Reinsurance News
Previsico survey finds most businesses lack a flood action plan
19th August 2024
In the face of the escalating threat of climate change, a recent survey by Previsico, a company specialising in real-time flood forecasting and water management, reveals that 54% of organisations in both the public and private sectors do not have a plan to address the rising risk of flooding. A majority ... Read the full article
Emerald Bay expands tailored insurance solutions with Mainsail acquisition
16th August 2024
Collaborative underwriting carrier Emerald Bay Risk Solutions is set to expand its tailored insurance solutions with the acquisition of P&C insurer Mainsail Insurance Company in a private transaction. Mainsail, previously a 100% reinsured subsidiary of Spinnaker Insurance Company, provides P&C insurance coverage, offering 17 varying lines of insurance, including auto, property, ... Read the full article
Aon forecasts 9% rise in US employer health care costs for the coming year
16th August 2024
The cost of employer-sponsored health care in the US is expected to increase by 9.0 percent in 2025, bringing the average expense per employee to over $16,000, according to Aon, a global professional services firm. This expected rise assumes that employers won't introduce additional cost-sharing or other savings measures. It marks a ... Read the full article
Moody’s upgrades Talcott Financial Group & subsidiaries outlook to positive
16th August 2024
Moody’s Ratings has upgraded the insurance financial strength (IFS) ratings of Talcott Resolution Life Insurance Company and Talcott Resolution Life and Annuity Insurance Company from Baa2 to Baa1. The company also upgraded the senior unsecured debt rating of Talcott Resolution Life, Inc. and the issuer rating of Talcott Financial Group, Ltd. ... Read the full article
Global reinsurers show resilience through de-risking & diversification, says AM Best
16th August 2024
On the back of de-risking and diversifying actions, global reinsurers are showing more resilience than in previous cycles, in part thanks to positive underwriting margins, higher reinvestment rates, and diversification, according to a recent AM Best report. AM Best notes that the exceptional results seen in 2023 are unlikely to ... Read the full article
Positive renewals outcomes ahead as market conditions favour airline insurance buyers: Gallagher Specialty
16th August 2024
Despite ongoing challenges, excess capacity and increased competition are driving rate softening for airline insurance as the market reaches the midpoint of the year, according to Gallagher Specialty. Lower average claims alongside the higher rates seen in recent years have attracted capacity back into the market, generating increased competition and pursuit ... Read the full article
Insurance industry lags in GenAI adoption, says BCG
16th August 2024
According to a recent report by Boston Consulting Group (BCG), the insurance industry is lagging behind other sectors in adopting generative AI (GenAI), with 40% of insurance companies showing minimal or no use of this technology. The report includes a GenAI maturity index to evaluate company adoption levels. Based on their ... Read the full article
MNRB Holdings posts 38.2% increase in reinsurance profit
16th August 2024
MNRB Holdings Berhad (MNRB), has released its financial results for the first quarter ended 30 June 2024 (Q1 FY2025), which includes an RM86.1 million ($19.42 million) net profit from Malaysian Re, the company's reinsurance and retakaful business, representing a 38.2% increase from the prior year period. The company stated that the ... Read the full article
Funded Re can support greater new business volumes in bulk annuity market: Aon
16th August 2024
According to a recent report from Aon, with appropriate risk controls in place, Funded Reinsurance (Funded Re) transactions can support greater new business volumes in the bulk annuity market over time. This statement from Aon follows the Prudential Regulation Authority (PRA) Supervisory Statement on 26 July 2024, which was issued with ... Read the full article
CLARA Analytics targets insurance claims optimisation
16th August 2024
CLARA Analytics, a provider of artificial intelligence (AI) technology for insurers, has announced the launch of Claims Document Intelligence Pro, a new product designed to revolutionise insurance claims optimisation. The introduction of Claims DocIntel Pro (formerly CLARA Optics), represents ground-breaking advancements with its deeper contextual analysis of legal demands and medical ... Read the full article
Skyward Specialty boosts regional Contract Surety teams with key hires
16th August 2024
Property and casualty (P&C) insurer Skyward Specialty has bolstered its regional Contract Surety teams with a number of key appointments. Firstly, in its Northeast region, the P&C insurer has appointed Gregg Callahan as regional vice president in New England, who has spent the last 27 years working at Liberty Mutual Insurance, ... Read the full article
Rokstone appoints Laurence Burrows to lead new US Excess Casualty division
16th August 2024
Rokstone, a speciality re/insurance MGA and part of Aventum Group, has announced the appointment of Laurence (Larry) Burrows as Head of its newly established US Excess Casualty division. Rokstone's U.S. Excess Casualty division will cover a wide range of sectors, including Construction, Transportation, Energy and US & Global Fortune 1,000 risk-managed ... Read the full article
Cautious capital deployment contributes to discipline: AM Best
16th August 2024
A cautious deployment of capital has contributed to reinsurance discipline, AM Best analysts have highlighted, as they continue to observe the lack of new entrants in the market that typically feature in previous hard cycles. “Historical underperformance, a riskier environment that is more difficult to model and price and, most importantly, ... Read the full article
Aon expands EMEA Transportation and Logistics team with key appointments
16th August 2024
Global insurance and reinsurance broking group Aon has announced three senior appointments to strengthen its EMEA Transportation and Logistics team. Jan Steven Kelder has been named Industry Specialty Leader, Transportation and Logistics, EMEA. In this role, he will report to Luca Tassarotti, Head of Commercial Risk for EMEA, and Lee Meyrick, ... Read the full article
Cardona to lead UIB’s Latin America & Caribbean treaty reinsurance in Miami
16th August 2024
United Insurance Brokers Limited (UIB) has hired Hugo Cardona to lead its Latin America and Caribbean treaty reinsurance business out of Miami. Cardona joins from Wind Field International LLC, where he served for over six years, chiefly as Managing Director. At Wind Field, he was tasked with providing international brokers, reinsurers and ... Read the full article
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