Reinsurance News
Cyber-attacks cost UK businesses £44bn in last five years: Howden
25th November 2024
Half (52%) of UK businesses, representing 1.3 million private sector companies, have endured at least one cyber-attack in the past five years, equating to £44 billion of lost revenue, according to Howden, the international insurance intermediary group. New research published by Howden reveals that businesses with an annual revenue of over ... Read the full article
Gallagher expands marine P&I team with key appointments
25th November 2024
Insurance and reinsurance broking group Gallagher has expanded its marine P&I team with several key appointments. James Giles has been named Divisional Director. In his new role, he will be seconded to Gallagher Singapore, where he will work with the firm’s clients, support new regional offices, and focus on expanding its ... Read the full article
Loss and Damage Fund to begin financing projects in 2025: COP29 Presidency
25th November 2024
The COP29 Presidency of Azerbaijan has succeeded in getting the Fund for Loss and Damage up and running and ready to distribute money in 2025. The establishment of the Loss and Damage Fund was first agreed upon during COP27 in Egypt, aiming to provide financial assistance to countries most vulnerable to ... Read the full article
AI’s role in tackling inefficiencies in insurance data processing: Roots Automation
25th November 2024
Roots Automation’s recent whitepaper highlights how artificial intelligence (AI) can help insurers address the costly inefficiencies of processing unstructured data, ultimately improving underwriting and claims operations. The whitepaper underscores the significant losses insurers face due to inefficient underwriting and claims. In 2023, Property and Casualty underwriting losses surpassed $21 billion, according ... Read the full article
Insurance consultants Lignum Risk Partners contribute to UK’s first commercial timber guidebook
25th November 2024
A collaboration between insurers, property developers, and technical experts has led to the launch of the UK's first Commercial Timber Guidebook, which aims to promote the use of structural timber in office construction. The project is spearheaded by Elliott Wood, Waugh Thistleton Architects and OFR Consultants, working with specialist insurance consultants Lignum ... Read the full article
Politics and policy dominates Swiss Re’s macro outlook for 2025
25th November 2024
Swiss Re's November 2024 Macro Outlook highlights the dominance of politics and policy, with key developments including its revision to US inflation and interest rate forecasts due to President-elect Trump's victory, increased UK policy rate and yield forecasts following the Autumn budget announcement, as well as concerns over potential US ... Read the full article
Starr joins Octaviant Financial and Marsh as lead carrier on drug warranty platform
25th November 2024
Octaviant Financial has announced that Starr Insurance will join its partnership with Marsh to offer drug warranty services that enable pharmaceutical companies to guarantee the effectiveness of high-cost therapies. Through this partnership, Octaviant will provide drug warranties through its subsidiary, Actuaria Insurance Services LLC. With Starr now serving as the lead underwriter, ... Read the full article
Climate and natural disaster risks prompting 13% of US home hunters to move: Redfin
22nd November 2024
Nearly one in seven (13.7%) US home hunters say a concern for natural disasters or climate risks within their area is a reason they are likely to move in the next year, according to a new report from Redfin, the technology-powered real estate brokerage. A Redfin-commissioned survey which was conducted by ... Read the full article
Robust 2023 results fuel reinsurers’ earnings prospects: S&P
22nd November 2024
The 2024-2026 outlook for reinsurers’ earnings looks positive following the robust operating results seen in 2023 where reinsurers achieved their highest profits in years, S&P analysts stated in a recent report. Growth in 2023 was fueled by decade-high investment yields and consistent rate increases in property and catastrophe lines (short-tail lines). The ... Read the full article
AXA XL backs Bahamas debt swap with $30mn insurance
22nd November 2024
AXA XL, the property & casualty (P&C) and specialty risk division of global insurer AXA, is providing $30 million in insurance to the Bahamas conservation debt swap, which aims to unlock $124 million for ocean protection. In a bold move to prioritise marine conservation and address climate change, the Bahamas has ... Read the full article
Legal & General completes record $2.2bn in US PRT business in 2024
22nd November 2024
Legal & General has completed a record $2.2 billion in Pension Risk Transfer (PRT) business in the US in 2024, marking its largest year in the market to date. Having entered the US PRT market nine years ago, Legal & General completed its first transaction with Royal Philips in 2015. Since ... Read the full article
AM Best maintains positive outlook on DUAE segment
22nd November 2024
Ratings agency AM Best maintains a positive market segment outlook for the delegated underwriting authority enterprise (DUAE) segment, driven by sustained growth and niche expertise, despite potential challenges arising from capacity issues and rapid expansion. The DUAE distribution channel continues to increase its market share, supported by strong and consistent premium ... Read the full article
Austral Re reports strong growth in LatAm surety insurance market
22nd November 2024
Brazilian reinsurer Austral Re has achieved steady growth since launching its strategic plan for Guarantee Insurance in Latin America (LatAm) two years ago, with subscribed premiums reaching R$ 100 million by September and an expected R$ 110 million by year-end, a 40% increase from the previous year. Austral Re operates in ... Read the full article
Itasca MGA backs financing for Elevate Capital Partners in E195-E2 aircraft deal
22nd November 2024
Itasca MGA Limited, an aviation-focused managing general agent formed by Castlelake and Pine Walk Capital, a subsidiary of The Fidelis Partnership, announced its insurance support for Elevate Capital Partners in securing a financing solution for two E195-E2 aircraft. "Itasca is pleased to provide support to Elevate Capital Partners as it takes ... Read the full article
South Korea’s Hanwha Life to acquire majority stake in US-based Velocity Clearing
22nd November 2024
Hanwha Life, a South Korean life insurance company, has agreed to acquire a 75% stake in the parent of Velocity Clearing, an US-based global financial services firm. The Velocity Clearing management team will retain the remaining minority stake in the company. With this acquisition, Hanwha Life will establish a presence in the ... Read the full article
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