Reinsurance News
Gradient AI raises $56.1m in Series C funding
30th July 2024
Gradient AI, the provider of proven artificial intelligence (AI) solutions for the insurance sector, has raised $56.1 million in Series C funding, in a round led by Centana Growth Partners, with participation from existing investors MassMutual Ventures, Sandbox Insurtech Ventures and Forte Ventures. Gradient AI will reportedly use the funds for ... Read the full article
Karma Wallet and Palomar jointly launch new card to help insurance claims
30th July 2024
Karma Wallet, a financial platform dedicated to sustainability and social impact, has strategically partnered up with Palomar, an innovative specialty insurer serving residential and commercial clients to launch Karma Wallet Card. The card aims to provide customers with the benefit of greater financial security through an innovative insurance coverage capability provided ... Read the full article
Poll predicts CrowdStrike IT outage losses could exceed $1bn for re/insurance industry
30th July 2024
The majority of respondents to a recent Reinsurance News poll believe the total re/insurance industry loss from the CrowdStrike-linked IT outage will surpass $1 billion, with 38% of voters anticipating that losses could exceed $1.5 billion. According to our poll, which compiled votes from a range of individuals within the re/insurance ... Read the full article
Renewable energy sector shows resilience and optimism in 2024 despite challenges: WTW
30th July 2024
Resilience and optimism is what has characterised the renewable energy sector, despite climate issues, supply chain disruption, casualty deterioration, social inflation and geopolitical conflicts, according to a recent report by WTW. However, overall profitability remains challenging due to variable results within energy classes, analysts warn. So far, 2024 is proving to be ... Read the full article
Swiss Re updates economic scenarios to navigate evolving risks for re/insurers
30th July 2024
Swiss Re’s latest US economic forecasts predict steady global GDP growth and decreasing inflation, but evolving risks could disrupt this outlook, prompting the firm to update its three alternative economic scenarios to reflect current global conditions and enhance the re/insurance industry’s preparedness. In a recent article, Hendre Garbers, Senior Economist at ... Read the full article
Interest in Louisiana is rising after property reforms, and there’s more to come: Insurance Commissioner Temple
30th July 2024
The successful passage of a package of bills designed to reform Louisiana’s property insurance market is a key step towards restoring confidence in the state, and according to Insurance Commissioner Tim Temple, there’s more to come. It was announced in May that Governor Jeff Landry and the State Capitol had ... Read the full article
Aviva and Greggs Pension Scheme finalise £100 million buy-in
30th July 2024
Greggs plc Pension Trustees Limited, the Trustee of the Greggs plc 1978 Retirement and Death Benefit Scheme, has completed a £100 million bulk annuity agreement with Aviva, an insurance and financial services provider, which covers most of the Scheme’s liabilities. To support this buy-in and improve the long-term security of member ... Read the full article
Oneglobal & Worldlink Specialty launch new US aviation liability insurance solution
30th July 2024
Worldlink Specialty has partnered with Oneglobal Broking to introduce "AeroPRO," a comprehensive professional liability insurance solution tailored for the US aviation and aerospace sector. AeroPRO, supported by Lloyd’s of London markets, offers extensive professional liability coverage, including protection against contractors’ pollution, technology errors and omissions, and privacy breaches. This solution is designed ... Read the full article
1970 Group receives growth investment from Bain Capital Insurance
30th July 2024
1970 Group, the specialised risk financing provider for the insurance sector, has secured a growth capital investment from Bain Capital Insurance, the insurance investing unit of Bain Capital, in a move that is set to support the firm's continued expansion of its liquidity management solutions for insured organisations. Financial terms of ... Read the full article
Gallagher expands European cyber leadership with latest senior hire
30th July 2024
Gallagher has appointed Aldo Borsani as the Head of Cyber for Europe, where he will enhance the insurance and reinsurance broker's products and services, collaborate with existing clients and teams across Europe, and lead new business growth. Borsani brings nearly ten years of experience from Chubb, where he most recently served ... Read the full article
Enstar reports $126m net income with ROE of 2.5% in Q2’24
30th July 2024
Global insurance group Enstar has reported net earnings of $126 million for the second quarter of 2024, a substantial increase from $21 million in Q2 2023. The company's return on equity (ROE) improved to 2.5% this quarter, compared to 0.5% from the previous year, while adjusted ROE was 2.9% for the ... Read the full article
Swiss Re appoints Nicole Fera to lead its Regional 1 Reinsurance, US P&C
30th July 2024
Global reinsurance giant Swiss Re has promoted Nicole Fera to lead its Regional 1 Reinsurance market division in the United States. Fera is an experienced reinsurance industry professional, having spent over 16 years at Swiss Re. As the Head of Regional 1, she will use her account management and broking skills and ... Read the full article
Andy Foot joins Howden Re as MD, Marine, Energy & Terror Treaty
30th July 2024
Andy Foot has joined Howden Re as Managing Director, Marine, Energy & Terror Treaty, where he will focus on the London and US markets including the placement of consortia and binders. Foot joins Howden Re from Aon, where he spent over two decades in the professional services firm's specialty reinsurance division, ... Read the full article
Up to $40bn of additional property cat reinsurance purchased in H1: Guy Carpenter
30th July 2024
Reviewing buying activity from January through July 2024, Guy Carpenter has estimated that approximately $35 billion - $40 billion of additional property catastrophe limit has been purchased worldwide, driven by favourable conditions. According to a recent report from the firm, this increase generally represents 5% to 10% of catastrophe capacity purchased. "By the ... Read the full article
SCOR reports Q2’24 net loss as L&H assumption review more than offsets solid P&C result
30th July 2024
French reinsurer SCOR has fallen to a net loss of €308 million for the second quarter of 2024 as a result of the previously announced Life & Health (L&H) assumption review, which more than offset a solid performance in its Property & Casualty (P&C) business. SCOR warned in mid-July that ... Read the full article
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