Reinsurance News
There may be some competition amongst certain markets at 1.1, NewRe CUO, Herrenpoth
21st October 2024
In the lead up to this year's Baden-Baden Reinsurance meeting, we spoke to Dirk Herrenpoth, Chief Underwriting Officer of Swiss reinsurer and Munich Re subsidiary, NewRe, about what his general expectations are heading into the key January reinsurance renewals. "A very frequently used word in Monte Carlo this year was equilibrium, ... Read the full article
Moody’s upgrades Hub’s corporate family rating with stable outlook
21st October 2024
Moody’s Ratings has upgraded Hub International Limited’s corporate family rating to B2 from B3, and its probability of default rating to B2-PD from B3-PD. According to Moody’s this decision was based on Hub’s steady credit metrics and our expectation that the company will maintain financial leverage toward the low end of ... Read the full article
Nirvana Insurance boosts capacity with MS Transverse collaboration
21st October 2024
Data and telematics insurtech Nirvana Insurance has reached an agreement with MS Transverse Insurance Company, a subsidiary of MS&AD Insurance Group Holdings, to boost its capacity, accelerate its growth trajectory and enable the delivery of best-in-class insurance solutions. The added support of MS Transverse and the global resources of MS&AD positions ... Read the full article
T. Rowe Price names Ben Riley as Head of Insurance
21st October 2024
T. Rowe Price, a global investment management company, has appointed Ben Riley, CFA®, to the newly established position of Head of Insurance, effective January 1, 2025. In this role, Riley will lead a team focused on serving insurance clients in North America and will also manage the firm's global insurance initiatives. He ... Read the full article
Home insurance has increased for homeowners as loss costs across all perils rise: LexisNexis
21st October 2024
The US home insurance industry has experienced an upward trend in loss cost across all perils combined over the past seven years, resulting in catastrophic claims which in turn contribute to rising premiums, LexisNexis stated in a recent report. According to the 2024 LexisNexis Home Trends Report, all peril lost cost ... Read the full article
AM Best revises Greenlight Capital Re outlook to positive
18th October 2024
Global ratings agency AM Best has revised the outlooks for Greenlight Capital Re (GLRE), Ltd. and its subsidiaries from stable to positive, while affirming GLRE’s Long-Term Issuer Credit Rating (Long-Term ICR) of “bbb-.” The outlooks for both Greenlight Reinsurance, Ltd. and Greenlight Reinsurance Ireland, Designated Activity Company, were revised from stable ... Read the full article
DGTAL becomes first insurance-focused AI firm to adopt AI Agents
18th October 2024
DGTAL, a provider of generative AI (GenAI) solutions designed specifically for the insurance sector, has become the first insurance-focused AI company to use AI Agents as a core element of its technology platform, marking the company's most significant technological upgrade to date. Unlike AI solutions so far, which provide a single ... Read the full article
ICA says 2022 floods caused $7.7bn in incurred losses as it welcomes gov recommendations
18th October 2024
Andrew Hall, Chief Executive Officer of The Insurance Council of Australia (ICA), disclosed that four unprecedented flood events across 2022 saw more than 305,000 claims and $7.7 billion in incurred losses, including $6.3 billion from just one event. The ICA welcomed the House of Representatives Standing Committee on Economics’ report following ... Read the full article
Howden Re strengthens capabilities in DACH region with four senior hires
18th October 2024
Howden Re, the reinsurance arm of Howden, has expanded its capabilities in the DACH region with four senior appointments in Germany. Lars Nelson has been appointed Managing Director, Head of German branch at Howden Re, effective 1 January, 2025. Nelson brings two decades of experience in the reinsurance industry to his new ... Read the full article
Everen Specialty announces retirement of SVP & COO Rivers
18th October 2024
Everen Specialty Limited, a property and casualty re/insurer, has announced Jerry Rivers, Senior Vice President, and Chief Operating Officer, is to retire on March 31, 2025. Rivers expressed his gratitude, stating: “I want to thank the Board for their confidence and support throughout my tenure. It has been a pleasure to ... Read the full article
BlackFin Capital Partners successfully closes Fund IV at €1.8bn
18th October 2024
BlackFin Capital Partners, a specialist in Europe’s financial services sector, is excited to announce the successful closing of the BlackFin Financial Services Fund IV at a total of €1.8 billion. This new fund exceeds its initial target of €1.5 billion, driven by strong interest from institutional investors, with 45% from Europe, ... Read the full article
Insurance pool PAID selects Moody’s to help model and manage earthquake risk in Romania
18th October 2024
Pool-ul de Asigurare împotriva Dezastrelor Naturale (PAID), an insurance pool against natural disasters established in Romania in 2009, has chosen Moody’s to help the company model and manage earthquake risk in Romania. PAID is an insurance organisation that consists of twelve insurers forming a pool to provide Romanian homeowners with compulsory ... Read the full article
Travelers estimates up to $175m in hurricane Milton losses
18th October 2024
Between $75 and $175 million of Hurricane Milton-related pre-tax losses, net of reinsurance, are estimated to impact Travelers' future natural catastrophe losses, the US insurer revealed following the announcement of its financial results for the third quarter of 2024. These figures did not impact Travelers Q3 results and are preliminary estimates ... Read the full article
Hurricane Milton unlikely to shift reinsurance market dynamics, says J.P. Morgan
18th October 2024
According to J.P. Morgan analysts, hurricane Milton is unlikely to change the dynamics of the reinsurance market heading into 2025, based on current anticipated loss levels. Hurricane Milton approached Florida and made landfall near Siesta Key on October 9, 2024, as a Category 3 storm. Loss estimates range from $20 billion ... Read the full article
New cat model brings ‘step change’ to flood risk management: Fathom’s Jones
18th October 2024
Covering all major flood perils globally with a comprehensive representation of uncertainty and conditioned to the current climate, Fathom’s new Global Flood Cat model gives the industry a "step change" in its ability to manage flood risk, according to the firm's Chief Product Officer, Dr Matthew Jones. Built upon Fathom’s Global ... Read the full article
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