Reinsurance News
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
American Coastal reports lower net income for Q1’24 as GWP rise
13th May 2024
American Coastal Insurance Corporation, a property and casualty insurer, has reported net income for Q1 2024 of $23.6 million, or $0.48 per diluted share, compared to $267.3 million, or $6.14 per diluted share, for Q1 2023. This decrease in net income reflects $236 million of income from discontinued operations in Q1 ... Read the full article
Synthetik successfully demonstrates its advanced flood analysis tool
13th May 2024
Synthetik has announced the successful demonstration of Flowcore, its "Flood Data Collection and Analysis" platform designed for modelling flood scenarios and predicting resulting damages and financial/insurance losses. Flowcore integrates Synthetik's specialised GPU-accelerated flood simulation code and employs artificial intelligence (AI) to deliver rapid results. This capability enables the assessment of cumulative ... Read the full article
Assured Guaranty starts the year strong with 35% y-o-y net income increase
10th May 2024
Assured Guaranty has announced its financial results for the first quarter of 2024, reporting an increased net income of $109 million compared to the $81 million reported in the same period the year prior. Adjusted operating income was also up, to $113 million for Q1 2024, compared to $68 million Q1 ... Read the full article
Fusion Specialty strengthens London M&A team with two new hires
10th May 2024
Fusion Specialty, a managing general agent (MGA) platform within Pop Group Holdings (POP), is expanding its UK underwriting capabilities with the appointments of Alexander Mackay and Tom Hopkins to its Mergers and Acquisitions (M&A) London team. Mackay is joining Fusion UK as a Partner following five years working in M&A insurance ... Read the full article
Maiden Holdings sees improved net income and lower underwriting loss in Q1’24
10th May 2024
Maiden Holdings Ltd., has posted its results for the first quarter of 2024, which includes a net income of $1.5 million, compared to a net loss of $11.3 million from the prior year period. According to the firm, this improvement was due to higher total income from investment activities of $17.1 ... Read the full article
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