Reinsurance News
Industry loss estimates of up to $6.5bn from Hurricane Otis: AM Best
1st November 2023
Insurance industry losses from the impacts of Hurricane Otis in Mexico could range from $1.8 billion to $6.5 billion, with losses likely to fall to reinsurers, according to analysis by AM Best. The ratings agency notes that while regulators in the country have set standards to mitigate hurricane risks, and companies ... Read the full article
Orange Insurance announces formation and launch in Florida’s property insurance market
1st November 2023
Orange Insurance Exchange, a reciprocal insurer, has announced its formation and launch in the Florida property insurance market. The company is headed by Chief Executive Officer, Don Matz, an insurance industry veteran who was previously the CEO of Producer's National Corporation, as well as the President of Tower Hill Insurance ... Read the full article
NEXT Insurance enters partnerships with Allstate and Allianz X
1st November 2023
NEXT Insurance, a digital insurtech specialising in small businesses, has announced it has entered into strategic partnerships with US primary insurer Allstate, and Allianz X, an investor in digital frontrunners in ecosystems relevant to insurance and asset management. Partnership fuels a new $265 million equity raise from Allstate and Allianz X ... Read the full article
AXA completes acquisition of Corebridge Financial’s Laya Healthcare
1st November 2023
Corebridge Financial, one of the largest providers of retirement solutions and insurance products in the US, has completed the sale of Laya Healthcare Limited to a subsidiary of AXA. The sale was previously announced back in August 2023. It was stated that AXA would acquire Laya Healthcare for a total ... Read the full article
Previsico launches in New York to alleviate future losses following record flooding
1st November 2023
Live flood forecasting insurtech, Previsico, has announced that it has gone live in New York with its flood forecasting technology, following the recent record flooding that took place in the state, and US $2.2 million of further funding to support its accelerated growth across the US market. The insurtech's model showed ... Read the full article
London market insurers present generational investment opportunity: Berenberg
1st November 2023
The London insurance market has emerged as a generational investment opportunity, according to a recent report by Berenberg. The report highlights several key factors that support this assessment, including the sector's strong fundamentals, attractive valuations, and a growing appetite for insurance products. In the report, Berenberg noted that earlier concerns about the ... Read the full article
Verisk estimates $3bn-$6bn of industry insured losses from Hurricane Otis
1st November 2023
Global data analytics and technology provider Verisk, estimates industry insured losses to onshore property for Hurricane Otis, the strongest hurricane ever to hit Mexico, will likely fall from MXN 50 billion to MXN 110 billion (~USD 3 billion to 6 billion). The industry loss range, according to Verisk, includes insured estimates ... Read the full article
RenaissanceRe completes $3.3bn acquisition of Validus Re from AIG
1st November 2023
Bermuda-based reinsurer RenaissanceRe has completed its previously announced acquisition of Validus Re, the treaty reinsurance operation of global insurer AIG, a transaction it says creates immediate and long-term value for its shareholders. First announced back in May and approved by the European Commission in August, RenRe has now closed ... Read the full article
Verisk posts revenue & net income increases in Q3
1st November 2023
Verisk, a global data analytics and technology provider, has posted an increase in its consolidated and organic constant currency (OCC) revenues, due to strong growth in underwriting and claims within the company's Insurance segment. Consolidated revenues grew 11.1% to $677.6 million. OCC revenues increased 9.4%. Underwriting revenues increased by 8.9% in the ... Read the full article
Brown & Brown to sell four TPA businesses to Davies Group
1st November 2023
Insurance brokerage firm, Brown & Brown has entered into an agreement with Davies Group Ltd., that includes the sale of four third-party administrator (TPA) businesses and a long-term strategic commercial relationship. The transaction is expected to close in December of 2023, and is subject to certain closing conditions. The announcement was made ... Read the full article
Cowbell’s growth shows ongoing commitment to closing the insurability gap: CEO Kudale
1st November 2023
Cowbell, a provider of cyber insurance for small and medium-sized enterprises (SMEs), continues rapid growth as it announces $25mn in equity financing and a 49% increase in its new customer base year-over-year. In an expanding cyber insurance market, 72% of SMEs are still without cyber insurance and say that a major ... Read the full article
Cacciatori urges integrated approach to strengthen UK’s insurance resilience post-Babet
1st November 2023
In the aftermath of Storm Babet and the looming threat of further weather-related disasters, Dr. Eugenia Cacciatori, Senior Lecturer in Management at Bayes Business School (formerly Cass), is calling for a comprehensive integration of insurance into the UK's resilience landscape. The recent early autumn storms, including the menacing Storm Ciarán, have ... Read the full article
Arch gets $233m+ of mortgage reinsurance through latest Bellemeade Re deal
1st November 2023
Arch Mortgage Insurance Company (Arch MI) has obtained over $233 million of indemnity reinsurance on a pool representing approximately $32.4 billion of mortgages from Bellemeade Re 2023-1 Ltd., a special purpose reinsurer. The coverage was obtained by issuing approximately $186 million in bonds and $46 million in direct reinsurance, Arch explained. "This ... Read the full article
Hamilton targets $90m+ in net proceeds as it launches IPO
1st November 2023
Bermuda insurer and reinsurer, Hamilton Insurance Group, could receive net proceeds of up to USD 97.1 million from its initial public offering (IPO) of its Class B common shares, which will be used to make capital contributions to its re/insurance subsidiaries amid favourable market conditions. After submitting a draft proposal in ... Read the full article
Ian Summerfield named Pen Underwriting Head of Cyber
1st November 2023
Pen Underwriting, a multi-class, multi-territory managing general agent (MGA), has appointed Ian Summerfield as Head of Cyber, effective January 1, 2024. Summerfield was promoted from his current role as Commercial Director of Pen’s Hazardous Goods & Environmental Industries niche within its Specialty division. His new position, will see Ian take on the ... Read the full article
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