Reinsurance News
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
Hurricane Milton threatens tens of billions in insured losses, reinsurers also to be impacted: RBC Capital Markets
9th October 2024
With its projected path and intensity, Hurricane Milton has the potential to become one of the most expensive storms to hit Florida, analysts at RBC Capital Markets, the investment banking arm of Royal Bank of Canada, predict. Currently, Hurricane Milton remains a Category 4 storm within the Gulf of Mexico, having ... Read the full article
UK businesses cite economic risks and cybercrime as top 2024 concerns: Marsh McLennan
9th October 2024
According to new research from Marsh McLennan, a professional services firm focused on risk, strategy, and people management, the primary concerns for UK businesses over the next 12 months are economic and financial challenges (43%), cyber threats (39%), and people-related risks (38%). These insights are drawn from Marsh McLennan’s UK Business ... Read the full article
Beazley, Munich Re, and Gallagher Re study reveals cyber market resilience
9th October 2024
Findings from a year-long collaboration between Beazley, Munich Re, and Gallagher Re indicate that the cyber insurance market can withstand a plausible yet remote malware event under current parameters. This information was released in a whitepaper that aimed at building a shared understanding of the potential systemic losses the cyber-insurance industry ... Read the full article
AEGIS Miner Rescue Consortium launches $25m miner rescue insurance product
9th October 2024
AEGIS London-led Lloyd’s consortium has launched a $25 million insurance product to cover the rescue of miners trapped underground, doubling its available cover from $10 million. The AEGIS Miner Rescue Consortium, is predominantly for hard rock and precious metal mines, both open cast and underground, with a focus on Australia, Canada, ... Read the full article
Markel strengthens cyber team with Eastwood hire as Senior Underwriter
9th October 2024
Markel, the insurance division of Markel Group Inc., has appointed Jack Eastwood as Senior Underwriter, Cyber, effective immediately. Eastwood will be based at Markel’s London office and report directly to Dan Fox, Head of Cyber for Markel. As a senior underwriting leader of Markel’s Cyber & Technology team, he will work ... Read the full article
Optio Group continues European expansion with MGA Heca acquisition
9th October 2024
Optio Group, a specialty Managing General Agent (MGA), has acquired a strategic investment in Italian MGA Heca S.r.l. (Heca) for an undisclosed amount. This move aligns with Optio’s strategy to expand across Europe and reflects its confidence in Heca’s potential for future growth. Founded in 2010 in Ortona, Italy, Heca has quickly ... Read the full article
Socotra adds Greg Murphy as Head of Global Partnerships
9th October 2024
Insurance technology provider Socotra has appointed Greg Murphy as Head of Global Partnerships, to develop and expand strategic alliances with technology providers and system integrators. Murphy is a market veteran with three decades of experience, most recently as Chief Executive Officer (CEO) and Principal Consultant of GRAAM Consulting Group. He has also ... Read the full article
Lloyd’s warns of $14.5trn economic risk from hypothetical geopolitical conflict
9th October 2024
Lloyd's has released a report noting that a hypothetical geopolitical conflict could disrupt global trade and supply chains, potentially leading to $14.5 trillion in losses for the global economy over a five-year period. Produced in partnership with the Cambridge Centre for Risk Studies, Lloyd's research explores eight "hypothetical but plausible" systemic ... Read the full article
WTW partners with the University of Colorado Boulder to enhance climate prediction
9th October 2024
Global insurance broker WTW has partnered with the University of Colorado Boulder (CU Boulder) to bring scientific advancements in seasonal climate prediction to the insurance and risk management sectors. This collaboration will help WTW and its clients anticipate how upcoming weather events may impact their operations and portfolios, allowing them to ... Read the full article
CoreLogic & Moody’s highlight billions in property exposure as Milton nears Florida
9th October 2024
Separate data analysis from CoreLogic and Moody's has revealed that 500,000 single-family and multifamily homes in Florida's Tampa Bay and Sarasota areas, with a reconstruction cost value of $123 billion, are at risk of storm surge from Hurricane Milton, while over 235,000 commercial properties in the state, worth $1.1 trillion, ... Read the full article
Verisk estimates Helene’s insured losses could reach $11bn excluding NFIP
9th October 2024
According to the Extreme Event Solutions group at Verisk, industry-insured losses due to wind, storm surge, and hurricane precipitation-induced flood from Hurricane Helene will range between $6 billion and $11 billion, excluding the National Flood Insurance Program (NFIP). To recap, Helene, a Category 4 storm with 140 mph winds made landfall ... Read the full article
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