Reinsurance News
Majesco launches AI ecosystem to enhance insurance solutions with key models
19th September 2024
Majesco, a provider of cloud-based insurance software, has introduced a new AI ecosystem powered by Majesco Copilot, enabling a seamless integration of various industry AI models into Majesco’s solution workflows, starting with a select group of partners. “This new AI ecosystem introduces a rapid approach to integrate via Majesco Copilot with some ... Read the full article
Moody’s upgrades Zurich Insurance’s rating with stable outlook
18th September 2024
Moody’s Ratings has upgraded the insurance financial strength rating (IFSR) of Zurich Insurance Company (ZIC), the main insurance arm of Zurich Group, from Aa3 to Aa2. Additionally, Moody’s has raised Zurich Group’s long-term debt ratings by one notch. The outlook for all issuers has been revised to stable from positive. The upgrade ... Read the full article
Ben McGregor becomes Chubb’s Head of Property & Terrorism, UK and Ireland
18th September 2024
Global property and casualty insurer Chubb has announced the appointment of Ben McGregor as Head of Property & Terrorism, UK and Ireland. In his new role, he will be responsible for leading, managing and developing the Property and Terrorism portfolios in the UK and Ireland. McGregor is a strong commercial property insurance ... Read the full article
HDI Global launches US Inland Marine unit led by Rebecca Molosky
18th September 2024
HDI Global Insurance Company, the US branch of the global commercial insurer HDI Global SE, has launched a new Inland Marine unit as part of its expansion of specialty products and services in the region. Rebecca Molosky will head the Inland Marine unit, reporting directly to Marco Hensel, Chief Underwriting Officer ... Read the full article
US surplus lines market surpasses $100bn premium threshold in 2023, AM Best
18th September 2024
According to credit rating agency AM Best, the US surplus lines market surpassed the $100 billion threshold for the first time in 2023 for direct premiums written (DPW), reaching a record figure of $115.6 billion. In a new report, the agency states that the surplus lines market has enjoyed a surge resulting ... Read the full article
Mosaic to offer $200m terrorism insurance for fine art and specie market
18th September 2024
Mosaic Insurance now offers customised tailor-made global terrorism and sabotage coverage specifically designed for fine art and specie insureds, with syndicated capacity reaching up to $215 million per risk. Offering coverage for museums, exhibitions, stately homes, and comparable institutions, this new product aims to protect artwork and other high-value contents housed ... Read the full article
Kita provides insurance for Marex’s investment in Mangrove Carbon Credit project
18th September 2024
Kita, a carbon insurance specialist and Lloyds of London Coverholder, has announced the expansion of its insurance services to support Marex Group Plc's investment in the Global Mangrove Trust’s (GMT) mangrove restoration project in North Sumatra. The insurance capacity for Kita is provided by the prominent specialty (re)insurance group Chaucer. The ... Read the full article
WTW adds real-time Python deployment and governance to its insurance rating solution
18th September 2024
Global insurance broker WTW has expanded its Radar software, an insurance rating solution, to enable real-time execution of Python. Radar's ability to deploy Python in real-time will deliver advantages throughout the insurance process, impacting both personal and commercial lines in areas like pricing, underwriting, and claims. This will empower insurers to harness ... Read the full article
McCubbin becomes QBE Europe’s new Head of Global Network & Multinational Technical Underwriting
18th September 2024
QBE Europe has announced the promotion of Glenn McCubbin to the new role of Head of Global Network and Multinational Technical Underwriting. McCubbin has been part of QBE Europe for over six years, having joined the company in 2018 as a Multinational Client Manager. He was then appointed Multinational Network Manager before ... Read the full article
Rate is adequate in most lines we’re in, it’s too soon to backpedal: Dale Underwriting CEO
18th September 2024
Duncan Dale, founder and Chief Executive Officer (CEO) of Dale Underwriting Partners, told Reinsurance News that rating is adequate in most of the lines the specialist re/insurance provider operates in, with little room to go backwards as the carrier focuses on developing the right opportunities. Last week, we spoke with Dale ... Read the full article
MGA Spring Insure targets major expansion following Bridgehaven deal
18th September 2024
Specialist financial and commercial lines managing general agent (MGA), Spring Insure, has secured significant new and enhanced A-rated capacity across all its existing product lines following an agreement with hybrid fronting insurer, Bridgehaven Specialty UK, effective immediately. The agreement covers Spring Insure’s entire product portfolio, vastly broadening its underwriting appetite. The capacity ... Read the full article
Central Europe floods could cost up to $3.3bn in insured losses: Gallagher Re
18th September 2024
Global reinsurance broker Gallagher Re estimates that the insured losses from the severe floods in central Europe, which occurred mainly from September 12-15, are likely to range between EUR 2.0 to 3.0 billion (USD 2.2 to 3.3 billion). A slow-moving low-pressure system caused continuous rainfall across central Europe, leading to severe ... Read the full article
First half of 2024 sees record number of buy-in transactions for a six-month period
18th September 2024
With 134 buy-ins, the first half of 2024 has seen the largest ever number of buy-in transactions for a six-month period, compared to the 96 buy-ins that were completed during the same period in 2023, a recent analysis by Hymans Robertson has revealed. According to data, the 134 buy-ins completed in ... Read the full article
Fac reinsurance ‘might be moving away from a hard market’, says UIB’s Barrington
18th September 2024
“It appears that the facultative reinsurance might be moving away from a hard market, but there are a number of global events that could happen between September and January which could heavily influence where the market is heading,” UIB CEO Shaun Barrington commented at RVS Monte Carlo 2024. With one of ... Read the full article
AM Best maintains stable outlook for China’s non-life insurance sector
18th September 2024
AM Best has maintained a stable outlook for China’s non-life insurance sector, pointing to factors like a supportive regulatory environment, increased awareness of health insurance, and growth potential in the electric vehicle insurance market. The ratings agency notes that the sector's solvency ratios under the China Risk-Oriented Solvency System (C-ROSS) stabilised ... Read the full article
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