Reinsurance News
Aviva acquires AIG’s UK protection business for £460m
25th September 2023
Aviva has announced the acquisition of AIG Life Limited (AIG Life UK) from Corebridge Financial, Inc., a quoted subsidiary of AIG, for a consideration of £460 million. The transaction is subject to customary closing conditions including regulatory approvals, and is expected to close in the first half of 2024. AIG Life ... Read the full article
AM Best turns negative on State Farm citing cat losses & regulatory environment
25th September 2023
AM Best has revised the outlooks to negative from stable for State Farm and certain subsidiaries, citing recent adverse underwriting experience in the private passenger auto insurance line of business, the challenging regulatory environment, and continued elevated catastrophe-related loss experience in many parts of the country. Spelt out, the rating agency ... Read the full article
Lockton optimistic despite volatility for terrorism insurance
25th September 2023
Despite recent events creating volatility for terrorism and political violence insurers, there are reasons for optimism, capacity remains stable and multiple products remain available to meet insureds specific risk transfer needs, Lockton analysts said in a recent report. Civil unrest in Chile, Hong Kong and South Africa generated significant losses. This ... Read the full article
An ongoing re-balancing discussion between hazard and exposure within reinsurance is needed: Inver Re
25th September 2023
Changes in exposure - the number of buildings and value of the buildings that are exposed to hurricane hazard - exacerbate the impact of climate change on hurricane losses by more than twice over, according to a recent Inver Re report. In its Unpicking North Atlantic Hurricane Risk report, Inver Re ... Read the full article
Insurtech Quility appoints new CFO & CIO
25th September 2023
Insurtech firm Quility has bolstered its leadership team with the appointment of Jennifer Yaross as Chief Financial Officer, as well as the promotion of Danielle Conklin to the role of Chief Information Officer. Yaross joins the company after a 15-year tenure at Nationwide Mutual Insurance Company, where she held ... Read the full article
California’s insurers still feeling effects of 2017-2018 Wildfires: Triple-I
25th September 2023
California’s homeowners insurers paid out more than twice as much in claims and expenses as they collected in premiums across 2017 and 2018, a legacy which has played a significant part in impacting 2023’s market conditions, according to the Insurance Information Institute (Triple-I). A new brief from Triple-I notes that insurers have ... Read the full article
Markel sees underwriting productivity increase following Cytora partnership
25th September 2023
Specialty insurer Markel and insurtech Cytora have announced that their recent partnership has resulted in a 113% increase in productivity (GWP per FTE) for Markel’s underwriting team. "Cytora has been working with Markel since 2021 to transform its underwriting process into digital workflows by leveraging AI to automate pre-underwriting activities, perform ... Read the full article
US P&C insurance industry set for profitability boost in 2024: Swiss Re
22nd September 2023
The US Property & Casualty (P&C) insurance industry is anticipated to transition from a challenging 2022 to a more favourable 2024, with improved profitability driven by higher premiums and increasing interest rates, as indicated by the Swiss Re Institute's report. However, the industry has yet to reach the tipping point where ... Read the full article
Baoba Insurtech partners with Continental Assist for parametric solutions in LATAM
22nd September 2023
Baoba Insurtech, and Continental Assist, a North America-based travel assistance company, have announced a strategic partnership that aims to promote and expand parametric insurance solutions in the Latin American market. The insurtech is a comprehensive platform for parametric insurance infrastructure, which enables insurers to Create, Launch, and Operate parametric policies effortlessly ... Read the full article
Summer storms across Alberta & Prairies cause over $300m in insured losses
22nd September 2023
A series of devastating storms that struck Alberta and the Prairies across the summer has resulted in over $300 million in insured losses, according to initial estimates from Catastrophe Indices and Quantification Inc. (CatIQ), a subsidiary of Zurich-based PERILS AG. Of the more than $300 million in insured losses, over $90 ... Read the full article
NEXT Insurance’s new offering enables agents to customize coverage quotes
22nd September 2023
NEXT Insurance a leading digital insurtech company has announced a differentiated new offering that will enable agents to fully customize coverage quotes to better meet the needs of their small business clients. According to the announcement, NEXT’s Coverage Builder represents a major leap in allowing agents to possess the ability to ... Read the full article
Energy market faces challenges amidst record losses and rising costs: Amwins
22nd September 2023
The energy market is grappling with a series of challenges, as record losses, rising costs, and global events continue to impact the sector, according to Amwins "State of the Market: A Focus on the Energy Market" report. Key factors driving these challenges include extended production cuts by major oil-producing nations, geopolitical ... Read the full article
New rules enable insurers in California to better balance loss costs and expenses with pricing
22nd September 2023
As major insurance companies have pulled-back on underwriting property insurance in California, the local government has announced plans to enable insurers to better cover their loss costs and expenses within their pricing. Unlike public utilities, which are required by law to cover all consumers, insurance companies will not write insurance, especially ... Read the full article
Crop insurance gap exposes vulnerability to food price volatility: Swiss Re
22nd September 2023
Recent years have witnessed a surge in food price inflation, with global food prices soaring by 41% in May 2021 and 34% in March 2022, primarily driven by supply shocks, according to Swiss Re Institute. The repercussions of these spikes continue to ripple through the food supply chain, affecting consumers worldwide. ... Read the full article
Arthur J. Gallagher & Co. acquires insurance broker Ace
22nd September 2023
Arthur J. Gallagher & Co. has acquired Ace Commercial Insurance Center (Ace), a specialist insurance broker serving the trucking industry primarily in Southern California. Terms of the transaction were not disclosed. According to the announcement, Jackie Hoang, President and CFO; Anhdy Nguyen, VP of Operation Underwriting; and the rest of their ... Read the full article
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