Reinsurance News
Hurricane Milton privately insured loss estimated close to $36bn: KCC
15th October 2024
Karen Clark & Company (KCC) has estimated that the privately insured loss from Hurricane Milton will be close to $36 billion in the US from wind, storm surge, and inland flooding. This estimate, based on the high-resolution KCC US Hurricane Reference Model, includes the privately insured damage to residential, commercial, and ... Read the full article
Positive London market pricing trends set to continue in H2: Fitch
15th October 2024
As per a new report by Fitch Ratings, positive pricing trends in the London market are anticipated to continue into H2 2024, though at a slower rate than in 2023, following a period of high inflation, pandemic and natural disaster losses, and challenges in the cyber insurance sector. According to the ... Read the full article
Hurricane Milton manageable for reinsurers, but a major event for Florida insurers: Milliman
15th October 2024
According to Milliman, a global consulting and actuarial firm, hurricane Milton is likely to be a manageable event for the reinsurance industry, but a major one for insurance carriers in the State of Florida and could even put some companies under surplus pressure. Late on Wednesday, October 9th, hurricane Milton made ... Read the full article
Counterpart hires Jim Smith to expand API adoption and strengthen digital capabilities
15th October 2024
Counterpart, a management and professional liability insurtech, has announced the appointment of industry veteran, Jim Smith, as its Director of Digital Distribution. With the hire of Smith, Counterpart - backed by Aspen, Markel, and Westfield Specialty - aims to expand the business API adoption and strengthen digital capabilities amidst new business ... Read the full article
AXA reports renewed confidence in insurers amid heightened vulnerability
15th October 2024
Global insurer AXA’s Future Risks Report 2024 reveals a heightened sense of vulnerability regarding the risks facing societies; nonetheless, both experts and the general population express renewed confidence in insurers to tackle existing and emerging risks. This study, conducted in partnership with IPSOS, involves data collected and analysed by AXA's dedicated ... Read the full article
PERse hires Tayler Marshall as VP, Casualty of Americas team
15th October 2024
PERse, the managing general underwriter (MGU) specialising in renewable energy and part of Ryan Specialty Underwriting Managers, has added three new renewable energy casualty experts to its Americas team, who each join the firm following Ryan Specialty's recent acquisition of Ethos Specialty Insurance's property & casualty (P&C) MGUs. Tayler Marshall, ... Read the full article
Building resilience in APAC through $2 trillion annual infrastructure investment: Swiss Re
15th October 2024
Jimmy Lim, Head of Engineering Underwriting Asia at Swiss Re, stated that the Asian Development Bank estimates the Asia-Pacific (APAC) region needs to invest almost USD 2 trillion each year in infrastructure. This substantial investment is critical to supporting economic growth, addressing poverty, and combating climate change. As Lim states, "This represents ... Read the full article
Property insurers to benefit from Arturo’s newly launched Change Detection technology
15th October 2024
Property intelligence company, Arturo has unveiled a “revolutionary” AI-powered solution for insurers that will enhance property insights and risk management. The new solution, named Change Detection, leverages state-of-the-art AI and geospatial imagery to pinpoint key changes on properties, such as deteriorating roofs or newly built structures. This proactive approach empowers insurers to ... Read the full article
B.P. Marsh & Partners fund Volt with up to £2.5m, subscribe to 25.5% share
15th October 2024
Specialist private equity investor B.P. Marsh & Partners Plc has subscribed for a 25.5% cumulative preferred ordinary shareholding in Volt, a London-domiciled start-up managing general agency (MGA). As part of the investment, B.P. Marsh has provided funding of up to £2.5 million via both equity and a loan facility, which ... Read the full article
European insurers on track for solid FY24 results despite varied country trends: Fitch
14th October 2024
European insurance companies posted strong results in 1H24, driven by favourable interest rates and pricing cycles, despite varied national trends, according to Fitch Ratings. Most insurers are on track for a solid full-year performance, with interest rate cuts starting and insurance price increases likely having peaked. Underwriting margins in the life insurance ... Read the full article
Hofmann becomes US CEO of Aon Reinsurance Solutions, Traetow named US Vice Chairman
14th October 2024
Global insurance and reinsurance broking group Aon has announced that Stephen Hofmann will become U.S. CEO of Reinsurance Solutions for Aon, and Kevin Traetow will serve as U.S. vice chairman of Reinsurance Solutions. In their new respective roles, both Hofmann and Traetow will collaborate closely together to help formulate and boost ... Read the full article
New MGA Volt Underwriting deploys Quotech’s underwriting workbench & Quex platform
14th October 2024
Quotech, a developer of integrated technology solutions for underwriting and broking teams, has supplied systems to Volt Underwriting, a new energy-focussed managing general agent (MGA) launched earlier today. From what Reinsurance News understands, Volt has deployed Quotech's underwriting workbench, Risque, and its exposure management platform, Quex, which was launched in ... Read the full article
Helene & Milton combined insured loss seen at up to $55bn by Moody’s RMS Event Response
14th October 2024
Catastrophe risk modeller Moody’s RMS Event Response expects private market insurance industry losses in the US from hurricanes Helene and Milton to fall between $35 billion and $55 billion, although warns of complexities and uncertainties surrounding loss estimates given the overlapping regions affected by the two storms. Helene and Milton, the ... Read the full article
Nearmap finalises asset purchase agreement for Tensorflight
14th October 2024
Nearmap, a location intelligence and aerial imagery solutions provider, has completed an asset purchase agreement with Tensorflight. Tensorflight is the first property-inspection platform based on convolutional neural networks, offering underwriters and insurers access to detailed and accurate datasets for commercial properties, enabling them to develop better insurance products. Nearmap will acquire Tensorflight's ... Read the full article
Papadopoulo to succeed Grandisson as Arch CEO
14th October 2024
Bermuda-headquartered insurer and reinsurer Arch Capital Group Ltd. has announced the appointment of Nicolas Papadopoulo as Chief Executive Officer, as Marc Grandisson is to retire from the company. Papadopoulo will also be joining Arch’s Board of Directors, effective immediately. The executive has held his current positions of President and Chief Underwriting Officer ... Read the full article
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