Reinsurance News
Sixfold raises $15m in Series A round, confirms Lloyd’s Lab participation
6th June 2024
Insurtech Sixfold has raised $15 million in a Series A funding round led by Salesforce Ventures, in a move that is set to enable the company's expansion to the UK and Europe. The funding round also featured participation from Scale Venture Partners and all previous investors including Bessemer Venture Partners and Crystal ... Read the full article
Manhem appointed Independent Non-Exec Director of Apollo Syndicate
6th June 2024
Independent specialist re/insurer Apollo has appointed Monica Cramér Manhem as the new Independent Non-Executive Director of Apollo Syndicate Management Limited. Manhem is an industry veteran with extensive experience in various leading roles. Most recently, she served as the Chief Executive Officer of SiriusPoint International Insurance Corporation. Along with underwriting expertise, the firm ... Read the full article
Insurers’ private credit holdings set to keep growing, Moody’s
6th June 2024
Insurers are set to keep increasing their private credit holdings throughout the coming years, with almost 80% saying they plan to increase their holdings of at least one class of private credit over the long term, according to a recent analysis by Moody's. Private credit accounts for 36% of insurers' total investments ... Read the full article
NHS cyber attack underscores ongoing ransomware threat to healthcare sector
6th June 2024
Paul Gooch, Head of Large Account Cyber at Tokio Marine Kiln, has advised companies to adopt the mindset 'not if, but when' in their approach to cybersecurity, following the attack on hospitals in London targeting NHS IT firm Synnovis. Reinsurance News understands that the attacks have affected the Royal Brompton, Harefield, ... Read the full article
Sompo appoints Thomas Leone as new Chief Investment Officer
6th June 2024
Sompo, a global provider of commercial and consumer property, casualty, and specialty re/insurance, has announced the appointment of Thomas Leone as Chief Investment Officer. In his new role, Leone will directly report to Nicolas Burnet, Sompo's Chief Financial Officer, and will be based in the insurer’s Purchase, NY office. Leone will succeed ... Read the full article
Pen Underwriting expands into Ireland with Wrightway Underwriting acquisition
6th June 2024
Pen Underwriting, an Arthur J. Gallagher & Co. subsidiary, has acquired Wrightway Underwriting Limited, a Republic of Ireland-based MGA that specialises in transportation and haulage, for an undisclosed sum. Based in Wexford, Wrightway is a managing general agent (MGA) providing motor and liability coverages for the haulage and fleet sector across ... Read the full article
Life insurers shifting more into the retirement space are increasingly exposed to market risk: S&P
6th June 2024
As sales of annuities - notably fixed annuities and fixed-indexed annuities - by U.S. life insurers have ballooned since 2021, S&P Global Ratings explores the challenges facing life insurers. In a recent report released by the firm, it reveals that demand for annuities, as well as other forms of private retirement ... Read the full article
India’s Kshema welcomes more like-minded players as it works to close protection gaps: Founder, Nukala
6th June 2024
In a recent interview with Reinsurance News, Natraj Nukala, Founder of Kshema, the fully digitally powered Indian agricultural insurer, stated that the company is not afraid of competition entering the Indian market post easing of regulations by the Insurance Regulatory and Development Authority of India (IRDAI). In March of this year, ... Read the full article
Everest Re appoints Mayur Doshi as Head of NA Treaty Casualty
6th June 2024
Everest Reinsurance, the reinsurance arm of insurance giant, Everest Group, Ltd., has appointed Mayur Doshi as the Head of North America Treaty Casualty, reporting to Jiten Voralia, Head of North America Treaty Reinsurance. Voralia commented on the appointment, "Mayur’s business acumen, coupled with the depth of his underwriting expertise makes him ... Read the full article
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
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