Reinsurance News
Brown & Brown announces acquisition of Pacific Underwriters
18th October 2023
Insurance brokerage Brown & Brown, through one of its subsidiaries, has acquired Washington-based Pacific Underwriters. With roots dating back to 1941, Pacific Underwriters acts as a program manager on behalf of certain public utility insurance risk pools in the State of Washington and also offers insurance solutions for dental practitioners in ... Read the full article
Loadsure gets Delegated Claims Administrator status from Lloyd’s
18th October 2023
Insurtech MGA Loadsure has been awarded Delegated Claims Administrator (DCA) status by Lloyd’s, which the firm says will allow it to bring claims handling fully in-house, ensuring that clients have direct access to dedicated claims adjusters. According to Loadsure, this recognition acknowledges the significant effort that it has put into its ... Read the full article
Positive pricing outlook for London Market insurers should support underwriting: Goldman Sachs
18th October 2023
At the first half of 2023 results - and while going through a hard market - pricing outlooks remain positive, which should support underwriting margins for London Market insurers, according to Goldman Sachs. At the same time, continued underwriting discipline from reinsurers - as they continue to feel the impact of ... Read the full article
Hedemark takes over as FERMA President, highlights strategic priorities for the Federation
18th October 2023
Elevating the value of risk management, strengthening its leadership, and making the Federation of European Risk Management Associations (FERMA) more agile and dynamic are among the priorities Charlotte Hedemark highlighted as she begins her presidency of the Federation for 2024-2025. “We want to expand our advocacy capabilities by developing partnerships with ... Read the full article
Travelers reports Q3 net income of $404m despite underwriting loss
18th October 2023
Primary insurance group Travelers has reported a net income of $404m in the third quarter of 2023, driven by investment income growth, despite seeing an underwriting loss of $136m, as a result of higher catastrophes losses of $850m for the period. The insurer’s net income in Q3, lower due to core ... Read the full article
US P/C insurers experience more downgrades than upgrades in H1’23: AM Best
18th October 2023
In the first half of 2023, US property/casualty (P/C) insurers faced a challenging environment marked by increased downgrades, primarily affecting the personal lines segment. Downgrades surged from 5.2% of rating actions in H1 2022 to 9.1% through June 30, 2023, as insurers grappled with weather-related catastrophes, escalating loss and reinsurance costs, ... Read the full article
Nat Cat annual insured losses to exceed $100bn in 2023: Gallagher Re
18th October 2023
Annual insured losses from natural catastrophes are on track to surpass $100 billion in 2023, becoming the sixth year since 2017 to exceed this figure, according to Gallagher Re’s Q3 Natural Catastrophe Report. Record-setting weather/climate events and extreme temperatures have elevated natural catastrophe losses for the globe this year. Total economic ... Read the full article
Nirvana partners with KYND to strengthen cyber underwriting
18th October 2023
Nirvana, a UK-based specialty MGA, has partnered with KYND Limited, a provider of cyber risk management technology and services, to "empower its underwriting team with advanced and actionable insights into organisational cyber exposure." Nirvana noted that through this partnership, its underwriting team will now benefit from access to KYND Signals Client ... Read the full article
To keep balance, there’s motivation to further increase attachment points: Swiss Re’s Steinman
18th October 2023
While progress was made at the January 1st, 2023, reinsurance renewals on shifting attritional losses back onto the balance sheets of primary insurers, there's motivation to further increase attachment points in certain areas, according to Thorsten Steinman, Head Property & Casualty Reinsurance, Northern, Central & Eastern Europe, Swiss Re. During this ... Read the full article
Accelerant expands to Canada with Omega Insurance acquisition
18th October 2023
Insurtech Accelerant has announced its expansion into the Canadian market through the acquisition of Omega Insurance Holdings, Inc. from Till Capital Ltd. Omega, based in Toronto, offers property and casualty insurance coverage. It also offers short-tail property insurance and reinsurance, caters to small-sized to medium-sized insureds, and reinsures smaller insurance companies. IRead the full article
AXIS sponsors first ever 144a cyber catastrophe bond
18th October 2023
As first reported by our insurance-linked securities (ILS) focused sister site, Artemis, Bermuda-based insurer and reinsurer AXIS Capital Holdings has sponsored the world's first full 144a cyber catastrophe bond, a $75 million Long Walk Reinsurance Ltd. (Series 2023-1) transaction. Artemis sources confirmed that this cyber cat bond will provide ... Read the full article
Claims for nat cat perils to increase 40% by 2050 due to climate change: CCR
18th October 2023
CCR estimates that claims for perils covered by the natural disaster compensation scheme are likely to increase by around +40% by 2050 as a result of climate change, and by +60% if changes in insured stakes (population growth and urban density) are taken into account. These figures stem from CCR and ... Read the full article
Global economy exposed to $3.5trn loss from potential cyber attack: Lloyd’s
18th October 2023
London-based marketplace for insurance and reinsurance, Lloyd’s, has published a systemic risk scenario that shows the global economy is exposed to losses of $3.5 trillion over a five-year period from a cyber attack on a major financial services payments. The risk scenario models the global economic impact of a hypothetical but ... Read the full article
90% of insurers at a disadvantage with current operating models: Clearwater
18th October 2023
90% of insurers are said to be at a disadvantage with current operating models, with the belief being that they do not support future business needs. A new report from Clearwater Analytics, a provider of SaaS-based investment management, accounting, reporting, and analytics solutions, highlights how European insurers are facing major challenges ... Read the full article
UK auto and home insurers setback to continue into 2024: Bloomberg
18th October 2023
Bloomberg Intelligence states the UK auto and home insurers face rising claims inflation and regulation struggle will continue into 2024. Margins of UK auto-focused insurers such as Admiral and Direct Line have seen setbacks in H2 2023 and 2024, according to a new sector report by Bloomberg Intelligence. This is due to ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
