Reinsurance News
Marco to acquire Inceptum from R&Q, as R&Q confirms entry into liquidation
24th June 2024
R&Q Insurance Holdings Ltd has entered into an agreement to sell Inceptum Insurance Company Limited, a UK domiciled, legacy general insurance company, regulated by the PRA and FCA, to Marco Capital Holdings Limited, a Malta-based legacy acquisition group, for $11.25 million, subject to regulatory approval. The agreement represents the sale of ... Read the full article
AM Best reports stable global cyber insurance outlook as demand rises
24th June 2024
AM Best, a credit rating agency, has assigned a stable outlook to the global cyber insurance sector, citing increased demand and promising growth prospects in the near term as uptake rates continue to rise steadily. “The reduction in rates has been due to various factors, including increased competition from the supply ... Read the full article
Premium renewal rate remains flat for Commercial Property in May, rest see increases: Ivans
24th June 2024
Ivans Index has disclosed its results for May, where year over year, Commercial Auto, Business Owner’s Policy (BOP), General Liability, Commercial Property and Umbrella each experienced notable increases in the premium renewal rates, while premium renewal rates decreased for Workers’ Compensation. According to a month-over-month analysis, all segments have experienced increases ... Read the full article
Insurance critical to mobilising $10tn of committed climate transition investment: Howden
24th June 2024
According to a new report from Howden, more than half of the $19 trillion committed to financing the climate transition through to 2030 will require additional insurance, suggesting that corporates should engage the industry from an early stage in their climate risk management planning to secure adequate supply of capacity ... Read the full article
Electric vehicle surge drives insurance market highs: Swiss Re
24th June 2024
In a recent report, the reinsurance company Swiss Re forecasts a 30 percent annual growth in global electric vehicle (EV) sales until 2030, propelling the EV insurance market to surpass USD 200 billion by 2030, up from USD 51 billion in 2022. This surge in the market is influenced by shifting ... Read the full article
Karl Canty joins Capco as new partner in US insurance practice
24th June 2024
Capco, the technology and management consultancy, has named Karl Canty as a new partner in its US insurance practice, located in Hartford, CT. Canty will focus on strengthening client relationships, boosting sales, and providing value to insurers, especially to Capco’s prominent Life & Annuities clients. Matthew Hutchins, Partner and Global Head of ... Read the full article
Insurtech Counterpart names Muglia Professional Liability Insurance Lead
24th June 2024
Counterpart, a management and professional liability insurtech backed by Markel, Aspen, and Westfield, has announced the appointment of industry veteran, Michael Muglia, as its Professional Liability Insurance Lead. In addition, Counterpart also announced the promotion of three of its longest-standing team members as Territory Leads: Brad Bahler, Satwik Mysore and Jake ... Read the full article
Northern Re sees strong start to operations amid warm welcome from market
21st June 2024
Cayman Islands-based Northern Re has enjoyed a strong start to its operations, receiving a "very warm welcome" from the market in 2023, and anticipates that conditions will continue to improve into 2025, driven by the ongoing growth trajectory of the MGA and program markets. Northern Re's comments stem from an interview ... Read the full article
Southern New Mexico wildfires bring potential for hundreds of millions in losses: Aon
21st June 2024
Aon, a professional services firm specialising in risk management and insurance solutions, has underscored in their weekly catastrophe report the significant economic impact of the ongoing wildfires in southern New Mexico, where potential losses could soar into the hundreds of millions of dollars. Recent wildfires have devastated southern New Mexico, particularly ... Read the full article
CAPE to enhance AI-powered property intelligence products with Vexcel partnership
21st June 2024
CAPE Analytics, a provider of AI-powered property insights, has partnered with Vexcel, a provider of aerial imaging, to increase its coverage to over 99% of US households and adds access to post-disaster imagery. The new partnership provides CAPE with aerial imagery at a resolution, accuracy, coverage, and recency to boost its ... Read the full article
ISC hires Dimitri Robert as Chief Technology Officer
21st June 2024
Integrated Specialty Coverages (ISC), the multi-line program administrator, has appointed Experian's Dimitri Robert as Chief Technology Officer (CTO). In his new role, Robert is expected to head ISC's engineering department, as well as develop tech strategies that align with the company's growth and financial goals. An experienced veteran across the sector, Robert ... Read the full article
Softening pricing in US directors & officers insurance as premiums decline: AM best
21st June 2024
Strong underwriting performance in the US directors and officers (D&O) liability insurance market is expected to put downward pressure on rates due to reduced demand in this segment, according to a recent report by credit rating agency AM Best. Based on findings from Best's Special Report, direct premiums in the monoline ... Read the full article
Howden places first W&I policy for Mere Plantations carbon credits sale
21st June 2024
Howden, a global insurance intermediary group, has announced the launch of the first Warranty & Indemnity insurance policy for the sale of carbon credits for the reafforestation project of degraded forest lands by Mere Plantations. UK-based Mere Plantations owns and operates a teak plantation in Ghana, West Africa, and has been ... Read the full article
MAPFRE USA promotes Olohan to Chief Operating Officer
21st June 2024
Industry veteran Daniel P. Olohan has been promoted to Chief Operating Officer (COO) of MAPFRE USA, effective August 1, 2024. Olohan has been with the firm since 2006, and has served as General Counsel and Secretary since 2008. As well as taking on this new role, Olohan will also join the Board of ... Read the full article
AXA and HK Express partnership to provide travellers hassle-free journeys
21st June 2024
AXA Hong Kong and Macau has entered into an exclusive partnership with HK Express Airways to offer tailored protection to enable HK Express customers enjoy hassle-free journeys. Kenneth Lai, Chief General Insurance Officer at AXA Hong Kong and Macau, said: “AXA has been actively expanding its insurance ecosystem and is committed ... Read the full article
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