Reinsurance News
Despite insurers’ innovation efforts customer expectations are not being met: Alastair Swift, WTW
29th November 2024
While insurers are striving to innovate and navigate challenging market conditions, they are failing to meet customers expectations, while customers also need to adapt to the changing insurance landscape, Alastair Swift, Head of CRB Global Lines & CEO of Willis Limited, highlighted during S&P's European Insurance Conference. Speaking on a panel ... Read the full article
Bridgehaven and Accredited secure capacity deal with Policy Expert
29th November 2024
Bridgehaven Insurance, the hybrid fronting insurer, will serve as capacity provider alongside Accredited on a new co-insurance arrangement with Policy Expert, the UK personal lines managing general agent (MGA). According to the announcement, the agreement with Bridgehaven will last for two years, complimenting the firm's existing six-year program management agreement signed ... Read the full article
Marco Capital completes acquisition of Inceptum from R&Q
29th November 2024
European P&C insurance run-off group Marco Capital Holdings Limited has completed its acquisition of Inceptum Insurance Company Limited, a UK non-life insurance company in run-off, from Randall & Quilter II Holdings Ltd. The acquisition was initially announced earlier this year, with reports stating that R&Q would receive £11.25 million from ... Read the full article
CelsiusPro unveils new platform to ‘revolutionise’ parametric insurance for brokers
29th November 2024
CelsiusPro has unveiled ParameterPro 2.0, a platform that enables brokers to visualise, structure, and model parametric climate and NatCat insurance solutions with "unmatched" speed and precision. According to the firm, this new platform’s initial release focuses on parametric hurricane and earthquake events while providing global access to comprehensive climate and NatCat ... Read the full article
Altea Insurance appoints Holly Dixon as Senior Underwriter
29th November 2024
Altea Insurance (Altea), the multi-class, multi-year Managing General Agent (MGA) specialising in the healthcare and medical sectors, has appointed Holly Dixon as Senior Underwriter. Dixon will report to Altea Chief Executive Officer, Carly Matson. She joins Altea from Corvelia Underwriting, where she served as the Senior Medical Malpractice Underwriter. Dixon brings over ... Read the full article
Bindable partners with Recoop to expand access to disaster insurance
29th November 2024
Insurance technology firm Bindable has announced a distribution partnership with Recoop Disaster Insurance to bring Recoop's innovative disaster insurance product to Bindable's extensive network of carriers, brokers, affinity groups, and insurance-adjacent businesses. Recoop provides affordable policies with rapid cash benefits, bridging gaps in traditional homeowners and renters insurance that leave Americans ... Read the full article
AM Best upgrades AzRe’s financial strength and issuer credit ratings
29th November 2024
AM Best, the credit rating agency, has upgraded the Financial Strength Rating of AzRe Reinsurance, OJSC (AzRe) to B++ (Good) from B+ (Good), and its Long-Term Issuer Credit Rating to “bbb” (Good) from “bbb-” (Good), with a stable outlook for both ratings. These upgrades reflect AzRe’s strong balance sheet, which AM ... Read the full article
Rate momentum, adequacy and trading challenges bring caution to Lloyd’s market: Patrick Tiernan
28th November 2024
Speaking at the Lloyd's Q4 2024 Market Message, Patrick Tiernan, Chief of Markets, explained that whilst looking at the jump off point for 2025, he sees a "global specialty market that continues to experience favourable, if not, more competitive conditions." Tiernan stated that the risk environment remains elevated within Lloyd's core ... Read the full article
Demand for ‘organised crime cover’ on the rise in Mexico amid more dangerous cartel activity: Chaucer
28th November 2024
Global speciality insurance and reinsurance group, Chaucer, has highlighted growing demand in Mexico for insurance protection against cartels and other organised crime, driven by cartel activity spreading into new areas and greater demand from sectors outside of tourism and leisure. Chaucer explains that damage caused by cartel violence is excluded under ... Read the full article
IAG to acquire 90% of RACQ’s insurance underwriting business
28th November 2024
Australian insurer IAG is to acquire 90% of RACQ’s existing insurance underwriting business for $855m, under a 25-year exclusive partnership between the two companies. According to the announcement, IAG also has the option to acquire the remaining 10% in two years on similar terms. RACQ Chief Executive Officer David Carter said: RACQ ... Read the full article
SCOR backs climate prediction market initiative
28th November 2024
French reinsurance giant SCOR's corporate foundation is backing an initiative led by Lancaster University Management School (LUMS) to use prediction markets to combine diverse forecasts of future climate into unified predictions, potentially providing a new mechanism for funding climate research. A collaboration between researchers at LUMS and the University of Exeter’s ... Read the full article
Allianz Partners names Michael Buttstedt as CFO and Board Member
28th November 2024
Allianz Partners, a provider of insurance and assistance services, has announced that Michael Buttstedt has assumed the role of Chief Financial Officer and Board Member as of September 1, 2024. He reports directly to Tomas Kunzmann, CEO of Allianz Partners. Buttstedt brings over 25 years of experience within the Allianz Group ... Read the full article
AM Best maintains stable outlook on US health insurance segment
28th November 2024
Credit rating agency AM Best has maintained its stable outlook for the US health insurance market, citing strong capitalisation and profitability as key factors, among others, despite declining underwriting results. In 2023, the health insurance sector witnessed favourable overall earnings, with net investment income contributing positively to the industry's financial performance, ... Read the full article
Zurich Resilience Solutions launches Climate Spotlight
28th November 2024
Zurich Resilience Solutions (ZRS), the commercial risk advisory and services unit of global insurer Zurich Insurance Group, has launched Climate Spotlight, an interactive digital solution leveraging climate data to provide businesses, municipalities, and public entities with insights to better anticipate, mitigate, and manage their climate risks while enhancing resilience. The solution ... Read the full article
The re/insurance industry has to evolve and innovate faster than ever before: Lloyd’s CEO, Neal
28th November 2024
As the insurance and reinsurance industry continues to grow, the extensive risk landscape also continues to widen, with major risks stemming from key areas such as climate change and cyber, which according to John Neal, Chief Executive Officer (CEO) of Lloyd's, means that the industry has to evolve and innovate ... Read the full article
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