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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

Growing demand for parametric insurance in 2024: AM Best

20th August 2024

Record cat bond issuance and large spreads indicate a strong demand for reinsurance capacity, leading to continued interest in parametric-triggered reinsurance and insurance-linked securities (ILS) in the first half of 2024, according to AM Best’s latest report. In the first half of 2024, six natural catastrophe bonds with parametric triggers ... Read the full article

Insurance market remains growth-oriented, creating opportunities for buyers: Aon

15th August 2024

Many global insurers reported healthy profits in 2023, and with reinsurance market conditions improving for buyers, the insurance sector was once again growth-oriented in the second quarter of 2024, according to re/insurance broking group Aon. According to Aon's Q2 2024 overview of the global insurance marketplace, during the quarter, carriers remained ... Read the full article

Cowbell adds insurance veteran Stephen Moss to Board of Directors

14th August 2024

Cowbell, a cyber insurance provider for small and medium-sized enterprises (SMEs), has announced the appointment of insurance veteran Stephen Moss to its Board of Directors. Moss brings three decades of industry experience and is currently Group Head of Financial Lines and Cyber at Zurich Insurance Group (Zurich), responsible for Professional Indemnity, ... Read the full article

Aon appoints former U.S. naval officer Admiral Stavridis to Board of Directors

9th August 2024

Global insurance and reinsurance broking group Aon has announced the appointment of Admiral James Stavridis to its Board of Directors, who will be joining August 15, 2024. Lester B. Knight, chair of Aon's board, commented: "We are pleased to welcome Admiral Stavridis to Aon's Board of Directors. Admiral Stavridis' experience as ... Read the full article

Munich Re CEO anticipates strong 1/1 2025 reinsurance renewals

8th August 2024

Global reinsurer Munich Re is confident that favourable market conditions will persist at the January 1st, 2025, renewals, as the firm sees continued strong demand from buyers and discipline from sellers, according to CEO, Joachim Wenning. “Looking at the factors that drive reinsurance rates, I cannot detect anything material that would ... Read the full article

Embroker names Andrew Lea as CIO, Kristy Malm promoted to COO

8th August 2024

Digital insurance company Embroker has appointed Andrew (Andy) Lea as Chief Insurance Officer (CIO) and promoted Kristy Malm as Chief Operating Officer (COO). The firm stated these appointments follow a series of significant milestones for Embroker, including two major product announcements and the launch of a new distribution channel for broker ... Read the full article

Beazley delivers record H1 profit of $728.9m despite worlds largest IT outage

8th August 2024

London-headquartered insurer Beazley has announced a significant rise in its H1 2024 profit before tax, reaching $728.9 million, a sharp increase from the $366.4 million recorded in H1 2023, while the company's undiscounted combined ratio improved to 81%, down from 88% in the same period last year. These gains were achieved ... Read the full article

At-Bay names AIG’s Ken Riegler as President, At-Bay Insurance

6th August 2024

Cyber insurance provider At-Bay has appointed Ken Riegler as President of At-Bay Insurance and to the Board of Directors of At-Bay Specialty Insurance Company, its Excess & Surplus (E&S) carrier. In this role, Riegler's remit is focused on accelerating At-Bay's growth in E&S insurance and fostering relationships with broker partners and ... Read the full article

Tokio Marine HCC appoints Jonathan Holmes as VP of Healthcare Professional Insurance

6th August 2024

Tokio Marine HCC – Cyber & Professional Lines Group (CPLG), a Houston-based division of Tokio Marine HCC that offers insurance solutions for cyber risks and professional liability, has announced important changes to its Professional Lines leadership team. As of July 24, 2024, Jonathan Holmes will step into the position of Vice ... Read the full article

Soft ransomware targets, a new top emerging risk for enterprises: Gartner

6th August 2024

Concern about artificial intelligence (AI)-enhanced malicious attacks is once again the top emerging risk for enterprise in the second quarter of 2024, a recent Gartner, Inc.’s survey has revealed. Gartner surveyed 274 senior risk executives and managers during H1 2024 to document and compare emerging risks. Three of the top five most ... Read the full article

Growing signs of cycle management among reinsurers: Peel Hunt

5th August 2024

Peel Hunt's analysis of the Bermudian specialty reinsurance market for the first half of 2024 highlights a growing trend in cycle management, with re/insurers becoming more selective about where to expand their exposures and choosing to reduce their presence in areas experiencing margin erosion. The analysis summarising key themes among leading ... Read the full article

QBE names Fabian Desch as its next General Manager for Germany

5th August 2024

Fabian Desch has been appointed as the next general manager for QBE's Germany unit, pending regulatory approval. Desch, who will start his new role once all regulatory approvals are in place, will report to Beatriz Valenti, director of Insurance at QBE Europe, from September 1, to ensure a smooth transition. Desch, has been ... Read the full article

FERMA urges Hungarian Presidency to ensure holistic approach to European competitiveness

5th August 2024

The Federation of European Risk Management Associations (FERMA) has called upon the Hungarian Presidency to ensure holistic approach to European competitiveness and simplification of regulatory maze. The organisation recently published its Contribution to the Hungarian Presidency of the Council of the EU which focuses on two key elements of the Presidency’s ... Read the full article

CrowdStrike event insured loss to fall between $300m & $1bn: Guy Carpenter

2nd August 2024

Insured losses from the CrowdStrike-linked global IT outage will fall between $300 million and $1 billion, as per a new report from Guy Carpenter. For those unaware, On July 19, CrowdStrike, a leading cybersecurity technology provider, released a "Rapid Response Content" update to its EDR tool named Falcon, sitting on Microsoft ... Read the full article