Reinsurance News
UK insurtech sector soars with $21bn enterprise value, establishing global dominance: McKinsey
21st July 2023
The UK's insurtech sector has emerged as a dominant force in the global market, boasting an impressive total enterprise value of approximately $21 billion, according to recent estimates by management consulting firm McKinsey & Company. Despite trailing behind the US and China in total enterprise value, where the insurtech giants stand ... Read the full article
Cannabis property market unlikely to see rate decreases over next few months: Amwins
21st July 2023
The cannabis insurance market has experienced a variety of transformations and shifts in recent years. As the sector continues to develop, insurance providers are refining their offerings to meet the needs and challenges being presented. In their 'State of the Market Cannabis report', Amwins highlights that most major cannabis programs offer ... Read the full article
Porch Group anticipates $18m catastrophe loss in Q2
21st July 2023
Porch Group anticipates a $18 million catastrophic weather impact in the second quarter of 2023, due to extreme weather events in June. According to Porch, Q2 is often the worst and riskiest weather quarter of the year for the firm. "The second quarter of 2023 was on track until extreme weather events ... Read the full article
Hymans Robertson promotes O’Neill to Operations Lead for its Risk Transfer team
21st July 2023
Leading pensions and financial services consultancy, Hymans Robertson, has promoted risk transfer specialist Claire O’Neill to Operations Lead of its Risk Transfer team. She succeeds Iain Church, who was recently promoted to Head of Core Transactions. Hymans Robertson confirmed that in her new role, O’Neill will have operational responsibility for the team ... Read the full article
W. R. Berkley Corporation sees net income double to $356.3m in Q2
21st July 2023
W. R. Berkley Corporation has released its Q2 results, reporting that net income doubled to $356.3 million compared to the same quarter last year, with a return on equity and operating return on equity of 21.1% and 18.4%, respectively. The firm has also boasted "record" gross and net premiums written, which ... Read the full article
Climate change makes it challenging to predict storm dynamics: Lockton Re
21st July 2023
Underlying climate related changes are making it challenging to predict storm dynamics; as some of those changes are becoming more evident, the likelihood of loss causing storms has also increased, according to new research by Lockton Re. Lockton's reinsurance business has recently launched a new research series focused on the hurricane ... Read the full article
Aon reports global insured cat losses of $53bn in H1 2023
21st July 2023
Insurance and reinsurance broker Aon has reported that global insured losses from natural disasters in H1 2023 totalled $53 billion, which is 46% above the 21st-century average. According to Aon's latest catastrophe report, economic losses for the period amount to an estimated $194 billion, and already constitute ... Read the full article
Canopius hires Lewis Gayle as Underwriter – Cyber and Technology
21st July 2023
Canopius, a leading global specialty re/insurer, has appointed Lewis Gayle as Underwriter – Cyber and Technology, where he will report to Michael Shen, Head of Cyber and Technology, London. He joins the firm with immediate effect, bringing Canopius’ rapidly expanding cyber division to 36 employees, including 10 new hires since the ... Read the full article
The Hanover expects Q2 loss amid catastrophe losses of $262 million
21st July 2023
The Hanover Insurance Group, Inc. has announced a preliminary estimate for Q2 catastrophe losses of approximately $262 million, before taxes, with the firm expecting to report a Q2 2023 combined ratio of 111.3%. These losses were driven primarily by the 19 convective storms across multiple states, with hail damage representing the ... Read the full article
Arbol reports “strong performance” in H123
21st July 2023
Arbol, a leading global climate risk-coverage platform has announced its "strong performance" for the first half of 2023, reporting a significant increases in gross written premium (GWP), surpassing its performance in the first half of 2022. The company confirmed that it has now transacted more than $1 billion in notional risk to ... Read the full article
WTW appoints Claire Sales to the Large Client GB team
21st July 2023
WTW, a global advisory, broking, and solutions company, has announced the appointment of Claire Sales to the Large Client GB team. Sales brings to her new role over 25 years of insurance and legal experience across Financial Lines business. Based in London, she will report to David Cross, Head of Large ... Read the full article
Egyptian insurance market showing resilience despite “challenging economic conditions”: AM Best
21st July 2023
With interest rates and inflation continuing to rise, the Egyptian insurance market is facing difficulties in sustaining growth rates in real terms, however the country is still proving resilient in the face of challenging economic conditions they are facing throughout 2023. Across the previous five years, the sector has grown by ... Read the full article
KCC US Hurricane Model Version 4.0 certified in Florida
21st July 2023
The Karen Clark & Company (KCC) US Hurricane Reference Model Version 4.0 has been certified by the Florida Commission on Hurricane Loss Projection Methodology (FCHLPM). The FCHLPM reviews and audits methodologies for projecting hurricane losses. According to the announcement, KCC's US Hurricane Version 4.0 has become the first certified model to explicitly ... Read the full article
Howden Driving Data appoints Tommy Ahearne as Chief Data Officer
21st July 2023
Global insurance group, Howden, has announced the expansion of its Driving Data technology and data teams with the appointment of Tommy Ahearne as Chief Data Officer. This announcement takes place following the recent launch of Howden Drive, its telematics service that helps to lower motor insurance premiums for customers in the ... Read the full article
UK M&A volume hit a ten-year high in H1 2023 despite overall deal value falling year-on-year
21st July 2023
The UK financial services industry has reported a 10-year M&A volume high of 160 deals in H1 2023, up from 138 in the same period in 2022 accounting for a 16% rise, according to EY’s latest financial services M&A analysis. However, the total disclosed deal value for the period fell from ... Read the full article