Reinsurance News
Global tool introduced for validating weather-related claims by EuroTempest
12th September 2024
EuroTempest, a provider of storm and weather risk management services in Europe for the re/insurance industry, has announced the launch of its Global Weather Validation tool, designed to help insurers validate weather-related claims worldwide with greater speed and efficiency. Previously available only in the UK, the tool uses a combination of ... Read the full article
Calgary hailstorm, 2nd costliest event in Canadian history causes insured losses of $2.8bn
12th September 2024
According to initial estimates from Catastrophe Indices and Quantification Inc. (CatIQ), the Calgary hailstorm during early August has resulted in nearly $2.8 billion in insured losses, making it the second-costliest event in Canada's history, following the 2016 Fort McMurray wildfire. On August 5th, 2024, severe thunderstorms developed over southern Alberta and ... Read the full article
Fidelis hires Arch’s Jason Kittinger as Group Chief Operating Officer
12th September 2024
Fidelis Insurance Group, the global specialty insurer, has appointed 20-year industry veteran Jason Kittinger as Group Chief Operating Officer. Kittinger, who is based in London, will report to Fidelis Insurance Group’s Chief Executive Officer, Dan Burrows. He will also serve as a member of the company's senior leadership team. In his new role, Kittinger ... Read the full article
Demex bolsters its Advisory Board with appointments of industry veterans
12th September 2024
Demex, the risk analytics and intelligence firm offering reinsurance solutions for severe convective storms, has created a new Advisory Board comprising seasoned insurance executives, John DeMartini, Alastair Speare-Cole and Matthias Weber. The announcement follows Demex’s $10.25m capital raise as the Advisory Board aims to guide the company's growth. With special ... Read the full article
HF adds Tom Davison as Partner & Head of Property, Risks, and Coverage
12th September 2024
Tom Davison has joined Horwich Farrelly (HF), legal advisers in the insurance and commercial sectors, as Partner & Head of Property, Risks, and Coverage. In his new role, and part of the firm’s continued expansion, Davison will head the growing team focused on advising insurers, claimants, and defendants on a broad ... Read the full article
AdvantageGo partners with Ping Data Intelligence to boost data efficiency
12th September 2024
AdvantageGo, a provider of commercial insurance and reinsurance software and part of Coforge, has entered into a new partnership with Ping Data Intelligence (Ping), an insurance technology firm known for its AI-powered data ingestion, cleansing, and geocoding solutions. Ping, headquartered in Miami, Florida, has developed a global exposure technology that is ... Read the full article
Alera Group names Jim Blue CEO, Alan Levitz becomes Executive Chairman
12th September 2024
Alera Group, a US insurance and financial services firm, has announced the appointment of Jim Blue, its current president, to the role of Chief Executive Officer, effective January 1, 2025. Blue will succeed Alan Levitz, who will become Alera Group’s Executive Chairman. With a deep background in insurance, benefits, and financial services, ... Read the full article
FERMA urges European Commission to establish Expert Group on protection gaps
12th September 2024
Following the release of the European Union Climate Resilience Dialogue report, The Federation of European Risk Management Associations (FERMA) has called on the European commission to establish an Expert Group on Protection Gaps. This aligns with FERMA’s 2024-2029 policy manifesto, which emphasises the need for a permanent body to advise on ... Read the full article
Berkshire (BHSI) announces key leadership changes in Canada
11th September 2024
Berkshire Hathaway Specialty Insurance (BHSI), a division of Berkshire Hathaway, specialising in providing a range of insurance and reinsurance products, has announced the appointment of Andrew Knight as Country Manager, Amanda Sorsak as Head of Claims, and Paul Emerson as Head of Customer & Broker Engagement for its operations in ... Read the full article
Abundant capacity and evolving risks drive shifts in terrorism insurance market: Guy Carpenter
11th September 2024
According to a recent Global Specialties market update by Guy Carpenter, a global risk and reinsurance specialist, several significant trends have emerged in the terrorism and political violence insurance markets. While rates in the direct terrorism market had been rising in recent years, an abundance of capacity has now led to ... Read the full article
PwC’s Jim Bichard stresses importance of net zero goals at 66th RVS
11th September 2024
Speaking in an interview at the Rendez-Vous de Septembre (RVS) in Monte Carlo, Jim Bichard, Global Insurance Leader, Partner, PwC, observed that while trading and renewals discussions are important, a longer-term view of the transition to net zero is needed. Commenting on the primary focus of PwC's conversations at this year's ... Read the full article
Inigo to fund research programme exploring how climate change impacts the risk of hurricanes
11th September 2024
Specialist insurer Inigo Limited has announced that it will be funding a three-year research programme at the University of Cambridge, which will apply the latest advances in both computing and AI in order to deepen understanding of how climate change has impacted the risk of hurricanes. According to the announcement, InSPIRe ... Read the full article
Aon & Intermap collaborate to enhance underwriting, risk management and portfolio modelling
11th September 2024
Intermap Technologies, a global firm specialising in 3D geospatial products and intelligence solutions, has formed a strategic collaboration with Aon’s Impact Forecasting to enhance underwriting, risk management and portfolio modelling. Intermap’s comprehensive solutions will now enable insurers to access IF’s hazard and risk maps, while improving solutions across the entire insurance ... Read the full article
AXIS appoints industry veteran Pranav Shroff as Head of Life Sciences, North America
11th September 2024
Global specialty underwriter and re/insurance provider AXIS Capital Holdings Limited (AXIS) has announced the appointment of Pranav Shroff as Head of Life Sciences in North America. Based in New York, Shroff will report to Michael McKenna, Head of AXIS North America. In his new role, he will oversee the development of specialty ... Read the full article
Personal lines drives increase in US downgrades over last three years: AM Best
11th September 2024
Recent years have seen a higher number of negative ratings actions on businesses operating in US insurance markets, with downgrades of AM Best-rated US firms increasing by 60% in 2023. According to AM Best, this deterioration reflects the conditions that US property & casualty (P&C) insurers have been facing in recent ... Read the full article
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