Reinsurance News
MS Amlin predicts highly active 2024 Atlantic hurricane season
31st May 2024
MS Amlin, Lloyd's global insurer and reinsurer, predicts that the upcoming 2024 Atlantic hurricane season will be significantly above average, potentially one of the most active on record. Climate scientists at MS Amlin analysed forecasts from 24 research groups, private companies, universities, and government agencies. The consensus indicates an average of ... Read the full article
SCOR secures $175m of retro with latest cat bond
31st May 2024
French reinsurer SCOR has successfully sponsored a new catastrophe bond, Atlas Capital DAC Series 2024-1, providing it with a multi-year risk transfer capacity of $175 million against named storms in the US and earthquakes in the US and Canada. Atlas Capital DAC Series 2024-1 is an aggregate, index-based trigger cat bond ... Read the full article
Former Verra CEO David Antonioli joins Oka’s advisory board
31st May 2024
US carbon-credit insurance carrier Oka, has added former Verra CEO, David Antonioli, to its advisory board as the company sets its sights on international carbon markets. During his 15-year tenure at Verra, Antonioli oversaw the Verified Carbon Standard (VCS) Program and corresponding registry. Prior to working at Verra, he served as a ... Read the full article
Bondaval launches new reinsurance vehicle to enable future growth
31st May 2024
Bondaval is establishing a reinsurance vehicle, Bondaval Re, marking a new chapter for the business, which has so far been operating exclusively as a managing general agent. According to the firm, Bondaval Re will allow it to partner directly with reinsurers as well as insurers, including those within their existing global ... Read the full article
HCI expands reinsurance coverage across subsidiaries at June renewal
31st May 2024
Florida-based insurtech HCI Group has increased its reinsurance coverage across both its reinsurance towers, securing over $2.7 billion in aggregate limit at the June 1 renewal. Similar to the previous year, HCI established two reinsurance towers for its insurance subsidiaries, Homeowners Choice and TypTap. Reinsurance Tower 1 covers all Homeowners Choice ... Read the full article
Howden Re names David Hearn as Chairman, Global Clients Strategy
31st May 2024
Howden Re (formerly Howden Tiger), the reinsurance broking arm of Howden Group Holdings, has appointed reinsurance industry veteran, David Hearn, as Chairman of Global Clients Strategy. In his new role, Hearn’s remit will include supporting the leadership and client service teams across the spectrum of risk and strategic advisory. This will ... Read the full article
iprism appoints Victoria Blanche as Private Clients Manager
31st May 2024
MGA iprism, a specialist in construction, property, commercial and high net worth, has appointed Victoria Blanche as Private Clients Manager to lead its team of mid-high net worth underwriters. In this new role, Blanche's remit will include managing iprism’s dedicated private clients team that covers high-value and non-standard UK properties. Aaron ... Read the full article
Liquidity risk gaining more attention due to the growing use of private assets, Morningstar DBRS
31st May 2024
A new commentary released by Morningstar DBRS, highlights that liquidity risk in the insurance industry is gaining more attention because of the growing use of private assets. Historically, liquidity risk has typically received far less attention in the insurance sector in comparison to other types of financial institutions such as banks. However, analysts ... Read the full article
AdvantageGo announces ecosystem alliance with Relativity6
31st May 2024
AdvantageGo, a commercial re/insurance software provider and part of Coforge, has announced a strategic alliance with Relativity6, an artificial intelligence (AI) powered industry classification provider. For those who are not aware, Relativity6 addresses incorrect or out-of-date industry classification rating data and flagging of hazardous industries which allows underwriters to make critical rating ... Read the full article
HK Insurance Authority welcomes two new Executive Directors
31st May 2024
Lee Moung-mo has been appointed Executive Director, General Business, and Marty Lui Yu-kwok as Executive Director, Long Term Business of the Insurance Authority (IA),the insurance regulator of all authorised insurance companies and licensed insurance intermediaries in Hong Kong. The Government’s Financial secretary appointed both executives to their new roles for a ... Read the full article
Knowing where you are in the cycle is key to long-term success: Conduit Re CEO
30th May 2024
After a positive outcome at the January 1 reinsurance renewals and a very solid performance in the first quarter of 2024, we spoke with Conduit Re CEO, Trevor Carvey, about the evolution of the Bermuda-based reinsurer, market dynamics, and the importance of managing the cycle. Conduit Re took advantage of ... Read the full article
Florida market improving though reinsurance dependancy remains: AM Best
30th May 2024
Despite Florida-focused personal property insurers experiencing material volatility in their operating results and surplus levels in recent years, alongside a reinsurance dependency that "skews" higher than the broader overall property segment, AM Best has noted that their results improved in 2023. It's no secret that Florida insurers have been suffering from ... Read the full article
Bowhead Specialty adopts Kalepa’s AI-driven Copilot for enhanced underwriting
30th May 2024
Bowhead Specialty, a provider of casualty and professional liability products, has deployed Kalepa’s Copilot underwriting platform to leverage its advanced AI for improved risk selection and enhanced customer service. Stephen Sills, CEO of Bowhead Specialty, remarks, "Our partnership with Kalepa allows us to stay on the cutting edge. Many companies make ... Read the full article
ARC urges innovative financing solutions for African farmers amid challenges
30th May 2024
The need for innovative financing mechanisms for Africa's farmers is becoming increasingly urgent as the continent faces challenges such as climate change, low productivity, and conflict, according to African Risk Capacity (ARC). At the 10th African Regional Forum on Sustainable Development (ARFSD), experts urged policymakers to assess farmers' needs and improve ... Read the full article
Risk-adjusted property-cat ROL 5% lower on average, indicating shifting market dynamics: Howden Re
30th May 2024
Moderated risk-adjusted property-catastrophe reinsurance pricing reflects shifting market dynamics at the June 1st reinsurance renewals, broker Howden Re has stated. According to Howden Re, risk-adjusted property-catastrophe reinsurance rates-on-line (ROL) were on average 5% lower at the June 1 2024 renewals, within a typical range of -7.5% to -2.5%. According to analysts, the ... Read the full article
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