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Q4 commercial insurance rates up 2%, 25th straight quarterly increase: Marsh
5th February 2024
Global commercial insurance rates increased by 2% in Q4 of 2023 (down from a 3% increase in Q3), marking the 25th consecutive quarter of rate increases, according to Marsh's Global Insurance Market Index. Marsh observed that rates were again "relatively consistent" across almost all regions in Q4, largely driven by a ... Read the full article
Swiss Re champions reinsurance as a strategic ally for life insurers in navigating high-interest rates
2nd February 2024
In the midst of a dynamic financial environment marked by soaring interest rates, reinsurance is emerging as a key ally for life insurers, offering innovative solutions to effectively manage the impact on their businesses, according to a Swiss Re Institute report. The current high-interest rate landscape, while presenting opportunities, also brings ... Read the full article
WTW launches cyber insurance solution for SMEs in North America
2nd February 2024
Global insurance broker WTW has launched a new cyber insurance solution tailored for small and medium-sized enterprises (SMEs) spanning industries across North America. This solution is tailored for businesses with annual revenues under $50 million, including start-ups and pre-revenue accounts. The firm states that this new cyber solution is crafted to ... Read the full article
AM Best assigns Preliminary Credit Assessment to Amherst Specialty Insurance
1st February 2024
Global credit rating agency AM Best has assigned a Preliminary Credit Assessment (PCA) to Amherst Specialty Insurance Company (Amherst) (Addison, TX) with a Financial Strength Assessment of A- pca (Excellent) and a Long-Term Issuer Credit Assessment of “a-” pca (Excellent). According to Best, the outlook assigned to this PCA is stable. The ... Read the full article
Resolution Re enters flow reinsurance agreement with Japanese insurer
1st February 2024
Resolution Life, a global manager of in-force life and annuity policies, has announced that its Bermudian reinsurance platform, Resolution Re, has entered into a flow reinsurance agreement with an undisclosed Japanese insurer. According to Resolution Life, this transaction is the first flow reinsurance arrangement for the cedant and aims to provide ... Read the full article
BMS Re announces new co-CEOs as Pete Chandler transitions to vice-chair
31st January 2024
Global reinsurance broker BMS Re has appointed Andrew Wheeler and Russ McGuire as co-Chief Executive Officers (CEOs) following the transition of Pete Chandler to vice-chair of the company. Chandler led the reinsurance broker for more than four years, and will remain a director on the US board as he assumes a ... Read the full article
Re/insurance industry partners to mitigate cloud concentration risks: Swiss Re
31st January 2024
In a strategic collaboration, global reinsurer Swiss Re has joined forces with research partner Carnegie Endowment and major cloud providers to address and mitigate the risks associated with the concentration of cloud services. This partnership has produced the paper "Cloud Reassurance: A Framework to Enhance Resilience in the Cloud," focusing on ... Read the full article
Reinsurance broker platform Jireh Connect announces first ILW placement
30th January 2024
Jireh Connect, a digital platform for reinsurance brokers to manage placement processes online and part of Jireh Holdings, has announced the successful placement of its first industry loss warranty (ILW). Set up by insurance-linked securities (ILS) veteran Salvatore Tucci in Bermuda, Jireh Connect soft launched at the start of 2024. Since ... Read the full article
RAA advocates for NFIP reauthorisation and private flood insurance market
26th January 2024
In advance of the Senate Committee on Banking, Housing, and Urban Affairs' hearing on the "Reauthorization of the National Flood Insurance Program: Local Perspectives on Challenges and Solutions," Lee Covington, President of the Reinsurance Association of America (RAA), submitted a statement urging comprehensive reforms for the NFIP. Covington commended Chairman Sherrod ... Read the full article
Cayman Islands sets record for new international insurance licenses in a single year
26th January 2024
The Cayman Islands Monetary Authority (CIMA) has confirmed the issuance of 40 new international insurance licenses, the largest number of licenses issued in a single year in more than a decade, according to its quarterly insurance sector licensing statistics. Kieran Mehigan, Chairperson, The Insurance Managers Association of Cayman (IMAC), commented, “Despite ... Read the full article
Capella Space partners with Floodbase to enhance parametric flood insurance
25th January 2024
In a strategic move to address the growing challenges of flood risk exacerbated by climate change, Capella Space Corp., a prominent American space tech company specialising in satellite solutions, has announced a partnership with Floodbase, a leading data provider and reporting agent for parametric flood insurance. The collaboration aims to integrate ... Read the full article
John Peterson named World’s new chief growth officer
23rd January 2024
US insurance brokerage World Insurance Associates LLC (World), has announced the appointment of John Peterson as chief growth officer, effective January 10, 2024. In his new role, based in Chicago, Peterson will be dedicated to driving new business, client cross sell initiatives, and he will also oversee the Retail sales infrastructure. Additionally, ... Read the full article
Global specialty (re)insurance sector gains investor confidence: ICMR
22nd January 2024
In a recent review conducted by Insurance Capital Markets Research (ICMR), the 'RISX' equity index, representing listed companies with businesses in the Lloyd's market, has showcased robust annual returns for the year 2023. Investors have shown a renewed appetite for the sector, with the Global Specialty (Re)Insurance sector registering a favourable ... Read the full article
Truist posts higher insurance income in Q4’23
18th January 2024
Financial services firm Truist Financial Corporation has reported insurance income of $813 million in the fourth quarter of 2023, compared with $766 million in Q4'22. The company attributed its improved insurance income to organic growth. Organic revenue growth was 7.3% in Q4'23. Revenue increased 7.4% to $851 million in Q4'23, compared with ... Read the full article
Alliant Insurance appoints Greg Zimmer as CEO
18th January 2024
U.S. insurance brokerage, Alliant Insurance Services, has appointed Greg Zimmer as its new Chief Executive Officer (CEO), taking over from Tom Corbett, who will transition to the firm's Executive Chairman. Corbett joined Alliant in 1977, and served as the firm's CEO for more than 30 years. Zimmer joined Alliant in 1998 as ... Read the full article