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Boost secures $20mn in Series B funding
25th May 2021
B2B digital insurance platform Boost has completed a $20 million Series B financing round in an effort to fuel growth of its platform, new product development and partner marketing. The round was led by RRE Ventures and included new investors and a global publicly traded reinsurance company, bringing total funding since ... Read the full article
KBW reports satisfactory, albiet unspectacular 6/1 pricing expectations
24th May 2021
Reinsurance executives’ 6/1 reinsurance renewal pricing expectations remain satisfactory but unspectacular, according to a new KBW report. Florida renewals are expected to end up at 5-10%, with bigger increases on loss-impacted accounts. One executive anticipated 20-30% increases for Florida- focused property insurers whose expansion into other Gulf states proved less diversifying than ... Read the full article
Demand for digital services could displace $280bn of premiums: Accenture
24th May 2021
Analysts at Accenture have reported that rising demand for digital insurance premiums and their online distribution could displace $280 billion of current insurance revenues by 2025, challenging current customer retention levels. In a new report, Accenture analysed how the insurance industry’s revenues will be affected by new customer, demographic and technology ... Read the full article
Optimism for sustained reinsurance rate increases at mid-year renewals: KBW
21st May 2021
Bermuda and Florida re/insurance market executives are optimistic about sustained rate increases at the upcoming June 1st, 2021 renewals, although lower year-on-year rises are expected as a result of reduced COVID-19-related fears and abundant insurance-linked securities (ILS) capacity, according to analysts at Keefe, Bruyette & Woods (KBW). With the June and ... Read the full article
Waffle raises $5mn in seed funding round
21st May 2021
Waffle, a New York based insurtech start-up, has raised $5 million in a seed funding round led by Verve Ventures, with participation from BetterLabs Ventures and Techstars. The company will be led by Quentin Coolen, CEO & Co-Founder and plans to use the funds to continue to expand operations and its ... Read the full article
Activist short seller claims Lemonade has leaked customer data
13th May 2021
Investment firm Muddy Waters Research LLC has claimed that insurtech firm Lemonade has an “unforgivably negligent security flaw” in its website that potentially exposes customer data. In a letter to Lemonade CEO Dan Schreiber, Muddy Waters asserts that major search engines have inadvertently accessed and indexed private data due to a ... Read the full article
Gallagher to non-disruptively absorb WTW assets, says S&P
13th May 2021
S&P Global Ratings believes Gallagher will successfully and non-disruptively absorb the various businesses it’s set to purchase from Willis Towers Watson, prior to the latter's much-anticipated mega merger with fellow broking powerhouse Aon. The various subsidiaries, being sold to satisfy European Commission competition concerns, include Willis Re, UK specialty, as ... Read the full article
Beazley reports growth in premiums to $971mn; 16% rate increase
13th May 2021
Specialist insurer Beazley has reported a 16% rise in gross premiums written (GPW) to $971 million for the first quarter of 2021, alongside premium rates on renewal business that came in above expectation. Rate momentum on renewal business saw an increase of 16% during Q1 2021, compared with 8% for the ... Read the full article
SCOR promotes Emmanuel Grandjean to Head of P&C Risks
12th May 2021
Global reinsurer SCOR has promoted its Deputy Chief Retrocession Officer, Emmanuel Grandjean, to a new position as Head of Property and Casualty (P&C) Risks, based in Paris. Grandjean has 15 years of experience in re/insurance industry, with experience across Life, P&C and Asset business. Notably, he has been one of the key ... Read the full article
Acquisition of WTW assets will ‘accelerate’ Gallagher’s long-term strategy, says CEO
12th May 2021
With global brokerage Arthur J. Gallagher set to acquire certain assets of Willis Towers Watson (WTW), including Willis Re, the company expects to significantly expand its global value proposition in reinsurance as well as its global footprint in other parts of the business. Aon and WTW announced today an agreement ... Read the full article
Aon & WTW agree $3.57bn sale of certain assets to Gallagher
12th May 2021
Global re/insurance brokers Aon and Willis Towers Watson (WTW) have signed a definitive agreement to sell Willis Re and a number of other WTW assets to Arthur J. Gallagher & Co. (Gallagher), for a total consideration of $3.57 billion. The announcement comes as the pair look to satisfy the European Commission's ... Read the full article
Data is the currency of the re/insurance world: Kirk Conrad, BMS
11th May 2021
“The power of data has only grown with the explosion of what is available and what is tracked over time,” according to Kirk Conrad, BMS’s global head of analytics, who in a recent interview with Reinsurance News, discussed the importance of data and analytics within the reinsurance industry. When asked if ... Read the full article
Tokio Marine HCC promotes Boyadjian to VP, Underwriting
11th May 2021
Property & Casualty insurer Tokio Marine HCC has appointed Kareen Boyadjian as Vice President of Underwriting. Boyadjian will report to Michael Palotay, the group’s Chief Underwriting Officer, and be based in Encino, California. She has overseen the healthcare segment of Cyber and manages the personal lines cyber product called NetGuard Select and ... Read the full article
IRDAI urges Indian insurers to concentrate on risk prevention
11th May 2021
Insurance Regulatory and Development Authority of India’s (IRDAI) Chairman, Dr. Subhash Khuntia, has advised Indian insurers to concentrate on risk prevention and continuous engagement with policyholders. Focusing on these aspects will enable policyholders to benefit not only through claim settlement, but also from prevention of loss. Khuntia believes that this will generate ... Read the full article
Majority of industry participants feel safe returning to offices
10th May 2021
After consulting our substantial network of industry contacts, Reinsurance News found that a majority of respondents currently feel safe returning to an office-based working environment, 14 months on from COVID-19’s elevation to pandemic status by the World Health Organisation. COVID-19’s impact as a highly contagious respiratory disease, compounded early on by ... Read the full article