Reinsurance News
Helene and Milton losses below $200m retention of Progressive’s occurrence XoL reinsurance
15th October 2024
Progressive, the property and auto-focused insurance group, has revealed that incurred property losses and allocated loss adjustment expenses (ALAE) related to hurricanes Helene and Milton did not exceed the $200 million retention under its occurrence excess of loss (XoL) reinsurance program, but it's currently unclear as to how the storms ... Read the full article
SCOR names Bourke CEO of L&H for Australia & New Zealand
15th October 2024
French reinsurer SCOR has announced the appointment of Paula Bourke as Chief Executive Officer (CEO) of Life and Health (L&H), Australia & New Zealand, effective immediately. Bourke brings over 26 years of industry experience to the role, having spent the last eight years at SCOR, most recently as Deputy CEO ANZ ... Read the full article
Slowing US housing market remains a major challenge for title insurers, AM Best
15th October 2024
For the second-straight year, the US title insurance sector witnessed its volume of direct premium written decline, falling 32% to $14.3 billion in 2023, which according to AM Best, reflects housing and macroeconomic trends. It's important to highlight that as mortgage interest rates began to fall in 2020, housing started to ... Read the full article
BOAD to use parametric insurance to cover sovereign loan portfolios
15th October 2024
The West African Development Bank (BOAD) has launched the "Shock Resilient Loans" program under its sovereign loan portfolio, covered by parametric insurance against natural and health disasters, supported by Munich Re. The project’s pilot phase covers Benin, Côte d’Ivoire, Senegal and Togo, a loan portfolio in these countries totalling over USD350 ... Read the full article
QBE Intl to launch US Inland Marine offering with key hires
15th October 2024
QBE International Markets is set to launch a new US Inland Marine offering by 2025, making it available in all 50 states as part of its expansion of specialty products and the addition of a new team. The team and product will be added to QBE International Market’s growing Ocean Marine ... Read the full article
Insurers boost investments in private markets and clean energy amid political uncertainty: BlackRock
15th October 2024
BlackRock, a global asset management firm, reports that insurers are focusing on increased investments in private markets, clean energy infrastructure, and innovative technology in 2024, according to its 13th annual Global Insurance Report. For the third year in a row, the report shows that a majority of insurers plan to raise ... Read the full article
Matthew Williams named MD of rradar’s new insurance venture rrelentless
15th October 2024
rradar, a UK legal enterprise, has announced the appointment of Matthew Williams as Managing Director (MD) of its newly launched insurance vehicle, rrelentless. By leveraging Williams’ expertise, he will help to drive forward the firm’s strategic growth plans, through providing innovative solutions that help businesses better manage risk in an increasingly ... Read the full article
SRG launches in APAC and set to acquire Singapore-based HL Suntek
15th October 2024
Specialist Risk Group (SRG), an insurance intermediary majority-owned by Warburg Pincus and Temasek, has announced its expansion into the Asia Pacific (APAC) region and its plans to acquire HL Suntek Insurance Brokers Pte. Ltd. (HL Suntek). Based in Singapore, SRG will closely follow its successful UK business model—an insurance group ... Read the full article
Kevin Madigan joins Argo Group as Head of Capital Management
15th October 2024
Argo Group has appointed renowned risk, actuarial, and underwriting veteran Kevin Madigan as Head of Capital Management, based in New York. Known for his experience particularly across the property & casualty (P&C) space, Madigan also has experience and expertise within the insurance-linked-securities (ILS) market as well. He began his career in the ... Read the full article
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
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