Reinsurance News
PPL and Microsoft partner to advance London market digital placing with new trading hub
10th October 2024
Placing Platform Limited (PPL) has entered a multi-year agreement with Microsoft to accelerate its transition from a transaction platform to a data-driven trading hub. This collaboration will see the integration of Microsoft’s data and AI capabilities and productivity tools into the flow of work on PPL’s specialty insurance trading platform. It aims ... Read the full article
Starwind Specialty Insurance Services introduces environmental unit headed by Mike Padula
10th October 2024
Starwind Specialty Insurance Services, a division of CRC Group, has introduced a new environmental unit, which will be led by Mike Padula. In this position, Padula will oversee the creation of a comprehensive range of environmental products, positioning Starwind to stay ahead of industry trends and maintain its competitive edge. "Bringing Mike ... Read the full article
Milton poses significant threat to Florida property market: AM Best
10th October 2024
In a new commentary, AM Best warns that Hurricane Milton poses a significant threat to the Florida-concentrated property insurers that lack diversification. AM Best believes that diversified, large insurers and reinsurers would be able to absorb losses from Hurricane Milton, depending on the intensity, location and magnitude of the hurricane; however, ... Read the full article
Cowbell reports successful first year in the UK with triple-digit growth
10th October 2024
Cowbell, a cyber insurance provider for small and medium-sized enterprises (SMEs), has reported significant growth as it marks the first anniversary of its expansion into the UK. From January to June 2024 alone, Cowbell's results show continued success in the region, highlighted by a threefold increase in premiums, policies, and producers: ... Read the full article
Broker pre-landfall loss forecasts ranged from 15bn to 40bn
10th October 2024
In their pre-landfall loss forecasts for Hurricane Milton, Steve Bowen, Chief Science Officer at reinsurance broker Gallagher Re, said private insurance market losses ranging from $30 billion to $40 billion could be expected, while BMS Group’s Senior Meteorologist Andrew Siffert noted that a $15 billion or greater event is possible. Both ... Read the full article
Milton may deplete P&C insurers’ cat budgets, but stay within reinsurers’: S&P
10th October 2024
Given that many primary P&C insurers are already near their 2024 catastrophe budgets due to H1 losses, S&P believes Hurricane Milton, along with other weather-related losses, could fully exhaust these budgets. However, reinsurers may still have room in their catastrophe budgets to absorb the combined losses from Milton and other ... Read the full article
William Malone to serve as Vice President, Head of Agency at Hippo
10th October 2024
Home insurance firm Hippo has appointed 25-year industry veteran, William Malone as the Vice President, Head of Agency effective immediately. Malone will lead Hippo's sales, account management, and customer support functions. He has previously served in sales leadership positions at Chubb, Hartford, Liberty Mutual, and GEICO. Rick McCathron, Chief Executive Officer and ... Read the full article
WTW and Keylane partner for faster and innovative insurance pricing
10th October 2024
Global insurance broker WTW and Keylane, a policy administration system provider in the Netherlands, have partnered to help insurers enhance their real-time pricing and speed to market. According to the announcement, this collaboration will help to ensure competitive advantage through more effective pricing strategies. Keylane will join WTW’s Insurance Technology Partner Network, ... Read the full article
Growing financial protection pre-arranged financing reaches USD 9.8 Billion in 2023: report
10th October 2024
The Centre for Disaster Protection, an organisation focused on enhancing financial support and preparedness for disaster response in low- and middle-income countries, presents its latest annual report, The State of Pre-arranged Financing for Disasters 2024, which offers valuable insights into the initiatives of international development donors to improve financial mechanisms ... Read the full article
WTW report highlights stability in North American commercial insurance rates
9th October 2024
According to the latest Insurance Marketplace Realities report from WTW, an advisory, broking, and solutions firm, commercial insurance rates have maintained steadiness and balance throughout the year across North America. WTW notes that new capital entering both the reinsurance and retail markets has intensified competition for premium market share, except in ... Read the full article
Protective Life Corporation sells Concourse Securities and Concourse Agency
9th October 2024
Protective Life Corporation (Protective), a U.S. subsidiary of Dai-ichi Life Holdings, has entered into agreements to sell Concourse Financial Group Securities (Concourse Securities) and Concourse Financial Group Agency (Concourse Agency). This includes an asset purchase agreement with Cetera Financial Group (Cetera) to acquire Concourse Securities, and a stock purchase agreement with ... Read the full article
Earnix adds Argo Group CEO Jessica Buss to its Board of Directors
9th October 2024
Earnix, a global provider of AI-based SaaS pricing and rating solutions for financial services, has announced the appointment of Jessica Buss, Chief Executive Officer of Argo Group, to its Board of Directors. A highly respected leader in the property and casualty insurance industry, Boss has been with Argo Group since 2022, ... Read the full article
Range of Milton insured losses high at 15bn-150bn+: Icosa Investments
9th October 2024
Icosa Investments, a catastrophe bond fund manager, has projected potential insurance industry losses from Hurricane Milton, ranging from $15 billion to over $150 billion, depending on the storm's landfall location, intensity, and path. “To assist investors in navigating the potential newsflow around Hurricane Milton’s landfall in the next 24 hours, we’ve ... Read the full article
Aon’s NFP expands P&C offerings through Miller Insurance Group acquisition
9th October 2024
NFP, a company under Aon and a broker in property and casualty (P&C) insurance, benefits consulting, wealth management, and retirement plan advising, has acquired Richard S. Miller & Sons, Inc. dba Miller Insurance Group (MIG), a P&C and benefits agency with multiple offices in Indiana. Established in 1937, MIG provides commercial ... Read the full article
Tampa could avoid direct Hurricane Milton impact, though significant uncertainty remains: Morningstar DBRS
9th October 2024
With the U.S. National Hurricane Center now placing the entry point of Hurricane Milton about 40 miles south of Tampa, Florida, Morningstar DBRS has suggested that insured losses could be "substantial but not catastrophic", sitting in the $30 billion to $60 billion range, though significant uncertainty remains. According to Morningstar DBRS, ... Read the full article
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