Reinsurance News
US SCS insured losses exceed $50bn for the first time: Gallagher Re’s Bowen
29th September 2023
According to reinsurance broker Gallagher Re’s Chief Science Officer, Steve Bowen, 2023 has officially crossed the $50 billion insured loss threshold for US severe convective storm (SCS) activity for the first time on record, based on either a nominal or adjusted basis. Bowen warns that losses from SCS activity will keep ... Read the full article
BMS names Emmanuel Clarke as Chairman as Eurazeo investment completes
28th September 2023
French private equity firm Eurazeo has now completed its investment into global insurance and reinsurance broker BMS Group, which coincides with former PartnerRe Chief Executive Officer (CEO), Emmanuel Clarke, taking over as Chairman. It was announced in December 2022 that up to 34% of BMS' share capital was to be ... Read the full article
Coalition partners with HDI Global Specialty to expand cyber insurance in Canada
28th September 2023
Coalition, a pioneering Active Insurance provider focused on preemptively mitigating digital risks, has unveiled a strategic long-term partnership with HDI Global Specialty SE. As the specialty insurance arm of HDI Global SE, a renowned insurer, HDI Global Specialty SE is set to make significant inroads into the Canadian cyber insurance market ... Read the full article
American Coastal could raise more than $69m with sale of common stock
28th September 2023
American Coastal Insurance, formerly known as United Insurance Holdings, has entered into an equity distribution agreement under which it may offer and sell up to 8,000,000 shares of its common stock, potentially raising up to $69.12 million. American Coastal shares began trading on the Nasdaq market under the symbol ACIC from ... Read the full article
Lonny Meewes named Canada Life Re new Chief Marketing Officer
28th September 2023
Lonny Meewes has become the new Chief Marketing Officer for Canada Life Reinsurance, a provider of reinsurance solutions for life and health, annuity, and property & casualty business. In his new role, Meewes will focus on Canada Life Re’s global marketing and branding strategies in support of the company’s continued market ... Read the full article
AM Best moves Mexico’s insurance industry to stable from negative
28th September 2023
Credit rating agency AM Best has revised its outlook on Mexico’s insurance industry to stable from negative. According to the announcement, this is given the strong recovery in Mexico’s insurance industry amid expected GDP growth in 2023. In its Best’s Market Segment Report, “Market Segment Outlook: Mexico Insurance,” the rating agency states ... Read the full article
Vullo named Executive Director of Gallagher Specialty’s Marine P&I practice
28th September 2023
Alex Vullo has been appointed Executive Director of Gallagher's Marine Protection & Indemnity (P&I) insurance practice, where he will be responsible for leading its growth in the market. According to the firm, Vullo will report to Jonathan Suckling, CEO of Marine, Art and Specie for Gallagher Specialty. "The practice has increased substantially ... Read the full article
Collaboration key to managing rising cost of cyber insurance: Resilience’s Hussain
28th September 2023
"Managing the rising cost of cyber insurance requires a collaborative approach across the industry... By working together, the industry can create a more resilient and sustainable market," suggests Rehan Hussain, Head of Underwriting in the UK and Europe at cyber risk solution company Resilience. Hussain's comments stem from an interview with ... Read the full article
Loadsure partners with WeatherOptics to enhance freight insurance with weather intelligence
28th September 2023
Loadsure, a prominent Insurtech MGA (Managing General Agent), has forged a strategic partnership with WeatherOptics, a leading weather intelligence platform. The collaboration aims to integrate weather intelligence into Loadsure's risk calculations, bolstering their freight insurance capabilities. Loadsure is known for its innovative approach to addressing the global freight underinsurance crisis, offering data-powered ... Read the full article
K2 Insurance Services makes a strategic equity investment in Titan Flood
28th September 2023
Insurance services holding company, K2 Insurance Services, has announced a strategic equity investment in Titan Flood Inc., and will oversee its long-term strategy through participation on its board of directors. Titan Flood is a new Managing General Agent specializing in the Private Residential Flood market launched by flood industry veteran, Stephanie ... Read the full article
H1 marked by stability and profitable growth opportunities: Helvetia CEO
28th September 2023
In its H1 2023 results, Swiss insurer Helvetia boasted that it once again achieved profitable growth, seeing its business volume increase by 6% to CHF 6,687.0 million. According to the firm, the expansion was driven by strong growth in non-life insurance, with a significant currency-adjusted boost in all segments across the ... Read the full article
Gallagher Re hires Guy Carpenter’s Linda Purnama to lead Indonesia
28th September 2023
Gallagher Re has appointed Linda Purnama to lead its reinsurance proposition in Indonesia, this move is aimed to strengthen client relationships in the country and signifies another milestone for the reinsurer. A well-known figure in the Asia-Pacific, Purnama brings to her new role over two decades of experience leading ... Read the full article
RSA expands financial Risks portfolio with new PTL insurance product
28th September 2023
RSA Insurance has launched a new Pension Trustee Liability (PTL) insurance product, expanding its Financial Risks portfolio. The PTL product, now available to brokers and commercial lines customers throughout the UK via RSA’s Mid Market business, is aimed at UK pension schemes which are well funded with a financially strong employer ... Read the full article
Coinnect joins Plug and Play’s portfolio companies
28th September 2023
Cyber Insurtech Coinnect has announced its inclusion in the portfolio of Plug and Play, "the world's largest startup accelerator." According to Coinnect, Plug and Play, known for its investments in more than 30 unicorns and notable companies such as PayPal, Google, Dropbox, and Trulioo, has invested in its equity. "Plug and Play ... Read the full article
Porch announces cash investment in its insurance carrier HOA
28th September 2023
Porch Group has announced a cash investment of $57 million in its insurance carrier subsidiary, Homeowners of America Insurance Company (HOA), in exchange for both a $49 million surplus note from HOA and the acquisition of HOA’s rights to potential claims stemming from the letter of credit fraud connected to ... Read the full article
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