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CFC promotes Philippa Berry to Head of Portfolio Partnerships
4th September 2024
CFC, an insurance provider specialising in emerging risks and cyber coverage, has announced the promotion of Philippa Berry to the newly created role of Head of Portfolio Partnerships. In this role, Berry will manage reinsurance for CFC’s cyber business and oversee relationships with key stakeholders, including capacity providers. Additionally, she will ... Read the full article
Resilience names Jones SVP of Engineering and Gittler Global Head of Claims
3rd September 2024
Cyber risk solutions company Resilience, has announced the appointment of Rebecca Jones as Senior Vice President of Engineering and Jeremy Gittler as Global Head of Claims. “As we continue to invest in our business, we are thrilled to bring senior leaders of Jeremy’s and Rebecca’s caliber on board. They both bring ... Read the full article
ABIR member companies report record GWP of $171bn in 2023
3rd September 2024
Member companies of the Association of Bermuda Insurers and Reinsurers (ABIR) reported record gross written premium of over $171 billion in 2023, up from the $145 billion figure that was reported in 2022. These figures stem from ABIR’s global underwriting report, which comprises data from 25 of 31 member re/insurers for ... Read the full article
Ryan Specialty to acquire certain assets of MGA Geo Underwriting Europe
3rd September 2024
Ryan Specialty, the international specialty insurer, has signed a definitive agreement to acquire certain assets of the European managing general agent (MGA), Geo Underwriting Europe BV (Geo Europe), which is part of The Ardonagh Group. The company is based in Rotterdam, Netherlands, but also has operations in Germany. The company specialises ... Read the full article
Munich Re using less retrocession compared with others in Big Four: AM Best
2nd September 2024
According to a new report from AM Best, Munich Re reportedly makes "relatively little use" of retrocession compared with Swiss Re, SCOR and Hannover Re. AM Best's report observed that Swiss Re has shifted in recent years to increase its use of retrocession protection, while significant use has long been ... Read the full article
Big Four European reinsurer’s discipline to remain, says AM Best
2nd September 2024
Europe's four largest reinsurers, Swiss Re, Munich Re, Hannover Re, and SCOR, benefited from the hard reinsurance market in 2023, with better pricing and terms and conditions, and with strong results reported for the first half of 2024, discipline is expected to persist, according to AM Best. All four of the ... Read the full article
CrowdStrike IT outage could cost UK economy up to £2.3bn: Kovrr
2nd September 2024
Kovrr has estimated that the total cost to the UK economy from the CrowdStrike IT outage will likely fall between £1.7-£2.3 billion. For those unaware, back in July, an automatic update of CrowdStrike's Falcon sensor software crashed more than 8.5 million Microsoft Windows machines globally. According to Kovrr, the incident resulted in ... Read the full article
Record cat bond issuance fuelled growth of broader ILS market: Aon
30th August 2024
Insurance and reinsurance broker Aon has published the 18th edition of its Insurance-Linked Securities (ILS) Annual Report, which highlights a year of exceptional ILS activity, with $17.9 billion in catastrophe bonds issued across 76 transactions. Covering the 12 months ending June 30, 2024, the Aon Securities report notes that record levels ... Read the full article
China Re see’s high net profit in H1’24, reports successful issuance of new capital bonds
30th August 2024
China Reinsurance (Group) Corporation (China Re), has released its financial results for the first half of 2024, which includes a net profit of RMB 5.921 million, up substantially from RMB 2.067 million in the same period last year. At the same time, the organisation's total operating income grew to RMB 60.686 ... Read the full article
Geographical diversification key to reducing portfolio risk of cloud outage events: Aon, Parametrix
30th August 2024
Geographical diversification is key to reducing the portfolio risk of systemic cloud outage events, according to a joint report from global insurance and reinsurance broker Aon and Parametrix, a cloud monitoring, modelling, and insurance services provider. Aon and Parametrix's report emphasised that the July 2024 CrowdStrike Falcon/Microsoft Windows outage served as ... Read the full article
Reinsurers’ financial strength & diversification key to mitigating cat losses: Swiss Re
28th August 2024
After reinsurers paid over $150 billion in global claims across property, casualty, and specialty lines in 2023, Swiss Re's Urs Baertschi has emphasised the industry's critical role as a shock absorber, a springboard for addressing the protection gap, and a compass for data-driven decision-making. Writing in a blog post for Swiss ... Read the full article
Q2’24 marks second highest quarter for ransomware attacks, says Corvus
22nd August 2024
The frequency of global ransomware attacks is rising sharply, with Q2 2024 marking the second-highest number of reported attacks in a single quarter, according to Corvus Insurance’s Q2 2024 Cyber Threat Report. Based on data from ransomware leak sites, the report identified 1,248 victims in Q2 alone. Ransom demands are also increasing, ... Read the full article
Poll suggests a lack of innovation in the insurance industry’s pricing technology
21st August 2024
A recent roll from Reinsurance News shows that there are a number of barriers that are disrupting innovation within the insurance industry's pricing technology. Hundreds of people from across the insurance and reinsurance sector responded to the poll. Nearly half of the respondents (48%) named dependence on legacy systems, slow adoption of ... Read the full article
AM Best-rated U.S. captive insurers post $1.4bn net income in 2023
21st August 2024
AM Best-rated U.S. captive insurers experienced a strong year in 2023, posting a net income of $1.4 billion, a 53% increase from the $923 million figure that was posted in the prior year. At the same time, the five-year average combined ratio of 86.5% for the AM Best-rated U.S. captives outstripped ... Read the full article
CIAB observes softening commercial P&C market in Q2’24
20th August 2024
In the second quarter of 2024, the commercial property and casualty (P&C) insurance market showed further signs of softening, according to The Council of Insurance Agents & Brokers’ (CIAB) latest quarterly survey. Premiums across all account sizes increased by an average of 5.2% in Q2 2024, a noticeable drop from the ... Read the full article
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