Reinsurance News
AmCoastal estimates Milton losses of $150-200m, reinstatement protects reinsurance
24th October 2024
American Coastal Insurance Corporation (ACIC) and its insurance holding company American Coastal Insurance Company (AmCoastal) estimate a gross loss range of $150 to $200 million from Milton. ACIC estimates net current accident quarter catastrophe losses incurred from Milton in Q4 2024 to be approximately $16.2 million, net of tax impacts. ACIC ... Read the full article
Reinsurers to hold firm on T&Cs following back-to-back hurricanes: Moody’s
24th October 2024
A new report from Moody's has noted that the large losses incurred from Hurricanes Helene and Milton will provide support for the stabilisation of property catastrophe reinsurance pricing going into the January 2025 renewals. "Earlier this year, it appeared that reinsurance pricing momentum had stalled as pricing for higher attaching layers ... Read the full article
Hymans Robertson adds Mahad Farooqui to risk transfer team
24th October 2024
Hymans Robertson has further strengthens its risk transfer team with the addition of Mahad Farooqui, an experienced hire who brings a wealth of experience from his time as a consultant at Aon and previously Mercer. Farooqui’s move further bolsters the firm's risk transfer team, who oversee the process of transferring the ... Read the full article
Oliver Wyman Actuarial expands European P&C services with London office
24th October 2024
Oliver Wyman Actuarial, a specialist business within the Oliver Wyman Group, has strengthened its property and casualty (P&C) capabilities in Europe by establishing a London-based presence. To lead this expansion, Matthew Facey has joined the firm as Partner, based in London. In his new role, Facey will focus on developing Oliver Wyman ... Read the full article
WTW to transform fleet risk management with new facility
24th October 2024
WTW has launched a new Structured Auto Buffer London Excess (StABLE) facility to transform fleet risk management by providing a risk financing solution through ‘Swing Plan’ structures. “This new offering is an innovative dedicated structured Auto Liability solution in the marketplace that supports organisations with managing fleet risks while rewarding them ... Read the full article
Ryan Specialty announces key leadership appointments in international underwriting segment
24th October 2024
Ryan Specialty, an international specialty insurance firm, has announced key leadership appointments within its international underwriting segment, Ryan Specialty Underwriting Managers International (RSUMI). Ben Purkiss has joined as Head of Business Development for RSUMI, where he will focus on identifying new opportunities for the company’s international operations. He brings over a decade ... Read the full article
Mission’s MGA Carrow Insurance to be led by Ronan Conboy
24th October 2024
Mission Underwriters, which builds MGAs around experienced underwriters, has launched Carrow Insurance (Carrow), set to focus on Warranty, Accident & Health, and Income Protection products in the UK and Europe Under the leadership of Ronan Conboy, former CEO of AmTrust International, the business plans to leverage a robust network of brokers ... Read the full article
4 in 5 residents feel their city is underprepared for climate-related risks: Zurich
24th October 2024
A recent report from Zurich Insurance Group and Economist Impact reveals that four out of five people believe their city is underprepared for climate-related risks, with major concerns about heat waves, air pollution, water shortages, and flooding. The report focuses on climate change in cities around the world and offers actionable ... Read the full article
Canada’s economy continues to grow, but challenges still remain, AM Best
23rd October 2024
Canada's economy continues to see notable growth supported by a still favorable labor market, rising asset prices and falling inflation, according to global credit ratings agency AM Best. However, the agency notes that population growth has started to outpace job creation, which has resulted in wage growth slowing and the unemployment ... Read the full article
Guidewire enhances PartnerConnect Program with new updates and technology innovations
23rd October 2024
Guidewire, a provider of software for property and casualty insurers, has rolled out major enhancements to its PartnerConnect program, alongside new technology innovations. These updates are designed to help insurers modernise their systems, improve customer experiences, and accelerate growth. In addition to revealing new partnerships and updates to the Guidewire Marketplace, the ... Read the full article
Moody’s remains stable on Nordic P&C and Life insurance sectors
23rd October 2024
Moody's outlook remains stable for the Nordic property and casualty (P&C) and life insurance sectors, which according to the firm, reflects both sectors' robust overall profitability and solvency. Analysts at Moody's have suggested that improving economic conditions will drive growth in sales of both P&C and life products. The firm explained: "In ... Read the full article
Aurora secures seed funding from QBE Ventures
23rd October 2024
Aurora, a digital commercial insurance platform, has secured seed funding from QBE Ventures, the investment subsidiary of the global insurer QBE Insurance Group. The funds will be used to enhance Aurora’s lead algorithmic trading proposition, expand its product offering, and enable the company to pursue new commercial distribution partnerships. QBE Ventures is ... Read the full article
Send partners with Deloitte to deliver its underwriting workbench platform worldwide
23rd October 2024
Send Technology Solutions (Send), a UK-based Insurtech software company, has partnered with Deloitte to deliver Send’s underwriting workbench platform to commercial and specialty carriers worldwide. Send’s Underwriting Workbench is an API-enabled platform designed for agile insurers. It serves as a one-stop desktop for commercial and specialty underwriters, managing the entire underwriting ... Read the full article
AIG’s new Atlanta innovation hub to drive growth and create 600+ jobs
23rd October 2024
American International Group, Inc. (AIG) has announced its plans to consolidate and expand its Atlanta-area footprint with the relocation of its Alpharetta and Buckhead operations to a new innovation hub To be located at 2002 Summit Boulevard Northeast in Brookhaven, Georgia, AIG’s new hub has been designed as a collaborative workspace ... Read the full article
Coterie teams up with Berkley Re to provide cyber insurance for evolving business risks
23rd October 2024
Coterie Insurance, a technology-driven managing general agent (MGA) focused on simplifying small business insurance, has introduced cyber insurance to its platform through a new collaboration with Berkley Re Solutions and TransUnion. Leveraging coverage from Berkley Re Solutions and cyber services from TransUnion's TruEmpower™ Cyberscout solutions, Coterie now integrates Berkley Re’s tailored ... Read the full article
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