Reinsurance News
Moody’s RMS puts Hurricane Debby US private market insured loss at less than $1.5bn
15th August 2024
The U.S. private market insurance industry loss from Hurricane Debby is not expected to exceed $1.5 billion, while losses to the National Flood Insurance Program (NFIP) from the event will be less than $300 million, according to Moody’s RMS Event Response. Hurricane Debby was the fourth named storm of the 2024 ... Read the full article
Fidelis reports 25% rise in GPW and CoR of 92.7% in Q2’24
15th August 2024
Bermuda-based Fidelis Insurance Holdings Limited has reported net income of $53.7 million for the second quarter of 2024, despite catastrophe and large losses rising 113% year-on-year as the combined ratio weakened by 10.7 percentage points to 92.7%. The insurer and reinsurer's Q2'24 net income decreased by 36% year-on-year, as operating income ... Read the full article
Prime Insurance Company welcomes Peggy E. Day as EVP of Operations
15th August 2024
Prime Insurance Company, an excess and surplus lines insurance carrier, has announced the appointment of Peggy E. Day as its Executive Senior Vice President of Operations and Strategic Advisor to the CEO. Day has over three decades of experience in the insurance industry, having previously worked at Distinguished Programs where she ... Read the full article
Falvey Insurance reveals leadership change, Mike Falvey moves to Executive Chairman
15th August 2024
Maritime risks insurer Falvey Insurance Group has announced that Mike Falvey will transition from Chief Executive Officer (CEO) to Executive Chairman, effective January 1st, 2025. Falvey maintains his role as Chairman of the Board, overseeing the firm's management team. As the Executive Chairman, he will continue to provide guidance and strategic insights ... Read the full article
Islamic insurance sector in GCC region to expand by 15-20% in 2024: S&P
15th August 2024
After witnessing strong topline growth across 2022 - 2023, Islamic and Takaful insurers based in the Gulf Cooperation Council (GCC) region are continuing to benefit from favourable growth prospects, which is mainly due to higher insurance demand in Saudi Arabia, says S&P Global Ratings. In a new report, S&P explained that ... Read the full article
Progressive further reduces property loss estimates for May storms
14th August 2024
US primary insurer Progressive's property business loss estimate reduced by $60.4 million in the month of July, reflecting further development on the May storms. Back in June, property and auto-focused insurance group Progressive announced net catastrophe losses of $722.1 million for the month of May, which resulted in a reinsurance ... Read the full article
Oliver Wyman to collaborate with AKA Consulting in the Cayman Islands
14th August 2024
Oliver Wyman, a global management consulting firm and a business of Marsh McLennan, has announced a collaboration agreement with AKA Consulting, an actuarial and risk consulting firm based in the Cayman Islands. Through this collaboration, Oliver Wyman aims to better serve its clients doing business in the Cayman Islands by combining ... Read the full article
Cowbell adds insurance veteran Stephen Moss to Board of Directors
14th August 2024
Cowbell, a cyber insurance provider for small and medium-sized enterprises (SMEs), has announced the appointment of insurance veteran Stephen Moss to its Board of Directors. Moss brings three decades of industry experience and is currently Group Head of Financial Lines and Cyber at Zurich Insurance Group (Zurich), responsible for Professional Indemnity, ... Read the full article
American Integrity extends coverage to additional South Carolina homeowners
14th August 2024
American Integrity Insurance, a regional provider of property insurance, has announced that it now offers coverage for homes up to 75 years old in South Carolina. Since entering the South Carolina market in 2022, the company has been steadily expanding its reach across the Southeast. With a diverse range of insurance offerings ... Read the full article
More than 2.6 million homes across 14 US states at moderate to very high risk of wildfire damage, CoreLogic
14th August 2024
More than 2.6 million homes across 14 US states are at moderate to very high risk of wildfire damage during 2024's wildfire season, with a total reconstruction cost of $1.3 trillion, according to a new report from CoreLogic, a provider of property insights and innovative solutions. Data from the report shows ... Read the full article
Reinsurers could cover around 4/5th’s of losses related to Hurricane Beryl in the Caribbean
14th August 2024
Reinsurers are expected to cover around four-fifths of the loss in insured property damage caused by Hurricane Beryl in the Caribbean, which is estimated US$500-million, according to Ian Chinapo, Head of Guardian Holdings Limited (GHL), a local insurer. On July 1, Hurricane Beryl made landfall on the island of Carriacou in ... Read the full article
ILS market set records in H1’24, remains an attractive relative value option: Swiss Re
14th August 2024
After a record 2023, the insurance-linked securities (ILS) market again set records in the first half of 2024, with strong catastrophe bond issuance on the back of robust demand from investors, as the secondary market experienced record high trading volumes, according to reinsurance giant Swiss Re. The latest ILS Market Insights ... Read the full article
While reinsurance appetite increases, ILS investors appetite in wildfire-exposed transactions remains moderate: GC
14th August 2024
As the California property market experiences a dynamic and challenging time, it faces an escalating risk of wildfires, a peril that needs multiple perspectives in order to understand it, experts stated during Guy Carpenter's recent California Summit event. During the event it was also noted that while reinsurance appetite has increased ... Read the full article
Aditya V. Tibrewala named as CEO, Sompo Thailand
14th August 2024
Sompo, a global provider of commercial and consumer property, casualty, and specialty re/insurance, has appointed Aditya V. Tibrewala as Chief Executive Officer of Sompo Insurance (Thailand) PCL (Sompo Thailand), effective immediately. He will continue to report to Kenneth Reilly, Chief Executive Officer, Insurance, Asia Pacific. Tibrewala joined Sompo Asia Pacific (APAC) as ... Read the full article
Amwins launches flood insurance to protect US golf courses from revenue loss
14th August 2024
Amwins, a distributor of specialty insurance products and services, has launched the "Tees-to-Green" flood insurance programme in partnership with Floodbase and supported by highly-rated carriers. This programme is designed to cover US golf courses for revenue loss and repair costs due to flooding, addressing a critical gap in current flood insurance ... Read the full article
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