Reinsurance News
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
Triple-I & Milliman reveals US P&C H1’24 are underwriting results better than expected
11th October 2024
According to the latest forecasting report by the Insurance Information Institute (Triple-I) and collaborating partner, Milliman, the first-half economic and underwriting results for the US property and casualty (P&C) industry were better than expected. The report, Insurance Economics and Underwriting Projections: A Forward View discloses that the net combined ratio (NCR) ... Read the full article
Modernisation as the key to effective risk selection and pricing in underwriting: Altus Consulting
11th October 2024
Altus Consulting, a specialist in Financial Services Management Consultancy, has released a whitepaper titled All Aboard for Modernisation: Next Stop Underwriting, which discusses the insurance industry's imminent next phase of modernisation, with underwriting at the centre of this evolution. Despite an estimated £15 billion spent over the past decade on transformation ... Read the full article
CC Capital & Westaim partner on new integrated insurance and asset management platform
11th October 2024
A new integrated insurance and asset management platform has been created through the strategic combination of investment company Westaim, global institutional asset manager Arena, and Ceres Life, a cloud-native, highly scalable annuity platform that has been incubated by CC Capital. CC Capital is to invest USD $250 million in Westaim at ... Read the full article
Milton likely to have exhausted much of cat budgets for Q4, earnings downgrades possible, J.P. Morgan
11th October 2024
J.P. Morgan's equity analyst team have stated that hurricane Milton is likely to have exhausted much of catastrophe budgets for Q4'24 in general, with the remainder of the quarter yet to come. Ultimately, analysts noted that they see this event having the potential to lead to 2024 earnings downgrades for a ... Read the full article
Intelligent AI and BCIS launch AI-driven property rebuild cost platform
11th October 2024
InsurTech Intelligent AI has partnered with the Building Cost Information Service (BCIS) to launch a new AI-driven property rebuild cost platform. The Intelligent Rebuild Cost Platform (IRCP) was developed through Lloyd's Lab in collaboration with leading insurers, brokers, and chartered surveyors. This platform automates the delivery of essential property data and valuations, ... Read the full article
S&P highlights Florida’s $10.4 bn safety net amid Hurricane Milton aftermath
11th October 2024
S&P Global Ratings, a provider of credit ratings and financial analytics, is closely monitoring the situation surrounding Hurricane Milton. The organisation believes that Florida has effectively strengthened its reserves and liquidity in preparation for extreme weather events. Additionally, the advanced planning by state officials suggests that collaboration among state agencies and local ... Read the full article
Marsh names Thomas-Ferrand as Head of Captive Insurance, Charnley retires at year end
11th October 2024
Marsh, the insurance broking and risk advisory subsidiary of Marsh McLennan, has appointed Will Thomas-Ferrand as International Practice Leader, Marsh Captive Solutions, a London-based role. He will assume the leadership of Marsh’s captive insurance business on January 1st, 2025, and report to Pat Donnelly, President, Marsh Specialty and Global Placement. Simultaneously, the ... Read the full article
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