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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
Earnix and Sollers Consulting partnership to modernise insurance processes with AI
15th March 2024
Earnix, a provider of AI-based SaaS solutions, has partnered with Sollers Consulting, a software integrator and operational advisor, to deliver cutting-edge solutions across the property and casualty (P&C) insurance market in the UK, US, France, Benelux, Nordics, and DACH. Through this partnership, clients will be able leverage advanced analytics, machine learning, ... Read the full article
Fire safety reinsurance facility established by McGill and Partners finalised
13th March 2024
A new initiative has been set up which aims to help improve the availability of insurance for higher-risk buildings awaiting work to fix fire safety issues. The Fire Safety Reinsurance Facility will help to increase insurance market competition to cover properties affected by combustible cladding and other fire safety issues. From what ... Read the full article
Guidewire to help Encova Insurance optimise business operations
13th March 2024
As part of its digital transformation journey, property and casualty insurer Encova Insurance has selected Guidewire InsuranceSuite on Guidewire Cloud to power its core business and simplify its IT operations. Encova, a Guidewire customer since 2014, aims to migrate its InsuranceSuite from a self-managed environment onto Guidewire Cloud simultaneously for all ... Read the full article
Nirvana Insurance capacity growth supported by top-tier reinsurers
11th March 2024
Commercial insurer Nirvana Insurance has announced it has doubled capacity with the support of a number of top-tier reinsurance partners, becoming one of the fastest-growing trucking insurers of all time. Driven by artificial intelligence (AI), telematics, and computer vision, Nirvana was founded in 2021 looking to improve safety for everyone on ... Read the full article
MS Reinsurance eyes strategic expansion in LatAm: CUO (Americas), Segonzac
11th March 2024
In a recent interview with Reinsurance News, Louis de Segonzac, Chief Underwriting Officer (Americas) at MS Reinsurance, discussed the company's strategic focus on expanding its presence in the Latin America (LatAm) market. Segonzac explained that MS Reinsurance maintains a healthy appetite for business in the region, and intends to increase participation ... Read the full article
Reinsurance demand to remain strong but prices to peak in 2024, says Moody’s
5th March 2024
Analysts at Moody's Investors Service expect demand for reinsurance protection to remain strong in 2024 but warns that while reinsurers have scope to push through further price increases, as competition intensifies in the sector, prices will likely peak this year. Moody's is the latest to predict a peak in reinsurance pricing ... Read the full article
AM Best turns negative on US D&O insurance
5th March 2024
AM Best’s recent market segment report highlights the challenges facing the directors and officers liability insurance (D&O) sector in the US. The risks associated with D&O have significantly increased amid the ever-evolving business world, attributed to factors such as heightened competition, regulatory pressure, rising settlement costs, emerging technology risks, talent retention ... Read the full article
Inigo, Samsara launch data-driven product to revolutionise fleet insurance
4th March 2024
Inigo Limited (Inigo), a specialist insurance company, has recently announced its partnership with Samsara, an Industrial Internet of Things (IoT) firm. Together, they aim to revolutionise insurance solutions for US companies with large automotive fleets. Inigo plans to utilise Samsara's telematics data to develop a new type of insurance product tailored ... Read the full article
Dale Underwriting names Curran Head of Global Property Reinsurance
4th March 2024
Dale Underwriting Partners, the trading name for Dale Managing Agency Limited’s Lloyd’s Syndicate 1729, has appointed Will Curran as Head of Global Property Reinsurance, effective 11 March, 2024. Based in London, Curran will be responsible for building and optimising Dale's Global Property Reinsurance business. He will report to Dominic Peters, Active Underwriter. Curran ... Read the full article
Apollo and Innovative Risk Labs new insurance product to de-risk parental leave for UK SMEs
1st March 2024
Apollo and Innovative Risk Labs have partnered to launch “first-of-its-kind” insurance product JustParent, a novel solution that aims to de-risk parental leave for small and medium sized UK businesses. JustParent was designed to enable businesses to offer substantial paid parental leave, such as full maternity and paternity pay for six months ... Read the full article