Reinsurance News
Appian collaborates with PwC UK to bring innovative insurance solutions
19th June 2024
Appian has recently partnered with PwC UK to enhance its ability to deliver innovative services aimed at streamlining processes, improving customer experiences, and boosting operational efficiency for insurance companies on the Appian Platform. PwC serves over 4,000 insurance clients worldwide and understands the challenges posed by disparate systems, particularly legacy platforms, ... Read the full article
QBE to close its North America middle-market segment
19th June 2024
Australian insurer QBE has announced the closure of its North America middle-market segment to "refocus its strategy in the region on those businesses which hold more meaningful market position, relevance and scale." The segment represented a gross written premium of ~$500M in the final year results of 2023 (FY23), and has ... Read the full article
Rising jury verdicts and insurance gaps a struggle for companies: Chubb
19th June 2024
As large jury verdicts increase in number and cost, many companies do not have adequate liability insurance to cover these losses effectively, a recent analysis by insurance company Chubb has revealed. According to Chubb's 16th annual Liability Limit Benchmark & Large Loss Profile by Industry Sector 2024, there is a widening ... Read the full article
Swiss Re signs 70,000 tonne Biochar Carbon Removal deal with Carbonfuture
19th June 2024
Reinsurance giant Swiss Re and carbon removal solutions provider, Carbonfuture, have signed a seven-year contract, which will see Swiss Re supply a minimum of 70,000 tonnes of Biochar Carbon Removal (BCR) credits from Carbonfuture partner, Exomad Green’s new Riberalta facility in Bolivia. Readers will be aware that this is not the ... Read the full article
Beat Capital-backed Brace Underwriting names Davis as Senior Underwriter
19th June 2024
Brace Underwriting Limited, the Beat Capital-backed, multi-line and alternative risk specialist underwriter, has appointed Michael Davis as Senior Underwriter. Davis holds more than 13 years of industry experience, having previously worked as a property underwriter at Tokio Marine Kiln (TMK). He joined TMK as a graduate trainee in 2010, later being ... Read the full article
AM Best downgrades Sun Re Ltd’s financial strength amid balance sheet challenges
19th June 2024
Credit rating agency AM Best has downgraded the financial strength rating of reinsurer Sun Re L from B+ (Good) to B (Fair) and lowered its Long-Term Issuer Credit Rating from “bbb-” (Good) to “bb” (Fair). These Credit Ratings are now under review with negative implications following Sun Re's request to withdraw ... Read the full article
US insurers improve climate risk & strategy disclosures, but gaps remain: Ceres
19th June 2024
Large U.S. insurance companies are improving in sharing information about their climate-related risks and strategies, but many gaps and inconsistencies persist; for instance, only 29% disclosed metrics and targets related to climate risks, according to a recent report by Ceres. The survey follows the framework developed by the Task Force on ... Read the full article
Allstate’s Q2 cat losses could hit $2.65bn, as per BMO analysts
19th June 2024
Analysts at BMO Capital Markets have estimated that insurer Allstate Corporation will see Q2 2024 catastrophe losses of around $2.65 billion, of which $2.15 billion is made up from May to June. If you recall, the US primary insurer disclosed in May that its estimated catastrophe losses for April amounted ... Read the full article
ZA Tech rebrands as Peak3 as it completes $35mn Series A fundraising
19th June 2024
ZA Tech, the next-generation insurance core system SaaS provider, has announced its rebrand as Peak3 and the successful completion of its $35mn Series A fundraising that will accelerate its expansion in the EMEA region. Founded in 2018, Peak3 has developed cloud-native, modular insurance core and distribution system that combines comprehensive capabilities ... Read the full article
Industry veteran Amy Stern joins Ledger Investing as Chief Executive, Reinsurance
19th June 2024
Ledger Investing, the insurtech and insurance-linked securities (ILS) focused venture-backed company, has appointed industry veteran Amy Stern from Pie Insurance as Chief Executive, Reinsurance. With a career that spans over 25 years across the sector, Stern brings a deep degree of expertise towards her new role. She joins the firm from Pie Insurance, ... Read the full article
AM Best upgrades Issuer Credit Rating of PURE Specialty Exchange
19th June 2024
AM Best has upgraded the Issuer Credit Rating of PURE Specialty Exchange, citing the firm's financial flexibility, high-quality assets, and conservative investment portfolio. Spelt out, AM Best has upgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to “a+” (Excellent) from “a” (Excellent) and affirmed the Financial Strength Rating (FSR) of A ... Read the full article
QBE Asia appoints Jeremy Lau as Chief Underwriting Officer
19th June 2024
Sydney, Australia headquartered insurer QBE has recently announced the appointment of Jeremy Lau as Chief Underwriting Officer for its Asian business. Lau takes over from Andy White, who is now Group Head of Underwriting Strategy and Performance. In his new role, Lau will work closely with Rob Kosova, CEO of QBE Asia, ... Read the full article
Florida’s American Integrity expands into Georgia property insurance market
19th June 2024
Tampa, Florida headquartered property insurer, American Integrity Insurance, is set to grow its footprint with expansion into the State of Georgia, establishing its presence in the region with the launch of a HO-5 homeowners policy for homes up to five years old. The move into Georgia comes two years after American ... Read the full article
R&Q confirms provisional liquidation in Bermuda to facilitate Accredited sale
19th June 2024
Following evaluation from its Board, R&Q has confirmed that it will be filing for a provisional liquidation in Bermuda and that it expects the previously announced sale of Accredited to Onex Corporation to be implemented through that process. If you recall, on the 13th of June, R&Q released an update ... Read the full article
Global Risk and Resilience Fellowship aims to de-risk investment using insurance
19th June 2024
The Sustainable Markets Initiative (SMI), a collaborative effort focused on promoting sustainability in global markets, along with Howden, an international insurance group, and Resilient Cities Network (R-Cities), the city-led network on urban resilience, has launched the second cohort of the Global Risk and Resilience Fellowship in five cities worldwide. This year's ... Read the full article
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