Reinsurance News
LMA backs postponement of cutover date for Blueprint Two
21st June 2024
Sheila Cameron, CEO of the Lloyd's Market Association (LMA) has noted that it welcomes the decision by Velonetic, supported by Lloyd’s Council, to postpone again the cutover date for Blueprint Two, which was "taken in light of the reality that delays in testing have meant that it is no longer ... Read the full article
MGA Devonshire appoints Sam Jeater as Underwriting Manager
21st June 2024
Managing General Agent (MGA) Devonshire Underwriting has announced that it has hired Sam Jeater as its new Underwriting Manager. In the role, he will largely focus on enhancing Devonshire’s Warranties & Indemnities (W&I) product offering from a financial perspective, which includes both product development and production management. Jeater joins Devonshire as an ... Read the full article
CAD $19tn in Canadian insured assets exposed to natural perils: CatIQ
21st June 2024
CatIQ, a subsidiary of Zurich-based PERILS AG, has released its Canadian Insurance Industry Exposure Database (IED) for 2024, revealing that CAD 19 trillion worth of insured property assets are exposed to natural perils. This represents an 11.3% increase from the previous year, consistent with trends observed by PERILS AG across European ... Read the full article
Thomas Neil Morrison joins Aviva’s Board as Non-Exec Director
21st June 2024
Thomas Neil Morrison has been appointed to the Board of Aviva plc, the insurance and financial services company, as a Non-Executive Director. Based in Toronto, Ontario, Canada, Neil will become a member of the Aviva plc Nomination and Governance, and Risk Committees. A renowned figure across the industry, Neil brings over 38 ... Read the full article
AXIS launches Cyber Incident Commander for rapid response support
21st June 2024
AXIS Capital Holdings Limited (AXIS) has recently launched AXIS Cyber Incident Commander, a new service designed to assist policyholders facing cyber incidents by providing them with a single point of contact for immediate guidance from experienced cyber experts. Nicholas P.R. Steinmann will lead Incident Commander, which specifically serves US-based direct primary ... Read the full article
Mosaic Insurance partners with WNS to create future-ready operations model
21st June 2024
Global specialty insurer Mosaic Insurance has entered into a multi year partnership with WNS, a provider of global digital-led Business Process Management (BPM) solutions. This partnership aims to create a future-ready operations model for underwriting and claims support, reinsurance processing, and finance and technology services. WNS will leverage its deep domain expertise ... Read the full article
IUA launches London forum for mergers and acquisitions insurance focus
21st June 2024
A new London company market forum, operated by the International Underwriting Association (IUA), which represents London-based international and wholesale insurance and reinsurance companies, is centring its efforts on warranty and indemnity insurance. This type of insurance is crucial in mergers and acquisitions, helping to mitigate losses stemming from contractual warranties. Recently formed, ... Read the full article
ICEYE nat cat data being integrated into Guidewire
20th June 2024
Guidewire, a provider of software solutions to the insurance industry, and ICEYE, of satellite-powered disaster management solutions provider, have launched ICEYE's new Ready for Guidewire validated accelerator on the Guidewire Marketplace, now accessible to ClaimCenter users on Guidewire Cloud. ICEYE, a recent graduate of the Insurtech Vanguards programme and winner of ... Read the full article
Emerald Bay & Lightspeed launch homeowners insurance facility in California
20th June 2024
Emerald Bay Risk Solutions, a collaborative underwriting carrier, has partnered with Lightspeed Specialty Insurance Solutions, a subsidiary of Volnay Insurance Holdings, to launch an insurance facility in California aimed at providing comprehensive coverage to homeowners and landlords in a market that has been underserved. This new initiative will focus on homes ... Read the full article
Marsh’s Chestiperova joins SCOR’s Alternative Solutions Reinsurance team
20th June 2024
Olga Chestiperova has joined SCOR’s Alternative Solutions Reinsurance team as a Senior Underwriter, based in the company's Paris office. The addition of Chestiperova further bolsters a team that has been expanding in recent months. Chestiperova joins the French reinsurer with a background in structured solutions consulting at Marsh France, where she worked ... Read the full article
Kingstone completes 24/25 reinsurance placement with savings of $6mn
20th June 2024
Kingstone Companies, Inc., a US property and casualty insurance holding company, has finalised its 2024/2025 catastrophe reinsurance placement, purchasing a total cat limit of $275 million with savings of $6 million. Jennifer Gravelle, Chief Financial Officer at Kingstone, said: "I am delighted to share that Kingstone has finalised its 2024/2025 catastrophe ... Read the full article
European cyber insurance market now more friendly, says Marsh
20th June 2024
The European cyber insurance market has become much more friendly, with increased capacity per layer, significant overall capacity growth, removal of coverage restrictions, and more enhancements and innovative coverages available, according to Macarena Bandres, Cyber Placement Leader at Marsh Europe. Bandres’ spoke this morning at Marsh’s Europe Cyber Market Update, noting ... Read the full article
Keystone Agency to acquire Keystone Insurers Group, strengthening partnership
20th June 2024
Keystone Agency Partners (KAP), an insurance brokerage platform, has signed a definitive agreement to acquire Keystone Insurers Group (Keystone), a premier independent agency network, marking a significant milestone in its strategic growth plan. This acquisition aims to strengthen integration and alignment, enabling KAP to maintain its leadership in a dynamic market ... Read the full article
Allstate’s May catastrophe load takes YTD losses to $2.62bn
20th June 2024
Large US primary insurer Allstate has reported estimated catastrophe losses of $1.4 billion ($1.1bn after-tax) for the month of May, taking total catastrophe losses for May year-to-date to $2.62 billion. At $1.4 billion, May 2024 catastrophe losses are up by $515 million, or 58% from the $885 million of May ... Read the full article
K2 International unveils new division, K2 Rubicon Specialty
20th June 2024
K2 Group Holdings Limited (K2 International), the specialty re/insurance underwriting platform, and division of K2 Insurance Services, has announced the launch of K2 Rubicon Specialty. According to the announcement, K2 Rubicon Specialty will write across multiple lines including Marine and U.S. Property in the London Market. The new division was founded by ... Read the full article
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