Reinsurance News
Final agreement reached for Ryan Specialty to acquire US Assure
2nd August 2024
Ryan Specialty, an international specialty insurance intermediary, has announced a definitive agreement to acquire US Assure Insurance Services of Florida, Inc., a Jacksonville-based specialist in builder's risk insurance that will be integrated into Ryan Specialty's Underwriting Managers Specialty division. Founded in 1977, US Assure is a trusted name in the small ... Read the full article
AXA XL partners with US MIG to expand Inland Marine insurance offering
2nd August 2024
AXA XL and U.S. Marine Insurance Group (US MIG) have entered into an underwriting agreement to expand its Inland Marine insurance offerings in the supply chain and transportation sectors. Founded in 2015, U.S. Marine Insurance Group is an underwriting firm and licensed Managing General Agent that provides comprehensive insurance solutions for ... Read the full article
CrowdStrike event insured loss to fall between $300m & $1bn: Guy Carpenter
2nd August 2024
Insured losses from the CrowdStrike-linked global IT outage will fall between $300 million and $1 billion, as per a new report from Guy Carpenter. For those unaware, On July 19, CrowdStrike, a leading cybersecurity technology provider, released a "Rapid Response Content" update to its EDR tool named Falcon, sitting on Microsoft ... Read the full article
AXA XL’s H1 GWP & other revenues hit €32.5bn as group looks to sell AXA IM
2nd August 2024
Global insurer AXA’s P&C and specialty risk division, AXA XL, has revealed that gross written premiums and other revenues were up 7% to €32.5 billion in H1 of 2024, while its combined ratio was 90.2%, down 0.7 points from the same period of 2023. AXA XL's commercial lines business saw premiums ... Read the full article
Buruj and MedGulf sign agreement for potential merger
2nd August 2024
Buruj, a multi-line non-life insurance underwriter and insurance group MedGulf, have signed a non-binding Memorandum of Understanding (MOU) to evaluate a potential merger between the two companies. The MOU aims to establish a framework for the strategic transaction through a share exchange offer. “Both companies will conduct financial, tax, legal, and actuarial ... Read the full article
KYND launches comprehensive cyber risk solutions in the US
2nd August 2024
KYND, a UK-based cyber risk management solutions provider, has announced its expansion into the US market. This expansion brings KYND's innovative and straightforward approach to cyber risk analysis to a new market, addressing the insurance industry’s need for easier and more proactive management of cyber risk as cybercrime intensifies. According to KYND, ... Read the full article
Orion180 introduces homeowners insurance services in Ohio
2nd August 2024
The insurance company Orion180 is thrilled to announce its expansion into Ohio, bringing its specialised homeowners coverage to eight states, including three new ones added in the first half of 2024. With the addition of Ohio through Orion Select Insurance Co., Orion180’s licensed insurance provider, homeowners in the state can now ... Read the full article
Ryan Specialty unifies its subsidiaries under MGU RFL, expanding product offerings
2nd August 2024
Ryan Specialty has unified its Ryan Financial Lines (RFL), its international financial lines managing general underwriter, launched in December 2023 and expanded its product offerings, with the first phase implemented in March 2024 with EmergIn Risk rebranding into RFL Cyber. RFL has now completed the rebranding, and unifying ... Read the full article
Skyward Specialty makes senior appointments to Healthcare, Transactional Property E&S teams
2nd August 2024
Property and Casualty insurer Skyward Specialty Insurance Group Inc. has bolstered its Healthcare Solutions portfolio and expanded its Transactional Property E&S underwriting units with senior appointments. Julie Miglin has been named Vice President and will spearhead the expansion of the Healthcare Solutions unit and introduce the new Life Sciences solutions. Simultaneously, Steven ... Read the full article
Everest CEO hails ‘excellent’ mid-year renewal outcome as T&Cs and attachment points hold
1st August 2024
Bermuda domiciled Everest Group's reinsurance business delivered a strong underwriting result in the second quarter of 2024, and amid still favourable property market conditions, characterised by persistently attractive rates and unwavering terms and conditions (T&Cs) and attachment points, the firm had an excellent outcome at the mid-year renewals. This is according ... Read the full article
Navigators & General to be acquired by Geo Underwriting
1st August 2024
Geo Underwriting, a division of Ardonagh Advisory that offers diverse insurance solutions, plans to acquire Navigators & General (N&G), a marine insurance provider, from Zurich UK. Established in 1921 by Captain William Coombs, a WWI Veteran and Merchant Navy officer. N&G provides insurance coverage for a range of boats and vessels, as ... Read the full article
Insurance business Fortegra drives Q2 2024 net income growth at Tiptree
1st August 2024
Tiptree has announced a net income of $12.9 million for the second quarter of 2024, compared to the net income of $6.0 million seen in the same period last year. The company attributed this increase towards growth seen within their insurance business. Adjusted net income of $24.4 million increased by 38.5% ... Read the full article
Trium adds TMK’s Hanna Metsanvirta to Syndicate 1322 Board
1st August 2024
Trium Syndicate, a cyber and property catastrophe insurance specialist at Lloyd’s of London, has announced the appointment of Hanna Metsanvirta as Director of Underwriting Performance and Active Underwriter for syndicate 1322. In her new role, Metsanvirta will join the s1322 Board and chair Trium’s Underwriting Committee, overseeing the implementation and performance ... Read the full article
Legal & General completes £1.1bn buy-in with the SCA UK Pension Plan
1st August 2024
UK insurer Legal & General Assurance Society Limited has announced the completion of a £1.1 billion buy-in with the SCA UK Pension Plan, securing the benefits of 5,900 retirees and 3,600 deferred members. Essity Holding UK Limited, part of the Essity group, is the sponsoring company. After evaluating various insurers, the ... Read the full article
Lockton appoints Sung Wook Han as Regional Head of Marine for Asia
1st August 2024
Independent insurance broker Lockton has announced the appointment of Sung Wook Han as Regional Head of Marine for Asia. Sung started his new role on August 1st, having joined Lockton from WTW, where he most recently served as Head of International Hull, based in London. During his 15-year tenure with WTW, Sung was ... Read the full article
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