Reinsurance News
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
Colbourn joins Pen Underwriting’s TMT as UK Senior Marine Trades Underwriter
8th October 2024
Pen Underwriting’s marine business specialist, Trafalgar Marine Trades (TMT), extends its broker service capabilities with the appointment of Emma Colbourn as UK Senior Marine Trades Underwriter, effective October 8. Colbourn brings to her new role more than 25 years’ marine insurance experience and specialist knowledge. At Pen, she will focus on the ... Read the full article
Despite strong rates, profitability is a struggle for US homeowners insurers, says Aon
8th October 2024
Global insurance and reinsurance broker Aon has revealed that the prospective return on equity (RoE) for US diversified homeowners insurance carriers decreased by 100 basis points to 5% from last year, despite the significant rate increases achieved by carriers in 2023-24. Aon’s Homeowners Return on Equity Outlook - October 2024 report ... Read the full article
RLI estimates net losses of up to $40m from hurricanes Beryl and Helene
8th October 2024
RLI Corp., the specialty insurer, has estimated pre-tax net catastrophe losses, net of reinsurance recoverables, from hurricanes Beryl and Helene of between $35 million and $40 million, which will be reflected in the carrier's third quarter 2024 results. This estimate from RLI is subject to change owing to the complexity of ... Read the full article
WTW appoints McGuire Senior Client Advocate for its REHL division
8th October 2024
Global insurance broker WTW has announced the appointment of Izabella McGuire as Senior Client Advocate for the Real Estate, Hospitality, and Leisure (REHL) division within Corporate Risk & Broking, North America (CRB NA). In her new role, based in New York, McGuire will drive white-glove client service in the REHL division ... Read the full article
Helene private market insured losses to be up to $14bn, NFIP losses could surpass $2bn: Moody’s RMS
8th October 2024
The impacts of hurricane Helene across Florida, Georgia, the Carolinas, and parts of the Mid-Atlantic are expected to drive insurance industry losses of between $8 billion and $14 billion, while losses to the National Flood Insurance Program (NFIP) could exceed $2 billion, according to Moody’s RMS Event Response. This estimate from ... Read the full article
$17m Series B funding secured and Anthony Segal-Knowles named as CFO at Ledgebrook
8th October 2024
Ledgebrook, an insurtech company, is pleased to announce the successful completion of a $17 million Series B funding round. This strategic raise brings two distinguished Family Offices onto Ledgebrook’s cap table: Duquesne (which led the round) and The Stephens Group, alongside continued support from long-time partners Brand Foundry Ventures and American ... Read the full article
Sasria considers expanding coverage to include natural disasters and climate risks
8th October 2024
The SA Special Risk Insurance Association (Sasria) is exploring the expansion of its coverage options to include climate, severe weather, as well as cyber risks. Sasria is a state-owned non-life insurer that provides special risk cover - including civil commotion, public disorder, strikes, riots and terrorism - to all individuals and ... Read the full article
Milton landfall along central west coast of Florida will be a major event for re/insurers: BMS
7th October 2024
Hurricane Milton is now a Category 5 with maximum sustained winds estimated at 160 mph with higher gusts, and while there remains much uncertainty as to how strong Milton will be at landfall and the exact location of this, BMS Group's Andrew Siffert has stressed that a landfall around Tampa ... Read the full article
FTI Consulting expands Global Insurance Services with Maria Filipakis as Senior Managing Director
7th October 2024
FTI Consulting, Inc., a business advisory firm, has announced the expansion of its Global Insurance Services practice with the appointment of Maria Filipakis as a Senior Managing Director in the company’s Forensic and Litigation Consulting segment. Filipakis, based in New York, brings extensive expertise across the insurance, cryptocurrency, cybersecurity, and financial ... Read the full article
Cyber insurance demand to rise as new threats emerge, says Bloomberg Intelligence
7th October 2024
Bloomberg Intelligence reveals that demand for cyber insurance is set to grow amid a series of high-profile cyber attacks. Analysts noted that Beazley, the specialist cyber insurance provider, sees 18% compound annual growth for that cover in 2024-2030, while other major firms, such as Munich Re, Hiscox, Axis Capital, and Chubb, ... Read the full article
Turnbull joins Lockton Re’s Accident, Health & Life team as Senior Reinsurance Actuary
7th October 2024
Lockton Re, the reinsurance arm of the independent insurance broker, has appointed Vince Turnbull as Senior Reinsurance Actuary for its Accident, Health & Life team, based in Philadelphia. Turnbull is a credentialed actuary as an FSA and MAAA, with a decade of actuarial experience in pricing and strategy having started his ... Read the full article
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