Reinsurance News
Sayata launches AI-powered risk engine to broaden carrier appetites while protecting loss ratios
29th April 2024
Sayata, a marketplace for insurance brokers and carriers, aims to revolutionise small commercial insurance underwriting with the launch of the Sayata Risk Engine, an AI-powered platform. This new proprietary risk assessment solution is to transform how insurance carriers and MGAs assess and underwrite risk, according to Sayata. It uses sophisticated artificial intelligence ... Read the full article
Africa Specialty Risks launches Syndicate 2454, first at Lloyd’s with an Africa focus
29th April 2024
Africa Specialty Risks (ASR), the pan-African-focused reinsurance group, has announced the launch of ASR Syndicate 2454 at Lloyd’s, which will be the first in that market to have an African focus on the business it underwrites. ASR Syndicate 2454 will underwriting business across Africa and will have a planned gross premium ... Read the full article
AM Best upgrades credit ratings of MS Reinsurance
26th April 2024
Rating agency AM Best has upgraded the Financial Strength Rating to A+ (Superior) from A (Excellent) and the Long-Term Issuer Credit Rating to “aa-” (Superior) from “a” (Excellent) of MS Reinsurance, and has assigned a stable outlook to the ratings. AM Best highlights the additional explicit support that MS Reinsurance receives ... Read the full article
Aon & NFP combination a ‘tour de force revenue opportunity,’ says CEO Case
26th April 2024
Insurance and reinsurance broking group Aon feels great about its now completed acquisition of middle-market property and casualty (P&C) broker NFP, with Chief Executive Officer (CEO), Greg Case, describing it as "a tour de force revenue opportunity." After announcing the completion of its $13.4 billion takeover of NFP and a ... Read the full article
Moody’s and Bitsight launch new cyber risk solution
26th April 2024
Cyber risk manager Bitsight and Moody’s have launched a new cyber risk solution that will cover over 300 million organisations worldwide. The Implied Cyber Threat (ICT) is an offering built on Bitsight's cyber risk analytics engine and Moody's Orbis company database. It was designed to provide cyber risk insights and valuable market ... Read the full article
EV manufacturers’ bespoke solutions may change the auto insurance landscape: Morningstar DBRS
26th April 2024
Traditional insurance firms have reportedly had to adapt to high repair costs of electric vehicles (EV) and the rapid pace of adoption in China, Europe and the UK, which has resulted in significant insurance premium rate increases, says Morningstar DBRS. Even though governments have incentivised the reduction in the numbers of ... Read the full article
FM Global names Johnell Holly as SVP
26th April 2024
Commercial property insurer FM Global has named Johnell Holly as Senior Vice President (SVP), where he takes on oversight of global client services, sales, broker relations, marketing and the insurer’s business risk consulting group. This is a newly created role, and sees Holly assume responsibility for bringing together and driving strategic ... Read the full article
Pen Underwriting extends fleet deal in Republic of Ireland with Zurich
26th April 2024
Pen Underwriting has announced the extension of its long-term strategic collaboration with Zurich in the Republic of Ireland to support its highly specialist fleet insurance offering, covering motor fleets in the hazardous goods, tankers and environmental industries, following a multi-year renewal of their existing capacity deal. This agreement will see Zurich ... Read the full article
Mutual share of the total insurance market is at an eight-year high, ICMIF
26th April 2024
The International Cooperative and Mutual Insurance Federation’s latest Global Mutual Market Share report has revealed that the global mutual and cooperative sector collectively wrote USD 1.41 trillion in insurance premiums and increased the sector’s share of the total insurance market to an eight-year high of 26.3% in 2022. To ensure our ... Read the full article
Cytora expands advisory board with addition of former Aon exec James Platt
26th April 2024
Digital risk processing platform Cytora has expanded its global advisory board with the addition of James Platt, in line with its vision for global growth. Platt is a commercial insurance veteran, and has had a broad and successful career in the insurance industry from leading the big data and advanced analytics ... Read the full article
Allstate will return to writing policies in California when reforms are enacted: report
26th April 2024
U.S. primary insurer Allstate will be open to business in nearly every part of California once new regulations are enacted that enable the firm to factor in the output of forward-looking catastrophe models and its reinsurance costs, reports Bloomberg. Last month, we discussed new regulation announced by the state's Insurance ... Read the full article
Kinsale Capital reports $98.9m net income in Q1’24 results
26th April 2024
Kinsale Capital Group has reported a net income of $98.9 million for the first-quarter of 2024, an improvement compared to $55.8 million for the first-quarter of 2023. The firm also saw a significant 25.5% increase in gross written premiums (GWP) in Q1’24, totalling $448.6 million compared to $357.6 million for the ... Read the full article
McGill and Partners promotes Samuel Harris to Partner within Complex P&C
26th April 2024
Insurance and reinsurance broker McGill and Partners has named Samuel Harris, who joined the firm in 2022, as a Partner in its Complex Property and Casualty team. Harris joined the brokerage two years ago as an Associate with a focus on mining and heavy industry. Before McGill and Partners, Harris held a ... Read the full article
Aon’s Reinsurance Solutions delivers 7% organic revenue growth in Q1’24
26th April 2024
Global insurance and reinsurance broker Aon has reported a 5% increase in total revenue in the first quarter of 2024 to $4.1 billion, reflecting 5% organic growth and a strong performance its Reinsurance Solutions arm. Aon attributes the $199 million increase in total revenue to ongoing strong retention, net new business ... Read the full article
Vantage launches U.S. Large Property offering
26th April 2024
Vantage Group Holdings Ltd. recently announced the launch of its U.S. Large Property offering via its U.S. subsidiaries, which builds on its existing property expertise and sustained portfolio growth. The new offering has been designed to serve a broad range of middle market and corporate clients and will include primary and ... Read the full article
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