Reinsurance News
JMP points to misunderstood 10-Q as catalyst for Skyward stock decline
13th August 2024
Analysts at JMP have described the recent selloff in Skyward Specialty Insurance shares as "overdone", attributing it largely to a misinterpretation of details in the company's 10-Q disclosure. This misunderstanding, they argue, has created an attractive buying opportunity for long-term investors. In its Q2 results, Skyward reported a rise of ... Read the full article
Chubb makes senior appointments in finance segment
13th August 2024
Global property and casualty (P&C) insurer Chubb has announced three executive appointments in its finance organisation, effective September 4th, 2024. George Ohsiek has been named Vice President of Chubb Group and Chief Accounting Officer, succeeding Annmarie Hagan. Hagan has been appointed Vice President of Chubb Group and Chief Financial Officer of Operations, ... Read the full article
Sprout, Britam, and LM Re launch parametric insurance for Kenyan coffee farmers
13th August 2024
Liberty Mutual Reinsurance (LM Re), a division of Liberty Mutual Insurance Group, has announced a new collaboration with Insurtech firm Sprout, Inc. and Britam, a financial services company serving as the local underwriter. Together, they are introducing a parametric insurance product aimed at safeguarding Kenyan coffee farmers from financial losses caused ... Read the full article
Milliman estimates PFAS remediation costs in US drinking water systems at $120-$175bn
13th August 2024
Milliman, a global consulting and actuarial firm, estimates that the total economic cost of remediating perfluoroalkyl and polyfluoroalkyl substances (PFAS) contamination in US drinking water systems will range from $120 billion to $175 billion. PFAS have been linked to serious health issues such as cancer, liver damage, and endocrine disruption, which ... Read the full article
Miller appoints Cedric Thevenot as Account Executive for Sports & Entertainment
13th August 2024
Miller, the independent specialist reinsurance and insurance broker, has appointed Cedric Thevenot as an Account Executive for Sports and Entertainment, effective September 2nd 2024. He is based in Paris, working closely with Didier Loiseau, Head of Miller Sport, and Miller’s wider Sports and Entertainment team. Thevenot's appointment builds on the broker's European ... Read the full article
Flood Re appoints Tony Ballance to Board of Directors
13th August 2024
Flood Re has appointed Tony Ballance to its Board of Directors as a Non-Executive Director, where his expertise in sustainability and regulation will reportedly be invaluable as climate change continues to intensify and increase flood risk, ahead of the Scheme’s exit from the market in 2039. Ballance is currently Chief Strategy ... Read the full article
96% of underwriters & actuaries say pricing tech needs improvement: hyperexponential
13th August 2024
hyperexponential, a pricing platform for global re/insurers, has observed that while new technology has opened up significant opportunities, issues with the broader ecosystem and outdated systems are hindering innovation and limiting insurers' efficiency, profitability, and collaboration. As per the firm's State of Pricing 2024 report, a massive 96% of underwriters and ... Read the full article
The IUA appoints new staff members to its secretariat
13th August 2024
The International Underwriting Association (IUA) has announced the appointment of two new staff members to its secretariat supporting companies in the London re/insurance market, May El Mantawy and Faye Hepburn. El Mantawy and Hepburn have both started working as Legal, Underwriting and Claims Technicians and will work within the IUA’s underwriting ... Read the full article
Insurity Survey reveals 56% of consumers facing higher premiums due to severe weather
13th August 2024
Insurity, a provider of cloud software for insurance carriers, brokers, and MGAs, has released insights from its 2024 Severe Weather P&C Consumer Pulse survey. This survey highlights consumers' concerns about their property and casualty (P&C) insurance coverage in light of increasing severe weather incidents. It reveals a rising anxiety among consumers about ... Read the full article
Allianz and Fortegra to serve as reinsurance providers for Jetty
13th August 2024
Global insurers Allianz and Fortegra have strategically partnered with Jetty, the fintech company, to provide reinsurance for all new policies written under its core products Jetty Deposit and Jetty Renters Insurance. Jetty, the US domiciled fintech company, works on making renting a home more affordable. The firm works with top property managers ... Read the full article
Coface sees €142.3mn net income in H1’24, welcomes Rathman to Board
13th August 2024
Credit insurer Coface has reported its first half of 2024 results with an improved combined ratio of reinsurance and a net income of €142.3 million, up 10% compared to the same period the year prior. For H1 2024 the insurer also recorded a consolidated turnover of €923 million down -3.1% at ... Read the full article
Kairos partners with CHAZ to enhance Parametric and Trade Credit Insurance
13th August 2024
Kairos Risk Solutions, a Singapore-based boutique insurance solutions consultancy, has signed an agreement with Thailand’s CHAZ Insurance Brokers to offer expertise in Parametric and Trade Credit Insurance. Kairos will assist CHAZ with marketing and product development for these innovative lines of business. Founded in 1966, CHAZ Insurance Brokers is one of Thailand’s ... Read the full article
UK riot losses to be manageable for British insurers, says Morningstar DBRS
12th August 2024
Analysts at Morningstar DBRS predict that the total insured losses from the recent UK riots will be manageable for British insurers, estimating that they will remain below £250 million. The impact on the insurance industry is expected to be limited, as claims under £1 million per property can be covered by ... Read the full article
Brown & Brown adds insurance veteran Stephen P. Hearn to board of directors
12th August 2024
Insurance brokerage firm, Brown & Brown has announced the appointment of Stephen P. Hearn to its board of directors. H. Palmer Proctor, Jr., Brown & Brown’s lead independent director and chair of the Nominating/Corporate Governance Committee of Brown & Brown’s board of directors, said: “Steve has established himself as a fixture ... Read the full article
Hiscox launches Google Cloud-backed GenAI underwriting model
12th August 2024
Global specialist insurer Hiscox has gone live with its Google Cloud-backed generative artificial intelligence (AI) underwriting model for sabotage and terrorism insurance quotes. Considered the London insurance market’s first underwriting model of its kind, the model was developed as a proof of concept in December 2023 in collaboration with Google ... Read the full article
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