Reinsurance News
Ambac launches Tara Hill for E&S liability coverage, led by Peter McKeegan
24th June 2024
Ambac Financial Group (Ambac) has partnered with former Core Specialty Senior Vice President Peter McKeegan to launch a new program administrator, Tara Hill Insurance Services. McKeegan will serve as Tara Hill’s Chief Executive Officer, reporting directly to Naveen Anand, President of Cirrata Group, Ambac’s distribution division. As part of the Cirrata Group, ... Read the full article
Munich Re’s HSB & WINT team up to provide holistic water protection
24th June 2024
HSB, a multi-line specialty insurer and part of reinsurance giant Munich Re, and WINT Water Intelligence, a provider of water management and leak-prevention solutions, have entered into a partnership to deliver holistic water protection. The partnership between the two firms combines WINT's AI-based water management solutions with HSB's expertise in internet ... Read the full article
FloodFlash expands coverage to all mainland US locations
24th June 2024
FloodFlash, the parametric flood insurance provider with sensor technology, has expanded its coverage to all mainland US locations. The company is known for offering flood insurance that exceeds the National Flood Insurance Programme (NFIP) in areas where private markets cannot provide quotes, especially in sectors like real estate, sports and entertainment, ... Read the full article
Vantage appoints Todd Link as Chief Financial Officer
24th June 2024
Vantage Group Holdings, a specialty insurer and reinsurer, has announced the appointment of Todd Link as Chief Financial Officer (CFO), effective immediately. In his new role, Link will oversee all aspects of Vantage's financial operations, including accounting, financial planning and analysis, and investments. He will be joining the group's leadership team and ... Read the full article
Gallagher Re launches Cyber Academy to attract and develop talent
24th June 2024
Global reinsurance broker, Gallagher Re, has launched its flagship Cyber Academy, designed to attract and nurture promising individuals in the cyber space, providing them with comprehensive and bespoke training in broking, analytics, and cyber security. The Gallagher Re Cyber Academy will offer delegates the opportunity to receive best-in-class training while gaining ... Read the full article
Claims paid for Japan’s New Year’s Day earthquake & Hyogo hailstorm rise: GIAJ
24th June 2024
The General Insurance Association of Japan (GIAJ) has released updated insurance claims data for the Noto Peninsula Earthquake on January 1, 2024, and the hailstorm in Hyogo Prefecture on April 16 this year. On March 22, we reported that more than JPY 61 billion ($414 million as of March 8th ... Read the full article
Contship Containerlines agrees £25m full scheme buy-in with L&G
24th June 2024
The Trustees of the Contship Containerlines Limited 1979 Pension Scheme have agreed to a c. £25 million full scheme buy-in with L&G, meaning that the benefits for all the scheme’s members are now insured. The transaction was agreed in June of 2024 and covers c. 150 members. Barnett Waddingham reportedly acted ... Read the full article
LMA announces the appointment of four new Board members
24th June 2024
Four senior market leaders have been appointed to the Lloyd’s Market Association (LMA) Board: Richard Milner, Group Chief Executive Officer, Chaucer, Clare Constable, Chief Claims Officer, MS Amlin, John Fowle, Chief Executive Officer, Atrium and Adam Beatty, Chief Executive Officer, Nephila Syndicate. Made up of senior market practitioners and LMA leaders, ... Read the full article
Shifting property market leads to rise in use of facultative reinsurance, Amwins
24th June 2024
A recent analysis by Amwins has highlighted how the property insurance market is undergoing continuous changes, which is gradually leading to a considerable rise in the use of facultative reinsurance. According to the firm, trends in facultative reinsurance are following those in the excess and surplus (E&S) market, with market softening ... Read the full article
Hayley Spink to join Chaucer as Group COO
24th June 2024
Global specialty (re)insurance group Chaucer has appointed Hayley Spink as Group Chief Operating Officer. Spink will reportedly join Chaucer in Q4, coming from Apollo Syndicate 1969 where she currently serves as Chief Operating Officer. Overall, Spink holds 20 years of London Market experience, including senior leadership roles at Lloyd’s. In the new ... Read the full article
Marco to acquire Inceptum from R&Q, as R&Q confirms entry into liquidation
24th June 2024
R&Q Insurance Holdings Ltd has entered into an agreement to sell Inceptum Insurance Company Limited, a UK domiciled, legacy general insurance company, regulated by the PRA and FCA, to Marco Capital Holdings Limited, a Malta-based legacy acquisition group, for $11.25 million, subject to regulatory approval. The agreement represents the sale of ... Read the full article
AM Best reports stable global cyber insurance outlook as demand rises
24th June 2024
AM Best, a credit rating agency, has assigned a stable outlook to the global cyber insurance sector, citing increased demand and promising growth prospects in the near term as uptake rates continue to rise steadily. “The reduction in rates has been due to various factors, including increased competition from the supply ... Read the full article
Premium renewal rate remains flat for Commercial Property in May, rest see increases: Ivans
24th June 2024
Ivans Index has disclosed its results for May, where year over year, Commercial Auto, Business Owner’s Policy (BOP), General Liability, Commercial Property and Umbrella each experienced notable increases in the premium renewal rates, while premium renewal rates decreased for Workers’ Compensation. According to a month-over-month analysis, all segments have experienced increases ... Read the full article
Insurance critical to mobilising $10tn of committed climate transition investment: Howden
24th June 2024
According to a new report from Howden, more than half of the $19 trillion committed to financing the climate transition through to 2030 will require additional insurance, suggesting that corporates should engage the industry from an early stage in their climate risk management planning to secure adequate supply of capacity ... Read the full article
Electric vehicle surge drives insurance market highs: Swiss Re
24th June 2024
In a recent report, the reinsurance company Swiss Re forecasts a 30 percent annual growth in global electric vehicle (EV) sales until 2030, propelling the EV insurance market to surpass USD 200 billion by 2030, up from USD 51 billion in 2022. This surge in the market is influenced by shifting ... Read the full article
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