Reinsurance News
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CFC launches new excess insurance solution for secondary transactions
3rd December 2024
CFC, a provider of insurance solutions in emerging risks and a market leader in cyber, has launched a new excess insurance offering specifically designed for secondary transactions. This solution introduces a new option for the secondary transaction market, offering up to USD 150 million in excess coverage. With this, CFC now provides ... Read the full article
Insurance industry “supercycle” likely to continue into 2025: ALIRT
3rd December 2024
The US property and casualty (P&C) insurance industry is experiencing a prolonged period of robust financial strength, with no clear end in sight. According to insurance research firm ALIRT, both commercial and personal lines are seeing record-high composite scores, indicating exceptional financial health. "We see no reason why this current supercycle ... Read the full article
Despite insurers’ innovation efforts customer expectations are not being met: Alastair Swift, WTW
29th November 2024
While insurers are striving to innovate and navigate challenging market conditions, they are failing to meet customers expectations, while customers also need to adapt to the changing insurance landscape, Alastair Swift, Head of CRB Global Lines & CEO of Willis Limited, highlighted during S&P's European Insurance Conference. Speaking on a panel ... Read the full article
The re/insurance industry has to evolve and innovate faster than ever before: Lloyd’s CEO, Neal
28th November 2024
As the insurance and reinsurance industry continues to grow, the extensive risk landscape also continues to widen, with major risks stemming from key areas such as climate change and cyber, which according to John Neal, Chief Executive Officer (CEO) of Lloyd's, means that the industry has to evolve and innovate ... Read the full article
CFC unveils new insurance solution for mid-size to multinational tech companies
28th November 2024
Specialist insurance provider, CFC has announced the launch of a new comprehensive insurance solution which will provide coverage for technology and cyber risks faced by tech businesses with revenues exceeding $250 million. This new product, designed for mid-size to multinational tech companies, will cover costs associated with delays, mistakes, oversights and ... Read the full article
Profitable growth expected for UK P&C insurers in 2025 amid moderating price momentum: Goldman Sachs
27th November 2024
Goldman Sachs, a global investment banking, securities, and investment management firm, has analysed the current pricing trends across the UK's property and casualty (P&C) insurance sector, suggesting that profitable growth opportunities will remain abundant in 2025, despite moderating price momentum seen in 2024. According to analysts, the evolution of price momentum ... Read the full article
Qatar Insurance Group announces partnership with Ooredoo
26th November 2024
Qatar Insurance Group (QIC) and Ooredoo Group have signed a Memorandum of Understanding (MoU) to offer integrated insurance products that deliver innovative, customer-centric insurance solutions, and revolutionise insurance and telecommunications services. This strategic partnership is poised to revolutionize the insurance and telecommunications industries, reinforcing their leadership positions in their respective fields, ... Read the full article
IRDAI Chairman calls for 100% foreign direct investment in insurance sector
26th November 2024
At the Business Standard's annual BFSI event, the Insurance Regulatory and Development Authority of India’s (IRDAI) Chairman, Debashish Panda called for 100% foreign direct investment (FDI) in the insurance sector to reach the goal of ‘insurance for all’ by 2047, for which a lot of capital is needed. Panda said that ... Read the full article
Coalition adds Rob Kanno to its UK Security Support Centre
26th November 2024
Coalition, an active insurer focused on preventing digital risks, has announced the appointment of Rob Kanno as Senior Security Support Analyst. Based in Manchester, Kanno is joining Coalition’s UK Security Support Centre, and will be reporting to Ryan Gregory, Head of Security Support, who commented: “Coalition’s Security Support Team is pivotal ... Read the full article
Federato secures $80m in Series C funding to expand global reach
26th November 2024
Federato, an AI-powered underwriting platform for the insurance industry, has secured $80 million in total funding, which includes its latest Series C round. The $40 million round was spearheaded by StepStone Group (NASDAQ: STEP), a global private markets investor, with backing from existing investors Emergence Capital, Caffeinated Capital, and Pear VC. These ... Read the full article
US insurers to benefit from Nearmap peril models following approval in 27 jurisdictions
25th November 2024
Nearmap, a provider of property intelligence to insurers, has received regulatory approval for its predictive AI-powered peril models and scores to be adopted for rating and pricing in 26 states, plus Washington, D.C. The AI models developed by Nearmap are used in predictive vulnerability and claim scores covering wildfire, hurricane, wind, ... Read the full article
Reinsurers can differentiate themselves beyond price competition: Aon’s Attard
25th November 2024
Reinsurers are poised to leverage a disciplined market and differentiate themselves by actively assisting insurers in managing risks and pursuing growth, moving beyond price competition, Aon’s George Attard shared in his comments following the Singapore International Reinsurance Conference (SIRC). He stated: “This year’s SIRC was an exciting time for us to ... Read the full article
Robust 2023 results fuel reinsurers’ earnings prospects: S&P
22nd November 2024
The 2024-2026 outlook for reinsurers’ earnings looks positive following the robust operating results seen in 2023 where reinsurers achieved their highest profits in years, S&P analysts stated in a recent report. Growth in 2023 was fueled by decade-high investment yields and consistent rate increases in property and catastrophe lines (short-tail lines). The ... Read the full article
CFC expands European presence with new Amsterdam office
22nd November 2024
CFC, an insurance provider specialising in cyber risk, has announced the launch of a new office in Amsterdam as part of its ongoing expansion in Europe. This new office will focus on strengthening CFC’s transaction liability offering for brokers and clients in Northern, Central, and Eastern Europe. Additional products will be ... Read the full article
Cowbell reveals surge in supply chain attacks and rising business risks
21st November 2024
According to a new Cyber Roundup Report published by Cowbell, a provider of cyber insurance for small and medium-sized enterprises (SMEs) and mid-market businesses, companies with revenues surpassing $50 million (£40.5m) are 2.5 times more likely to experience cyber incidents. The report, based on an extensive three-year data set from over ... Read the full article
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