Reinsurance News
Resilience doubles US client cyber insurance limits
1st July 2024
Cyber risk solution company Resilience has doubled the cyber insurance limits it can offer to clients in the US to $20 million per client. The agreement to expand Resilience's limit capability was reportedly brokered by Lockton Re and utilises Resilience's existing coverholder partnership with Lloyd's. "The additional $10 million in excess limits ... Read the full article
Argenta Holdings closes Sydney office, moves operations to London
1st July 2024
Argenta Holdings Ltd, a subsidiary of Hannover Re, has recently announced the immediate closure of the Sydney office of its Service Company, Argenta Underwriting Asia Pte Ltd, which operates on the Lloyd’s Australia platform. Following a review of its underwriting activities in Australia, the business currently managed in Sydney, as well ... Read the full article
Reinsurance market now balanced, sellers holding the line on retentions: Vickers, Gallagher Re
1st July 2024
The reinsurance market was fairly stable heading into the July 1st, 2024, renewals, and is now more balanced than it was a year ago, although reinsurers are holding the line on retentions, according to James Vickers, Chairman, Gallagher Re International. Reinsurance News spoke with Vickers around the launch of reinsurance broker ... Read the full article
PERILS raises industry loss for 2023 Australia Christmas storms to AU$1.6bn
1st July 2024
Zurich-based catastrophe insurance data provider PERILS AG, has provided a third update on the insured loss estimate for the Australia Christmas storms which impacted the states of Victoria, New South Wales, and Queensland during the period of 23 to 29 December 2023, lifting the figure to AU$1.563 billion (US$1.04 billion). Read the full article
Cyber insurance growth to shift to non-US markets by 2030: Howden
1st July 2024
Howden, the insurance intermediary group, has released its fourth annual cyber report, "Risk, Resilience and Relevance," noting market stabilisation last year due to improved cyber hygiene following a surge in ransomware claims in 2020 and 2021. According to the report, carriers and brokers have made notable strides in enhancing price stability, ... Read the full article
AXA XL names Kuklinski as Regional Manager, Northern Europe & Country Manager, Germany
1st July 2024
AXA XL, the property & casualty (P&C) and specialty risk division of global insurer AXA, has appointed Kai Kuklinski as Regional Manager, Northern Europe and Country Manager for Germany (Branch Manager of XL Insurance Company SE’s German branch), effective August 1st, subject to regulatory approvals. Kuklinski's remit will oversee the insurer's ... Read the full article
Zurich & Aon reveal new clean hydrogen insurance facility
1st July 2024
Zurich Insurance Group and Aon have launched a clean energy insurance facility, providing comprehensive coverage globally for blue and green hydrogen projects with capital expenditures of up to USD 250 million. With Zurich as the lead insurer and Aon as the exclusive broker, this initiative aims to accelerate the development of ... Read the full article
Africa Specialty Risks opens Dubai office led by Zouheb Azam
1st July 2024
Africa Specialty Risks (ASR), the pan-African and Middle East focused reinsurance group, is opening an office in Dubai, its first in the Middle East, to be located within the Dubai International Financial Centre (DIFC). ‘ASR Middle East’, will be providing a comprehensive suite of corporate and specialty covers across all nine ... Read the full article
Reinsurers respond to increased demand at mid-year renewals: Guy Carpenter
1st July 2024
The mid-year reinsurance renewals reflected a transitioning marketplace which responded to increased demand for protection, as numerous headwinds continued to shift risk appetites, according to Guy Carpenter, the reinsurance broking arm of Marsh McLennan. Guy Carpenter highlights a dynamic trading environment at the mid-year 2024 renewals, during which loss-free property programs ... Read the full article
Reinsurers’ ‘risk on’ approach benefits property cat buyers in 2024: Gallagher Re
1st July 2024
As per a new report from Gallagher Re, buyers of property catastrophe reinsurance have been able to negotiate better terms and conditions on their contracts in 2024 due to the "risk on" approach taken by reinsurers. The reinsurance broker explained that this has resulted in improved pricing, with risk-adjusted catastrophe placements ... Read the full article
76% of companies enhance cyber defences to secure insurance: Sophos
1st July 2024
Sophos, a provider of cybersecurity solutions, released findings from its recent survey, showing that 76% of companies enhanced their cyber defences to qualify for cyber insurance. The report found that 97% of companies with a cyber insurance policy invested in improving their defences to help with insurance. Among these, 67% secured ... Read the full article
InsurX welcomes new hires to meet growing algorithmic underwriting demand
1st July 2024
InsurX, a digital exchange with algorithmic capacity, has announced the appointment of four new hires to its team to meet burgeoning demand from brokers and underwriters for algorithmic underwriting. Appointed Divisional Director, David Dickson brings 12 years of broking and Lloyd’s experience to his new role. He most recently served as ... Read the full article
New Energy Risk partners with Westfield Syndicate to launch new Lloyd’s lineslip
1st July 2024
Specialist managing general underwriter, New Energy Risk (NER), a wholly owned division of Paragon Insurance Group, and insurer Westfield Syndicate are launching a new Lloyd’s lineslip focused on providing technology performance insurance and other insurance products to the energy transition space. Through this additional capacity under the lineslip, NER will expand ... Read the full article
CRC Group expands team with three key hires
1st July 2024
CRC Group, the North American wholesale specialty insurance distributor, has bolstered its team with a series of key hires. Firstly, the company has announced that Sarah McKenna has joined CRC Group’s San Francisco, CA office as a property broker. She brings more than eight years of industry experience towards the role. Prior ... Read the full article
Accenture appoints Carmina Lees as insurance lead for UK & Ireland
1st July 2024
Professional services firm Accenture has recently announced the appointment of Carmina Lees as the local lead for its insurance practice in the UK and Ireland. Lees brings 25 years of industry experience to her new role. She has gained cross-industry expertise and knowledge of emerging technologies, enabling her to help clients ... Read the full article
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