Reinsurance News
Insurable losses from Taiwan earthquake to be between $0.5-$1bn CoreLogic estimates
9th April 2024
CoreLogic estimates insurable losses from the 7.2 magnitude earthquake that hit Taiwan on April 3, 2024 will be between $0.5 and $1.0 billion (note, CoreLogic has reduced its figures from a range of $5bn-$8bn). This is considered the largest quake to hit the country in the last 25 years. Having ... Read the full article
Optalitix partners with First Street to allow US data to be incorporated in underwriting
9th April 2024
Optalitix, the specialist data analytics solutions provider, is strategically partnering with First Street, a provider of physical climate risk data, to help insurers incorporate its unique United States datasets into their underwriting process. Optalitix is an insurance software company providing a platform for pricing and underwriting insurance policies. The firm provides two ... Read the full article
PCS designates Baltimore bridge collapse incident under its Global Marine & Energy solution
9th April 2024
Property Claim Services (PCS), a division of Verisk, has designated the Baltimore Bridge collapse incident, caused by the container ship Dali striking one of its support columns, under its Global Marine & Energy product. The division's process for estimating losses initiates when PCS anticipates insured losses surpassing the $100 million threshold ... Read the full article
Brown & Brown makes senior appointments
9th April 2024
Brown & Brown, Inc., an insurance brokerage firm, has appointed David Putz as Executive Vice President, Arrowhead General Insurance Agency, and Niels Seebeck as the President of Arrowhead’s Risk Managers Program. Putz's remit as EVP of Arrowhead General Insurance Agency within Brown & Brown’s Programs segment, will include leading four businesses ... Read the full article
Jensten further expands broking services with Scrutton Bland acquisition
9th April 2024
Jensten, a UK brokerage and underwriting firm, has announced its acquisition of Scrutton Bland Insurance Brokers, aimed at enhancing its ability to provide high-quality broking services across multiple sectors. The acquisition brings onboard a team of over 50 professionals spread across two offices and adds £22 million in GWP to the ... Read the full article
Accredited names Grace Meek as President of America
9th April 2024
Accredited, a program management business operating across the US, UK and Europe, has appointed Grace Meek as the President of Accredited America, based out of New York, effective April 8th, 2024. She will report to William Spiegel, Chief Executive Officer, Accredited. In the new role, Meek's remit will include a focus ... Read the full article
April 1 renewal in India sees resurgence in property cat capacity: Aon
8th April 2024
In contrast to last year’s renewal, April 1 in India reportedly saw a resurgence in property catastrophe capacity, with reinsurers demonstrating an increased appetite to grow their books, according to a new report from Aon. Despite this excess capacity in property catastrophe, Aon's report explained that reinsurers remained disciplined. Meanwhile, being one ... Read the full article
PURE Specialty Exchange expands high-risk home coverage to six new states
8th April 2024
PURE Specialty Exchange (PSE) has recently extended its High Value Homeowners coverage to six additional states: Arizona, Colorado, Hawaii, Montana, Utah, and Wyoming. This coverage caters to homes situated in areas susceptible to coastal hazards, wildfires, and other risks, including short-term rentals. Offering coverage of up to $50 million, it accommodates properties ... Read the full article
Active Re board promotes Robert Ali to COO
8th April 2024
Active Re, a provider of reinsurance solutions for financial institutions, has announced the promotion of Robert Ali to the position of Chief Operating Officer (COO). In his new capacity, Ali will maintain his role as a key advocate and leader in establishing strategic partnerships with MGAs across diverse regions and lines ... Read the full article
Florida Citizens targets $5.5bn of reinsurance coverage for 2024
8th April 2024
Florida’s property insurer of last resort, Citizens Property Insurance Corporation, aims to secure reinsurance coverage of approximately $5.5 billion across a sliver and core layer, as part of its 2024 risk transfer program. As we wrote previously, Citizens projected at its December 2023 Board of Governors meeting that it could ... Read the full article
kWh Analytics raises capacity with Aspen to support renewable energy growth
8th April 2024
Climate insurer kWh Analytics, Inc. has raised capacity with Aspen Insurance to support its property insurance offering for renewable energy projects to fight climate change. With this increase, kWh Analytics is able to underwrite up to USD$75 million per renewable energy project location. It also has full delegated authority to cover accounts ... Read the full article
James River secures Court order for Fleming to complete JRG Re acquisition
8th April 2024
James River Group Holdings has announced that the Supreme Court, New York County, Commercial Division has issued an order directing Fleming Intermediate Holdings to complete its acquisition of JRG Reinsurance Company (JRG Re) by April 16, 2024. The sequence of events leading to this began on November 8, 2023, when Read the full article
NAIC adopts first National Climate Resilience Strategy for Insurance
8th April 2024
The National Association of Insurance Commissioners' (NAIC) Membership has adopted the first-ever National Climate Resilience Strategy for Insurance to protect the nation's property insurance market by closing coverage gaps and improving recovery from natural disasters. The goal of the strategy is to drive faster and more effective risk reduction by state ... Read the full article
American Family Life adopts Munich Re Automation Solutions’ SaaS platform
8th April 2024
Munich Re Automation Solutions has revealed that American Family Life Insurance Company is adopting its cloud-based automated underwriting and analytics solution, ALLFINANZ NOVA. ALLFINANZ NOVA is Munich Re Automation Solutions' SaaS platform that reportedly helps automate and accelerate the life insurance application and underwriting process and enhance the consumer experience. Grant Andrew, ... Read the full article
Verisk launches Next Generation Models to help re/insurers mitigate losses
8th April 2024
Global data analytics and technology provider Verisk has launched its Next Generation Models (NGM), which will be implemented by insurers and reinsurers to evaluate risks and anticipate insured losses from extreme events more accurately. According to Verisk, this suite of 100+ models is now available on its catastrophe risk management software ... Read the full article
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