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DeNexus appoints industry veteran Rosa Kariger to its Board of Directors

13th March 2024

DeNexus, a provider of cyber risk modelling solutions, has recently appointed industry veteran Rosa Kariger to its Board of Directors, strengthening the company's commitment to bridging the gap between enterprises managing risk and insurers providing coverage. Kariger will facilitate DeNexus' long-term growth strategy focused on establishing the global standard for quantifying ... Read the full article

Brit launches new $50m Lloyd’s Consortium

13th March 2024

Brit Ltd has launched Brit Cyber First50, a new $50m Primary Brit-led and managed Lloyd’s Consortium developed to improve the efficiency of cyber placement for large institutional clients with revenues of $10 billion or more. According to the firm, as cyber losses increase in both frequency and size, this initiative will ... Read the full article

Inflation continues to pressure pricing, uncertainty remains key topic, EMEA: Aon

12th March 2024

In their Q423 Market Insights Outlook for Europe, the Middle East and Africa (EMEA), Aon has highlighted how inflation continued to pressure pricing amidst generally moderate market conditions, although natural catastrophe exposed property and otherwise challenging risk types, including life science, chemicals, automotive parts, and mining risks, experienced a more ... Read the full article

US commercial insurance rates sustained upward trajectory in Q4’23: WTW

12th March 2024

Global insurance brokerage WTW has disclosed that U.S. commercial insurance rates have sustained an upward trajectory exceeding 6% in Q4 2023. According to the Commercial Lines Insurance Pricing Survey (CLIPS) conducted by WTW’s Insurance Consulting and Technology (ICT) business, in the fourth quarter of 2023, the insurance premiums for policies underwritten ... Read the full article

Coalition enters capacity agreement with Aspen for US support

11th March 2024

Coalition, an active cyber insurance provider, has entered a long-term capacity agreement with Aspen Specialty Insurance Company to deploy cyber insurance capacity in the US. Through this agreement, Aspen will assume a share of Coalition’s US surplus lines cyber program this year, beginning on or after April 1, 2024. Shawn Ram, Head ... Read the full article

FTI Consulting acquires Madison Consulting Group

11th March 2024

FTI Consulting, Inc. has announced the acquisition of actuarial consulting firm Madison Consulting Group. FTI Consulting explained that the addition of Madison Consulting Group will expand its property and casualty actuarial and compliance offerings within the Global Insurance Services practice in the Forensic and Litigation Consulting segment. As part of the transaction, ... Read the full article

More advanced & specialised conversational AI to be developed in the near term: AM Best

11th March 2024

Credit ratings agency AM Best has revealed that it expects to see more advanced and specialised conversational AI developed over the near term to handle more complex situations across the insurance industry. As many are aware, insurers have been very active by adopting AI for customer service via conversational AI, which is ... Read the full article

GAWS of London rebrands as Evolin Broking

11th March 2024

GAWS of London Limited (GAWS), an independent London market wholesale insurance broker, has rebranded itself under the new brand of Evolin Broking Limited (Evolin). The broker explained that it is "rooted in the ever-evolving nature of relationships, Evolin symbolises the collaborative journey the company takes with clients, working together for a ... Read the full article

P&C execs optimistic about earnings outlook: KBW

7th March 2024

In Keefe, Bruyette & Woods, Inc, (KBW) recent analysis of the 2024 Association of Insurance and Financial Analysts (AIFA) conference, they found that management teams across virtually all Property & Casualty (P&C) sub-sectors are appropriately optimistic about their earnings outlook. KBW highlights that brokers are optimistic about their growth prospects, stating, ... Read the full article

Resilience US clients to benefit from new Tech E&O coverage

7th March 2024

Cyber risk management firm Resilience has announced it has added Technology Errors & Omissions (E&O) coverage to its existing cyber insurance and cyber risk management solutions. US organisations with $300M-$10B in revenue will benefit from this new coverage, which has $10M in limits available for both primary and excess placements. Resilience's new ... Read the full article

Aon bolsters Risk Capital unit with senior appointments

7th March 2024

Insurance and reinsurance broker Aon has named Arshi Ahmed as the Global Head of Analytics for financial, professional and cyber products, and Ben Von Obstfelder as Head of U.S. Casualty Analytics, both for Commercial Risk. The broker stated that these two appointments are to strengthen the advanced risk analytics capabilities within ... Read the full article

Beazley reports CoR of 71% and record profit in 2023

7th March 2024

Specialist insurer Beazley has announced record pre-tax profit of $1.25 billion and a combined ratio of 71% for the year ended December 31st, 2023, with strong growth in the insurance service result of 52% and an investment return of 4.9%. Group profit after-tax rose 112% from 2022's $483 million to $1.026 ... Read the full article

IQUW reports combined operating ratio of 80.9% for FY’23

6th March 2024

Property and specialty re/insurer IQUW has reported a combined operating ratio of 80.9% for the full year 2023, as gross written premiums reported increased by 35% year-on-year to $913 million. The firm explains that premium growth was primarily a result of the syndicate sustaining its trajectory in its third operating year ... Read the full article

The Hartford to combine Operations and Technology, headed by Deepa Soni

6th March 2024

Property and casualty insurer The Hartford has announced a new organisational structure combining its Operations and and Technology, Data, Analytics & Cyber functions under one leadership to advance the company’s strategy. As part of this new structure, the insurer expanded Deepa Soni’s role as chief information officer and head of Technology, ... Read the full article

Reinsurance demand to remain strong but prices to peak in 2024, says Moody’s

5th March 2024

Analysts at Moody's Investors Service expect demand for reinsurance protection to remain strong in 2024 but warns that while reinsurers have scope to push through further price increases, as competition intensifies in the sector, prices will likely peak this year. Moody's is the latest to predict a peak in reinsurance pricing ... Read the full article