Reinsurance News
Groupama issues €150 million Quercus Re DAC Cat bond
22nd July 2024
French mutual re/insurance company Groupama has issued a new Cat bond Aggregate to protect its climatic exposures in France, placed and structured by the Aon Securities team. The €150 million Quercus Re DAC Cat bond came into effect on July 19, its coverage has been designed to run across a ... Read the full article
Mass IT outage to accelerate interest in cat-focused reinsurance: Howden Re
22nd July 2024
While the financial implications of last week's significant IT outage, which was caused by an update to the CrowdStrike Falcon endpoint detection and response (EDR) tool, will take time to be understood, the event is expected to accelerate interest in cat-focused reinsurance programmes, according to Luke Foord-Kelcey, Global Head of ... Read the full article
CCRIF member payouts in Grenada reach $55.6m
22nd July 2024
In addition to the $44 million paid to the Government of Grenada by CCRIF SPC following damage from Hurricane Beryl, payouts to both the Grenada Electricity Services Limited and the National Water and Sewerage Authority under their policies have now been made. According to Isaac Anthony, CCRIF CEO, these payouts ... Read the full article
Global IT outage won’t have lasting impact on rated universe: Morningstar DBRS
22nd July 2024
Despite expecting the July 19 global IT outage to cause widespread disruption across a variety of corporate and financial sectors, including an influx of cyber business interruption claims, Morningstar DBRS does not anticipate a lasting impact on its rated universe. In a recent report, the firm's analysts noted that the outage ... Read the full article
WTW hires Marsh’s Lucy Clarke as President, Risk & Broking
22nd July 2024
WTW, the global insurance and reinsurance broker, has appointed industry veteran Lucy Clarke as president, Risk & Broking. Clarke joins the firm with 25 years of industry experience, which includes previous tenures working in leadership roles at major firms, such as JLT Group and Marsh. Most recently, she served as the president ... Read the full article
AXA XL names Michelle Bailey as Head of Professional, Bermuda
22nd July 2024
AXA XL, the property & casualty (P&C) and specialty risk division of global insurer AXA, has appointed Michelle Bailey to the new role of Head of Professional, Bermuda. Bailey has more than two decades of industry experience, and will report to Noel Pearman, Chief Underwriting Officer, Bermuda of AXA XL’s Insurance ... Read the full article
US insured losses from a modern-day Carrington Event could reach $433bn, says WTW
22nd July 2024
If a solar storm similar to the "Carrington Event" were to occur today, US insurance industry losses could range anywhere between $71 billion to $433 billion, according to global insurance broker WTW. The Carrington Event, the most powerful solar storm in recorded history, took place on September 1 and 2, 1859. ... Read the full article
Artex completes integration of Bee Insurance Management team
22nd July 2024
Artex, Gallagher's wholly-owned subsidiary for alternative risk and capital, has announced that the team from Malta-based Bee Insurance Management Ltd. has joined Artex EMEA. Bee Insurance has provided clients with a variety of services, including underwriting, claims, accounting, risk management, regulatory compliance, and investment reporting. Simon Camilleri, formerly the managing director of ... Read the full article
AM Best revises Kuwait Re’s outlook to positive
22nd July 2024
AM Best, the global credit rating agency, has revised the outlook to positive from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Kuwait Reinsurance Company K.S.C.P. (Kuwait Re). The rating agency has stated that these ratings reflect Kuwait Re’s ... Read the full article
Falcon strengthens underwriting team with Sterger and Nowlan hire
22nd July 2024
Falcon Risk Services, a managing general agency and HDI Company, has announced the hire of Chris Sterger as Senior Vice President - Southeast Regional Leader and Andrew Nowlan as Vice President, Design & Build. In his new role, based in Atlanta, Sterger will manage the growth of all products across the ... Read the full article
BI claims the likely focus of insured losses from Microsoft IT outage, say analysts
19th July 2024
Following today's Microsoft Cloud outage, analysts currently expect business interruption claims to drive the bulk of insurance industry losses, and question whether this could be the litmus test for cyber underwriters, notably UK headquartered, specialist insurer Beazley. One of the largest-ever IT outages hit companies across the world today, causing significant ... Read the full article
2023 SCS losses were not extreme or surprising, says KCC
19th July 2024
While the active 2023 severe convective storm (SCS) season led to higher-than-average insured losses, these losses were not extreme, according to Karen Clark & Company’s (KCC) SCS Model. The KCC US SCS Reference Model offers a realistic depiction of the impacts from SCS events, using advanced simulations of the actual atmospheric ... Read the full article
London market insurers key to future of advanced air mobility: IUA
19th July 2024
The International Underwriting Association (IUA), representing insurance and reinsurance companies in London, has stated that London Market insurers will be essential in advancing new air mobility technologies in the coming years. The IUA emphasised the importance of a thorough certification process that ensures safety and provides access to data, allowing underwriters ... Read the full article
KatRisk appoints Petros Keshishian and John Tewhill to key roles
19th July 2024
KatRisk recently announced two key appointments: Petros Keshishian as the new Head of Model Engineering and John Tewhill as Enterprise Account Executive. Founded in 2012, KatRisk specialises in catastrophe modelling for various perils, including inland flooding, tropical cyclone wind, storm surge, severe convective storm, and wildfire. Utilising advanced GPU computing technology, ... Read the full article
OneAdvent teams with Solace Global Risk to boost A&H hostile territory product offering
19th July 2024
OneAdvent, the specialist managing general agent (MGA) and broker services platform, has partnered with risk management and security services organisation, Solace Global Risk, in a move that is set to provide a holistic insurance and risk management offering to clients of its Accident & Health (A&H) MGA. From what Reinsurance News understands, ... Read the full article
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