Reinsurance News
Amwins adds residential flood coverage to its online marketplace
30th May 2024
Amwins, a global distributor of specialty insurance products and services, has added residential flood coverage to its online marketplace, Amwins InstantQuote. Amwins IQ gives retail agents with choice and flexible coverage options, aiming to create a one-stop shop for flood risks. It provides instant quote-to-bind capability from multiple carriers while allowing ... Read the full article
Actuarial Risk Management hires Bruner as Senior Consulting Actuary
30th May 2024
Actuarial Risk Management Ltd. (ARM) has appointed Lincoln Financial Group's Ryan Bruner as Senior Consulting Actuary. Overall, he brings a deep degree of experience in valuation for annuity and life products, with strong expertise in particular around Statutory and Generally Accepted Accounting Principles (GAAP), including Principle-Based Reserving methods and GAAP ... Read the full article
Cyber underwriter Corvus expands coverage limits and services
30th May 2024
Corvus Insurance has revealed the expansion of its underwriting appetite and its cyber services for policyholders. For its Smart Cyber Insurance product, which covers primary and excess policies, Corvus has now reportedly doubled its limit offering to $10 million for aggregate covered losses and raised the annual revenue to $5 billion ... Read the full article
Expleo-ACORD partnership set to boost London insurance market
30th May 2024
Expleo, an engineering, quality assurance, and digital consulting company, partners with ACORD, a nonprofit organisation serving the insurance industry, in order to boost the London market's modernisation efforts. Together, they provide testing assurance services for organisations preparing for the Lloyd’s Blueprint Two initiative. This partnership promises to enhance the London market's ... Read the full article
Attractive pricing levels, positive sentiment for property cat reinsurance into 2025: Jefferies
29th May 2024
There is a positive sentiment for property-catastrophe reinsurance heading into 2025, with pricing at very attractive levels, a factor that should continue to benefit UK specialty re/insurers, analysts at Jefferies concluded following recent meetings with global insurers, reinsurers and ILS managers in Bermuda. “Property-catastrophe market remains attractive. Our overarching takeaway from ... Read the full article
Insurance schemes in EU could facilitate reduction of the insurance gap: Morningstar DBRS
29th May 2024
Morningstar DBRS recently published a commentary that highlights the insurance protection gap on extreme weather and climate-related losses in Europe. Severe weather events are expected to become more frequent and intense in the longer term across Europe, and analysts have noted that it is becoming more and more crucial to reduce ... Read the full article
Wenalyze appoints Mandy Hunt as new expert advisor
29th May 2024
Wenalyze has announced the appointment of industry veteran Mandy Hunt to the position of expert advisor. The insurtech enables commercial insurance risk carriers to automate underwriting processes and improve data quality to reduce premium leakage and increase gross written premiums (GWP). In her new ... Read the full article
Scott Sayce to join DUAL as Group Head of Emerging Products
29th May 2024
DUAL Group has announced the appointment of specialist lines veteran Scott Sayce as Group Head of Emerging Products, a newly created role. He will join the MGA on September 1, and will report to David Harries who joined DUAL as Group Director of Underwriting in January 2024. Harries commented: “Scott has a ... Read the full article
SRG set to launch new global motorsport underwriting offering, Skilton to lead
29th May 2024
Specialist Risk Group's Managing General Agent (MGA), MX, has announced that it will be launching a new specialist motorsport underwiring offering, MX Motorsport, which will underwrite all classes of motorsport business on a global basis supported by A rated capacity. According to the announcement, MX Motorsport's team will distribute its products ... Read the full article
Axel André named RGA’s new CFO, succeeding Todd Larson
29th May 2024
Life and health reinsurer Reinsurance Group of America (RGA) announced that Axel André will join as Executive Vice President on June 24, 2024, becoming CFO on August 5, while Todd Larson transitions to the role of Special Advisor to the CEO until his retirement on December 31, 2024. Tony Cheng, President ... Read the full article
Growing contractor fraud impacts US homeowners insurance premiums and causes billions in loss: CAIF
29th May 2024
Contractor fraud, a growing nationwide problem, costs Americans billions every year, impacting not only individuals but also insurance premiums throughout the industry, the Coalition Against Insurance Fraud (CAIF) has stated. Catastrophic events such as hurricanes and tornadoes, among others, leave millions of homeowners across the US struggling to recover and rebuild ... Read the full article
PIC completes £204m full buy-in of Arqiva Defined Benefit Pension Plan
29th May 2024
The specialist insurer of defined benefit pension schemes, Pension Insurance Corporation plc (PIC), has concluded a £204 million full buy-in of the Arqiva Defined Benefit Pension Plan. The transaction reportedly secures the pensions of deferred and pensioner members of the Arqiva Defined Benefit Pension Plan, comprising 589 current pensioners and dependents ... Read the full article
Cyber insurance market remains stable due to robust cybersecurity: McGriff
29th May 2024
McGriff, a US retail insurance broker, reports that cyber insurance market rates in 2024 remain stable as businesses strengthen their cybersecurity measures. Businesses opting for higher retention levels or deductibles are also benefiting from premium savings in their programs. However, McGriff notes, “Custodians of large volumes of records (personal health information, personal ... Read the full article
Descartes names parametric veteran Matthew James Commercial Director-UK & Ireland
29th May 2024
Descartes Underwriting, a Paris-based managing general agent (MGA) focused on parametric insurance solutions, has appointed Matthew James as its new Commercial Director – UK & Ireland. He will be taking over the role from Paul Jones, who is leaving Descartes after nearly three years to pursue other opportunities. In his new role, ... Read the full article
Lloyd’s & BMA strengthen commitment for innovation & education access via MoU
29th May 2024
Lloyd’s, a global insurance and reinsurance marketplace, has announced the signing of a Memorandum of Understanding (MoU) with the Bermuda Monetary Authority (BMA) to bolster its commitment to driving innovation and education access. The initiative, announced in March, focuses on leveraging the Lloyd’s Lab to drive innovation and enhance educational ... Read the full article
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