Reinsurance News
LSM names Mahida Head of Third Party Claims, UK & MENA
22nd October 2024
Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance Group, has appointed Nikunj Mahida as Head of Third Party Claims, UK & MENA with immediate effect. In his new role, Mahida will lead the London claim team for LSM’s Financial and Professional (FINPRO), Cyber and Casualty lines. He will report to Scott ... Read the full article
AXA XL introduces new cyber insurance for emerging Gen AI risks
22nd October 2024
AXA XL, the property & casualty (P&C) and specialty risk division of global insurer AXA, has introduced a new cyber insurance policy that extends coverage to help businesses manage risks associated with developing their own Generative AI (Gen AI) models. Michael Colao, Global Chief Underwriting Officer, Cyber at AXA XL, stated, ... Read the full article
W. R. Berkley sees record Q3 net profit of $365.6m
22nd October 2024
W.R. Berkley Corporation has reported a record Q3 net profit of $365.6 million amid continued strong underwriting margins and increased investment income. The firm's Q3 2024 return on equity and operating return on equity were 19.6% and 20.0%, respectively, while net investment income grew 19.5% compared to the same period of ... Read the full article
RLI’s Q3’24 underwriting income reaches $40.7m, combined ratio improves to 89.6%
22nd October 2024
Specialty insurer RLI Corp. has reported an improved underwriting income of $40.7 million for Q3 2024 with a combined ratio of 89.6%, compared to $4.2 million and a 98.7% combined ratio in Q3 2023. The year-on-year improvement in underwriting comes despite losses from Hurricanes Beryl and Helene resulting in a $32.7 ... Read the full article
Gallagher Re names Lara Mowery as Chief Commercial Officer
22nd October 2024
Global reinsurance broker Gallagher Re has appointed Lara Mowery as Chief Commercial Officer, where she will reportedly oversee the firm's strategic direction and enhance the delivery of product and practice group capabilities. Mowery is an industry veteran with over 30 years of experience in reinsurance. She joins Gallagher Re from Guy ... Read the full article
Movo Partnership launches Accelerator to support broker startups
22nd October 2024
Movo Partnership, part of the AUB group and an Appointed Representative (AR) network for brokers, has launched 'Movo Accelerator,' a platform designed to help aspiring entrepreneurs start their own broking businesses. Movo Accelerator addresses the common hurdles of startup costs and the challenges of the first 12 months of trading, which ... Read the full article
Kroll welcomes Katherine Keefe as MD and Global Cyber Insurance Industry Lead
22nd October 2024
Kroll, an independent provider of global risk and financial advisory services, announced that Katherine Keefe will join as Managing Director and Global Cyber Insurance Industry Lead, overseeing the firm's worldwide cyber insurance capabilities. "We are proud to welcome Katherine to Kroll. Her deep understanding of the cyber insurance and regulatory landscape, ... Read the full article
Moody’s downgrades Saga Plc’s ratings
22nd October 2024
Moody’s Ratings has downgraded Saga Plc's corporate family rating (CFR) and backed senior unsecured debt ratings to B3 from B2 and the probability of default rating to B3-PD from B2-PD. The rating agency has also changed the company’s outlook to stable from negative. According to the announcement, this downgrade reflects Saga’s constrained ... Read the full article
Insurance industry on alert as 91% of executives see climate change as a major threat: Conning
22nd October 2024
A new report by Conning, a provider of investment management and insurance research, titled "Climate Risk: An Imminent Threat to Business," highlights the growing importance of assessing and managing both physical and transitional climate change risks within the insurance industry. The report, based on a survey of insurance executives, reflects Conning's ... Read the full article
Harry Edwards to lead Allianz Trade, ASEAN hub as Commercial Director
22nd October 2024
Allianz Trade in Asia Pacific has named Harry Edwards as ASEAN Commercial Director effective October 21st, 2024, based in Singapore. He replaces Céline Peredy, who is now Strategic Account Director for Allianz Trade for Multinationals. In his new role, Edwards will be responsible for all commercial activities in six ASEAN countries ... Read the full article
INSHUR secures $19m to scale operations with MS&AD backing
22nd October 2024
INSHUR, a global embedded insurance provider, has raised $19 million in its latest funding round to continue to strengthen market position across the US and Europe, bringing total funding to $78.5 million since 2019. The round was led by Viola Growth, with the participation of MS&AD Ventures and existing investors. The funding ... Read the full article
FERMA Forum 2024 calls for a transformative approach to risk management
21st October 2024
FERMA, the Federation of European Risk Management Associations, represents the interests of risk managers across Europe, and in her opening speech at the FERMA Forum in Madrid, President Charlotte Hedemark urged them to adapt, improve, and innovate to tackle the fast-changing risk environment. In her address at the FERMA Forum 2024, ... Read the full article
AXA Climate renews parametric insurance to safeguard marine protected areas
21st October 2024
AXA Climate has announced the renewal of parametric insurance coverage for 88 Marine Protected Areas (MPAs) in the Philippines. In partnership with Blue Alliance Marine Protected Areas and Howden, this initiative bolsters the financial stability of communities and ecosystems alike. It protects over 90,000 hectares of coral reefs and ensures the livelihoods ... Read the full article
Thomas McShane named Head of Technology and Media E&O at Tokio Marine Kiln
21st October 2024
Tokio Marine Kiln (TMK), an international insurer, has appointed Thomas McShane as Head of Technology and Media E&O, a newly created position. McShane will officially join the company in January and will report to Laila Khudairi, Head of Cyber & Enterprise Risk. In this role, McShane will focus on expanding TMK's global ... Read the full article
Reinsurers regain leverage as late storms drive up nat cat losses: Bloomberg
21st October 2024
With a series of late storms causing natural catastrophe losses to rise, pressure on reinsurers to cut pricing and offer more generous terms has eased, according to a new report from Bloomberg Intelligence (BI). As per Charles Graham, BI Senior Industry Analyst (Insurance), the insured cost of natural catastrophe losses may ... Read the full article
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