Reinsurance News
Germany’s nat cat insurance coverage delayed due to political disagreement: AM Best
14th August 2024
According to an AM Best commentary, the debate over Germany’s compulsory natural catastrophe coverage is hindered by the absence of political agreement between federal states and the central government. AM Best's report titled, "Political Consensus the Missing Ingredient for German Natural Catastrophe Solution," highlights that, following the 2021 flooding in Southern ... Read the full article
Aviation premiums to hit 20-year high in 2024: Allianz
14th August 2024
As the aviation industry recovers in 2023 after a challenging period, analysis from Allianz Commercial’s Aviation Risk, Claims and Insurance Outlook suggests that nearly 63% of claims were due to collision or crash incidents. Of the 32,000 industry claims from 2019 to 2024, totalling around $15 billion, Allianz found that approximately ... Read the full article
Complexity rises as fronting market growth accelerates in 2024, says Conning
13th August 2024
The fronting market continues its strong growth into 2024 but is becoming increasingly complex, according to a recent report by Conning. This growth is driven by trends in the managing general agent (MGA) sector, rising demand for capacity, and robust excess and surplus (E&S) expansion. The fronting market benefits from strong backing ... Read the full article
Fathom & Aon’s Impact Forecasting to support Canada’s understanding of flood hazard
13th August 2024
Fathom, the flood risk intelligence organisation, part of reinsurance giant Swiss Re, and catastrophe model developer Aon's Impact Forecasting, have been granted a contract by Public Safety Canada, to enhance its understanding of flood hazard across Canada. This comes just a month after Toronto suffered significant damage and disruption from ... Read the full article
U.S. sees 2nd-highest number of YTD billion-dollar disasters by end of July: NOAA
13th August 2024
The United States has been hit with record heat, wildfires and Hurricane Beryl in July alone, with the country experiencing the second highest number of year-to-date billion dollar disasters, according to the National Oceanic and Atmospheric Administration (NOAA). July 2024 is second only to 2023, as by July of that year ... Read the full article
Aegis Professional Risk partners with Sentry to launch new E&O program
13th August 2024
Aegis Professional Risk, part of Aegis General Insurance Agency and K2 Insurance Services, has partnered with Sentry Insurance to launch a new Errors and Omissions (E&O) program. Sentry will offer primary and excess coverage up to $5 million for insurance services professionals, real estate professionals, and miscellaneous licensed professionals. The coverage will ... Read the full article
Meanwhile secures regulatory approval from BMA for full commercial licence
13th August 2024
Meanwhile, the first and only life insurer operating entirely in Bitcoin (BTC), has received regulatory approval from the Bermuda Monetary Authority (BMA) to function as a permanent commercial long-term insurer. This approval follows Meanwhile's successful $19 million funding from two seed rounds in June 2023. The company’s operating subsidiary, Meanwhile Insurance ... Read the full article
Aon names Nick Nudo Senior MD of Reinsurance for Chicago
13th August 2024
Global re/insurance broking group Aon has announced the appointment of Nick Nudo as Senior Managing Director of Reinsurance for Chicago, effective immediately. Nudo joins Aon from SCOR, where he worked for over 14 years most recently as chief underwriting officer of reinsurance North America. During his time at SCOR he held a ... Read the full article
Latour to lead Skyward Specialty’s new mortgage re/insurance unit
13th August 2024
Property and casualty insurer Skyward Specialty Insurance Group Inc. has entered the mortgage re/insurance market and announced that Jean-Philippe “JP” Latour will lead the new unit. In support of this new venture, Latour joined the firm in May 2024 as senior vice president. He began his insurance career with Arch in 2013, ... Read the full article
Florida’s surplus lines market hits $1.6bn in July
13th August 2024
The surplus lines market in the state of Florida, US, yielded $1.6 billion in premiums for the month of July, marking a 21% increase compared to July 2023, according to the Florida Surplus Lines Service Office. In its most recent FL Premium Report, the Office also reported that the number of ... Read the full article
Arch Insurance teams with Cytora to further digitise it’s risk intake
13th August 2024
Arch Insurance North America has partnered with Cytora, the digital risk processing platform, in a move that is set to further digitise the company's risk intake and streamline underwriting workflows. From what we understand, Arch Insurance has been investing in digital transformation, with the purpose of making the risk intake process more ... Read the full article
INSTANDA hires Pardoe as interim Chief AI Officer
13th August 2024
INSTANDA, a no-code, digital platform for insurance carriers and managing general agents, has hired Professor Andy Pardoe to the position of interim Chief AI Officer, where he will work directly with INSTANDA’s Co-Founder and CEO, Tim Hardcastle, to spearhead the company's future AI strategy. An experienced veteran, Pardoe brings over 30 ... Read the full article
JMP points to misunderstood 10-Q as catalyst for Skyward stock decline
13th August 2024
Analysts at JMP have described the recent selloff in Skyward Specialty Insurance shares as "overdone", attributing it largely to a misinterpretation of details in the company's 10-Q disclosure. This misunderstanding, they argue, has created an attractive buying opportunity for long-term investors. In its Q2 results, Skyward reported a rise of ... Read the full article
Chubb makes senior appointments in finance segment
13th August 2024
Global property and casualty (P&C) insurer Chubb has announced three executive appointments in its finance organisation, effective September 4th, 2024. George Ohsiek has been named Vice President of Chubb Group and Chief Accounting Officer, succeeding Annmarie Hagan. Hagan has been appointed Vice President of Chubb Group and Chief Financial Officer of Operations, ... Read the full article
Sprout, Britam, and LM Re launch parametric insurance for Kenyan coffee farmers
13th August 2024
Liberty Mutual Reinsurance (LM Re), a division of Liberty Mutual Insurance Group, has announced a new collaboration with Insurtech firm Sprout, Inc. and Britam, a financial services company serving as the local underwriter. Together, they are introducing a parametric insurance product aimed at safeguarding Kenyan coffee farmers from financial losses caused ... Read the full article
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