Reinsurance News
Cytora teams with ChAI to help insurers navigate market volatility
20th June 2024
Cytora, a digital risk processing platform, has entered into a partnership with ChAI, an AI-powered raw material market intelligence and commodity pricing forecaster, in a move that is anticipated to help insurers navigate market volatility. According to the announcement, the partnership will reportedly enable insurers to use ChAI’s commodity price forecasts ... Read the full article
Everest Insurance Intl. hires LSM’s Sylvain Chegaray as Head of Marine, France
20th June 2024
Everest Insurance International, a division of Bermuda-based insurer and reinsurer Everest Group, Ltd., has hired Liberty Special Market's (LSM) Sylvain Chegaray as Head of Marine, France. An experienced veteran across the sector, Chegaray spent five years at LSM, where he most recently served as Marine Practice Leader. Prior to LSM, he worked ... Read the full article
Servca launches new office in Northern Ireland
20th June 2024
Servca, an independent, owner-managed Lloyd’s specialty broker, has announced the launch of a new office in Northern Ireland, strategically positioned to leverage the region's pivotal role as a trading hub for both UK and European business. This expansion aims to enhance proximity to clients and partners, reinforcing Servca's commitment to high-touch ... Read the full article
Trium Cyber partners with AttackIQ for enhanced cybersecurity
20th June 2024
Trium Cyber, the Lloyd's of London cyber insurance specialist, has partnered with AttackIQ to provide its policyholders with AttackIQ Flex, aiming to enhance cybersecurity and reduce risk. AttackIQ Flex is an on-demand testing service that allows organisations to quickly simulate cyberattacks through a user-friendly interface. It utilises AttackIQ’s advanced emulation software ... Read the full article
US lighting-related claims on the rise as insurers pay over $1.2bn to homeowners in 2023: Triple-I
20th June 2024
In 2023, over $1.2bn were paid out resulting from lightning-caused US homeowners insurance claims to more than 70,000 policyholders according to the Insurance Information Institute (Triple-I). After compiling national insurance claims data, Triple-I estimated that the total value of lightning-caused US homeowners insurance claims was up more than 30% in 2023, ... Read the full article
AM Best upgrades Issuer Credit Rating for The Hartford Financial Services Group
20th June 2024
Global credit ratings agency AM Best has upgraded the Issuer Credit Ratings (Long-Term ICR) of The Hartford Financial Services Group, Inc. (The Hartford) and its subsidiaries. To break it down, AM Best has revised the outlook to positive from stable for the Long-Term ICRs and affirmed the Long-Term ICR of “a-” ... Read the full article
Strong solvency levels to boost UK risk settlement market in H2 2024: Aon
19th June 2024
Strong solvency levels will boost the UK pension scheme risk settlement market in the second half of 2024, according to global insurance and reinsurance broker Aon. According to analysts, the publication of insurers’ latest annual returns confirmed that solvency levels remain strong and with ample headroom to support significant new business ... Read the full article
S&P revises Convex Re outlook to positive
19th June 2024
S&P Global Ratings revised Convex Re’s outlook to positive from stable, anticipating continued broad expansion aligned with its business plans, maintaining a combined ratio of approximately 90% over the next two years, and remaining well capitalised with capital exceeding S&P’s 99.99% benchmark. This revised outlook extends to Convex group’s operating subsidiaries: ... Read the full article
ARC receives $27m from Dutch government to further promote parametric insurance in Africa
19th June 2024
African Risk Capacity Ltd. (ARC) has received a $27 million contribution from the Dutch government to help boost climate resilience in Africa, and further promote parametric insurance across the continent. According to the announcement, the funding will be channelled through the African Development Bank’s Africa Disaster Risk Financing Programme (ADRiFi) Multi-Donor ... Read the full article
London market clarifies marine cyber clause to address aggregation risk
19th June 2024
The Joint Excess Loss Committee of the Lloyd's Market Association (LMA), an organisation that represents the interests of the Lloyd's underwriting community, and the International Underwriting Association (IUA), which represents international and wholesale insurance and reinsurance companies operating in the London Market, hosted a well-attended session at Lloyd’s Old Library. They ... Read the full article
Appian collaborates with PwC UK to bring innovative insurance solutions
19th June 2024
Appian has recently partnered with PwC UK to enhance its ability to deliver innovative services aimed at streamlining processes, improving customer experiences, and boosting operational efficiency for insurance companies on the Appian Platform. PwC serves over 4,000 insurance clients worldwide and understands the challenges posed by disparate systems, particularly legacy platforms, ... Read the full article
QBE to close its North America middle-market segment
19th June 2024
Australian insurer QBE has announced the closure of its North America middle-market segment to "refocus its strategy in the region on those businesses which hold more meaningful market position, relevance and scale." The segment represented a gross written premium of ~$500M in the final year results of 2023 (FY23), and has ... Read the full article
Rising jury verdicts and insurance gaps a struggle for companies: Chubb
19th June 2024
As large jury verdicts increase in number and cost, many companies do not have adequate liability insurance to cover these losses effectively, a recent analysis by insurance company Chubb has revealed. According to Chubb's 16th annual Liability Limit Benchmark & Large Loss Profile by Industry Sector 2024, there is a widening ... Read the full article
Swiss Re signs 70,000 tonne Biochar Carbon Removal deal with Carbonfuture
19th June 2024
Reinsurance giant Swiss Re and carbon removal solutions provider, Carbonfuture, have signed a seven-year contract, which will see Swiss Re supply a minimum of 70,000 tonnes of Biochar Carbon Removal (BCR) credits from Carbonfuture partner, Exomad Green’s new Riberalta facility in Bolivia. Readers will be aware that this is not the ... Read the full article
Beat Capital-backed Brace Underwriting names Davis as Senior Underwriter
19th June 2024
Brace Underwriting Limited, the Beat Capital-backed, multi-line and alternative risk specialist underwriter, has appointed Michael Davis as Senior Underwriter. Davis holds more than 13 years of industry experience, having previously worked as a property underwriter at Tokio Marine Kiln (TMK). He joined TMK as a graduate trainee in 2010, later being ... Read the full article
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