Reinsurance News
ICEYE to provide more SAR-imaging opportunities at middle latitudes with new satellites launch
24th December 2024
ICEYE, a provider of satellite-based disaster management solutions, has expanded its Earth Observation capabilities with the launch of two new SAR satellites. With these new satellites, ICEYE aims to expand its availability imaging technology to deliver additional 25 cm imaging capacity. Now, ICEYE counts with 40 satellites in orbit since 2018. This ... Read the full article
Bermuda’s P&C re/insurance sector saw improved CoR and net income in 2023: BMA
24th December 2024
Bermuda’s international Property and Casualty (P&C) re/insurance sector saw significant improvements in combined ratio and net income in 2023, driven by continued price improvements, stricter terms and conditions, limit and aggregation management, and favourable investment returns, according to the Bermuda Monetary Authority (BMA). Despite this progress, the BMA highlighted ongoing global ... Read the full article
EigenRisk names Rebecca Morris as Vice President of Customer Success
24th December 2024
EigenRisk, Inc., a provider of catastrophe risk management solutions, has appointed Rebecca Morris as Vice President of Customer Success. Headquartered in Minneapolis, EigenRisk specialises in delivering cloud-based tools for managing property/casualty risks, providing insurers, reinsurers, and other risk managers with powerful data analytics and modelling capabilities. In her new role, Morris will ... Read the full article
Private insurers uniquely positioned to close US flood coverage gap: Neptune Flood
24th December 2024
In a new report analysing the U.S. residential flood insurance market, Neptune Flood has underlined the critical role private insurers can play in addressing the nation’s growing flood coverage gap. According to the firm's research, more than 20 million homes in the U.S. face moderate to severe flood risk, yet only ... Read the full article
Enstar completes $75m legacy reinsurance agreement with James River
24th December 2024
The previously announced $75 million adverse development cover (ADC) reinsurance agreement between a wholly owned subsidiary of legacy player Enstar Group and certain subsidiaries of Bermuda-domiciled insurance holding company, James River Group Holdings, has been completed following receipt of the relevant regulatory approval and satisfaction of the other closing ... Read the full article
Chesnara acquires portfolio with £1.5bn AUM from Canada Life UK
24th December 2024
Chesnara, the European life and pensions consolidator, has acquired a closed portfolio of unit linked bonds and legacy pension business of approximately 17,000 policies and £1.5 billion in total assets under management (AUM) as at 31st, December 2023, from Canada Life Limited (Canada Life UK). The policies are expected to transfer ... Read the full article
10-year Bund yield could rise 130 basis points by 2027 amid increased public spending, reports Swiss Re
24th December 2024
Loïc Lanci, Arnaud Vanolli, and Gioele Giussani, economists at Swiss Re Institute, a leading global reinsurer known for its expertise in risk management and insurance solutions, discuss the potential disruption to Europe's fiscal consolidation efforts due to geopolitical tensions and growth challenges in their December 2024 report. The authors argue that ... Read the full article
Alta Signa Europe promotes Vasileios Stasa to Junior Underwriter in Cyber division
24th December 2024
Alta Signa Europe B.V., a European boutique Managing General Agent (MGA), has recently announced the promotion of Vasileios Stasa to Junior Underwriter within its Cyber division, effective immediately. Vasileios joined Alta Signa in May 2024 as an Underwriting Analyst, following the completion of his Master of Business Administration (MBA) in Banking, ... Read the full article
Cat bond issuance reaches new high of $17.7bn in 2024: Artemis
23rd December 2024
Catastrophe bond market records are descending in 2024 and set to be beaten on most fronts, as overall issuance recorded in our insurance-linked securities (ILS) focused sister publication, Artemis' Deal Directory, is set to hit a new high of almost $17.7 billion for the year. This remarkable figure also includes ... Read the full article
Security First & Embark to offer new homeowners insurance solution in Florida
23rd December 2024
Florida-domiciled insurers Security First Insurance and Embark MGA, have together launched a new HO5 homeowners' insurance program designed exclusively for new home builders for affordable, turnkey insurance options for home buyers. This policy combines enhanced coverage options tailored to the needs of Florida homeowners with the simplicity of embedding the insurance ... Read the full article
RiverStone & Zurich sign loss portfolio transfer deal
23rd December 2024
RiverStone International has entered into an agreement with the French division of Zurich Insurance Europe and Zurich Insurance Company to deliver a loss portfolio transfer reinsurance (LPT) and facilitate an insurance business transfer involving the French discontinued motor and architects & engineers (A&E) professional indemnity portfolios. According to RiverStone, these transactions ... Read the full article
Belize receives parametric payout from CCRIF SPC after November rains
23rd December 2024
The Government of Belize received $805,794 under one of The Caribbean Catastrophe Risk Insurance Facility (CCRIF) SPC’s Wet Season Trigger, a recently introduced policy endorsement. From November 16th to 18th, the coastal area of northern Belize received rainfall due to Tropical Cyclone Sara, occurring after a period of significantly above the ... Read the full article
CCC to acquire EvolutionIQ to enhance AI-powered claims management
23rd December 2024
CCC Intelligent Solutions (CCC), a cloud platform provider powering the P&C insurance economy, has signed a definitive agreement to acquire EvolutionIQ, an AI-powered platform for disability and injury claims management. Under the agreement, EvolutionIQ’s founders and team will join CCC, leveraging its operational resources and extensive customer network to expand into ... Read the full article
Stabilisation and growth expected for P&C insurance in 2025: Stonybrook Capital
23rd December 2024
The insurance industry is poised for relative stabilisation in 2025 following years of disruption, Stonybrook Capital stated in its 2025 P&C Outlook. According to analysts, while some commercial lines may see moderate price decreases as capacity and competition normalise, persistent factors like sticky price inflation and social inflation will temper these ... Read the full article
Nexus to acquire Dubai-based reinsurance MGA Arma Underwriting
23rd December 2024
Nexus Underwriting, a specialty Managing General Agent (MGA), has entered into an agreement to acquire Arma Fusion Limited, the parent company of Arma Underwriting Limited (Arma), with the deal expected to close in the first quarter of 2025. Founded in 2017, Arma is a Dubai-based specialty MGA focusing on Property, Energy, ... Read the full article
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