Reinsurance News
Insurance industry lagging behind in establishing climate risk committees: Fathom
13th November 2024
A new research report commissioned by Fathom and conducted by IFI Global reveals that the insurance industry is falling behind in establishing dedicated climate risk committees, suggesting that firms would benefit significantly from adopting them to strengthen climate risk management. The findings are based on data from annual and ESG reports ... Read the full article
Previsico launches Instacasting, an advanced flood mitigation solution
13th November 2024
Previsico, a provider of surface water flood forecasting, is introducing Instacasting, a next-generation flood mitigation solution. Instacasting uses the most accurate observed rainfall data available (rather than predicted data) to assess surface water flood risks, enabling clients to respond more quickly and with greater confidence. The Instacasting suite integrates seamlessly with Previsico's ... Read the full article
Ambac’s specialty P&C insurance production totals $260m in Q3’24
13th November 2024
Ambac has revealed that its specialty P&C insurance production, which includes gross written premiums (GWP) by its Specialty P&C Insurance segment, Everspan, and premiums placed by the Insurance Distribution segment, totalled $260 million in the third quarter of 2024, an 86.2% increase compared to the same period last year. The firm’s ... Read the full article
HDI expands Environmental Liability Insurance globally
13th November 2024
HDI Global, a corporate and specialty insurer, is expanding its Environmental Liability Insurance to the international market adding Social and Governance coverage, addressing the growing concerns around evolving risk contexts and increasing regulatory pressures. Responding to an evolving risk landscape due to increased regulatory pressures and ESG risk development, HDI Global ... Read the full article
Probitas expands with five new business lines after Aviva integration
13th November 2024
Probitas has announced the addition of five new lines of business following its integration with Aviva, including Marine (Cargo, Fine Art & Specie, Ports & Terminals), Construction, Renewable Energy, Contingency/Event Cancellation, and Mergers & Acquisitions (M&A). Aviva completed its £249 million acquisition of Probitas in July 2024, marking its entry ... Read the full article
Everest names Corbo Head of US Primary Casualty, Weiser to lead US Excess Casualty
13th November 2024
Everest Insurance, the insurance division of Bermuda-domiciled re/insurer Everest Group, has made two key leadership appointments within its US Casualty business. Nina Corbo has been named Head of US Primary Casualty, meanwhile, Debbie Weiser has been appointed Head of US Excess Casualty. Both will report to Bill Hazelton, Executive Vice President ... Read the full article
Fidelis reports improved Q3’24 net income despite higher cat losses
13th November 2024
Fidelis Insurance Group has disclosed a Q3 2024 net income of $100.6 million, up from $87.7 million in the same period of last year, despite catastrophe and large losses increasing to $91.6 million. Fidelis' underwriting income in Q3 2024 was $80 million and the combined ratio was 87.4%, compared to an ... Read the full article
IRB (Re) posts improved net income and CoR in Q3’24
13th November 2024
Brazilian reinsurer IRB (Re) has announced its financial results for the third quarter of 2024, reporting an improved net income of R$116 million (USD 20.18 million), as well as an underwriting profit of around R$118 million (USD 20.52 million). In the same period last year, the reinsurer posted a net income ... Read the full article
Somerset Re promotes Riley LaTour to Chief Risk Officer
13th November 2024
Somerset Reinsurance Ltd., a provider of reinsurance solutions for the life insurance and annuity market, has named Riley LaTour as its new Chief Risk Officer (CRO), effective immediately, based in Bermuda. In this new role, LaTour will be responsible for the firm’s risk management strategies and operations. Most recently, he served as ... Read the full article
Allianz sees Q3’24 net income hit €2.5bn as operating profit climbs 14%
13th November 2024
In its Q3 2024 results, Allianz has revealed that net income attributable to shareholders was €2.5 billion, up from €2 billion in the same period of last year, driven by a higher operating profit. Allianz also disclosed that total business volume rose 17.3% to €42.8 billion in Q3 2024, driven by ... Read the full article
FEMA pegs NFIP losses from hurricane Helene at $3.5bn to $7bn
13th November 2024
The U.S. Federal Emergency Management Agency (FEMA) has said that Hurricane Helene could drive National Flood Insurance Program (NFIP) claims of up to $7 billion, including loss adjustment expenses, with more than 55,000 flood loss claims reported to the NFIP as of November 7th, 2024. Currently, the NFIP has paid roughly ... Read the full article
AIG names Christopher Schaper as Chief Risk Officer
13th November 2024
Global insurer American International Group, Inc. (AIG) has appointed Christopher Schaper as its new Chief Risk Officer on a permanent basis, effective immediately. He has held the same role on an interim basis since September 2024, while also serving as AIG’s Global Chief Underwriting Officer (CUO). In an interim capacity, Schaper ... Read the full article
Altas Partners leads $1bn investment in Sedgwick
13th November 2024
Sedgwick, a global provider of claims management, loss adjusting and technology-enabled business solutions, has announced the closing of a $1 billion investment in the company led by Altas Partners, a North American private equity firm. Current investors, including funds managed by global investment firm Carlyle and Stone Point Capital LLC, will ... Read the full article
Gallagher Bassett appoints Ajay Sinha as Managing Director of Captive Practice
13th November 2024
Gallagher Bassett, a provider of risk and claims management services and a wholly owned subsidiary of brokerage Arthur J. Gallagher & Co., has announced the appointment of Ajay Sinha as Managing Director — Captive Practice. In a recent LinkedIn post, the company stated, “Ajay’s exceptional leadership and vision make him the ... Read the full article
Rise in demand for cat bonds driven by climate-risk mitigation: Fitch
13th November 2024
In an effort to effectively manage risk, re/insurers are continuing the use of capital markets to access catastrophe bonds amid a firm market, driving up the issuance of insurance-linked securities (ILS), a trend that is expected to persist, Fitch has highlighted. This, according to analysts, also presents a unique opportunity ... Read the full article
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