Reinsurance News
Beazley, Munich Re, and Gallagher Re study reveals cyber market resilience
9th October 2024
Findings from a year-long collaboration between Beazley, Munich Re, and Gallagher Re indicate that the cyber insurance market can withstand a plausible yet remote malware event under current parameters. This information was released in a whitepaper that aimed at building a shared understanding of the potential systemic losses the cyber-insurance industry ... Read the full article
AEGIS Miner Rescue Consortium launches $25m miner rescue insurance product
9th October 2024
AEGIS London-led Lloyd’s consortium has launched a $25 million insurance product to cover the rescue of miners trapped underground, doubling its available cover from $10 million. The AEGIS Miner Rescue Consortium, is predominantly for hard rock and precious metal mines, both open cast and underground, with a focus on Australia, Canada, ... Read the full article
Markel strengthens cyber team with Eastwood hire as Senior Underwriter
9th October 2024
Markel, the insurance division of Markel Group Inc., has appointed Jack Eastwood as Senior Underwriter, Cyber, effective immediately. Eastwood will be based at Markel’s London office and report directly to Dan Fox, Head of Cyber for Markel. As a senior underwriting leader of Markel’s Cyber & Technology team, he will work ... Read the full article
Optio Group continues European expansion with MGA Heca acquisition
9th October 2024
Optio Group, a specialty Managing General Agent (MGA), has acquired a strategic investment in Italian MGA Heca S.r.l. (Heca) for an undisclosed amount. This move aligns with Optio’s strategy to expand across Europe and reflects its confidence in Heca’s potential for future growth. Founded in 2010 in Ortona, Italy, Heca has quickly ... Read the full article
Socotra adds Greg Murphy as Head of Global Partnerships
9th October 2024
Insurance technology provider Socotra has appointed Greg Murphy as Head of Global Partnerships, to develop and expand strategic alliances with technology providers and system integrators. Murphy is a market veteran with three decades of experience, most recently as Chief Executive Officer (CEO) and Principal Consultant of GRAAM Consulting Group. He has also ... Read the full article
Lloyd’s warns of $14.5trn economic risk from hypothetical geopolitical conflict
9th October 2024
Lloyd's has released a report noting that a hypothetical geopolitical conflict could disrupt global trade and supply chains, potentially leading to $14.5 trillion in losses for the global economy over a five-year period. Produced in partnership with the Cambridge Centre for Risk Studies, Lloyd's research explores eight "hypothetical but plausible" systemic ... Read the full article
WTW partners with the University of Colorado Boulder to enhance climate prediction
9th October 2024
Global insurance broker WTW has partnered with the University of Colorado Boulder (CU Boulder) to bring scientific advancements in seasonal climate prediction to the insurance and risk management sectors. This collaboration will help WTW and its clients anticipate how upcoming weather events may impact their operations and portfolios, allowing them to ... Read the full article
CoreLogic & Moody’s highlight billions in property exposure as Milton nears Florida
9th October 2024
Separate data analysis from CoreLogic and Moody's has revealed that 500,000 single-family and multifamily homes in Florida's Tampa Bay and Sarasota areas, with a reconstruction cost value of $123 billion, are at risk of storm surge from Hurricane Milton, while over 235,000 commercial properties in the state, worth $1.1 trillion, ... Read the full article
Verisk estimates Helene’s insured losses could reach $11bn excluding NFIP
9th October 2024
According to the Extreme Event Solutions group at Verisk, industry-insured losses due to wind, storm surge, and hurricane precipitation-induced flood from Hurricane Helene will range between $6 billion and $11 billion, excluding the National Flood Insurance Program (NFIP). To recap, Helene, a Category 4 storm with 140 mph winds made landfall ... Read the full article
Hurricane Milton likely to be at least a $20bn insurance loss event: BMS
9th October 2024
While too early to pinpoint an accurate insurance loss range, BMS Group's Senior Meteorologist Andrew Siffert has noted it is safe to say that Hurricane Milton will likely be at least a $20 billion insurance market event. Hurricane Milton remains a powerful Category 5 storm with wind speeds of around 160 ... Read the full article
Price Forbes Re adds Brian Cole as Executive Vice President, Head of Financial Lines
9th October 2024
Price Forbes Re, an independent specialist risk strategy and reinsurance broker, has appointed Brian Cole as Executive Vice President (EVP), Head of Financial Lines, based in Boston. The appointment aligns with the firm’s efforts to build its offering in the US, as Cole will lead the development of the firm’s financial ... Read the full article
Moody’s upgrades Swiss Re Corporate Solutions Brasil Seguros’ IFSR
9th October 2024
Moody’s Ratings has upgraded Swiss Re Corporate Solutions Brasil Seguros’ (SRCSB) financial strength rating (IFSR) to Baa2 from Baa3 and changed its rating outlook to stable from positive. This rating action follows Moody’s upgrade of the Government of Brazil's bond rating to Ba1 from Ba2, which also maintained a positive outlook. According ... Read the full article
Neil McConachie joins Accredited as Chief Risk and Capital Officer
9th October 2024
Global program manager Accredited Insurance has appointed Neil McConachie as Chief Risk and Capital Officer. McConachie is an experienced insurance executive, having previously served as Group CFO of Fidelis Insurance and Group President of Lancashire, where he also held CFO and CRO roles. Set to join Accredited on 14 October officially, McConachie ... Read the full article
Ambac partners with Mike Miller-led MGA Pivix
8th October 2024
Insurance holding company Ambac has partnered with Mike Miller and his team on the launch of Pivix Specialty Insurance Services Inc., a managing general agency focusing on the excess and surplus (E&S) lines market. Miller, who is the former president of Scottsdale Insurance, the E&S carrier of Nationwide, is president and ... Read the full article
Casualty re/insurance market is ‘reacting in a measured way’, says Chris Larson, SiriusPoint
8th October 2024
In an interview with Reinsurance News around the 2024 APCIA annual conference, Chris Larson, Head of Global Casualty Underwriting at SiriusPoint, highlighted how the casualty market is cautiously addressing challenges like rising losses ahead of the 1/1 renewals through rate implementation. Larson emphasised that in the U.S., there is significant pressure ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
