Reinsurance News
Reinsurance pricing to perpetually recalibrate, but program restructuring to endure: Guy Carpenter
4th September 2024
After 2023 saw substantial reinsurance market corrections, including the restructuring of programs and the reset of pricing, 2024 has focused on the details, but according to executives at Guy Carpenter, while pricing is expected to continuously recalibrate, program restructuring is likely to be sustained. During Guy Carpenter's recent pre-Monte Carlo media ... Read the full article
Tokio Marine HCC launches malicious cyber event coverage for event cancellation
4th September 2024
Tokio Marine HCC (TMHCC) – Specialty Group, part of the Tokio Marine HCC companies based in Houston, Texas, has announced the addition of a malicious cyber event extension to its cancellation product. This enhancement is available through both its Lloyd’s syndicate and HCC International Insurance Company PLC. TMHCC – Specialty Group's event ... Read the full article
MNK Re appoints Mark Ritson as Director of Energy
4th September 2024
MNK Re, an independent broker of specialist risks into Lloyd’s, has announced the appointment of Mark Ritson as Director of Energy. In this role, Ritson will focus on expanding MNK Re’s energy portfolio, leading efforts to develop and secure more business for the firm’s energy team. Manoj Kumar, CEO of MNK Group, ... Read the full article
Renewal rates for nearly all major commercial lines down month over month: Ivans
4th September 2024
In the August 2024 results of the Ivans Index, year over year, Commercial Auto, BOP, General Liability, Commercial Property and Umbrella experienced notable increases in average premium renewal rates, while premium renewal rates decreased for Workers’ Compensation. However, month over month, all major commercial lines premium renewal rates were lower, except ... Read the full article
Flood Re warns complex planning system threatens flood insurance for new builds
4th September 2024
While progress has been made in adopting flood mitigation measures for new builds in the UK, Flood Re warns that a lack of transparency, consistency, and clarity is undermining the insurance sector’s confidence in the planning system and threatening its ability to insure new properties against flood risk. Research by the ... Read the full article
Allianz UK grows personal lines with Wright appointment as MD of home insurance
4th September 2024
Allianz UK has announced the addition of Graham Wright to its growing personal lines business, appointing him Managing Director of Home Insurance. Reporting to Serge Raffard, he will join the UK personal lines leadership team in December, and will work alongside Henry Topham, Managing Director, Retail and Nicola George, Managing Director, ... Read the full article
Enstar’s “go-shop” period has expired, Sixth Street merger expected to close in mid-2025
4th September 2024
Global insurance group Enstar has announced that its 35-day “go-shop” period, provided with the previously announced definitive merger agreement with Sixth Street, expired on September 2, 2024. The definitive merger agreement involves Sixth Street acquiring Enstar in a $5.1 billion transaction, with Liberty Strategic Capital, J.C. Flowers & Co. LLC, ... Read the full article
Neptune Flood hits 200,000 policies and $250 million in premiums
4th September 2024
Neptune Flood, a private flood insurance provider in the US, has hit a major milestone with 200,000 policies and $250 million in premiums. This marks a new stage in the company's efforts to deliver cutting-edge, affordable insurance options across the country. Neptune Flood has revolutionised the traditional flood insurance model by using ... Read the full article
Reinsurers to maintain healthy pricing and tight T&Cs for another year: Moody’s
4th September 2024
According to Moody's, most respondents to its annual survey of global property & casualty reinsurance buyers expect prices to remain stable or increase in 2025, suggesting that reinsurers will maintain healthy pricing and tight terms and conditions in most business lines for another year. Around 61% of respondents to Moody's 2024 ... Read the full article
Register now for Artemis’ ILS Market Outlook 2025 live webinar
4th September 2024
Our insurance-linked securities (ILS) focused sister publication, Artemis has partnered with Wilmington Trust to host a live webinar on October 31st, 2024, during which four ILS sector experts will discuss the catastrophe bond and broader ILS marketplace. Registration is now open to attend this free Artemis Live ... Read the full article
García-Beltrán to lead underwriting for Aviva and Nirvana new European cyber insurance binder
4th September 2024
Insurance and financial services company Aviva and Nirvana, a media, tech and cyber Managing General Agent (MGA) have announced a new partnership and European cyber insurance binder. Through the multiyear agreement, Nirvana will have the authority to underwrite cyber risk on behalf of Aviva within the European Economic Area. Clients will benefit ... Read the full article
CFC promotes Philippa Berry to Head of Portfolio Partnerships
4th September 2024
CFC, an insurance provider specialising in emerging risks and cyber coverage, has announced the promotion of Philippa Berry to the newly created role of Head of Portfolio Partnerships. In this role, Berry will manage reinsurance for CFC’s cyber business and oversee relationships with key stakeholders, including capacity providers. Additionally, she will ... Read the full article
Legacy liability venture Sophrosyne Partners launches
4th September 2024
A new vehicle called Sophrosyne Partners LLC has been launched to provide European and North American corporates with finality solutions, designed to benefit all stakeholders in the liability chain. Sophrosyne has been founded by legacy liability management professionals, who have a combined more than five decades of relevant experience. The venture will ... Read the full article
US standalone cyber insurance market could reach $45bn in premium by 2034: CyberCube
4th September 2024
In a new report based on CyberCube’s cyber risk aggregation tool, Portfolio Manager, mid-range projections suggest that the US standalone cyber insurance market could reach $45 billion in premium by 2034, marking a five-fold increase from today. CyberCube’s report, “Projecting Cyber Insurance Growth: A 10-Year US Market Outlook”, noted that this ... Read the full article
PIC concludes £1.3bn buy-in with Coats Group plc
4th September 2024
Pension Insurance Corporation (PIC), a specialist insurer of defined benefit pension schemes, has completed a £1.3 billion buy-in of the Coats UK Pension Scheme, which covers pensions of 18,042 Scheme members. Coats Group plc is a British multinational company described as the world's largest thread and structural components' manufacturer for apparel, ... Read the full article
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