Reinsurance News
Forecasts indicate that US severe weather losses could run on par with 2023, BMS’s Siffert
25th April 2024
Insurance industry losses from US severe weather events have already surpassed $10 billion for this year, with the toll for many events still being calculated. However, forecasts for the coming days and weeks could wind up taking the toll on par with last year, warns Andrew Siffert, Senior Meteorologist at ... Read the full article
India approves three Russian insurers to provide marine cover after state-owned reinsurer backing: report
25th April 2024
Sources have told Reuters that Russian National Reinsurance, the country's state-owned reinsurer, has given financial backing to three insurers, enabling the Russian carriers to seek Indian approval to provide marine cover to tankers. The news comes as Russia looks to facilitate trade with India following Western sanctions related to its ongoing ... Read the full article
UNEP reveals new insurance net-zero forum as NZIA discontinued
25th April 2024
The Forum for Insurance Transition to Net Zero (FIT) has been announced by the United Nations Environment Programme (UNEP), which reportedly considers the experience gained with the Net-Zero Insurance Alliance (NZIA), which has been discontinued from today after suffering numerous issues and subsequent departures in 2023. FIT is a new UN-led ... Read the full article
Tokio Marine HCC to expand pricing capabilities with Akur8’s Core Platform Solution
25th April 2024
Tokio Marine HCC has selected Akur8’s Core Platform Solution to fuel innovation and to build high-performing pricing models, produce analytics and report with ease for powerful insights, and facilitate knowledge sharing across entities. Akur8 built its platform explicitly for insurers and designed it to enhance pricing processes by using proprietary machine-learning ... Read the full article
WTW reports Q1’24 organic revenue growth of 5%
25th April 2024
Global insurance broker WTW has announced 5% organic revenue growth to more than $2.34 billion for the first quarter of 2024, although Group net income fell by 6% year-on-year to $194 million. Alongside the slight dip in net income, WTW has reported Q1 2024 income from operations of $280 million, down ... Read the full article
Lockton announces two senior promotions in Crisis Management team
25th April 2024
Lockton, an independent insurance broker, has recently announced two senior promotions within its Crisis Management team: Helen Sandford as Head of Special Crime and Freddie Schlesinger as Head of Product Recall and Reputational Risk. In their new capacities, both Sandford and Schlesinger will report to Matt Humphries, Head of Crisis Management ... Read the full article
Goosehead’s net income climbs to $1.8m in Q1, revenues reach $64.5m
25th April 2024
Goosehead Insurance, Inc., an independent personal lines insurance agency, has posted a net income of $1.8 million in their results for the first quarter of 2024, compared to a net loss of $0.2 million from the prior year period. At the same time, earnings per share (EPS) and net income margin ... Read the full article
R&Q enters into lock-up agreement related to Accredited sale
25th April 2024
R&Q Insurance Holdings has announced that it has entered into a lock-up agreement with several parties relating to debt restructuring and a number of other issues, as it seeks their approval to sell Accredited to Onex Corporation’s Onex Partners, in a deal that the company hopes to complete this quarter. Read the full article
ICEYE and Juniper Re announce flood and wildfire data collaboration
25th April 2024
ICEYE, a provider of satellite-powered disaster management solutions, has announced a multi-year flood and wildfire data collaboration with Juniper Re, the reinsurance broking arm and an indirect subsidiary of BRP Group, Inc. Juniper Re will leverage ICEYE’s Flood and Wildfire Insights data to support its carrier clients by accessing near real-time ... Read the full article
Hiscox Re & ILS and Ariel Re launch cyber catastrophe consortium
25th April 2024
Hiscox Re & ILS and Ariel Re have launched CyberShock, a new cyber catastrophe consortium designed to improve certainty of coverage in the cyber insurance space. This new consortium will offer up to USD 50 million of per-programme capacity providing bespoke, event-based coverage for cyber insurers globally. Through CyberShock, carriers are expected ... Read the full article
Gero Michel appointed Head of Underwriting Analytics at AIG
25th April 2024
Global insurer AIG recently appointed Gero Michel, previously Group Chief Risk Officer (CRO) of AIG Re, as its Head of Underwriting Analytics based in Bermuda. Michel has been with AIG since early 2020, when he joined the firm's reinsurance arm from Aon to lead the risk office for AIG Re ... Read the full article
Louisiana’s property insurance market faces rising costs and climate risks: Moody’s
25th April 2024
The property insurance market in hurricane-prone Louisiana faces escalating challenges due to rising premiums and the expenses of claims following severe weather events, according to analysts at Moody’s Ratings. Moody’s recent report highlights Louisiana's vulnerability to destructive storms, prompting insurers to exit the market. Consequently, premiums in the state rank highest ... Read the full article
Arthur J. Gallagher acquires Australia’s Prasidium Credit Insurance
25th April 2024
Global insurance brokerage Arthur J. Gallagher & Co. has announced the acquisition of Australia-based Prasidium Credit Insurance (Prasidium). Prasidium is a specialist trade credit insurance broker serving clients throughout Australia. Established in 2015 in Sydney, the company has grown quickly to become a national specialty trade credit broker. The company reportedly ... Read the full article
CFC creates team focused on M&A transactions in renewable energy market
25th April 2024
CFC, an insurance provider specialising in emerging and cyber risks, has expanded its transaction liability practice with the creation of a dedicated team focused on underwriting representations and warranties insurance in the renewable energy market. “The energy landscape is rapidly transforming as governments, public and private sectors increasingly seek to invest ... Read the full article
HCI announces five-year employment agreement with CEO Paresh Patel
25th April 2024
Florida-based insurtech HCI Group has announced a five-year Executive Employment Agreement with Paresh Patel, who serves as its Chairman and Chief Executive Officer (CEO). This new agreement includes a long-term equity incentive with a vesting threshold set at $200 per share. This represents a significant premium compared to HCI’s current share ... Read the full article