Reinsurance News
Understory $15mn funding to help accelerate growth into renewable energy sector
6th June 2024
Climate risk-solving insurance provider Understory has announced the closing of its Series A funding round, securing $15 million to drive its expansion into the renewable energy sector. This funding round, co-led by True Ventures and Prelude Ventures, will support the launch of Understory's new product offering focused on the renewable energy ... Read the full article
Mel Carvill appointed Chairman of Polo Insurance Managers
6th June 2024
PoloWorks, a collective of Lloyd’s and London Market insurance services businesses, has announced the appointment of Mel Carvill as Chairman of Polo Insurance Managers. Mark Elliott, CEO of Polo Insurance Managers, commented: “We are delighted that Mel has joined PIM as Chairman. He brings a level of seniority and experience which ... Read the full article
Aeolus and RED announce research collaboration to assess earthquake risk
6th June 2024
Aeolus Capital Management and RED - Risk Engineering + Development (RED) have announced a collaborative research initiative focused on assessing earthquake risk. This study will be led by Pete Dailey, Head of Research at Aeolus, renowned for his expertise in catastrophe model development and analytics. Joining as the lead collaborator is Paolo ... Read the full article
McKenzie Intelligence Services launches AI damage classifier to revolutionise insurance assessments
6th June 2024
McKenzie Intelligence Services (MIS), a provider of geospatial data and analysis to the insurance industry, has announced the launch of a cutting-edge AI damage classifier to enhance its human intelligence-led damage assessments for insurers following catastrophic events. This product development to MIS’ Global Events Observer (GEO) platform - which meets requirements ... Read the full article
Lloyd’s new Miami office to strengthen Latin America and Caribbean business
5th June 2024
Global re/insurance marketplace, Lloyd’s has announced the opening of a new office in Miami, a move that is designed to strengthen its Latin America and Caribbean business. The new office, which will open from 1 September 2024, will enable Lloyd’s to realign its resources to centrally support brokers, coverholders and managing ... Read the full article
CEA renews $3.73bn of reinsurance so far in 2024
5th June 2024
The California Earthquake Authority (CEA) has renewed $3.73 billion of reinsurance in 2024 so far, having secured almost $1.2 billion in new protection at the April 1st renewals. At the end of 2023, the earthquake insurer had $9.1 billion of protection in-force from its reinsurance and cat bonds. Following the January 1st ... Read the full article
SRG’s MX enhances capacity through Accredited Insurance Limited partnership
5th June 2024
Specialist Risk Group's managing general agent (MGA), MX, has recently secured a new capacity agreement with Accredited Insurance (Europe) Limited (AIEL), which significantly boosts MX's capacity in the UK and Ireland. Established in 2021, MX's new capacity model ensures stability and adaptability for its operations. This enhancement empowers MX to pursue ... Read the full article
Beat is a “perfect fit” for our strategic vision for the future of Ambac, CEO, LeBlanc
5th June 2024
Earlier today it was announced that Ambac Financial Group had signed a definitive agreement to acquire a 60% controlling stake in Beat Capital Partners Limited. This afternoon, a conference call was held which involved members of Ambac and Beat, discussing further details of the transaction. During the call, Ambac's President ... Read the full article
Majesco & Microsoft collaborate to deliver advanced GenAI-driven solutions
5th June 2024
Majesco collaborates with Microsoft to develop Majesco Copilot, which integrates cutting-edge generative artificial intelligence (GenAI) into the company’s solutions to revolutionise and encourage operational optimisation across the insurance industry. This collaboration significantly benefits Majesco customers by providing them with cutting-edge solutions, a next-generation architecture base, security, and transformational experiences. Majesco Copilot promotes ... Read the full article
Ambac to sell its legacy financial guarantee businesses to Oaktree for $420mn
5th June 2024
Ambac Financial Group, Inc., an insurance holding company, has announced it is to sell its legacy financial guarantee businesses, Ambac Assurance Corporation (AAC) and Ambac UK (AUK), to funds managed by Oaktree Capital Management, L.P.. The company has signed a definitive agreement to sell these businesses to Oaktree for $420 million ... Read the full article
Harvey Monk to lead Verlingue new dedicated construction practice
5th June 2024
Insurance broker Verlingue has established a new dedicated construction practice to be led by Harvey Monk, Sales Director South, who will work with a team of specialists from across the company. The broker launched this new practice to serve the UK’s fast-growing construction industry. Verlingue believes the construction sector is set for ... Read the full article
Moody’s changes outlook of US P&C personal insurance sector to stable
5th June 2024
Moody's has changed the outlook for the US property & casualty (P&C) personal insurance sector to stable from negative, reflecting continued improvement in underwriting results. According to the rating agency, insurers in this sector have "significantly increased pricing" in both personal auto and homeowners to address high auto repair and construction ... Read the full article
Alta Signa expands into Swiss market with new office
5th June 2024
Alta Signa Europe B.V., the European boutique managing general agent (MGA), is expanding its presence in the DACH region by opening a new office in Switzerland. This new office will have access to high-quality insurance options from trusted partners in Alta Signa’s network, ensuring reliable coverage for clients. Located in Cham, Zug, ... Read the full article
Appian & Swiss Re expand Connected Underwriting Life Workbench to Asia & EMEA
5th June 2024
Following the launch of Connected Underwriting Life Workbench in North America last year, Appian, a software company that automates business processes, in partnership with Swiss Re, has made the solution available in select countries in Asia Pacific, Europe, Middle East and Africa (EMEA). Integrated with Swiss Re’s automated life insurance ... Read the full article
Ambac to acquire majority stake in Beat Capital Partners for $282m
5th June 2024
Ambac Financial Group has signed a definitive agreement to acquire a 60% controlling stake in Beat Capital Partners Limited, a London-based insurance underwriting and managing general agency (MGA) incubation platform, for approximately $282 million. As per Ambac, up to $40 million of the total approximation will be paid in shares of ... Read the full article
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