Reinsurance News
CrowdStrike outage to drive greater demand for cyber insurance: Hiscox
7th August 2024
The CrowdStrike outage is expected to drive greater demand for cyber insurance as it highlighted the risks businesses and individuals are to face when impacted with an event like this, according to Hiscox Group Chief Underwriting Officer (CUO), Joanne Musselle. Caused by a flawed software update for certain Windows hosts released ... Read the full article
CFC expands UK Cyber Development team with key appointments
7th August 2024
CFC, an insurance provider specialising in emerging risks and cyber coverage, has announced the expansion of its UK Cyber Development team with two new appointments. Joe Tracey has been promoted to the role of Cyber Development Leader for the UK & EU. In this newly established role, he will be responsible ... Read the full article
Ark’s Q2 GWP climb to $697m as CoR remains flat at 89%
7th August 2024
White Mountains Insurance Group has released its Q2 2024 results, revealing that gross written premiums within its Ark/WM Outrigger segment rose to $697 million, up from $606 million in the same period of 2023. Meanwhile, Ark/WM Outrigger's net written premiums in Q2 of 2024 were $503 million, and net earned premiums ... Read the full article
Heritage Insurance reports improved CoR in Q2’24 as GWP rise 7.1%
7th August 2024
Super-regional P&C insurance holding company, Heritage Insurance Holdings, Inc., has reported a year-on-year improvement in its second second quarter 2024 combined ratio to 92.5% from 95.1%, as net income more than doubled in the period. The firm's strong Q2'24 results includes gross premiums written (GPW) of $424.5 million, an increase of ... Read the full article
Lloyd’s renews central fund insurance, gets FSR upgrade by AM Best
7th August 2024
The world's oldest insurance and reinsurance marketplace, Lloyd's, has had its financial strength rating (FSR) upgraded to A+ (superior) from A (excellent) by AM Best, as Chief Financial Officer (CFO) Burkhard Keese confirms the early renewal of the central fund insurance in 2024. Additionally, ratings agency AM Best has revised the ... Read the full article
Tim Ryan appointed Lockton U.S. President
7th August 2024
Independent insurance broker Lockton has appointed Tim Ryan to oversee the firm’s largest region as U.S. President, effective immediately. In his new role, Ryan will use his deep knowledge and expertise to drive growth, develop strategy, set priorities, and nurture culture for Lockton’s U.S. business. He will also work with the U.S. ... Read the full article
The Baldwin Group’s total revenue climbs 14% to reach $339.8m in Q2’24
7th August 2024
The Baldwin Group has announced that total revenue climbed 14% year-over-year to $339.8 million in the second quarter of 2024, compared to $297.1 million from the second quarter of 2023. At the same time, the company also posted organic revenue growth of 19% during Q2'24. However, the organisation also posted a net ... Read the full article
Verisk’s Whitespace launches new contract library & builder features
7th August 2024
Whitespace, a Verisk company and fully digital e-trading platform, has launched a new contract data library and enhanced contract builder functionality. The upgraded functionality significantly improves Whitespace’s user interface, enabling users to create and manage a library of company-specific contract clauses, wording, and headings with standardised tagging and formatting. Existing Whitespace ... Read the full article
Aon promotes Ollie Barcock to lead Aviation Reinsurance, Global ReSpecialty
7th August 2024
Global insurance and reinsurance broking group Aon has appointed Ollie Barcock as the new Leader of Aviation Reinsurance for Global ReSpecialty, effective immediately. Barcock will be based in London and report to Richard Wheeler, co-leader of Global ReSpecialty. His remit in the role will include supporting the delivery of capital, customised data ... Read the full article
L&G sees core operating profit of £849m in H1’24, expects it to grow by mid-single digits y-o-y
7th August 2024
Legal & General reports a “stable operating performance” in the first half of 2024, with core operating profit of £849 million slightly ahead of the £844 million reported in the same period the year prior. Profit after tax stood at £223 million in H1 2024, which compares to the £377 million ... Read the full article
Howden partners with Ultimate Risk Solutions to enhance risk management capabilities
7th August 2024
Global insurance intermediary group Howden has strategically partnered with Ultimate Risk Solutions (URS) to utilise their advanced risk-management suite, encompassing economic and regulatory capital management, asset modelling, enterprise risk management (ERM), reserving, and price optimisation. Alex Bushel, Founder and Chief Executive Officer, URS, commented: "Our partnership with Howden is further evidence ... Read the full article
Aon renews climate risk research partnership with Columbia University
7th August 2024
Aon has renewed its academic partnership with Columbia University until 2027 to include research on the correlation of climate risk across various perils and regions. This renewal follows a successful first phase, where Columbia's latest peer-reviewed climate science was integrated into Aon’s Impact Forecasting tropical cyclone catastrophe model suite. Consequently, this ... Read the full article
ESG and democratisation driving greater transparency in private market space: Napoli, Clearwater
7th August 2024
Net zero target initiatives are driving increased interest in ESG, which, combined with the democratisation of the private market space in general, is leading to broader transparency efforts in the private credit segment, according to Jon Napoli, Solutions Consultant, Clearwater Analytics. In an interview with Reinsurance News, Napoli discussed shifting market ... Read the full article
Greenlight Re’s Q2’24 underwriting profit declines on US SCS losses
7th August 2024
Greenlight Capital Re, Ltd. has reported a dip in its combined ratio to 99.8% for the second quarter of 2024 compared to 96.2% a year earlier, as underwriting income decreased by $5.1 million year-on-year amid elevated losses from severe convective storms (SCS) in the US. The Cayman Islands domiciled reinsurer notes ... Read the full article
Evolin unveils casualty division with three key hires
7th August 2024
Independent London market wholesale insurance broker, Evolin Broking Limited, has launched its casualty division with a number of senior hires. Firstly, the organisation has appointed Kalani Settle-Rhodes as head of casualty, where she will be based in London, reporting to managing director, Chris Baulf. She joins Evolin from Bowring Marsh where she ... Read the full article
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