Reinsurance News
CrowdStrike outage unlikely to materially impact re/insurer results: Fitch
23rd July 2024
Analysts at ratings agency Fitch Ratings have said that last week's mass global IT outage is not expected to have a material impact on the financial results of insurers and reinsurers, with preliminary market estimates of global insured losses in the mid-to high single digit billion USD range. While Fitch does ... Read the full article
WTW names Steven Torresan Head of M&A in its FINEX business for Asia Pacific & Africa
23rd July 2024
WTW, a global advisory, broking and solutions company, is strengthening its M&A practice in Asia Pacific within its Financial, Executive & Professional Risks business with the appointment of Steven Torresan. Torresan was named Head of M&A in WTW’s Financial & Executive Risks (FINEX) business, for Asia Pacific and Africa, a Sydney-based ... Read the full article
Applied Systems acquires AI insurance firm Planck
23rd July 2024
Applied Systems has acquired Planck, an AI-based data platform provider for commercial insurance. By leveraging AI capabilities, Applied explained that it aims to enhance the speed and quality of critical business processes, including marketing, sales, underwriting, renewals, servicing, and advisory services. "This acquisition will further expand opportunities to harness AI's value in ... Read the full article
Carbon Underwriting announces Lloyd’s approval for Syndicate 5757 launch
23rd July 2024
Carbon Underwriting Limited (Carbon), an independent managing general underwriter and Lloyd’s syndicate CBN 4747, has announced that Lloyd’s, the insurance and reinsurance market, has granted approval for the launch of Syndicate 5757, effective 1 January 2025. This marks a significant development as it introduces Carbon’s second syndicate at Lloyd’s, expanding its ... Read the full article
Vortex’s parametric rainfall cover triggered at PGA Tour Champions event
23rd July 2024
The DICK's Sporting Goods Open, PGA TOUR Champions Event received rain from June 21–June 23, triggering their parametric rainfall insurance policy with Vortex Weather Insurance, the data driven weather risk insurtech, which resulted in the tournament operator Broome County Community Charities, Inc., (BCCC) receiving payouts that helped with lost revenue ... Read the full article
CrowdStrike outage “a wake-up call” for world’s exposure around technology: W.R. Berkley CEO
23rd July 2024
The CrowdStrike outage is a wake-up call for the systemic exposure that exists around technology, but it will prove manageable for the insurance and reinsurance industry, W. Robert Berkley, Jr., President and CEO of W. R. Berkley stated as he shared some comments on the event. Caused by a security update ... Read the full article
Martello Re eyes growth with $1.3bn capital raise
23rd July 2024
Martello Re Limited, the Bermuda-based Class E life and annuity reinsurer, has successfully raised $1.3 billion across a second round of equity funding and the upsizing of its current credit facility, enabling the firm to provide support to additional cedants and selectively expand into new lines and regions. It was ... Read the full article
Marilena Rodriguez Forero to lead newly launched DUAL Latin America
23rd July 2024
DUAL, the specialist underwriting arm of Howden Group Holdings, has announced the appointment of Marilena Rodriguez Forero as CEO for its newly established region, DUAL Latin America, effective 1 August 2024. Rodriguez Forero brings over three decades of industry experience and joins DUAL from AXA where she served as P&C Underwriting ... Read the full article
Markel and mea announce strategic partnership to enhance underwriting processes
23rd July 2024
Markel, a global specialty insurer, and mea, an AI-driven platform for insurers, have announced a new strategic partnership, leveraging mea’s GenAI solution to enhance its underwriting processes in International Wholesale operations. Martin Henley, CEO at mea platform, said: “We are very excited to embark on this new partnership with Markel and ... Read the full article
Brown & Brown’s net income climbs to $257m in Q2 results
23rd July 2024
Brown & Brown, the insurance brokerage, has reported its results for the second quarter of 2024, which includes a net income of $257 million, representing a substantial increase from the previous year's $190 million. At the same time, revenues for Q2 2024 under U.S. generally accepted accounting principles (GAAP) sat at ... Read the full article
Robbie MacDonald named IQUW Head of Property
23rd July 2024
IQUW, a property and specialty re/insurer, has announced the promotion of Robbie MacDonald from Head of Property, Direct and Facultative (D&F) to Head of Property. MacDonald started his former role in 2023, where he co-lead IQUW Property alongside Head of Property, Delegated Authority (DA), Tom Hennessey. Hennessey will continue in his current ... Read the full article
W. R. Berkley reports record NPW and investment income in Q2’24
23rd July 2024
Insurance holding company W. R. Berkley Corporation generated record net premiums written (NPW) of more than $3.1 billion in the second quarter of 2024, as net investment income increased by almost 52% to a new record. As NPW grew more than 11% year-on-year, the firm's gross premium written (GPW) increased from ... Read the full article
Fathom’s flood maps now available in Swiss Re Reinsurance Solutions’ CatNet
23rd July 2024
Swiss Re Reinsurance Solutions has revealed that Fathom's advanced Global, UK, and Japan flood maps are now available within the CatNet risk assessment platform. If you recall, the global reinsurance giant acquired Fathom, the Bristol, UK-based provider of water risk intelligence and flood models back in December of 2023. At the ... Read the full article
GC’s Laurent Rousseau joins Cytora’s global advisory board
23rd July 2024
Cytora, the digital risk processing platform, has bolstered its global advisory board with the addition of industry veteran Laurent Rousseau, Guy Carpenter CEO of EMEA and Global Capital Solutions (part of Marsh McLennan). A renowned figure across the sector, Rousseau joined Guy Carpenter in June 2023, following a near 13-year ... Read the full article
Berkshire Hathaway absent, Bermuda & collateralised reinsurers dominate Florida Citizens renewal
23rd July 2024
After taking a $1 billion slice in 2023, it's notable that Berkshire Hathaway did not participate in Florida Citizens Property Insurance Corporation's 2024 catastrophe reinsurance renewal, which was dominated by Bermuda-based and collateralised reinsurers. As we reported previously, Florida’s property insurer of last resort secured a cost-effective risk transfer program ... Read the full article
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