Reinsurance News
WTW reports possible firming cyber insurance market later in 2024
16th May 2024
WTW, a global insurance and reinsurance broker, observes that the cyber insurance market has remained stable in 2024, however, there's a potential shift towards a firmer market later this year due to recent cyber events and the expanding cyber threat landscape. Currently, primary and excess cyber renewals are staying level, and ... Read the full article
Samantha Smithson-Biggs to lead MS Amlin Operational Transformation team
16th May 2024
Lloyd's global insurer and reinsurer MS Amlin has announced the appointment of Samantha Smithson-Biggs as Head of Operational Transformation. In her new role she will help MS Amlin to further improve its technology and services, to ensure the company continues to deliver for brokers and clients. Smithson-Biggs is joining the firm following ... Read the full article
US P&C 2023 underwriting improves, personal lines continue to drag: Triple-I/Milliman
16th May 2024
The U.S. property & casualty (P&C) industry saw its second consecutive year of underwriting losses, with a net combined ratio of 101.6% for 2023. While there was improvement from 2022, personal lines still remained the major driver of unprofitability in 2023. According to industry underwriting projections by actuaries at the Insurance ... Read the full article
Applied Systems’ commercial lines panel welcomes Arch Insurance live
16th May 2024
Today, Applied Systems Europe announced the launch of Arch Insurance's specialised property owners’ insurance product on its commercial e-trading panel. Tony Silve, VP, National Director, Arch Online, said: “We are delighted to offer Applied brokers e-trade access to our popular Property Owner’s solution, as we continue to expand our digital solutions. ... Read the full article
Swiss Re to boost digital transformation in group insurance with Cortical.io partnership
15th May 2024
Swiss Re has partnered with Cortical.io, a collaboration that aims to boost digital transformation by facilitating the adoption of intelligent document processing (IDP) among group insurance carriers. Founded in 2011, Cortical.io is described as a pioneer for efficient artificial intelligence (AI) solutions that automate labour-intensive insurance processes like intake, submission and ... Read the full article
Conifer Holdings reports Q1’24 results with improved combined ratio
15th May 2024
Michigan-domiciled property and casualty holding company, Conifer Holdings has announced its financial results for the first quarter of 2024, reporting a net income of $74,000, compared to the $1,001,000 reported in Q1 2023. The company also reported an improved combined ratio of 96.7%, which included a loss ratio of 62% and ... Read the full article
Paulsson named MS Transverse new CEO as Matson becomes Vice Chairman
15th May 2024
MS Transverse, a hybrid fronting carrier in North America and a subsidiary of MSIGH, has appointed David Paulsson as CEO, taking over the position from Erik Matson, co-founder and CEO, as he will voluntarily step down from his active role at the company and transition to Vice Chairman. At the same ... Read the full article
West P&I Club posts 94.5% CR, underwriting surplus hits $15m
15th May 2024
In their results for the 2023-24 financial year, West P&I Club has posted a 94.5% combined ratio, representing a solid improvement from 96.7% from last year. The 94.5% figure represents the Club’s best combined ratio since 2017, and one that is considerably ahead of the recent International Group combined ratio ... Read the full article
Lockton Re names Peter Robinson as Senior Broker, Accident, Health, and Life team
15th May 2024
Lockton Re, the reinsurance arm of the global insurance brokerage, has named Peter Robinson as a Senior Broker on its Accident, Health, and Life team, based in San Francisco and reporting to Rob Kreager, Segment Leader. Robinson is an industry veteran with over 35 years of specialized Accident, Health, and Life ... Read the full article
CoreLogic estimates $2.1bn in reconstruction costs for US Late-April tornadoes
15th May 2024
The severe tornadoes heavily hitting Nebraska, Iowa, and Oklahoma on April 26th - 27th is estimated to have damaged 7,229 residential properties with a combined reconstruction cost of $2.1 billion, according to CoreLogic. Across Oklahoma, nearby Lincoln and Omaha, Nebraska, and in southwest Iowa, multiple tornadoes hit towns, closed highways, and ... Read the full article
Frequency of ransomware claims jumps 64% YoY, At-Bay
15th May 2024
The frequency of ransomware claims in the United States between 2022-2023 jumped by a staggering 64% year over year, which was was primarily driven by an explosion in “indirect” ransomware incidents which increased by more than 415% in 2023 than in 2022, according to a new report from At-Bay. The firm ... Read the full article
VIG enhances sustainability rules in asset management & underwriting
15th May 2024
Vienna Insurance Group (VIG) is expanding its sustainability declarations for investment and underwriting, now binding for all VIG companies. Additionally, as part of the ongoing VIG 25 sustainability programme, VIG is establishing its own "Group Sustainability Office." Within investments and underwriting: VIG prioritises engaging with stakeholders in implementing its sustainability strategy. Dialogues ... Read the full article
Surging cyber threats necessitate need for robust protection: Munich Re
15th May 2024
In its recent survey, Global reinsurer Munich Re highlights the evolving cyber threats of companies and the persisting protection gap, necessitating the need for sufficient cyber insurance solutions to mitigate risks effectively. With a surge in cyber attacks globally, particularly ransomware and data theft, managers have rising concerns regarding their organisations' ... Read the full article
Hymans Robertson appoints Russell Chapman as Head of Investment Risk Transfer
15th May 2024
Hymans Robertson, a pensions and financial services consultancy, has appointed Russell Chapman to the newly created role of Head of Investment Risk Transfer. Advising DB pensions schemes on investment strategy in the run up to buy-in is a crucial element of the work Hymans Robertson has undertaken. With the increase in ... Read the full article
Marsh announces launch of new Tax Investment Default Insurance solution
15th May 2024
Marsh, an international insurance broker and Marsh McLennan business, has launched its Tax Investment Default Insurance, created to enable more US clean energy investments Described as a first-of-its-kind solution, the new product was designed to expand the pool of capital available to invest in federal tax credits tied to renewable energy ... Read the full article
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