Reinsurance News
S&P revises Convex Re outlook to positive
19th June 2024
S&P Global Ratings revised Convex Re’s outlook to positive from stable, anticipating continued broad expansion aligned with its business plans, maintaining a combined ratio of approximately 90% over the next two years, and remaining well capitalised with capital exceeding S&P’s 99.99% benchmark. This revised outlook extends to Convex group’s operating subsidiaries: ... Read the full article
ARC receives $27m from Dutch government to further promote parametric insurance in Africa
19th June 2024
African Risk Capacity Ltd. (ARC) has received a $27 million contribution from the Dutch government to help boost climate resilience in Africa, and further promote parametric insurance across the continent. According to the announcement, the funding will be channelled through the African Development Bank’s Africa Disaster Risk Financing Programme (ADRiFi) Multi-Donor ... Read the full article
London market clarifies marine cyber clause to address aggregation risk
19th June 2024
The Joint Excess Loss Committee of the Lloyd's Market Association (LMA), an organisation that represents the interests of the Lloyd's underwriting community, and the International Underwriting Association (IUA), which represents international and wholesale insurance and reinsurance companies operating in the London Market, hosted a well-attended session at Lloyd’s Old Library. They ... Read the full article
Appian collaborates with PwC UK to bring innovative insurance solutions
19th June 2024
Appian has recently partnered with PwC UK to enhance its ability to deliver innovative services aimed at streamlining processes, improving customer experiences, and boosting operational efficiency for insurance companies on the Appian Platform. PwC serves over 4,000 insurance clients worldwide and understands the challenges posed by disparate systems, particularly legacy platforms, ... Read the full article
QBE to close its North America middle-market segment
19th June 2024
Australian insurer QBE has announced the closure of its North America middle-market segment to "refocus its strategy in the region on those businesses which hold more meaningful market position, relevance and scale." The segment represented a gross written premium of ~$500M in the final year results of 2023 (FY23), and has ... Read the full article
Rising jury verdicts and insurance gaps a struggle for companies: Chubb
19th June 2024
As large jury verdicts increase in number and cost, many companies do not have adequate liability insurance to cover these losses effectively, a recent analysis by insurance company Chubb has revealed. According to Chubb's 16th annual Liability Limit Benchmark & Large Loss Profile by Industry Sector 2024, there is a widening ... Read the full article
Swiss Re signs 70,000 tonne Biochar Carbon Removal deal with Carbonfuture
19th June 2024
Reinsurance giant Swiss Re and carbon removal solutions provider, Carbonfuture, have signed a seven-year contract, which will see Swiss Re supply a minimum of 70,000 tonnes of Biochar Carbon Removal (BCR) credits from Carbonfuture partner, Exomad Green’s new Riberalta facility in Bolivia. Readers will be aware that this is not the ... Read the full article
Beat Capital-backed Brace Underwriting names Davis as Senior Underwriter
19th June 2024
Brace Underwriting Limited, the Beat Capital-backed, multi-line and alternative risk specialist underwriter, has appointed Michael Davis as Senior Underwriter. Davis holds more than 13 years of industry experience, having previously worked as a property underwriter at Tokio Marine Kiln (TMK). He joined TMK as a graduate trainee in 2010, later being ... Read the full article
AM Best downgrades Sun Re Ltd’s financial strength amid balance sheet challenges
19th June 2024
Credit rating agency AM Best has downgraded the financial strength rating of reinsurer Sun Re L from B+ (Good) to B (Fair) and lowered its Long-Term Issuer Credit Rating from “bbb-” (Good) to “bb” (Fair). These Credit Ratings are now under review with negative implications following Sun Re's request to withdraw ... Read the full article
US insurers improve climate risk & strategy disclosures, but gaps remain: Ceres
19th June 2024
Large U.S. insurance companies are improving in sharing information about their climate-related risks and strategies, but many gaps and inconsistencies persist; for instance, only 29% disclosed metrics and targets related to climate risks, according to a recent report by Ceres. The survey follows the framework developed by the Task Force on ... Read the full article
Allstate’s Q2 cat losses could hit $2.65bn, as per BMO analysts
19th June 2024
Analysts at BMO Capital Markets have estimated that insurer Allstate Corporation will see Q2 2024 catastrophe losses of around $2.65 billion, of which $2.15 billion is made up from May to June. If you recall, the US primary insurer disclosed in May that its estimated catastrophe losses for April amounted ... Read the full article
ZA Tech rebrands as Peak3 as it completes $35mn Series A fundraising
19th June 2024
ZA Tech, the next-generation insurance core system SaaS provider, has announced its rebrand as Peak3 and the successful completion of its $35mn Series A fundraising that will accelerate its expansion in the EMEA region. Founded in 2018, Peak3 has developed cloud-native, modular insurance core and distribution system that combines comprehensive capabilities ... Read the full article
Industry veteran Amy Stern joins Ledger Investing as Chief Executive, Reinsurance
19th June 2024
Ledger Investing, the insurtech and insurance-linked securities (ILS) focused venture-backed company, has appointed industry veteran Amy Stern from Pie Insurance as Chief Executive, Reinsurance. With a career that spans over 25 years across the sector, Stern brings a deep degree of expertise towards her new role. She joins the firm from Pie Insurance, ... Read the full article
AM Best upgrades Issuer Credit Rating of PURE Specialty Exchange
19th June 2024
AM Best has upgraded the Issuer Credit Rating of PURE Specialty Exchange, citing the firm's financial flexibility, high-quality assets, and conservative investment portfolio. Spelt out, AM Best has upgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to “a+” (Excellent) from “a” (Excellent) and affirmed the Financial Strength Rating (FSR) of A ... Read the full article
QBE Asia appoints Jeremy Lau as Chief Underwriting Officer
19th June 2024
Sydney, Australia headquartered insurer QBE has recently announced the appointment of Jeremy Lau as Chief Underwriting Officer for its Asian business. Lau takes over from Andy White, who is now Group Head of Underwriting Strategy and Performance. In his new role, Lau will work closely with Rob Kosova, CEO of QBE Asia, ... Read the full article
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