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Insurance market expected to develop new forms of cover for war risks in 2024: DAC Beachcroft
19th January 2024
The insurance market is expected to continue developing new forms of cover for war risks throughout 2024, according to analysts from international insurance law firm, DAC Beachcroft. In a report released by the firm, analysts highlighted how insurance of war risks has been confined predominantly to marine and aviation hull, however ... Read the full article
Cowbell to cover UK mid-market businesses with up to £1bn turnover
8th January 2024
US-domiciled cyber insurer Cowbell has extended its cyber insurance capabilities by now catering to mid-market businesses in the UK with an annual turnover of up to £1 billion. Previously, the insurer only catered to small and medium-sized enterprises. The cyber insurer is backed by A+ rated re/insurers, and officially entered the UK ... Read the full article
Insurers remain cautious about adopting AI for customer-facing activities: EY
6th December 2023
It should not come as a surprise that insurers are remaining somewhat cautious about adopting AI for customer-facing activities, especially given the lack of regulatory clarity. However, the opportunities to use AI technology to differentiate the value proposition and enrich customer experiences cannot be overlooked, according to EY. The company states that ... Read the full article
Canopius grows cannabis insurance offerings in transportation and distribution
13th November 2023
Canopius Group, a global specialty lines re/insurer, has expanded its cannabis insurance product, now covering transportation of cannabis products from cultivation to distribution. The re/insurer started to underwrite cannabis-exposed risks in April 2023. This offering is for privately owned and not-for-profit organisations in US states where medical and recreational adult-use ... Read the full article
Cowbell’s growth shows ongoing commitment to closing the insurability gap: CEO Kudale
1st November 2023
Cowbell, a provider of cyber insurance for small and medium-sized enterprises (SMEs), continues rapid growth as it announces $25mn in equity financing and a 49% increase in its new customer base year-over-year. In an expanding cyber insurance market, 72% of SMEs are still without cyber insurance and say that a major ... Read the full article
Europe faces dynamic changes in risk landscape as €1bn losses surge: Munich Re
19th October 2023
Munich Re has noted that the frequency and severity of weather-related natural catastrophes are increasing in Europe, with an "unprecedented" series of events exceeding the €1 billion mark this year. However, Clarisse Kopff, a Member of the Board of Management, suggests the firm "is in a good position to carry ... Read the full article
UK’s Pool Re renews reinsurance broking contract with Guy Carpenter
17th October 2023
Pool Re, the UK Government’s terrorism reinsurance scheme, has reported it successfully renewed its reinsurance broking contract with Guy Carpenter for three years, with an option to run to five. According to the announcement, Guy Carpenter will support Pool Re in returning risk and premium to the private sector, which in ... Read the full article
Gallagher appoints Jamie Gee as Associate Director, Financial Lines, Middle East & Africa
22nd August 2023
Global insurance broker Gallagher has announced the appointment of Jamie Gee as Associate Director within its financial lines practice in the Middle East and Africa business. Daniel Miller, Divisional Director of Gallagher, commented on the hire, “Jamie brings fantastic technical knowledge and strengthens our existing capability and proposition. His experience in ... Read the full article
HDI Global SE’s insurance revenue rises by 10% in H123
22nd August 2023
The industrial insurer HDI Global SE part of the Talanx Group has reported that insurance revenue rose by a clear 10% to €4.2 billion in the first half of the year, compared to €3.8 billion from the same period last year. According to the firm, this solid performance was partly due ... Read the full article
AI becomes one of the top five emerging risks in Q2 2023: Gartner
11th August 2023
Generative artificial intelligence (AI), such as OpenAI’s ChatGPT and Google Bard, has become a top concern for enterprise risk executives in the second quarter of 2023, according to a recent report by Gartner, Inc. In May 2023, Gartner surveyed 249 senior enterprise risk executives to provide leaders with a benchmarked view ... Read the full article
Resilience raises $100m in Series D funding round
10th August 2023
Resilience has announced a $100 million equity financing round to accelerate its global expansion. The company also plans to scale the adoption of its holistic cyber risk platform, the Resilience Solution launched earlier this year. The Series D round was led by Intact Ventures, an affiliate of Resilience’s primary capacity provider, ... Read the full article
Travelers secures additional hurricane reinsurance at renewal, upsizes Northeast property cat treaty
20th July 2023
US primary insurer Travelers has again increased the size of its Northeast property catastrophe excess-of-loss (XoL) reinsurance treaty by $100 million at the mid-year renewals, during which the firm also entered into a new personal insurance hurricane catastrophe XoL treaty. Renewed at the July 1st, 2023, reinsurance renewals, Travelers' Northeast property ... Read the full article
London Market fundamentals “very strong”, outlook positive: Berenberg
15th June 2023
"We struggle to identify a recent period when the fundamentals of the London Market sub-sector have been so strong, both on the asset and the liability side of the balance sheet," suggest analysts at investment bank Berenberg. Given the strong rate momentum year to date, Berenberg anticipates an improvement in London ... Read the full article
Ransomware trends on a rise, but Beazley well positioned to maintain growth: Paul Bantick
7th June 2023
Ransomware trends are on the rise but Beazley does not see its portfolio being affected as the company is well positioned to maintain growth and deliver strong profitability, specialist re/insurer Beazley's Paul Bantick said on a call held with JP Morgan analysts. Bantick, Global Head of Cyber & Tech at Beazley, ... Read the full article
June 1 renewals reflect trends that were witnessed in 1/1: Peel Hunt
6th June 2023
The recent June 1 renewals which mainly focuses on the Florida market, showed that property catastrophe reinsurance rates rose 33% on average according to Howden Tiger, However, analysts from Peel Hunt say that this lies within the 25-40% range, which reflects similar trends that were witnessed in the 1/1 renewals ... Read the full article