Reinsurance News
Neil McConachie joins Accredited as Chief Risk and Capital Officer
9th October 2024
Global program manager Accredited Insurance has appointed Neil McConachie as Chief Risk and Capital Officer. McConachie is an experienced insurance executive, having previously served as Group CFO of Fidelis Insurance and Group President of Lancashire, where he also held CFO and CRO roles. Set to join Accredited on 14 October officially, McConachie ... Read the full article
Ambac partners with Mike Miller-led MGA Pivix
8th October 2024
Insurance holding company Ambac has partnered with Mike Miller and his team on the launch of Pivix Specialty Insurance Services Inc., a managing general agency focusing on the excess and surplus (E&S) lines market. Miller, who is the former president of Scottsdale Insurance, the E&S carrier of Nationwide, is president and ... Read the full article
Casualty re/insurance market is ‘reacting in a measured way’, says Chris Larson, SiriusPoint
8th October 2024
In an interview with Reinsurance News around the 2024 APCIA annual conference, Chris Larson, Head of Global Casualty Underwriting at SiriusPoint, highlighted how the casualty market is cautiously addressing challenges like rising losses ahead of the 1/1 renewals through rate implementation. Larson emphasised that in the U.S., there is significant pressure ... Read the full article
Amwins and Floodbase launch parametric flood insurance for Californian municipalities
8th October 2024
Amwins, a London-domiciled global speciality distributor, in partnership with insurtech Floodbase, has launched a municipal flood insurance program, designed to insure California municipalities against previously uncovered losses due to atmospheric river flooding. California’s public sector has been largely unprotected from damages caused by atmospheric rivers, which annually on average cost the ... Read the full article
AdvantageGo partners with Insurants to improve data transformation capabilities
8th October 2024
AdvantageGo, a global commercial re/insurance software provider, has created an Ecosystem Alliance with Insurants, a document processing solution for global insurance companies. Leveraging the capabilities of artificial intelligence (AI), this partnership empowers AdvantageGo's Underwriting Workbench with advanced data transformation capabilities. Insurants, powered by AntWorks, tackles the growing volume and complexity of data ... Read the full article
Peter Brooks named Global Head of Fine Art & Specie at Arch Insurance International
8th October 2024
Arch Insurance International, a division of Arch Capital Group, has promoted Peter Brooks to Global Head of Fine Art & Specie, effective immediately. In this new position, Brooks will oversee the Fine Art & Specie insurance portfolio within the London Market and work across Arch’s various underwriting platforms to broaden its ... Read the full article
We have to take the challenge to fight climate change very seriously, R+V Re’s CEO
8th October 2024
As the intensity and severity of natural catastrophes continues to increase worldwide, there is more that the re/insurance sector needs to do to show its value in the climate fight, and according to Christoph Lamby, CEO of R+V Re, the German reinsurer, there are certain points that don't come across ... Read the full article
Competitive pricing ahead for power insurance sector as major losses decline: WTW
8th October 2024
The absence of larger losses in 2023 and 2024 is expected to lead to more competitive pricing in property and business interruption, while lower-level attritional losses will remain a constant, according to WTW’s Power Market Review. In the international liability market, a slight increase in capacity and softer market conditions have ... Read the full article
Gallagher expands upstream energy team with three senior appointments
8th October 2024
Insurance and reinsurance broking group Gallagher has announced three senior appointments in its upstream energy division to support its expanding client base. Darren Jones has been named Executive Partner, bringing over 20 years of experience in energy broking. He joins from Miller, where he served as Upstream Energy Account Executive. Previously, ... Read the full article
Growing confidence in M&A despite geopolitical & macroeconomic headwinds: WTW
8th October 2024
According to research from WTW, large deals have been at the forefront of M&A activity in 2024, reflecting growing confidence among dealmakers despite geopolitical and macroeconomic headwinds. WTW's research revealed that the volume of deals valued over $1 billion has continued to rise, reaching its highest level in two years with ... Read the full article
Offshore renewable energy insurance premiums set to remain low amid soft market: NARDAC
8th October 2024
NARDAC, an energy and infrastructure insurance broker and Managing General Agent (MGA), has reported that insurance premiums for offshore renewable energy and infrastructure projects are expected to remain low for the next two to three years, extending the "soft market" conditions that began in 2023 across several insurance sectors, concluding ... Read the full article
Large insured losses from Milton could lead to extended hard market for property cat reinsurance, Jefferies
8th October 2024
Large insurance industry losses from major hurricane Milton's eventual impacts in Florida could potentially lead to an extended hard market for property cat reinsurance, according to Jefferies. Analysts explained that should the hard market extend, it will alleviate recent concerns that the upcoming January renewals would show softening, and likely wind ... Read the full article
Beazley launches ‘Beazley Quantum’ to enhance cyber offering
8th October 2024
Specialty insurer Beazley has expanded its cyber capabilities with the addition of ‘Beazley Quantum’, a new cyber consortium that provides comprehensive cover for large corporates with up to $100 million limit. According to the announcement, the consortium will offer protection to substantial corporate entities with a turnover in excess of $1 ... Read the full article
BMO warns of potential $75bn+ in insured losses if Milton strikes Tampa as a major hurricane
8th October 2024
A new report from BMO Capital Markets discussing Hurricane Milton's potential impact has noted that a direct hit on Tampa at a Category 3-5 level could result in insured losses exceeding $75 billion. For those unaware, Milton is currently a powerful category 4 hurricane, with maximum sustained winds near 155 mph. Despite ... Read the full article
AM Best revises Indonesia’s non-life insurance segment to stable
8th October 2024
Global credit rating agency AM Best has confirmed that it has revised the outlook to stable from negative for Indonesia's non-life insurance segment, owing to a number of factors that include solid growth prospects, the potential for compulsory third-party liability (TPL) insurance for motorists, and regulatory changes that are expected ... Read the full article
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