Reinsurance News
FEMA secures a further $575m of flood reinsurance for NFIP
11th March 2024
The U.S. Federal Emergency Management Agency (FEMA) has obtained reinsurance coverage through insurance-linked securities (ILS) reinsurance for the seventh time by entering a three-year reinsurance agreement, securing $575 million of coverage for the National Flood Insurance Program (NFIP). FEMA entered into the agreements with its transformer reinsurer, Hannover Re (Ireland) Designated ... Read the full article
More advanced & specialised conversational AI to be developed in the near term: AM Best
11th March 2024
Credit ratings agency AM Best has revealed that it expects to see more advanced and specialised conversational AI developed over the near term to handle more complex situations across the insurance industry. As many are aware, insurers have been very active by adopting AI for customer service via conversational AI, which is ... Read the full article
Cybersecurity startup BreachBits secures seed funding led by Blu Ventures
11th March 2024
Cybersecurity startup BreachBits has secured seed funding, in a round led by Blu Ventures, to accelerate its efforts to help businesses predict and avoid data breaches at scale. According to BreachBits, the funds will be used to capitalise on its strong customer growth and accelerate the adoption of its BreachRisk™ solutions. The ... Read the full article
Julia Zhang succeeds Aaron Sarfatti as Equitable Holdings CRO
11th March 2024
Equitable Holdings, the financial services holding company comprised of Equitable and AllianceBernstein, has announced new leadership appointments, including Julia Zhang as Chief Risk Officer (CRO). Zhang succeeds Aaron Sarfatti, who served as the company’s CRO since 2018, and is to take over her new role on April 1, following approval from ... Read the full article
GAWS of London rebrands as Evolin Broking
11th March 2024
GAWS of London Limited (GAWS), an independent London market wholesale insurance broker, has rebranded itself under the new brand of Evolin Broking Limited (Evolin). The broker explained that it is "rooted in the ever-evolving nature of relationships, Evolin symbolises the collaborative journey the company takes with clients, working together for a ... Read the full article
MGAA welcomes three new board members following 2023 record growth
11th March 2024
The Managing General Agents’ Association (MGAA) has announced the appointment of three new board members, while also revealing it had seen significant growth in its membership over the last year, welcoming its 400th member. The new board members were confirmed at the association’s Annual General Meeting at Lloyd’s. These include Ian ... Read the full article
Greenlight Re pleased with 1/1 renewals, optimistic on Lloyd’s in 2024: Patrick O’Brien
8th March 2024
During Greenlight Re's 2023 earnings call, Patrick O'Brien, Chief Executive Officer (CEO), Director, Greenlight Re Ireland, noted the still very attractive conditions at the January 1st, 2024, reinsurance renewals, when over 60% of the company's business incepts. "We are very pleased with how January 1, 2024, progressed. Market conditions remain very ... Read the full article
Hong Kong IA reports decrease in total premiums despite growth in reinsurance in 2023
8th March 2024
The Insurance Authority (IA) has reported an increase in Hong Kong’s reinsurance gross premiums by 3.1% and net premiums by 0.2% for 2023, however, total gross premiums decreased by 1.1% compared to 2022, totalling $549.7 billion. Reinsurance gross premiums reached $18.1 billion in the year, primarily driven by the Property Damage ... Read the full article
Aspen confirms Sarah Stanford as CEO of Aspen UK
8th March 2024
Bermuda-based insurer and reinsurer, Aspen Insurance Holdings, has confirmed the appointment of Sarah Stanford as CEO of Aspen UK. Prior to her approval, Stanford had been appointed as Interim CEO, Aspen UK on January 17, 2024. Before this, she was serving as the Active Underwriter of Lloyd’s Syndicate 4711, representing ... Read the full article
Guidewire reports increased net income and revenue in fiscal Q2’24
8th March 2024
Guidewire, a platform provider for property and casualty re/insurers, has reported a net income (GAAP) of $9.7 million for the second quarter of the fiscal year 2024, a notable turnaround from the net loss of $9.2 million for the same quarter in fiscal year 2023. This quarter's net income is also ... Read the full article
Porch Group sees net loss improvement in Q4 2023
8th March 2024
Porch Group, a homeowners insurance and vertical software platform, has reported a net loss of $2.5mn in the fourth quarter of 2023, an improvement from $35.5mn in Q4 2022; with a total revenue of $114.6mn, which increased 79% compared to the prior year. The company also reported a revenue less cost ... Read the full article
WTW appoints Lynda Gammons as Head of Claims Closure Solutions, CRB NA
8th March 2024
Global insurance brokerage WTW has appointed Lynda Gammons as the new Head of the Claims Closure Solutions team for Corporate Risk & Broking, North America. This appointment builds on the three recent hires by the broker to its CRB NA's Private Equity and Transactional Solutions team, which include Daniel Kesack ... Read the full article
HCI Group’s net income climbs to $89.3m in 2023
8th March 2024
Florida-based insurtech HCI Group has reported a net income of $89.3 million for 2023, compared to a net loss of $54.6 million in 2022. Consolidated gross premiums earned in 2023 also increased to $765.5 million from $724.7 million in 2022. HCI explained that gross premiums earned for 2023 include $23 million of ... Read the full article
Insurtech Arturo welcomes Donnie Millar and Thom Keyes to leadership team
8th March 2024
Arturo, a property specialist offering AI-based solutions to insurers, is strengthening its leadership team with the addition of Donnie Millar as Vice President of Data Science and AI, and Thom Keyes as Vice President of Finance. Bringing extensive tech startup experience, both executives join Arturo as the insurtech company scales into ... Read the full article
Safepoint’s new reciprocal exchange Manatee gets ‘A’ rating by Demotech
8th March 2024
Safepoint Group's newest reciprocal exchange, Manatee Insurance Exchange (Manatee), has been assigned a Financial Stability Rating of 'A', Exceptional, by Demotech, Inc. Manatee was formed to focus on providing insurance solutions to Florida homeowners and business owners. Joseph L. Petrelli, President and Co-founder, Demotech, Inc., commented: "Insurers without sufficient representative operating ... Read the full article
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