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Belize unveils new Insurance Act to improve financial protection

10th October 2023

Belize has unveiled a new insurance act in a move aligned towards modernizing and enhancing financial protection. The act, which came into effect on October 1, replaces the previous Insurance Act and the International Insurance Act. It represents an "important moment" in Belize’s regulatory framework for insurance, merging the Insurance Act and ... Read the full article

Descartes Underwriting names UK & Ireland Business Development Director

18th September 2023

Insurtech Descartes Underwriting has announced the appointment of Ola Jacob to the role of UK & Ireland Business Development Director. The insurtech is structured as a managing general agency (MGA) specialised in parametric and data-driven risk transfer products. Its parametric covers are especially attuned to offering a new form of balance ... Read the full article

Dubai DIFC continues to attract new re/insurers, on track for 20% annual growth

18th September 2023

The Dubai International Financial Centre (DIFC) has granted several licenses to insurance and reinsurance firms in recent months, with the sector on track for 20% year-on-year growth. In the first half of the year, gross written premiums rose 18% on H1 2022 and 34% on H1 2021 to USD 1.2 billion, ... Read the full article

Hurricane Idalia expected to be earnings event, reinsurers to be minimally impacted: AM Best

1st September 2023

Given hardening reinsurance rates and increased retentions, Hurricane Idalia's effect on reinsurers will be minimal and is expected to be an earnings event for the insurance industry, according to AM Best. Idalia’s fierce winds, torrential rain, and the resulting storm surge battered Florida’s Gulf Coast before continuing onto Georgia and South ... Read the full article

Africa Specialty Risks launches captive solution

29th August 2023

Africa Specialty Risks (ASR), the pan-African reinsurance group, has announced the launch of its captives solution to allow businesses and financial institutions to have greater control and flexibility over their insurance programs. According to ASR, it will jointly participate in the Annual Conference and General Assembly of the Organization of Eastern ... Read the full article

QBE North America launches medical stop loss group captive program Agora

23rd August 2023

QBE North America has launched Agora, a group captive program with a focus on medical stop loss insurance targeting organisations with at least 50 employees that are focused on transparency and control of rising healthcare costs. Compared to other group captive programs in the marketplace, the “unique” structure of Agora provides ... Read the full article

Dynamic shifts reshape global insurance landscape in Q2’23: Aon

18th August 2023

In the second quarter of 2023, the global insurance market experienced a series of dynamic shifts that shaped pricing, capacity, underwriting practices, limits, deductibles, and coverages, according to the Aon Q2 2023 Global Market Insights report. The report indicates a prevailing upward pressure on pricing across most sectors of the insurance ... Read the full article

Skyward Specialty reports slightly higher combined ratio for Q2 2023 as net income rises

10th August 2023

Skyward Specialty Insurance Group, Inc. has reported a slightly higher combined ratio for Q2 2023 at 92.2% compared to the 91.8% for Q2 2022. The company has also reported a higher loss ratio for Q2 2023, currently at 64% compared to the year-over-year of 62.8%. The increased loss ratio for Q2 ... Read the full article

AM Best highlights excellent profitability and utility of captive insurers in 2022

4th August 2023

In a recent report by AM Best, it has been revealed that captive insurance companies, those rated by AM Best, experienced a remarkable year in 2022. These captive insurers achieved a notable doubling of pretax operating income compared to the previous year, alongside marking the most substantial premium increase in the ... Read the full article

Jeff Fitzgerald appointed Managing Director of SRS Benefit Partners

4th August 2023

Strategic Risk Solutions (SRS), an independent provider of insurance, has announced that Jeff Fitzgerald has rejoined the firm as Managing Director of SRS Benefit Partners. Fitzgerald is joining the company’s new division - which supports the establishment and growth of group and individual Employee Benefit programs - from Innovative Captive Strategies, ... Read the full article

Companies make strides in cyber defense and resilience amid escalating cyber threats: Aon

2nd August 2023

In Aon's latest Cyber Resilience Report, companies are shown to have made significant strides in strengthening their cyber defenses and achieving greater resilience in the face of escalating cyber threats. The report reveals key insights gathered from over 2,000 Aon clients worldwide, showcasing a positive global shift in cyber maturity from ... Read the full article

Aon sees opportunities in facultative reinsurance for H2: Andersen

31st July 2023

In a recent Q2 earnings call, Aon President Eric Andersen shed light on the shifting landscape of the reinsurance market and emphasised the increasing significance of facultative reinsurance in the second half of the year. Clients, faced with the evolving reinsurance market, are making their own decisions, leading to alterations in ... Read the full article

CNA Financial net income rises to $283m in Q2 2023

31st July 2023

Chicago-based insurer CNA Financial Corporation has reported a 49% increase in net income, to $283 million, for the second quarter of 2023, which compares with $190 million reported in the prior year quarter. Core income for the quarter was $374 million, versus $317 million in the prior year quarter, which according ... Read the full article

Captive premium growth continues to trend upwards: Marsh

27th July 2023

Through a combination of various measures, the use of captive insurers is rising across the board, as risk-funding vehicles that offer numerous advantages, interest in using captives is said to be higher than ever. Within the past several years, Marsh clients formed nearly 400 new captive entities. Globally. Marsh Captive Solutions ... Read the full article

SRS expands further into Latam with Delgado’s appointment

11th July 2023

Independent insurance company manager, Strategic Risk Solutions (SRS), has announced the appointment of Luis Delgado as Latam Regional Director. In his new role, Delagdo will be responsible for leading SRS’s business development strategies and the geographical expansion of the firm into Latin America. He has been relocated to Colombia to establish ... Read the full article