Reinsurance News
PERILS issues final insured loss estimate for Turkey earthquakes of $6.2bn
6th August 2024
Zurich-based catastrophe insurance data provider, PERILS AG, has released its final insured property market loss estimate for the Kahramanmaras Earthquake Sequence of TRY 116.9 billion, approximately USD 6.2 billion at February 2023 exchange rates. This new loss figure compares to the previous PERILS estimates of TRY 117.0 billion (USD 6.2bn) ... Read the full article
TransRe creates Chief AI Officer role, restructures data science team
6th August 2024
Transatlantic Holdings (Trans Re), a wholly owned subsidiary of Alleghany Corporation, has restructured its data science team with two senior appointments as it looks to better support the expansion and adoption of artificial intelligence, machine learning, and large language models. To lead TransRe’s Artificial Intelligence Team (TRAIT), Otakar Hubschmann has been ... Read the full article
Hurricane Debby losses to largely fall within reinsurance retentions: Moody’s
6th August 2024
The majority of insured losses from Hurricane Debby are anticipated to fall within primary insurers’ retentions under their reinsurance coverages, as per James Eck VP-Senior Credit Officer, Financial Institutions Group at Moody’s Ratings. Hurricane Debby is the second hurricane to form in the Atlantic basin this season, having recently made landfall ... Read the full article
Ledger Investing launches new ILS subsidiaries, Fermat to manage casualty ILS funds
6th August 2024
Ledger Investing, an insurtech and insurance-linked securities (ILS) focused venture-backed company, has expanded its casualty ILS capabilities with the launch of two new Cayman-based subsidiaries. The firm has created Ledger Re SPC as a reinsurer that aims to provide institutional investors access to casualty ILS, and Ledger ILS Services, as a ... Read the full article
YoY rate changes down across all major commercial lines in Q2’24: Applied Systems
6th August 2024
Applied Systems has released the second quarter 2024 results of the Applied Commercial Index, the Canadian insurance industry’s premium rate index, which shows that average premium rates decreased year-over-year across the most commonly placed commercial lines of business. The firm reported that the overall rate of premium increases was lower across ... Read the full article
Carrot acquires exclusive behavioural-based insurance use in auto
6th August 2024
Carrot General Insurance, the Korean digital insurance firm, has acquired the exclusive right to use for behavioural-based insurance (BBI) for six months from the General Insurance Association of Korea. It's important to stress how significant this is, as it marks the first time in over four years that an exclusive right ... Read the full article
Tokio Marine HCC appoints Jonathan Holmes as VP of Healthcare Professional Insurance
6th August 2024
Tokio Marine HCC – Cyber & Professional Lines Group (CPLG), a Houston-based division of Tokio Marine HCC that offers insurance solutions for cyber risks and professional liability, has announced important changes to its Professional Lines leadership team. As of July 24, 2024, Jonathan Holmes will step into the position of Vice ... Read the full article
Soft ransomware targets, a new top emerging risk for enterprises: Gartner
6th August 2024
Concern about artificial intelligence (AI)-enhanced malicious attacks is once again the top emerging risk for enterprise in the second quarter of 2024, a recent Gartner, Inc.’s survey has revealed. Gartner surveyed 274 senior risk executives and managers during H1 2024 to document and compare emerging risks. Three of the top five most ... Read the full article
Hull and Machinery insurance has remained relatively static in H1 2024: Gallagher Specialty
6th August 2024
The Hull and Machinery insurance market has remained relatively static in the first half of 2024, according to analysts at Gallagher Specialty, who have also noted the looming possibility of a slight softening as the year goes on. The market has seen some new entrants, most notably in the MGA space, ... Read the full article
Growing signs of cycle management among reinsurers: Peel Hunt
5th August 2024
Peel Hunt's analysis of the Bermudian specialty reinsurance market for the first half of 2024 highlights a growing trend in cycle management, with re/insurers becoming more selective about where to expand their exposures and choosing to reduce their presence in areas experiencing margin erosion. The analysis summarising key themes among leading ... Read the full article
Hadron rebrands UK business and announces key appointments
5th August 2024
Hybrid insurer Hadron has announced that its UK business, Folgate Insurance Company Limited, will be rebranded as Hadron UK Insurance Company Limited (Hadron UK), alongside three key appointments. Hadron entered the UK market in February 2024 through its acquisition of Folgate. The rebranding reflects the company’s strategy to unify its ... Read the full article
Markel strengthens Singapore & Hong Kong teams with key hires
5th August 2024
Markel, the insurance operations within Markel Group Inc., has announced several key appointments to its Singapore and Hong Kong teams, strengthening its operations and underwriting capabilities in the Asia Pacific region. Alvernia Xu has been named Head of Operations, Asia Pacific, based in Singapore. In her new role, she will ensure ... Read the full article
Emerald Bay and Curotech Specialty launch new commercial property programme
5th August 2024
Emerald Bay Risk Solutions, a cooperative underwriting carrier, has announced a strategic alliance with Curotech Specialty, a technology-driven managing general agent, to launch an excess and surplus commercial property programme. The programme is reinsured by a group of leading companies, all of which hold an A- or higher rating from AM ... Read the full article
CyberCube products licensed by EBM Insurance & Risk for enhanced client placement
5th August 2024
EBM Insurance & Risk, an Australian privately owned insurance broker, has announced a strategic partnership with CyberCube, a provider of cyber risk analytics. Through this partnership, EBM will implement CyberCube's Broking Manager and Prep Module, improving its cyber risk assessment and management capabilities for businesses locally and globally. Founded in Western Australia ... Read the full article
Chris Brown promoted to CEO of Lockton Intl.
5th August 2024
Industry veteran Chris Brown has been appointed CEO of Lockton International, where he will oversee Europe, Latin America, Asia, Pacific (Australia & New Zealand), and Middle East and North Africa (MENA). Boasting over a decade of leadership experience, as well as a solid track record across the industry, Brown will play a ... Read the full article
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