Reinsurance News
WindBorne’s new WeatherMesh brings AI forecasting to re/insurers
19th February 2024
WindBorne Systems, an environmental and weather intelligence company, has recently unveiled its groundbreaking AI forecasting model, WeatherMesh. This innovation holds significant promise for the re/insurance industry, offering improved risk assessment and enhanced claims management capabilities. WeatherMesh sets a new standard for accuracy in real-time, 24-hour global forecasts, surpassing Google DeepMind’s GraphCast ... Read the full article
ERS appoints Tom Cummings as new Head of Counter Fraud
19th February 2024
ERS, a specialised UK motor insurance company and part of IQUW Group, has announced that Tom Cummings will be taking on the role of Head of Counter Fraud. In his new position, Cummings will lead ERS’ efforts to combat policy and claims fraud, overseeing the strategies and tools employed for this ... Read the full article
Downgrade move on 777 Re credit ratings reflect “very weak” balance sheet: AM Best
19th February 2024
AM Best has downgraded 777 Re’s, the Bermuda-based reinsurance entity of investment firm 777 Partners, credit ratings and maintained its under review with negative implications status. The company offers reinsurance on active and run-off blocks of life insurance and annuity business. 777 Re’s Financial Strength Rating has been downgraded to ... Read the full article
Lucid Insurance to utilise Convr workbench to improve underwriting operations
19th February 2024
Convr AI, an artificial intelligence (AI) company serving commercial insurance organisations, has announced that Lucid Insurance Group will utilise its underwriting workbench to gain greater speed, accuracy and efficiency in their operations starting in 2024. To achieve this Lucid Insurance, a managing general agent (MGA) and specialty wholesale producer specialising in ... Read the full article
Palomar CEO optimistic on reinsurance renewals, sees positive market trajectory
19th February 2024
Mac Armstrong, CEO of Palomar Holdings, expressed satisfaction with the outcomes of the company's reinsurance treaties renewing on January 1 during the Q4'23 earnings call. Armstrong stated, "As it pertains to our Reinsurance program, we are pleased with the outcome for our reinsurance treaties renewing January 1." Armstrong highlighted that while only ... Read the full article
Aventum promotes Phil Wood to Chief Partnerships Officer
19th February 2024
Aventum, an international re/insurance group, has just announced the promotion of Phil Wood to the role of Chief Partnerships Officer, where he will oversee and support the development of new consumer partnerships and Synergy divisions within Aventum. This newly established position is designed to provide oversight and support to Aventum's expanding ... Read the full article
Collapse of Zurich-Viridium deal highlights PE role in back-book consolidation: Moody’s
19th February 2024
The cancellation of Viridium Gruppe’s planned partial purchase of Zurich Germany’s life book has renewed concerns that regulators are scrutinising private equity (PE) backed consolidators in the life sector more closely, which may reduce the pace of back-book consolidation, Moody’s analysts have highlighted. In 2022 Zurich and Viridium started talks ... Read the full article
AIG’s Chris Cheng joins AXA XL Hong Kong office as Head of Casualty
19th February 2024
AXA XL, the P&C and specialty risk division of global insurer AXA, has announced the addition of Chris Cheng to its Hong Kong team as Head of Casualty. “Chris brings a wealth of experience and will be responsible for developing our casualty portfolio across Hong Kong, China, and Macau, collaborating with ... Read the full article
Cennairus Cyber partners with Ascend to automate wholesale broker billing and payments
19th February 2024
Cennairus Cyber, a wholesale insurance brokerage specialising in cyber and technology errors and omissions insurance, has announced a partnership with Ascend, a financial operations automation platform. This collaboration is poised to streamline finance operations unique to wholesale insurance brokerages, optimising billing and payments processes while delivering unparalleled accuracy and efficiency. Abe Gibson, ... Read the full article
MGA Sertis expands into an additional 32 U.S. states
19th February 2024
Sertis, an MGA in the multifamily insurance market, has expanded into a further 32 states across the United States. According to Sertis, this move will "transform" the insurance landscape for brokers and agents, while "significantly benefiting" property owners with more stable and affordable insurance. "Leveraging proprietary risk assessment technology integrated with a ... Read the full article
Merchants in India to benefit from WRMS Global & MIC Global new parametric flood resilience cover
19th February 2024
MIC Global, a full-stack embedded micro insurance provider, and WRMS Global, a climate and agriculture risk management company, have partnered to deliver parametric flood resilience cover to merchants and gig workers in India. According to the announcement, this is the first of a series of product innovations responding to increasing events ... Read the full article
Lloyd’s confirms Claire Schrader’s position as General Counsel
19th February 2024
Lloyd’s, the global insurance and reinsurance marketplace, has confirmed Claire Schrader as General Counsel, responsible for managing legal risk at Lloyd’s. Schrader, who also will also remain a member of Lloyd’s Executive Committee, had been performing this role on an interim basis since August 2023 as Peter Spires, Lloyd’s former ... Read the full article
Record-breaking year for Pension Risk Transfer market in 2023: Legal & General
19th February 2024
Legal & General's latest PRT Monitor has revealed a remarkable surge in global Pension Risk Transfer (PRT) market activity throughout 2023, with transactions totaling over £85 billion in the UK and US combined. This marks a record-breaking year for the UK market and the second-largest year on record for the US. In ... Read the full article
Ardonagh Specialty’s Price Forbes shifts all lines of business to Whitespace Platform
19th February 2024
Whitespace, a fully digital e-trading platform and Verisk company, has revealed that Ardonagh Specialty's Price Forbes has "dramatically widened" its adoption of the Whitespace Platform. All lines of business will now reportedly start their placements from data-first templates on Whitespace, with API integration being delivered throughout 2024. Laurence King, chief digital officer ... Read the full article
B.P. Marsh sees growth in Net Asset Value as performance outlook “remains positive”
19th February 2024
Specialist venture capital investor B.P. Marsh & Partners Plc has revealed in an update on trading that it increased its Net Asset Value from £190m to £204m in the six months ended 31 July 2023. B.P. Marsh additionally reported that three disposals of investments were agreed during the year for an ... Read the full article
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