Reinsurance News
ICA declares ex-tropical cyclone Jasper an Insurance Catastrophe
21st December 2023
Responding to damage caused by ex-tropical cyclone Jasper, the Insurance Council of Australia (ICA) has declared the event an 'Insurance Catastrophe', noting that 3,800 claims have already been lodged across areas stretching from Cape York Peninsula to Mackay. The ICA explained that under this Catastrophe declaration, claims from affected policyholders are ... Read the full article
DeNexus hires ILS expert, George Mawdsley as Head of Risk Solutions
21st December 2023
DeNexus Inc, a provider of second-generation cyber risk quantification and management services, has hired Insurance-Linked Securities (ILS) expert, George Mawdsley, as Head of Risk Solutions. In the role, Mawdsley will directly focus on developing the next generation of risk transfer solutions for the cyber insurance and ILS markets, leveraging DeNexus’ cyber ... Read the full article
NormanMax gets ‘in principle’ Lloyd’s approval to launch parametric syndicate
21st December 2023
US-based parametric re/insurance group NormanMax Insurance Holdings has received ‘approval in principle’ from Lloyd’s to launch parametric Syndicate 3939 in 2024, to be managed by Apollo Syndicate Management. NormanMax noted that Syndicate 3939 aims to commence underwriting in April 2024, "focussing on natural catastrophe parametric re/insurance products that offer a unique ... Read the full article
Aspen Insurance files for US IPO to “increase financial flexibility”
21st December 2023
Specialty re/insurer Aspen Insurance Holdings Limited has filed a registration statement on Form F-1 with the U.S. Securities and Exchange Commission (SEC) relating to a proposed underwritten initial public offering (IPO) of its ordinary shares. This news follows a report from early December in which Aspen confirmed it was mulling ... Read the full article
New Energy Risk & Ascend close industry-first energy storage insurance policy
21st December 2023
New Energy Risk (NER) and Ascend Analytics, LLC (Ascend) have closed an industry-first energy storage insurance policy, that is set to provide coverage for the performance of Ascend’s battery storage forecasting and bidding optimization platform. According to the announcement, the policy will enable the financing of a portfolio of grid-scale energy ... Read the full article
Swiss Re’s John Zhu highlights divergent interest rates for 2024
21st December 2023
Economies around the world and inflation are predicted to improve next year, which will lead central banks like the US Federal Reserve (Fed Reserve) to cut interest rates in 2024, although countries like China might do it sooner, while Japan could increase rates, Swiss Re’s John Zhu explained in a ... Read the full article
Skyward Specialty Insurance appoints Mike Morrissey to Board
21st December 2023
Property and Casulty insurer Skyward Specialty Insurance Group Inc. has appointed Mike Morrissey, CFA to its Board of Directors, effective December 14th, 2023. Andrew Robinson, Skyward Specialty Chief Executive Officer, commented, “I am excited to welcome Mike to our Board of Directors. His expertise in the insurance and investment markets, coupled ... Read the full article
Heritage raises gross proceeds of $26.5m from public offering & private placement
21st December 2023
Super-regional property and casualty insurance holding company, Heritage Insurance Holdings, Inc., has completed the primary offering of 3,703,703 shares of its common stock, which alongside a private placement, has raised gross proceeds of $26.5 million. Additionally, the underwriter has a 30-day option to purchase up to an additional 555,555 shares of ... Read the full article
Ignite strengthens team with senior appointments
21st December 2023
London domiciled Ignite, a litigation insurance specialist, has made the appointments of Sally-Anne Bradley to ATE Operations Manager and Amy Rothbarth to Technical Underwriter. After The Event (ATE) Insurance is a form of litigation insurance built to protect against the risk of an adverse costs order. Byron Sumner, Chief Executive Officer and ... Read the full article
Lockton partners with Artificial Labs to streamline creation of new MRCv3 insurance contracts
21st December 2023
Independent insurance broker Lockton has partnered with Artificial Labs, the algorithmic underwriting insurtech, to implement Artificial’s new digital Contract Builder in an effort to streamline the creation and processing of new MRCv3 insurance contracts. The partnership is in line with London Market’s Blueprint Two programme, further enhancing Lockton's commitment to digital ... Read the full article
FERMA identifies key risk priorities and establishes strategic ERM committee
20th December 2023
The Federation of European Risk Management Associations (FERMA) has unveiled a comprehensive roadmap for organisations to navigate and prioritise emerging risks. In collaboration with Marsh, FERMA's latest White Paper, titled "The Roadmap to Strategic Risk Management," highlights crucial developments that demand immediate attention. The identified priorities, shaped by insights from the FERMA ... Read the full article
LGRA closes $10bn in total written premium since inception
20th December 2023
Legal & General Retirement America (LGRA), a provider of pension risk solutions across the United States, has reached the milestone of $10 billion in total written premium and over 100 deals since its inception in 2015. The company has secured roughly $5 billion within just the past three years. Year-to-date, LGRA has ... Read the full article
Aon’s acquisition of NFP has “execution risks”: Morgan Stanley
20th December 2023
Analysts at Morgan Stanley have highlighted how Aon's recently announced acquisition of middle-market property and casualty (P&C) broker, NFP, for $13.4 billion may have execution risks and will "take time to become accretive." Earlier today, it was reported that the broker had signed a definitive agreement to acquire NFP for ... Read the full article
IGP&I sees rate reductions across the board in “positive renewal”
20th December 2023
Mike Hall, Chairman of the International Group of P&I Clubs (IG) Reinsurance Committee, has announced a "positive renewal" for shipowners for February 2024, with all vessel types seeing rate reductions. With IG's Pooling and Group Excess of Loss Reinsurance contract (GXL) structure for 2024/25 having now been finalised, the Group observed ... Read the full article
AM Best revises outlooks to positive for Definity Financial Corporation & it’s subsidiary
20th December 2023
Global credit ratings agency, AM Best, has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term ICR of “a-” (Excellent) of Definity Insurance Company (Definity Insurance). At the same time, the agency has also revised the outlooks to positive from stable ... Read the full article
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