Reinsurance News
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
A quiet Q3, but 9M 2024 catastrophe bond issuance hits $13.2 billion: Report
14th October 2024
Third quarter catastrophe bond and related insurance-linked securities (ILS) issuance was muted at $573 million, but sufficient to take issuance for the first nine months of the year to a new high of $13.2 billion, according to Artemis. Now available to download for free, the Artemis Q3 ... Read the full article
Employers Holdings names Pedraja as new CFO
14th October 2024
Employers Holdings, Inc., a provider of workers' compensation insurance, has announced the appointment of Michael Pedraja as Executive Vice President and Chief Financial Officer (Designate), effective February 3, 2025. He will assume the role of Executive Vice President and Chief Financial Officer effective on or about March 31, 2025. Pedraja, who has ... Read the full article
African Development Bank approves $34.8m grants for Malawi & Zimbabwe’s climate resilience
14th October 2024
African Development Bank Group’s Board of Directors has approved $34.8 million, ($34,796,402.40) in grants to enhance resilience and adaptation to climate disaster risks for vulnerable communities in Malawi and Zimbabwe. Under the Bank Group’s Africa Disaster Risk Financing (ADRiFi) initiative, the Mitigating Fragility through the Africa Disaster Risk Financing Programme in ... Read the full article
Chaucer names Nicola Miles Ports & Terminals Class Underwriter
14th October 2024
Global specialty re/insurance group Chaucer has announced the appointment of marine insurance specialist Nicola Miles as Class Underwriter Ports and Terminals. Miles joins the Marine team reporting to James Irvine, Leader of Global Hull Lines, and will be working closely with Class Underwriter Ports and Terminals, Graham Harrison. Simon Schnorr, Chaucer’s Head ... Read the full article
LBIC partners with CelsiusPro to pilot index drought insurance in South Africa
14th October 2024
Land Bank Insurance Company (LBIC) has partnered with CelsiusPro to pilot index insurance in South Africa, offering affordable drought-risk coverage for smallholder crop and livestock farmers. Index insurance is a cost-effective way to protect smallholder and semi-commercial farmers. Payouts are triggered automatically when a pre-agreed index breaches a certain threshold. Since ... Read the full article
Building damage from Hurricane Milton in Florida could surpass Helene’s: ICEYE
14th October 2024
The number of buildings in Florida impacted by Hurricane Milton are similar to, or even more than Helene which totalled over 150,000, according to ICEYE’s initial data. Hurricane Milton made landfall on the 9th of October in Florida’s Sarasota County as a Category 3 hurricane, bringing damaging winds, tornadoes, life-threatening storm ... Read the full article
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