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CrowdStrike outage unlikely to materially impact re/insurer results: Fitch
23rd July 2024
Analysts at ratings agency Fitch Ratings have said that last week's mass global IT outage is not expected to have a material impact on the financial results of insurers and reinsurers, with preliminary market estimates of global insured losses in the mid-to high single digit billion USD range. While Fitch does ... Read the full article
CrowdStrike outage “a wake-up call” for world’s exposure around technology: W.R. Berkley CEO
23rd July 2024
The CrowdStrike outage is a wake-up call for the systemic exposure that exists around technology, but it will prove manageable for the insurance and reinsurance industry, W. Robert Berkley, Jr., President and CEO of W. R. Berkley stated as he shared some comments on the event. Caused by a security update ... Read the full article
No change to current combined ratio guidance from global IT outage: Beazley
23rd July 2024
Beazley has noted that despite its position as a leading cyber insurer, the recent global IT outage event will not change its current undiscounted combined ratio guidance of low-80s for its full year 2024 results. For those unaware, the outage was caused by a security company called CrowdStrike, which sent out ... Read the full article
CrowdStrike outage an opportunity for re/insurance market to react and improve: Aon
22nd July 2024
The July 19 global IT outage is an opportunity for the re/insurance market “to react by improving granularity on codifying policy information important for understanding portfolio accumulation risks stemming from certain coverage grants,” Aon analysts have stated. This in order to “allow more nuanced event loss estimation and accumulation scenario analysis” ... Read the full article
Mass IT outage to accelerate interest in cat-focused reinsurance: Howden Re
22nd July 2024
While the financial implications of last week's significant IT outage, which was caused by an update to the CrowdStrike Falcon endpoint detection and response (EDR) tool, will take time to be understood, the event is expected to accelerate interest in cat-focused reinsurance programmes, according to Luke Foord-Kelcey, Global Head of ... Read the full article
Global IT outage won’t have lasting impact on rated universe: Morningstar DBRS
22nd July 2024
Despite expecting the July 19 global IT outage to cause widespread disruption across a variety of corporate and financial sectors, including an influx of cyber business interruption claims, Morningstar DBRS does not anticipate a lasting impact on its rated universe. In a recent report, the firm's analysts noted that the outage ... Read the full article
AXA XL names Michelle Bailey as Head of Professional, Bermuda
22nd July 2024
AXA XL, the property & casualty (P&C) and specialty risk division of global insurer AXA, has appointed Michelle Bailey to the new role of Head of Professional, Bermuda. Bailey has more than two decades of industry experience, and will report to Noel Pearman, Chief Underwriting Officer, Bermuda of AXA XL’s Insurance ... Read the full article
Falcon strengthens underwriting team with Sterger and Nowlan hire
22nd July 2024
Falcon Risk Services, a managing general agency and HDI Company, has announced the hire of Chris Sterger as Senior Vice President - Southeast Regional Leader and Andrew Nowlan as Vice President, Design & Build. In his new role, based in Atlanta, Sterger will manage the growth of all products across the ... Read the full article
BI claims the likely focus of insured losses from Microsoft IT outage, say analysts
19th July 2024
Following today's Microsoft Cloud outage, analysts currently expect business interruption claims to drive the bulk of insurance industry losses, and question whether this could be the litmus test for cyber underwriters, notably UK headquartered, specialist insurer Beazley. One of the largest-ever IT outages hit companies across the world today, causing significant ... Read the full article
London market insurers key to future of advanced air mobility: IUA
19th July 2024
The International Underwriting Association (IUA), representing insurance and reinsurance companies in London, has stated that London Market insurers will be essential in advancing new air mobility technologies in the coming years. The IUA emphasised the importance of a thorough certification process that ensures safety and provides access to data, allowing underwriters ... Read the full article
Travelers buys more Northeast cover at July reinsurance renewal
19th July 2024
US primary insurer Travelers decided to increase the size of its Northeast property catastrophe excess-of-loss (XoL) reinsurance treaty by $150 million at the July renewals, and also renewed its personal insurance hurricane cat XoL treaty with a higher retention. Alongside the release of its second-quarter 2024 financial results, Travelers has provided ... Read the full article
LRS securitization vehicles could benefit Brazil’s re/insurance market: Fitch
19th July 2024
As per a new Fitch Ratings report, the regulation of Letras de Risco de Seguro (LRS), which are similar to insurance linked-securities (ILS), could benefit Brazil’s re/insurance market. According to Fitch, LRS may provide new access to portfolio diversification and capital management, which would support re/insurer credit ratings. If successful in attracting ... Read the full article
Organisations not moving fast enough to address global mega trends, Aon
18th July 2024
Almost three quarters (72%) of business leaders believe that their businesses are not moving fast enough to address risks associated with global megatrends across trade, technology, weather and workforce, according to a recent survey by re/insurance broker, Aon. Aon's survey, which gathered insights from C-suite and business executives in North America, ... Read the full article
Ramirez becomes McLarens Latin America MD with Garzon as the region SVP Group Operations
18th July 2024
Global claims services provider McLarens has announced the appointment of Felipe Ramirez as Managing Director of the McLarens Latin America, and Leo Garzon as Senior Vice President, Group Operation, Latin America, a new global role. In his new role as MD, Ramirez will be responsible for the strategy, direction, and overall ... Read the full article
CFC appoints Bryan Joseph and Oliver Corbett as Independent Non-Executive Directors
17th July 2024
CFC, an insurance provider specialising in emerging and cyber risks, has appointed Bryan Joseph and Oliver Corbett as Independent Non-Executive Directors to its Board. Louise O’Shea, Group Chief Executive Officer, CFC, commented, "Both Bryan and Oliver understand the challenges of taking thriving businesses forward to become truly global-spanning organisations, whilst preserving ... Read the full article
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