Reinsurance News
Social inflation challenges continue for US casualty insurers: AM Best
13th May 2024
Over the last decade, the severity of losses in various lines of casualty insurance in the United States has outpaced economic inflation. This trend indicates that additional factors are at play, affecting the costs of claims for both indemnity and expenses, as highlighted in a recent report by AM Best. As ... Read the full article
Home insurance premiums edge up, remaining below historic highs: ABI
13th May 2024
Home insurance premiums in the UK increased by 3% in the first quarter of 2024. Despite this uptick, prices remain below historic highs, according to data from the Association of British Insurers (ABI). Home insurance premiums increased by 3% in the first quarter of 2024, attributed to severe winter weather. Despite ... Read the full article
IUA appoints industry veteran Luis Prato to its Board
13th May 2024
The International Underwriting Association (IUA) has strengthened its Board with the appointment of senior London market veteran Luis Prato, who will join at its next meeting in July. The board, which comprises of 20 senior member representatives, is responsible for governing and overseeing all the association’s work in seeking to secure ... Read the full article
Victor teams with BHSI to expand builders risk & contractors equipment offerings
13th May 2024
Global managing general underwriter Victor has entered into an agreement with Berkshire Hathaway Specialty Insurance (BHSI) to expand coverage capacity for its US builders risk and contractors equipment offerings, effective immediately. As part of the agreement, Victor explained that its builders risk program will be able to offer increased coverage maximums ... Read the full article
Applied Systems sees record growth, expands into new markets
13th May 2024
Applied Systems has reached record commercial lines eTrading growth in the 12 months to March 2024, which has been heavily supported by accelerated take-up of its Applied Epic broker management platform and expansion into new markets. Throughout the last year the number of brokers using Applied’s cloud-based Epic broker ... Read the full article
WTW unveils “market-first” facility for cargo and war-on-land risks in Ukraine
13th May 2024
Global advisory, broking and solutions firm WTW has partnered with Ukrainian insurer, VUSO, to provide a London market-backed facility covering cargo and war-on-land risks. As per WTW, this market-first facility offers "much-needed certainty" to Ukrainian and foreign enterprises moving goods and products overland within the borders of Ukraine. The London Market facility ... Read the full article
Allianz Commercial and Rokstone collaborate on $10m marine cargo facility
13th May 2024
Allianz Commercial and the Aventum Group’s international re/insurance MGA Rokstone have announced a new collaboration for a $10 million facility to write marine cargo business worldwide. This new collaboration will reportedly broaden Allianz’s wholesale Marine distribution and allow Rokstone to write direct and reinsurance cargo business with full binding authority globally ... Read the full article
PoloWorks new MGA incubator to support start-up and established MGAs
13th May 2024
PoloWorks, a Lloyd’s and London Market insurance services business, has announced the launch of Polo MGA, a new Managing General Agent (MGA) incubator. The new offering was created to provide services to both start-up and established MGAs ranging from support with their formation to help with their growth. In some cases this ... Read the full article
European Insurers facing margin crush if premiums cannot be hiked, Bloomberg
13th May 2024
According to a new analysis by Bloomberg Intelligence, a sustainable margin recovery looks "increasingly challenging" for European insurers, with premiums needing to increase in real terms in order to prevent any erosion after a tripling of costs to 10.9% last year from 2022's 3.5%. BI noted that the bulk of expenses ... Read the full article
Augment Risk hires legacy expert Paul Corver as Advisor
13th May 2024
Reinsurance broker Augment Risk has announced that Paul Corver, formerly of R&Q Insurance Holdings (R&Q), will join the firm as an Advisor. Corver brings deep experience and insights in the reinsurance industry to the broker as it looks to strengthen its legacy build-out. He retired from his position as Group Head of ... Read the full article
Re/insurance losses from Brazil floods expected to be contained: AM Best
13th May 2024
With losses due to floods in Rio Grande do Sul, Brazil, estimated at BRL 7.5 billion ($1.45 billion), AM Best has noted that the impact on most re/insurers will be contained as they retain smaller exposures and have exited volatile business lines. Heavy rains started in Rio Grande do Sul, Brazil’s ... Read the full article
AXA XL Re appoints Alfredo Salcedo as Head of Latin America, Reinsurance
13th May 2024
AXA XL Reinsurance, the property and casualty and specialty risk unit of global insurer AXA, has appointed Alfredo Salcedo as the Head of Latin America, Reinsurance, effective June 1st, 2024. Subsequently, AXA XL has announced that Michael Yeats will be taking on a new opportunity at AXA XL to lead the ... Read the full article
Extreme weather sweeps across US, billions in losses predicted by Aon
13th May 2024
Aon's latest weekly cat report, ending May 10, highlights ongoing severe weather across the United States, with predictions of significant economic losses in the billions, particularly affecting the Southern Convective States (SCS). From May 2 to May 5, Texas experienced heavy rainfall, worsening existing flooding problems. Some areas received over 20 ... Read the full article
American Equity Investment Life Insurance Company upgraded to ‘A’ rating by S&P
13th May 2024
Brookfield Reinsurance announces that its wholly-owned subsidiary, American Equity Investment Life Insurance Company (AEL), has been upgraded in its Insurer Financial Strength rating by S&P Global Ratings, advancing from 'A-' to 'A'. This upgrade underscores AEL's vital role within the broader Brookfield Reinsurance group and its ability to leverage the strong ... Read the full article
Whiddett to head Arch’s expanded terrorism insurance solution for UK
13th May 2024
Arch Insurance's UK Regional Division has announced the launch of its enhanced standalone terrorism insurance product for businesses across the UK regions, to be led by Jason Whiddett. The expanded terrorism insurance solution includes a series of extensions and benefits available as standard, and key policy features such as prevention of ... Read the full article
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