Reinsurance News
Wright Flood partners with Orange to co-brand flood policies
8th November 2024
Wright National Flood Insurance Company has announced its partnership with Orange Insurance Exchange (Orange) to co-brand flood policies. Wright Flood will service, administer, and issue flood coverage under the National Flood Insurance Program (NFIP) for Orange policyholders and agents. Patricia Templeton-Jones, President of Wright Flood, expressed excitement about the new partnership, stating, ... Read the full article
PIC concludes £190m buy-in with Atradius UK pension scheme
8th November 2024
Pension Insurance Corporation plc (PIC), a specialist insurer for defined benefit pension schemes, has completed a £190 million buy-in of the accrued benefits in the Atradius UK Pension Scheme (The Scheme). The buy-in comprises 361 current pensioners and dependents, 344 deferred members, and 66 active members. This transaction ensures the scheme’s ... Read the full article
WTW appoints Karen Grote as Division LOB Leader for NA Life Practice
8th November 2024
Global insurance brokerage WTW has appointed Karen Grote as Division Line of Business Leader for the North America Life Practice within Insurance Consulting & Technology (ICT). In her new role, Grote will drive growth and enhance client value across WTW’s Life Practice, working alongside Mary Bahna-Nolan, who also serves as DLL. Additionally, ... Read the full article
Zywave adds benchmarking to Cyber Quoting for enhanced coverage insights
8th November 2024
Insurtech provider Zywave has announced the addition of embedded benchmarking to its Cyber Quoting solution, enabling brokers to access industry data and loss information from similar organisations, providing their clients with enhanced insights into coverage limit adequacy and potential loss gaps. Launched in April 2024, Cyber Quoting is a centralised platform ... Read the full article
RenRe CEO expects ~$10bn of additional US cat limit purchase in 2025, sees rates trading at current levels
7th November 2024
President and Chief Executive Officer (CEO) of Bermudian reinsurer RenaissanceRe (RenRe), Kevin J. O'Donnell, expects U.S. catastrophe limit purchases to increase by around $10 billion in 2025, and foresees property cat reinsurance rates trading at current levels at the January 1st, 2025, renewals. The structural changes implemented by reinsurers, as well ... Read the full article
Lloyd’s & ABI launch guide to help re/Insurers define major cyber events
7th November 2024
Recognising cyber as one of the most significant systemic and emerging risks, Lloyd’s and the Association of British Insurers (ABI) have jointly published a guide to help re/insurers define major events and identify key factors to consider. According to Lloyd's and the ABI, the dynamic nature of cyber threats necessitates ongoing ... Read the full article
SageSure partners with new reciprocal exchange Auros
7th November 2024
Managing general underwriter SageSure and Auros Reciprocal Insurance Exchange, a Mississippi-domiciled property insurer, have partnered to launch homeowners solutions to Louisiana and Mississippi. Auros is the third reciprocal exchange formation supported by SageSure, following the introduction of SureChoice Underwriters Reciprocal Exchange (SURE) and Elevate in 2021 and 2022, respectively. This new reciprocal ... Read the full article
Westfield Specialty secures Lloyd’s approval for £774m 2025 syndicate business forecast
7th November 2024
Westfield Specialty International, a global insurance provider, has received approval from Lloyd’s for its 2025 Syndicate Business Forecast, setting it at £774 million—a rise of £56 million, or 8%, over the 2024 forecast. Since acquiring the Syndicate in February 2023, Westfield has overseen steady growth, with expectations for further expansion as ... Read the full article
Aon joins Asia Investor Group on Climate Change as member
7th November 2024
Global insurance and reinsurance broker Aon has joined the Asia Investor Group on Climate Change (AIGCC) as a member with risk capital capabilities. As a member, Aon will contribute to developing market-based climate solutions for increasing resilience against climate risks for new sustainable growth opportunities. Aon's innovation in data, analytics and risk ... Read the full article
CFC expands corporate cyber offering in Europe with new team and key appointment
7th November 2024
CFC, an insurance provider with expertise in cyber risk, has announced that it is expanding its corporate cyber offering by launching a team dedicated to supporting brokers across Europe. With established offices in Brussels and Madrid and plans to open more locations by year-end, has appointed Ilaria Silvato as Corporate Cyber ... Read the full article
RenRe adds Loretta J. Mester as an Independent Director
7th November 2024
Bermuda-domiciled reinsurer RenaissanceRe (RenRe) has appointed Loretta J. Mester as an Independent Director, effective November 6, 2024, following the retirement of Brian G. J. Gray, who had served as a Board member since 2013. Most recently, Dr. Mester was the President and Chief Executive Officer (CEO) of the Federal Reserve Bank ... Read the full article
Liberty Mutual sees $892m net income in Q3, total CoR hits 96.7%
7th November 2024
Liberty Mutual Holding Company Inc. (LMHC) and its subsidiaries has posted a net income attributable to LMHC of $892 million for the third quarter of 2024, a notable shift from last year's income of $219 million, while also posting consolidated pre-tax net catastrophe losses of $1.1 billion in ... Read the full article
American Coastal posts $28m net income in Q3’24, revenue climbs 56% to $82m
7th November 2024
Property and casualty (P&C) holding company, American Coastal Insurance Corporation (ACIC) has posted a $28.1 million net income for the third quarter of 2024, an improved figure compared to the $10.6 million income that was posted in the third quarter of 2023. The company said, that of this income, $27.7 million ... Read the full article
AI-focused InsurTechs lead funding surge in Q3’24 with $897.4m raised: Gallagher Re
7th November 2024
Gallagher Re, a reinsurance broker, has released its latest InsurTech report, revealing that AI-focused InsurTechs raised $897.4 million across 29 deals in Q3 2024. Eight of the top 10 companies by funding round were centred around artificial intelligence, resulting in an average deal size of $34.9 million for AI-driven InsurTech ventures. The ... Read the full article
Loadsure partners with Google Cloud to launch AI-powered claims verification system
7th November 2024
Loadsure, an insurtech managing general agent (MGA), has partnered with Google Cloud to develop an AI-powered claims verification system that processes claims more efficiently and accurately. Traditionally, insurance claims processing has been labour-intensive and time-consuming, often requiring manual document verification and data entry, which can cause settlement delays and frustration for ... Read the full article
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