Reinsurance News
Everest Insurance expands APAC presence with launch of Australian arm
14th May 2024
Everest Insurance, the insurance arm of Bermuda-based re/insurer Everest Group, Ltd., has officially launched its Australian Insurance operations after receiving approval from the Australian Prudential Regulation Authority. This launch is key in expanding the company's Asia Pacific business, and the new entity will operate as Everest Insurance Australia with offices established ... Read the full article
Hannover Re’s net income rises as P&C reinsurance CoR strengthens to 88%
14th May 2024
Global reinsurer Hannover Re has announced a 15% rise in net income to €558 million in its first quarter 2024 results, with a reinsurance underwriting result of €720 million, up 27% year-on-year. Group-wide, Hannover Re's operating profit rose 13% to €811 million from €720 million in Q1 2023, as the return ... Read the full article
US P/C replacement costs expected to outpace inflation by 2026: Triple-I report
14th May 2024
According to the latest Insurance Economics Outlook from the Insurance Information Institute (Triple-I), property/casualty replacement costs in the US are currently rising more slowly than overall inflation and are expected to maintain this trend for the next two years. Although the deceleration in cost increases may offer temporary relief for insurance ... Read the full article
Everest Insurance NA announces key regional executives
14th May 2024
Everest Insurance, the insurance arm of Bermuda-based re/insurer Everest Group, Ltd., has appointed four U.S. regional executives as part of a strategic realignment. The changes see the firm's retail business realign to four distinct regions; Northeast, South, Central, and West. They are part of the insurer’s customer-focused mission and objective to ... Read the full article
FloodFlash launches Dealer program to support those denied flood coverage
14th May 2024
FloodFlash, a parametric flood insurer, has added a Dealer program, which is designed to support vehicle sales and rental businesses that have been denied flood coverage, as it looks to support more US businesses ahead of the 2024 Atlantic hurricane season. One of the key product features is that the program ... Read the full article
Tokio Marine HCC Specialty launches product recall offering team
14th May 2024
Tokio Marine HCC Specialty Group, a member of the Tokio Marine HCC group of companies, has launched a new Product Recall offering in London, with two senior appointments to its Crisis Management team. Mark Hutton has been appointed to the newly created role of Head of Crisis Management, International, effective May ... Read the full article
Insurance alone cannot protect LatAm from El Niño & La Niña disruption: Swiss Re
13th May 2024
To increase resilience, both adaptation and mitigation are needed in Latin America as insurance alone cannot help protect the region from disruption caused by severe weather events brought by El Niño and La Niña, which will also test the long-standing protection gaps, the Swiss Re Institute states. Weather projections suggest a ... Read the full article
ICEYE launches satellite-based solutions for UK insurance market
13th May 2024
ICEYE, a provider of satellite-powered disaster management solutions, has launched a high-resolution Flood Early Warning and ongoing customer pilots of Flood Rapid Impact solutions for the UK insurance market. The company's Flood Early Warning provides four days in advance flood impact forecast prediction at building level resolution, and is overlaid with ... Read the full article
Premium renewal rate increases slowed down in April for majority of commercial lines: Ivans
13th May 2024
In the April 2024 results of the Ivans Index, year over year, Commercial Auto, Business Owner’s Policy (BOP), General Liability, Commercial Property and Umbrella each experienced increasing average premium renewal rates, while premium renewal rates decreased for Workers’ Compensation. At the same time, all major commercial lines premium renewal rates were ... Read the full article
Paragon Insurance expands use of Kalepa’s AI-powered underwriting platform
13th May 2024
Multi-line specialty Managing General Agency (MGA), Paragon Insurance Holdings LLC has expanded its use of Kalepa's AI-powered Copilot underwriting platform to four additional programs. Kalepa’s Copilot will now support Paragon’s underwriters across Workers' Compensation, Specialty Property, Small Construction and Contractors, and Auto Dealers programs to achieve underwriting excellence through improved efficiency, ... Read the full article
New cyber insurance capacity is increasingly matching fast-growing demand, S&P
13th May 2024
A recent analysis by credit rating agency S&P Global Ratings has revealed that new cyber insurance capacity is increasingly matching fast-growing demand, particularly within the United States, and greater competition is said to be leading to decreasing retention levels, as well as lower costs for coverage. Cyber insurance remains one of the ... Read the full article
Bowhead Specialty to raise around $106.6m from IPO
13th May 2024
Bowhead Specialty, a provider of casualty and professional liability products, has announced the launch of the initial public offering (IPO) of 6,666,667 shares of its common stock, aiming to raise as much as $106.6 million. The IPO price, according to the registration statement on Form S-1 filed with the Securities and ... Read the full article
Social inflation challenges continue for US casualty insurers: AM Best
13th May 2024
Over the last decade, the severity of losses in various lines of casualty insurance in the United States has outpaced economic inflation. This trend indicates that additional factors are at play, affecting the costs of claims for both indemnity and expenses, as highlighted in a recent report by AM Best. As ... Read the full article
Home insurance premiums edge up, remaining below historic highs: ABI
13th May 2024
Home insurance premiums in the UK increased by 3% in the first quarter of 2024. Despite this uptick, prices remain below historic highs, according to data from the Association of British Insurers (ABI). Home insurance premiums increased by 3% in the first quarter of 2024, attributed to severe winter weather. Despite ... Read the full article
IUA appoints industry veteran Luis Prato to its Board
13th May 2024
The International Underwriting Association (IUA) has strengthened its Board with the appointment of senior London market veteran Luis Prato, who will join at its next meeting in July. The board, which comprises of 20 senior member representatives, is responsible for governing and overseeing all the association’s work in seeking to secure ... Read the full article
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