Reinsurance News
SURE and SageSure launch new business owners policy in California
25th September 2024
SureChoice Underwriters Reciprocal Exchange (SURE), in collaboration with SageSure, has launched its first non-admitted business owners policy (BOP) in California. This new BOP solution comes as California faces fewer insurance options and increasing wildfire risks. So far this year, 6,078 wildfires have burned 977,923 acres, surpassing the state's five-year average. The program ... Read the full article
Patrick Brennan joins Selective Insurance as CFO
25th September 2024
Selective Insurance Group, Inc. has appointed Patrick S. Brennan as Chief Financial Officer (CFO), effective October 1st, 2024. As Brennan takes over the new position, Tony Harnett, who served as the interim CFO, will continue as Selective’s Senior Vice President and Chief Accounting Officer. Brennan brings nearly two decades of insurance industry ... Read the full article
Global Marine Insurance premiums hit $38.9bn in 2023, reports IUMI
25th September 2024
At its 150th annual conference in Berlin, Germany, the International Union of Marine Insurance (IUMI), a global association representing marine insurers, presented its analysis of the latest trends in the marine insurance market. In 2023, the global marine insurance premium base reached USD 38.9 billion, marking a 5.9% increase compared to ... Read the full article
Robert Walters named Head of Property Treaty at Aspen Re America
24th September 2024
Aspen Insurance Group has announced the promotion of G. Robert Walters to SVP and Head of Property Treaty at Aspen Re America, effective October 1st. Walters, who has over three decades of experience in the insurance industry, will be based at Aspen’s Rocky Hill office and will report to Scott Kreuzer, ... Read the full article
Xceedance expands capabilities with acquisition of Millennium Information Services
24th September 2024
Xceedance, a global provider of technology and digital solutions, has acquired Millennium Information Services (MIS), an insurance inspection and data analytics firm based in the US. This acquisition expands the Xceedance Americas team by nearly 200 members and adds a nationwide contractor network of over 1,300 inspectors. It enhances Xceedance's underwriting ... Read the full article
Cyber threats top the 2024 Travelers Risk Index, fourth time in six years
24th September 2024
The 2024 Travelers Risk Index released by property and casualty insurer, The Travelers Companies, Inc. has disclosed cyber threats as the top concern amongst businesses, for the fourth time in six years. Established in 2014, the annual survey asks business insurance decision-makers of US-domiciled companies of various sizes and industries about ... Read the full article
SEADRIF Insurance makes US$750k payout to support Lao PDR’s recovery efforts following Typhoon Yagi
24th September 2024
SEADRIF Insurance Company has made a payout of US$750,000 to support the eight provinces in Lao PDR devastated by the passage of Typhoon Yagi, which has been called Asia’s most powerful storm this year. According to the announcement, the funds will aid Lao PDR’s recovery efforts and help the government reach ... Read the full article
MacAulay joins Mayer Brown as partner within Corporate & Securities & Global Insurance
24th September 2024
International law firm Mayer Brown has announced that Legal & General's Tom MacAulay has joined the firm as a partner within its Corporate & Securities practice and Global Insurance Group in London. During his tenure at Legal & General, MacAulay served in a number of different roles. Most recently, he held the ... Read the full article
Max Tetlow rejoins Appleby’s Bermuda office as Partner
24th September 2024
Global law firm Appleby has announced that Max Tetlow will join its insurance team and corporate practice as Partner, effective 1 November 2024. Brad Adderley, Bermuda Managing Partner, expressed enthusiasm for Tetlow’s return, stating, “We are excited to welcome Max back to our dynamic and growing group. "Our insurance practice remains the ... Read the full article
Ledger Investing funds and launches new $100m casualty sidecar
24th September 2024
Ledger Investing, an insurtech and insurance-linked securities (ILS) focused venture-backed company, has successfully funded and launched a new casualty sidecar facility, designed to provide up to $100 million of capital to finance the casualty reinsurance business of a global reinsurance firm over three underwriting years, and on a quota share ... Read the full article
Private P&C grew at 9.2%, higher than commercial for first time in years: Insuramore
24th September 2024
According to Insuramore analysis, the value of the global market for property and casualty (P&C) insurance rose by 8.6% in 2023, before adjusting for inflation with private P&C lines at 9.2% outgrowing commercial P&C lines with 8.0% for the first time in several years Insuramore's global rankings disclosed that the top ... Read the full article
West Bend enhances underwriting with ZestyAI’s AI-powered risk analytics
24th September 2024
West Bend Insurance Company has expanded its partnership with ZestyAI to incorporate more AI-powered risk analytics into its underwriting process. West Bend will now utilise ZestyAI’s property risk platform, Z-PROPERTY, to improve the accuracy of its underwriting and renewal processes for personal lines insurance. Z-PROPERTY uses AI and computer vision to analyse ... Read the full article
Ruth Farrugia named Chief Investment Officer at Resolution Life
24th September 2024
Global life insurance group Resolution Life has announced the appointment of Ruth Farrugia as Chief Investment Officer, who will succeed Karl Happe as part of a planned transition. Farrugia, a senior finance executive with over 20 years’ experience in the asset management sector, is joining the company from MetLife Investment Management ... Read the full article
E&S lines see growth amid admitted market exit or pullback: Triple-I
24th September 2024
Excess and Surplus lines (E&S) have experienced remarkable growth for five straight years by double-digit percentage rates, mainly due to admitted markets pulling back or exiting markets, according to a recent Triple-I report. Analysts noted that solid underwriting results continue to drive operating profitability due to emerging new risks and declining ... Read the full article
Global Parametrics names Harry Titherley Business Development Director
24th September 2024
Global Parametrics, a CelsiusPro Group company, has announced the appointment of Harry Titherley as Business Development Director, a London-based role. Titherley brings extensive experience in parametric re/insurance to his new role. He has a strong track record in originating, designing, and placing parametric schemes for various lines of business, as well ... Read the full article
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