Reinsurance News
Palomar extends top of reinsurance tower to $3.06bn at renewal
29th May 2024
Specialty property insurer Palomar Holdings has announced the completion of its 2024 reinsurance renewal, raising the top of its tower to $3.06 billion for earthquake events, $735 million for Hawaii hurricane events, and $117.5 million for all continental United States hurricane events. Last year, Palomar renewed its reinsurance towers to ... Read the full article
Additional capital returns are looking more likely in 2025: J.P. Morgan
29th May 2024
Prices are expected to start reducing in the medium term, which likely points towards reaching the end of a positive earnings upgrade cycle with the market entering a face where capital returns will possibly emerge, according to analysts. J.P. Morgan has recently looked into whether Lloyd’s insurers perform better when markets ... Read the full article
hyperexponential appoints Risa Ryan as Head of US P&C
29th May 2024
hyperexponential, a UK-based pricing decision intelligence platform for re/insurers, has appointed Risa Ryan as Head of US P&C. According to the firm, this move represents a significant milestone after growing rapidly over the last few years. Ryan has more than 25 years of industry experience, having spent over a decade with Munich ... Read the full article
Raghu Ramachandran joins ARM as Director of Life & Annuity
29th May 2024
Actuarial Risk Management Ltd. (ARM) has appointed Raghu Ramachandran as the Director of its Life & Annuity insurance consulting division, effective immediately. As a seasoned investment expert, Ramachandran brings a distinguished career to ARM, spanning several notable positions. These include serving as the Head of Insurance Asset Channel at S&P Dow ... Read the full article
Blackstone makes senior appointment in Blackstone Credit & Insurance teams
29th May 2024
Blackstone, the alternative asset manager, has appointed Dan Leiter as the Head of International for Blackstone Credit and Insurance (BXCI). Leiter in this role will report to Gilles Dellaert, Global Head of BXCI, with his remit including leading the activity and expansion of BXCI in EMEA and APAC. Consequently, Michael Carruthers has ... Read the full article
Invent and AFI develop credit insurance product for Zimbabwe bound exports
29th May 2024
Zimbabwean actuarial consultancy firm, Invent Multiple Agents and Actuaries, is in the process of developing a trade credit insurance product for Zimbabwe bound exports coming from South Africa to be issued by Asset Finance Insurance South Africa (AFI). Tanaka Zingwanda, Invent’s Managing Consultant, commented on the collaboration, "We are pleased to ... Read the full article
One80’s new AI warranty coverage to protect enterprises against unreliable AI models
29th May 2024
One80 Intermediaries, a specialty insurance broker, has announced the launch of artificial intelligence (AI) warranty coverage. Described as it to be the first of its kind warranty product, it was designed to protect enterprises and third-party AI vendors against losses related to unreliable AI models. According to experts, third-party AI tools will ... Read the full article
USAA adds insurance veteran Ross Buchmueller to Board of Directors
29th May 2024
USAA, a provider of insurance, banking, and investment and retirement solutions to members of the US military, has announced the addition of a new member to its Board of Directors, Ross Buchmueller, who brings deep expertise in the insurance industry and, as the son of an Air Force veteran, a ... Read the full article
Itasca MGA appoints Gareth John as new CEO and Director
28th May 2024
Itasca MGA, a specialist aviation-focused managing general agent (MGA) established in 2023 by Castlelake and Pine Walk, has announced the appointment of Gareth John as Chief Executive Officer (CEO) and Director. Operating within the Pine Walk platform, Itasca MGA specialises in underwriting, structuring, and managing risks associated with secured commercial ... Read the full article
One80 expands homeowners’ coverage to Oregon
28th May 2024
Specialty insurance broker One80 Intermediaries, in partnership with the Oregon FAIR Plan Association, has announced the expansion of its homeowners’ coverage throughout the state of Oregon, US. Effective immediately, One80 and its carrier partners will be offering wrap-around coverage - also known as Differences in Conditions or DIC - which will ... Read the full article
Cyber facility Incyde Risk launches, powered by Safe Security, led by Mosaic & other Lloyd’s Syndicates
28th May 2024
Mosaic 1609 and other participating Lloyd's syndicates have partnered with Safe Security to streamline cyber insurance solutions through newly launched facility Incyde Risk. According to the announcement, the new facility will provide up to $25mn in capacity on a primary and first-excess basis, with a lead-line by Mosaic 1609, and supported ... Read the full article
Philippines’ non-life insurance sector revised to stable: AM Best
28th May 2024
Global credit ratings agency AM Best has revised its market segment outlook on the Philippine non-life insurance market to stable from negative, citing a variety of factors that include strong investment yields amid insurance market and economic growth. In a new report released by the agency, Best states that the high domestic ... Read the full article
Cover Whale secures $27.5m investment from Morgan Stanley Expansion Capital
28th May 2024
Cover Whale Insurance Solutions, Inc., has announced a $27.5 million funding boost in debt and equity from investment funds managed by Morgan Stanley Expansion Capital. This round of funding, which includes existing debt investors converting into Series A preferred shares, will fuel Cover Whale's ongoing expansion efforts and expedite its mission ... Read the full article
P&C sector reports improved conditions in early 2024: McGriff
28th May 2024
The Property & Casualty (P&C) industry began 2024 in a stronger position compared to 2023, driven by 25 consecutive quarters of premium increases, improved investment returns for insurers, and a relatively mild hurricane season, highlights broker McGriff in a recent report. The broker highlights Fitch Ratings' prediction for modest underwriting improvements ... Read the full article
Zurich Singapore appoints Matt Graves as Chief Claims Officer
28th May 2024
Zurich Singapore has appointed Matt Graves as its new Chief Claims Officer, reporting directly to Liam Burrell, Chief Executive Officer of Singapore and Head of Commercial Insurance Asia. Graves’ remit will include an enterprise-wide responsibility for all claims functions across Zurich Singapore’s Commercial and newly launched Retail segment. In his new role, ... Read the full article
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