Reinsurance News
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
Expected $60bn loss from Milton to revert reinsurance pricing stability: Morningstar DBRS
14th October 2024
According to a new Morningstar DBRS report, Hurricane Milton is expected to result in insured losses approaching $60 billion, likely causing the stabilisation of reinsurance prices seen during mid-year renewals to revert to their upward trajectory. Hurricane Milton made landfall on the 9th of October in Sarasota county (Siesta Key) on ... Read the full article
Price Forbes Re names Colin Kelley as Chief Commercial Officer
14th October 2024
Price Forbes Re, an independent reinsurance broker, is excited to announce the appointment of Colin Kelley as its new Chief Commercial Officer (CCO), a role specifically created to support the company's expansion. In this position, Kelley will collaborate closely with the insurance, reinsurance, and capital markets teams to craft tailored solutions ... Read the full article
Chubb unveils Construction Industry Practice in UK & Ireland
14th October 2024
Chubb, the global property and casualty insurer, has launched its new Construction Industry Practice in the UK and Ireland, bringing together specialist underwriters, risk engineers and claims executives across multiple risk areas to create one customer and broker centric proposition. Chubb's new Construction Industry Practice is situated across the firm's branch ... Read the full article
Milton insured losses manageable for large carriers, property cat pricing unlikely to rise: Morgan Stanley
14th October 2024
With insured losses from Hurricane Milton anticipated to be manageable for the larger carriers, analysts at Morgan Stanley have suggested that pricing is less likely to increase for property catastrophe going into 2025. However, the prior expectation for a double-digit decline is now less plausible. For those unaware, Milton made landfall ... Read the full article
AM Best upgrades credit ratings of GIC Re, shifts outlook to stable
14th October 2024
Global credit rating agency AM Best has upgraded and revised the credit rating outlooks for Indian public sector reinsurer, General Insurance Corporation of India (GIC Re), to stable from positive. Specifically, AM Best has upgraded the reinsurer's Financial Strength Rating to A- (Excellent) from B++ (Good), and the Long-Term Issuer Credit ... Read the full article
Energy sector MGA Volt Underwriting launches
14th October 2024
London-domiciled, Lloyd’s Approved Coverholder, energy sector managing general agent (MGA) Volt Underwriting launches today to support clients active in the energy transition sector, with initial capacity of $25 million for US and international onshore power and renewable energy risks. The binder is led by Dale Underwriting Partners’ Lloyd’s Syndicate 1729, and ... Read the full article
Hippo expands home builder access to New Homes Program in California, Florida & Texas
14th October 2024
Home insurance firm Hippo has announced it will expand home builder access to its New Homes Program in California, Florida, and Texas by the end of the year. Hippo's New Homes Program expects to provide access to insurance for almost 50,000 additional new homes, which accounts for more than a third ... Read the full article
Arc Legal Group names Lee Taylor as new Chief Executive Officer
14th October 2024
Arc Legal Group, a member of the AmTrust Financial Group and a prominent provider of ancillary products and services in the UK, has announced the immediate appointment of Lee Taylor as Chief Executive Officer, pending regulatory approval. With two decades of experience in the specialty insurance and assistance industry, Taylor previously ... Read the full article
Broadstone appoints Rahul Choudhary as Director of Regulatory Analytics
14th October 2024
Broadstone, an independent financial services consultancy, has announced the appointment of Rahul Choudhary as Director of Regulatory Analytics in its Insurance, Regulatory & Risk division. In this role, Choudhary will help expand the division's presence in the regulatory analytics space, with a focus on risk and lending. Choudhary brings over 14 years ... Read the full article
US commercial insurance reports composite rate increase of 3.8% in Q3’24: MarketScout
14th October 2024
The US commercial insurance sector saw a composite rate increase of 3.8% in Q3 2024, with property insurance up 5.7% and commercial auto and transportation risks experiencing the highest rise at 7.3%. MarketScout notes that although insurers expected significant impacts from Hurricane Helene, much of the damage appears to be flood-related, ... Read the full article
Duck Creek Technologies acquires Risk Control Technologies
14th October 2024
Duck Creek Technologies, a provider of SaaS core systems for the P&C insurance industry, has acquired Risk Control Technologies, Inc. (RCT), a Toronto-based provider of risk management and loss control solutions. According to the announcement, this strategic investment is set to transform how insurance carriers prevent loss and manage risk, enabling ... Read the full article
Konrad Baumann joins SRS Switzerland as GM for SRS Europe
11th October 2024
Strategic Risk Solutions (SRS), an independent provider of insurance, reinsurance and captive management and consulting services, has announced that Konrad Baumann has joined SRS Switzerland as a General Manager of SRS Europe. He joins the organisation with more than 15 years of expertise in the captive industry, where he has previously ... Read the full article
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