Reinsurance News
The Fidelis Partnership to lead new Lloyd’s Syndicate 3123
28th March 2024
The Fidelis Partnership, formerly known as Fidelis MGU, has confirmed that Lloyd’s has granted “in principle” approval for the launch of Syndicate 3123 in collaboration with Fidelis Insurance Holdings Limited (Fidelis Insurance Group), a global specialty insurer, and Hampden Agencies, the largest provider of private capital to Lloyd’s. At the ... Read the full article
Baltimore bridge an opportunity for us to show the value of insurance: Lloyd’s CEO
28th March 2024
John Neal, Chief Executive Officer (CEO) of the specialist Lloyd's insurance and reinsurance marketplace, said this afternoon that the Baltimore bridge event provides an opportunity for the industry to show the value of insurance. "I've been saying in different conversations this morning that actually the good news there is we are ... Read the full article
Majority of industry respondents expect use of parametric triggers in reinsurance to rise in 2024
28th March 2024
According to a recent Reinsurance News poll, over 80% of industry respondents anticipate the use of parametric triggers in reinsurance arrangements to rise in 2024. Parametric news has featured heavily in our pages so far this year, though admittedly, this has been largely insurance-related. For example, speaking in an interview with ... Read the full article
Blueprint Two phase one digital services cutover pushed back three months
28th March 2024
Velonetic has revealed that the market cutover to Blueprint Two phase one digital services will move from July 2024 to a target date of October 2024, a decision driven by feedback shared by market participants and their respective market associations. If you recall, back in December of 2023, after a ... Read the full article
Chubb’s new platform to provide agents quicker access to flood quotes
28th March 2024
Chubb Personal Risk Services (PRS) has launched Flood Insurance System, a new self-service platform designed to give agents quicker access to flood quotes. Integrated with the Chubb Agent Portal and Masterpiece EZ Quote homeowners platform, this new platform will give seamless support to agent’s personal lines business for primary and excess ... Read the full article
Mosaic expands its political risk coverage to the US
28th March 2024
Mosaic Insurance, a specialist firm, has extended its political risk coverage to the US market and launched a new insurance product named Arbitration Award Default Insurance (AADI), offering a global coverage limit of $65 million. AADI is designed to compensate parties in cases where sovereign states breach investment treaties or contractual ... Read the full article
Lloyd’s Syndicate Ki expands digital follow capacity with Beazley partnership
28th March 2024
Ki, the digital and algorithmically driven Lloyd’s follow platform, has entered into a multi-year partnership with Beazley by adding the insurer’s capacity to its platform. This partnership will include Ki offering additional follow capacity from Beazley syndicate 2623/623 through its digital platform from 2 April 2024. Having grown significantly since its launch ... Read the full article
Moody’s forecasts strong underwriting discipline for trade credit insurers in 2024
28th March 2024
Analysts at Moody’s Investors Service anticipate that trade credit insurers will maintain strong underwriting discipline in 2024, supported by robust financial reserves, despite an increase in insolvencies and claims resulting from a global economic downturn. Moody’s observes a persistent increase in corporate defaults in early 2024, which is expected to lead ... Read the full article
Baltimore bridge insured losses could total as much as $4bn, says Morningstar DBRS
28th March 2024
Depending just how long the Port of Baltimore is blocked for after the collapse of the Francis Scott Key Bridge, and the nature of the Port's business interruption coverage, insured losses could land between $2 billion and $4 billion, according to analysts at Morningstar DBRS. Even at the low-end of the ... Read the full article
Peak Re sees record profit in 2023, P&C underwriting CoR drops to 87.3%
28th March 2024
Hong Kong-based global reinsurer Peak Re is expected to post a record net profit of $200 million for 2023, despite the year being characterised by high inflation, rising interest rates and a continuation of costly natural catastrophe events. According to the Fosun annual results which includes unaudited figures for Peak Re, ... Read the full article
The Ardonagh Group sees reported income rise 33.5% in 2023
28th March 2024
Independent insurance broker The Ardonagh Group has seen a rise in full year 2023 reported income when compared with the prior year to $1.6 billion, as reported adjusted EBITDA increased 42.5% to $522 million. For 2023, the broker has reported pro forma income of $1.9 billion and pro forma adjusted EBITDA ... Read the full article
Lloyd’s reports underwriting income of £5.9bn for FY’23, strongest CoR since 2007
28th March 2024
Lloyd’s, the world’s oldest marketplace for insurance and reinsurance, has today reported a strong set of results for 2023 which includes a 127% year-on-year rise in underwriting income to £5.9 billion, which contributed to a 7.9 percentage point improvement in the combined ratio to 84%. The considerable strengthening of the combined ... Read the full article
Insurers to benefit from Genasys latest core platform release
28th March 2024
Genasys, a provider of insurance administration software, has launched Genasys Unify, a major update to its core platform. The latest release provides an overhaul of the previous Genasys user interface as well as a host of new features. With this, the software provider aims to make insurance easier and more rewarding ... Read the full article
Swiss Re & Zurich address the risks that GenAI poses for the re/insurance industry
28th March 2024
As AI technology continues to progress further, especially with the rise in Generative AI (GenAI), organisations across the re/insurance sector are experimenting more with the technology and finding new ways to apply it into their workforce. Reinsurance giant Swiss Re's CEO, P&C Re, Urs Baertschi, recently stated that it feels like ... Read the full article
Amwins Program Underwriters launches coverage for home health care workers
28th March 2024
Amwins Program Underwriters (APU), part of the Amwins Underwriting division, has launched its new Home Health Care HNOA program designed to provide hired and non-owned auto liability coverage for home health care operations. With more seniors opting to stay in their homes longer and more medical procedures allowing for at-home recovery, ... Read the full article
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