippo's First Connect Insurance Services, a digital platform for independent agents to provide access to top carriers, has strategically partnered with Hiscox USA, and subsequently hit the 100-carrier and MGA milestone. Hiscox USA provides same-day coverage for small businesses with $5 million or less in annual revenue, it ... Read the full article
Global insurance broker’s outlook stable for 2024 on strong organic growth: Moody’s
22nd March 2024
Moody’s predicts a 2024 stable outlook for the insurance brokerage sector, underpinned by constructive global economic growth, a favourable commercial property & casualty (P&C) rate environment, and stable EBITDA margins. According to Moody’s report, organic growth is to remain in the mid-single digits or higher as economic growth stabilises and P&C ... Read the full article
Mixed market outlook for cyber insurance in 2024: OAC
20th March 2024
Despite growth expected for cyber insurance in 2024, actuarial consultancy OAC - part of the Broadstone Group - predicts a mixed market outlook in the year as there are some areas of concern that could lead to a major loss event and have the potential for accumulation. According to ... Read the full article
Marsh McLennan Agency expects stable commercial property reinsurance market in 2024
18th March 2024
Marsh McLennan Agency (MMA), part of the global insurance and reinsurance broker, has released its 2024 Commercial Property Insurance Trends report, highlighting a more balanced reinsurance market this year compared to the harsh conditions of 2023. According to MMA, "In 2023, the industry witnessed the toughest property reinsurance market in decades." This ... Read the full article