Reinsurance News
CRC Group strengthens team with key new hires
13th June 2024
CRC Group, a wholesale specialty insurance distributor in North America, announces the addition of three new professionals to its team. Michael Rockhill has been appointed as an underwriting team leader at CRC’s Tampa-Bayport, Florida office. Prior to joining CRC Group, Rockhill was a personal lines underwriter for a non-profit government insurance company, ... Read the full article
Counterpart teams with Westfield Specialty to launch admitted management liability product
13th June 2024
Counterpart, an AI-driven management and professional liability insurtech has entered into a new partnership with Westfield Specialty Insurance, to provide an admitted product for Counterpart’s small business customers and, for the first time, nonprofit businesses, through its network of broker partners. According to the announcement, this new admitted management liability product ... Read the full article
WindBorne secures $15m to improve weather forecasting & mitigate losses
13th June 2024
WindBorne Systems secures $15 million in Series A funding to expand its balloon constellation AI weather modelling, aimed at mitigating weather-related losses. With extreme weather events on the rise, the World Economic Forum (WEF) has identified them as the biggest risk to businesses in the coming decade. Forecasting inaccuracies exacerbate the ... Read the full article
Sonja Kozel named INSUREtrust Senior Vice President
13th June 2024
INSUREtrust, a cyber insurance and risk management specialty broker within CRC Group, has hired Sonja Kozel as Senior Vice President. In her new role, Kozel will focus on broadening the group’s footprint through internal collaboration as well as expanding and strengthening retail brokerage partnerships. The executive brings more than a decade of ... Read the full article
Over $1.2bn in insured losses from Christmas and New Year storms: ICA
12th June 2024
The Insurance Council of Australia (ICA) has announced that insured damages from the severe storms that hit Queensland, New South Wales, and Victoria during the Christmas and New Year period have exceeded $1.2 billion, with more than 97,000 claims lodged. In December 2023, the ICA declared the severe storms between Read the full article
Business owners worried insurance would not cover specific loss or event: Gallagher
12th June 2024
Business owners are focusing on preparing for the unforeseeable as they worry their business insurance will not cover specific losses, a recent study by insurance broker Gallagher has found. A survey was conducted among 1,000 US business owners which revealed that 80% of the participants are worried their business insurance will ... Read the full article
US extreme fire weather frequency surges 20x: Deep Sky
12th June 2024
According to findings from Deep Sky, a Canadian carbon removal project developer, the frequency of extreme fire risk in the US has surged by 20 times. Deep Sky Research and its Wildfire Risk Model reveal that what used to be a once-in-a-century occurrence of widespread extreme fire risk now happens every ... Read the full article
Mike Conway named CFO at Truist Insurance Holdings
12th June 2024
Truist Insurance Holdings (TIH), an insurance brokerage in the US, announced recently the appointment of Mike Conway as Chief Financial Officer (CFO), effective June 10. Conway brings over 30 years of experience in leading large, complex business organisations in global finance and operations. “With his strong finance background, Mike is a proven ... Read the full article
CRC Group / INSUREtrust Cyber Practice partners with Darkweb IQ
12th June 2024
Newly formed CRC / INSUREtrust Cyber Practice Group has entered a new exclusive wholesale partnership with Darkweb IQ to help clients prevent ransomware attacks by leveraging exclusive visibility into the criminal ecosystem. CRC Group, a wholesale specialty insurance distributor in North America, had previously announced the launch of its Cyber Practice ... Read the full article
European P&C insurers vulnerable with reinsurers unlikely to restore coverage levels: Moody’s
12th June 2024
Moody's, a credit rating agency, has released a report highlighting that European property and casualty (P&C) insurers are facing a structural, rather than cyclical, increase in vulnerability to weather events. This change is primarily due to the steep reduction in reinsurance availability and rising costs, forcing primary insurers to bear a ... Read the full article
Commercial property insurance market proving to be more stable & capitalized, says USI
12th June 2024
Following on from last year's challenging property insurance market, 2024 is proving to be a "more stable and capitalized market," according to USI Insurance Services. In their latest Commercial Property & Casualty Market Outlook Mid-Year Addendum, USI notes that the widespread double- or triple-digit rate increases that were seen in 2023 ... Read the full article
Fannie Mae transfers $284.8mn of mortgage credit risk to re/insurers
12th June 2024
The Federal National Mortgage Association (Fannie Mae) has executed its fourth Credit Insurance Risk Transfer (CIRT) transaction of 2024, transferring $284.8 million of mortgage credit risk to private insurers and reinsurers. 25 insurers and reinsurers have committed to write coverage on this deal, according to the announcement. The CIRT 2024-H2 transaction ... Read the full article
Nascent Group expands to the Cayman Islands managed by Sergio Micucci
12th June 2024
Nascent Group, an insurance management and reinsurance transformer company, has received its insurance management licence to operate in the Cayman Islands, enabling it to offer ILS, reinsurance, and captive management services in this region. This strategic expansion allows Nascent to deliver innovative services while remaining flexible in choosing the best domiciles ... Read the full article
Industry veteran Andy Wakefield to join Lockton Re’s Marine & Energy division
12th June 2024
Lockton Re, the reinsurance arm of independent insurance broker, Lockton, has announced that Andy Wakefield will be joining the company as a Senior Broker within its Marine & Energy division later this year. In the role, he will be based in London. Overall, Wakefield has 34 years of expertise from being a ... Read the full article
Swiss Re warns that inflation will impact hurricane-related losses as active storm season looms
12th June 2024
Insured losses from hurricane events - which are expected during what is predicted to be a very active 2024 Atlantic Hurricane season - will be particularly impacted by demand surge related cost increases for building materials and labour, according to Swiss Re. This result is predicted mainly due to the impact ... Read the full article
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