Reinsurance News
SiriusPoint and MGA Banyan Risk extend strategic partnership
27th October 2023
Global specialty insurer and reinsurer SiriusPoint and Bermuda-based MGA Banyan Risk have announced an extension of their partnership. The deal begins a three-year extension of the commercial relationship between Banyan and SiriusPoint and concludes the 100% transfer of ownership from SiriusPoint back to the founding organisation. Banyan was established in partnership ... Read the full article
CoreLogic pegs Hurricane Otis insurable loss at $10bn to $15bn
27th October 2023
Catastrophe risk modeller CoreLogic has estimated that the insurable loss from wind damage caused by Hurricane Otis, which made landfall as a Category 5 storm over the greater Acapulco, Mexico area on Wednesday morning, is between $10 billion and $15 billion. At 1:25 am local time, Hurricane Otis made a direct ... Read the full article
Arthur J. Gallagher reports improved total revenue of $2.45bn in Q3
27th October 2023
In its Q3 2023 results, Arthur J. Gallagher & Co. reported total revenues before reimbursements of $2.45 billion, up from 2.01 billion in the same quarter last year. The firm's brokerage segment accounted for $2.12 billion of the total Q3 revenue, up from $1.74 billion last year, while the risk management ... Read the full article
Aon names Mona Barnes as Chief Claims Officer, Global Broking Centre & UK
27th October 2023
Insurance and reinsurance broking group, Aon, has appointed Mona Barnes as Chief Claims Officer, Global Broking Centre (GBC) & UK, reporting to James Baum and Neil Harrison. The appointment is effective from 30th October 2023. In her new role, Barnes' remit will include overseeing teams of claims professionals dedicated to the London ... Read the full article
PFAS posing a number of challenges for casualty re/insurers: KBW
27th October 2023
A growing concern for some re/insurers is the rise in PFAS chemicals, with water supply cleanup costs potentially set to exceed the $400 billion figure, which suggests that it could become the industry's "next asbestos" according to AI insurance tech firm, Praedicat's CEO and co-founder, Robert Reville. This stems from a ... Read the full article
Canopy Connect raises $6.5m in Series A funding
27th October 2023
Canopy Connect, a platform for collecting, verifying, and monitoring insurance information, has closed a $6.5 million Series A funding round. The company will use the new capital to accelerate growth, increase product velocity, and build upon their success with the platform powering more than 3,500 companies across a broad range of ... Read the full article
Angela Alaniz named Chief Digital Officer, Commercial Solutions at CRC Group
27th October 2023
CRC Group, a prominent wholesale specialty insurance distributor in North America, has announced the appointment of Angela Alaniz as Chief Digital Officer for their Commercial Solutions division. This move reinforces CRC Group's steadfast dedication to data-driven solutions and its commitment to staying at the forefront of digital innovation in the insurance ... Read the full article
Ransomware attacks surge, highlighting need for detection, response tools: Allianz
26th October 2023
In a recent report, Allianz Commercial has sounded the alarm on a sharp resurgence in ransomware and extortion claims, cautioning businesses to bolster their cybersecurity defenses. The report underscores the evolving nature of cyber threats, with hackers targeting both IT and physical supply chains, employing mass cyber-attacks, and exploiting new avenues ... Read the full article
Donegal Group reports Q3 $0.8mn net loss
26th October 2023
US primary holding company Donegal Group has reported a net loss of $0.8 million in its third quarter of 2023 results, an improved figure when compared to the $10.4 million net loss from the same period last year. Donegal Group’s combined ratio for Q3 2023 improved to 104.5%, compared to 109.6% ... Read the full article
Everest sees ‘very strong path’ to completing full deployment of capital raised by 1/1
26th October 2023
Amid an expectation of a continuation of the robust pricing environment and favourable reinsurance market conditions, executives at Bermuda-based Everest Group are confident of the firm's ability to fully deploy the equity capital it raised back in May by the key January 1st, 2024, reinsurance renewals. The global re/insurer raised ... Read the full article
Aon & IFRC DREF Insurance a vital mechanism for enhancing risk transfer: IFRC
26th October 2023
The Disaster Response Emergency Fund (DREF) Insurance mechanism, pioneered by International Federation of Red Cross and Red Crescent Societies (IFRC) in partnership with Aon, is a vital new approach for enhancing preparedness and risk transfer, IFRC Under Secretary General, Nena Stoiljkovic, highlighted. A recent London Summit brought together leaders and decision-makers ... Read the full article
Acrisure establishes Southwest Region
26th October 2023
Global fintech company, Acrisure, has announced the formation of its Southwest Region, which will be centred around offices in Los Angeles and Orange County, and led by long-time Acrisure Partner Patrick Thomas. The firm explains that now, partners in Southern California, Nevada, Arizona, and New Mexico will operate as Acrisure and ... Read the full article
At-Bay launches new MDR cybersecurity solution for SMBs
26th October 2023
At-Bay, the cyber insurance provider, has launched a new Managed Detection and Response (MDR) solution, At-Bay Stance MDR, designed to help emerging and mid-sized businesses advance their security defenses and threat preparedness, in view of the rapid rise of cyber crime rates. By analyzing its claims data from the past two ... Read the full article
WTW posts 9% organic growth in Q3’23
26th October 2023
Insurance broker WTW has posted 9% organic revenue growth for the third quarter of 2023, as total revenues increased by 11% to $2.17 billion. WTW saw net income decline by 28%, to $139 million from $192 million, while income from operations rose by 3% to $159 million from $154 million. The Risk ... Read the full article
Greater demand for re/insurance across Asia is not going away: Peak Re CEO Hahn
26th October 2023
Across property and casualty (P&C) and life and health (L&H) markets in Asia, demand for insurance and reinsurance protection is rising, and this trend is expected to persist against a backdrop of climate change and inflationary challenges, according to Franz-Josef Hahn, CEO of Hong Kong reinsurer, Peak Re. “The demand for ... Read the full article
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