Reinsurance News
Mass shooting insurance product launched by Gabriel in partnership with Chaucer
21st March 2024
Gabriel, a technology company tackling mass shootings and workplace violence threats, has partnered with specialty re/insurance group Chaucer and crisis management specialists Merrill Herzog to offer a mass shooting insurance product. Designed to prevent and mitigate against mass shootings, the Active Assailant product uses artificial intelligence (AI) technology to alert insureds ... Read the full article
Saudi Re signs $36m in reinsurance contracts with Probitas
21st March 2024
Saudi Reinsurance Co. has signed reinsurance contracts with Probitas Corporate Capital Ltd, the ultimate holding company of the Probitas Group, with a duration of one year from January 1st, 2024. The estimated gross written premium (GWP) value is SAR 135.03 million, or USD 36 million. Saudi Re expects that these reinsurance contracts ... Read the full article
Zurich and Klook launch parametric benefit to provide real-time lounge access for delayed flights
21st March 2024
Zurich Insurance has partnered with travel and leisure e-commerce platform Klook to introduce FlyEasy coverage, which, powered by Zurich Edge platform with micro-services from Blink Parametric, aims to reduce customer stress from long flight delays at airports. Available for Singapore residents, FlyEasy offers travellers real-time, complimentary lounge access - available through ... Read the full article
Talanx sees record net income of €1.58bn in 2023, lifts earnings targets substantially
21st March 2024
Talanx Group, the parent company of Hannover Re, has disclosed a record group net income of €1.58 billion for 2023, surpassing its original earnings forecast. Talanx also revealed that its insurance revenue rose to €43.2 billion in 2023, up from €39.6 billion last year, while its combined ratio improved to 94.3% ... Read the full article
Health & safety takes over cyber as highest D&O risk for 2024: WTW
21st March 2024
Health & safety has emerged as the most important risk facing directors and officers (D&O) in 2024, with risk associated to cyber attacks falling to second place, according to broking and solutions company WTW and global law firm, Clyde & Co. Both firms recently released their latest Global Directors’ & Officers’ ... Read the full article
SiriusPoint and NIP Group to form E&S underwriting platform
21st March 2024
Bermuda-headquartered SiriusPoint Ltd., a global specialty re/insurer, has strategically partnered with NIP Group, a specialty insurer, to establish a new Excess and Surplus (E&S) program underwriting platform. This collaboration aims to cater to the unique requirements of top landscaping companies in the US, with all-year services including landscape construction and snow ... Read the full article
Important to understand response of cyber catastrophe models: Guy Carpenter
21st March 2024
Guy Carpenter, the reinsurance broking business within Marsh McLennan, highlights the importance of understanding how cyber catastrophe models respond to various scenarios in its latest cyber research study. In the reinsurance broker’s study, it emphasises that as cyber risks continue to evolve, so do the parameterisations of these models, influencing their ... Read the full article
Agile Underwriting receives ‘in-principle’ approval to establish Syndicate 2427 at Lloyd’s
21st March 2024
Agile Underwriting Services has received ‘in-principle’ approval from the Lloyd’s insurance and reinsurance marketplace to create Agile Syndicate 2427 (AUS 2427), and anticipates writing £34.1 million of gross written premium (GWP) for the 2024 year of account. Syndicate 2427 will be established under the ‘syndicate-in-a-box' framework and be managed by Asta ... Read the full article
Leaders dissatisfied with efforts to get updated insurance programs launched digitally: Sure
21st March 2024
Sure revealed that 71% of insurance industry decision-makers are dissatisfied with the level of effort to get updated insurance programs off the ground and launched digitally, despite the widespread use of legacy rate service organisations (RSOs) and their services. The 2024 State of Digital Insurance Report surveyed hundreds of insurance industry ... Read the full article
Moody’s assigns stable rating outlook to Truist Insurance
21st March 2024
Moody’s Ratings has assigned a B3 corporate family rating and a B3-PD probability of default rating to the Charlotte domiciled, Truist Insurance Holdings, LLC (TIH), with a stable rating outlook. The rating company has also assigned a B2 rating to a $4 billion seven-year senior secured first-lien term loan and a ... Read the full article
2024 severe convective storm season picking up where last year left off: CoreLogic
20th March 2024
Analysis by CoreLogic estimates that 1-inch or greater hail fell on over 660,000 homes between March 13th and 14th in the central United States, causing material and destructive property damage. Dozens of severe convective storms (SCS) formed across the central U.S. over March 13th and 14th, and according to CoreLogic, ensured ... Read the full article
VIG appoints Christoph Rath deputy member of its Managing Board
20th March 2024
Vienna Insurance Group (VIG), an insurer in the Central and Eastern European region, has announced the appointment of Christoph Rath as a deputy member of the Managing Board. Rath, who currently is the Chief Financial Officer (CFO) of the Czech companies Kooperativa Pojišt'ovna and Ceská Podnikatelská Pojišt'ovna, is to take over ... Read the full article
California looks to expand use of cat models to wildfire, terrorism, & flood: Commissioner Lara
20th March 2024
In a move to help drive back a developing insurance crisis across the state of California, that has witnessed companies pulling back on underwriting property insurance there, or exiting the state completely, Insurance Commissioner Ricardo Lara has unveiled a regulation to allow for an expanded use of catastrophe models to ... Read the full article
Duck Creek launches new payment processes solution for North America
20th March 2024
P&C insurance software provider Duck Creek Technologies, has announced the launch of Duck Creek Payments in the North American market, a cloud-based Software as a Service (SaaS) solution. This cutting edge product, Duck Creek stated, is to transform the insurance industry by offering unparalleled access to any global payment provider or ... Read the full article
Preparing insurers for future Generative AI advancements: MAPFRE
20th March 2024
In a recent report conducted by Spanish insurer MAPFRE, a framework of actions is presented for insurers to consider in anticipation of potential advancements in Generative Artificial Intelligence (AI), aimed at mitigating risks and fostering a positive impact on society. The report, titled, “Exploring tomorrow: the role of insurers in a ... Read the full article
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