Reinsurance News
Losses from Milton to possibly reach third layer of Heritage’s reinsurance tower
23rd October 2024
Heritage Insurance, a super-regional P&C insurance holding company, expects gross losses from Hurricane Milton to breach the third layer of its reinsurance tower. Milton is expected to incur Heritage approximately $57 million of net current accident quarter catastrophe losses for Q4 2024. Ernie Garateix, Heritage CEO, commented, "Overall, we are in a ... Read the full article
P/C credit rating downgrades decline, but so do upgrades in H1 2024: AM Best
23rd October 2024
There have been fewer credit rating downgrades in the first half of 2024 compared with the same prior-year period, at the same time upgrades in the US property/casualty insurance segment declined in the same period, AM Best has revealed. Fewer credit rating downgrades in H1 2024 were mainly due to the ... Read the full article
BHSI appoints Kristina Målarbo as Head of Claims, Nordics
23rd October 2024
Berkshire Hathaway Specialty Insurance (BHSI), a commercial property, casualty, and specialty insurer, has appointed Kristina Målarbo as the Head of Claims, Nordics, based in Stockholm. Målarbo has 25 years of industry experience overseeing commercial insurance claims, including multinational claims, at global insurance companies. Earlier this year, BHSI announced its entry into the ... Read the full article
CAC Group unveils customisable cyber insurance solution for energy and utility sectors
23rd October 2024
CAC Group, a national insurance broker and advisor, has announced the launch of CyberPeril Pro, a flexible cyber insurance solution aimed at closing coverage gaps in the energy and utility sectors. Adam Lantrip, Executive Vice President, Professional & Cyber Solutions Practice Leader at CAC Specialty, explained, "As more carriers eliminate 'silent ... Read the full article
Ken Carter appointed Chief Claims Officer for Concert Group
23rd October 2024
Concert Group, a privately owned insurance holding company, has appointed Ken Carter to the newly created position of Chief Claims Officer. Based in Buffalo, New York, Carter joined the company on October 8, 2024 from Merchants Insurance Group. In his new role, he will be reporting to Chief Executive Officer John Hendrickson, ... Read the full article
Qantev raises €30M led by Blossom Capital to drive AI innovation and global growth
23rd October 2024
Qantev, an AI-powered platform transforming the way health and life insurers manage claims, reduce costs, and enhance services, has secured €30 million in a new funding round led by Blossom Capital, a European venture capital firm, with participation from existing investors Elaia, Omnes, and RAISE Venture. With this fresh capital, Qantev ... Read the full article
Lloyd’s Market Association adopts new Chair appointment process
22nd October 2024
The Board of the Lloyd's Market Association (LMA) has announced it is adopting a new process for the appointment of a Chair, this includes a timing and procedural change. According to the announcement, following the recommendation of the LMA Nominations Committee, the LMA Board has agreed the new Chair is to ... Read the full article
PERILS places final industry loss estimate for Babet-Aline floods and storms at €639m
22nd October 2024
Zurich-domiciled catastrophe insurance data provider, PERILS, has released its final industry loss estimate of €639 million for the floods and storms caused by low-pressure systems Babet (Viktor) and Aline (Wolfgang) over the British Isles and northwestern Europe from October 18th to 22nd, 2023. This new loss figure compares to the previous ... Read the full article
Cyber insurers could cut loss ratios by 16% by excluding high-risk entities: Gallagher Re
22nd October 2024
A recent study by Gallagher Re, a global reinsurance broker, analysed Bitsight's security performance data from 62,000 organisations across 67 countries, along with Gallagher Re's proprietary data on cybersecurity incidents and claims. The research revealed that poor performance in specific areas increased the likelihood of a cybersecurity incident and subsequent claim, ... Read the full article
Industry veteran Thomas Long joins HDI Global Insurance as US Casualty Lead
22nd October 2024
HDI Global Insurance Company (HGIC), the US subsidiary of HDI Global SE (HDI), has appointed 35-year industry veteran Thomas Long as US Casualty Lead. In his new role, Long will be based out of the company’s US headquarters in Chicago, IL. He will report to Marco Hensel, Chief Underwriting Officer, HGIC. He ... Read the full article
CNA Financial estimates net cat losses of $143m in Q3’24
22nd October 2024
Chicago-domiciled insurer, CNA Financial Corporation expects to report pretax net catastrophe losses of $143 million for Q3 2024 in its results. Approximately 75% of the catastrophe losses are associated with four larger events, including $55 million from Hurricane Helene, noted the insurer. The remaining approximately $35 million of losses is spread across ... Read the full article
Selective sees net income growth, cat losses increase CoR in Q3’24
22nd October 2024
Selective Insurance Group, Inc. has announced its financial result for the third quarter of 2024, reporting an improved net income of $90.0 million and $1,157.6 million net premiums written (NPW). According to the insurer, NPW increased 9% from a year ago driven by accelerating renewal pure price increases and stable Standard ... Read the full article
September’s PRT costs increased from 100.8% to 101.7%: Milliman
22nd October 2024
Global consulting and actuarial firm Milliman has reported that the estimated retiree pension risk transfer (PRT) cost for September reached 101.7% of a plan’s accounting liabilities (accumulated benefit obligation, or ABO). In its latest Milliman Pension Buyout Index (MPBI), the firm outlines that the estimated cost to transfer retiree pension risk ... Read the full article
US state residual property markets see policy count double in 5 years, AM Best
22nd October 2024
According to AM Best, US residual property insurance markets have seen a far greater influx of personal lines business that far exceeds its commercial lines counterpart, with much of the new business written in states worst affected by the growing frequency and severity of secondary peril losses. In a new report, ... Read the full article
Register for Artemis’ live webinar on the use of alternative capital sources by originators of risk
22nd October 2024
Artemis, our insurance-linked securities (ILS) focused sister publication, has partnered with Artex Capital Solutions, the specialist unit of Artex Risk Solutions that creates and manages ILS and related structures, to host a live webinar on the use of alternative capital sources by originators of insurance risk. This ... Read the full article
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