Reinsurance News
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
Munich Re to reinsure battery manufacturer Hithium
26th October 2023
Global reinsurance giant Munich Re has agreed to provide warranty reinsurance for battery manufacturer, Hithium, energy storage systems (ESS). The reinsurer will cover both product and performance warranties. The agreement will thus reduce ESS project owners’ risk as well as Hithium’s, providing system owners with coverage even in case of a ... Read the full article
Appian & Swiss Re partner to launch new workbench for life insurance
26th October 2023
Appian, a software company that automates business processes, has announced the launch of the Connected Underwriting Life Workbench. The new workbench enables holistic underwriting automation and workload management to improve operational efficiency and underwriter experience as they would now have access to a single interface to evaluate and classify risk, handle ... Read the full article
Berkshire (BHSI) appoints Sami Jaghbir as Underwriting Manager, Queensland
26th October 2023
Berkshire Hathaway Specialty Insurance (BHSI) has appointed Sami Jaghbir as Underwriting Manager of Queensland, effective immediately. In his new role, Jaghbir will be based out of Brisbane. Mark Lingafelter, President of Australasia, BHSI, commented on the appointment: "Sami joined BHSI in 2015 to help establish our Brisbane office. "He was pivotal in building ... Read the full article
Goosehead Insurance sees total revenues grow 23% to $71m in Q3
26th October 2023
In its Q3 results, Goosehead Insurance reported that total revenues were $71 million, an increase of 23% compared to the corresponding period in 2022, while net income hit $11.3 million versus $3 million a year ago. According to Goosehead, the improvement in net income was driven by strong revenue growth and ... Read the full article
R&Q signs $80m LPT reinsurance agreement with UK motor insurer
26th October 2023
Non-life specialty insurer R&Q Insurance Holdings has signed a Loss Portfolio Transfer (LPT) reinsurance agreement with a UK motor insurer covering net reserves of around $80 million. According to R&Q, the transaction is subject to regulatory approvals and other conditions of closing. Huw Battrick, Co-Head of Legacy M&A at R&Q, commented, “We ... Read the full article
Everest returns to underwriting profit in Q3 2023 on improved pricing & lower cat losses
26th October 2023
Global insurer and reinsurer Everest Group has reported a combined ratio of 91.4% for the third quarter of 2023 and pre-tax underwriting income of $301 million on the back of improved pricing and a reduction in catastrophe losses. The Q3 2023 combined ratio strengthened by 20.5 percentage points from the 112% ... Read the full article
DGTAL launches new AI data capturing & process automation tool
26th October 2023
DGTAL, a Software-as-a-Service (SaaS) platform providing artificial intelligence (AI) powered audit and tools for insurance portfolios, has launched a new Intelligent Document Processing tool, GRABBER. The new tool excels at understanding, extracting and validating data from sources such as invoices, bank statements, utility bills, quotes, order forms etc, DGTAL stated. This eliminates ... Read the full article
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