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Cowbell to cover UK mid-market businesses with up to £1bn turnover
8th January 2024
US-domiciled cyber insurer Cowbell has extended its cyber insurance capabilities by now catering to mid-market businesses in the UK with an annual turnover of up to £1 billion. Previously, the insurer only catered to small and medium-sized enterprises. The cyber insurer is backed by A+ rated re/insurers, and officially entered the UK ... Read the full article
QBE Re names new Global Product Heads in New York and London
5th January 2024
QBE Re has appointed Salvatore Sama as Global Product Head for Casualty, Jane Farren as Global Head of Financial Professional Lines, and Derek Durst as Global Head of Cyber. The three Global Product Heads, expected to take up their new positions this month, will be responsible for underwriting quality, governance, and ... Read the full article
1.1 reinsurance renewal points to strong 2024 earnings: KBW
4th January 2024
KBW Europe's recent discussion on the January 1 reinsurance renewals, led by William Hawkins and Darius Satkauskas, reveals promising insights into the industry's outlook for 2024. Hosted with industry experts David Flandro of Howden Re and James Vickers of Gallagher Re International, the dialogue centered on the findings from their respective ... Read the full article
Alternative capital surpasses $100bn in 2023, cat bond market hits all-time high: Aon
4th January 2024
Aon's Reinsurance Market Dynamics report reveals that 2023 witnessed an unprecedented surge in the utilisation of alternative capital, marking the sector's best performance in over two decades. The report underscores the increasing reliance on alternative capital, with a notable milestone of crossing the $100 billion threshold for the first time, signaling ... Read the full article
Consilium launches NA Property division, hires Jack Anderson to lead
4th January 2024
Consilium, the global speciality (re)insurance broking business of the Aventum Group, has launched a North American Property division, recruiting Jack Anderson from Gallagher to lead the team. Anderson is set to join Consilium in February as a Senior Partner after serving his notice period with Gallagher, where he was most recently ... Read the full article
Optio Group expands MENA operations with appointment of Wael Mohsen as MD for Optio Re
3rd January 2024
Optio Group, the specialty Managing General Agent (MGA), continues to fortify its presence in the Middle East and North Africa (MENA) region with the recent appointment of Wael Mohsen as the Managing Director of Broking and General Lines for Optio Re MENA Ltd. Based in Dubai, Mohsen's appointment is effective immediately. ... Read the full article
Robust reinsurance capital rebounds 12% in 2023, surpassing $461bn: Guy Carpenter
2nd January 2024
In a notable turnaround, the dedicated reinsurance capital witnessed a robust resurgence in 2023, recovering from the substantial setbacks of the previous year. According to a joint assessment by Guy Carpenter and AM Best, traditional dedicated reinsurance capital surged by 12%, reaching an estimated USD 461 billion, bolstered by strong underwriting ... Read the full article
Global survey reveals heightened business challenges amid unprecedented risks: Aon
29th December 2023
The ninth edition of Aon's Global Risk Management Survey highlights that conducting business has not become any easier since 2021; rather, it has become more volatile and uncertain. The survey, based on responses from nearly 3,000 participants across 61 countries and territories, delves into the shifting landscape of risks and the ... Read the full article
Property cat renewals flat to up 30%, as casualty sees price pressure: Guy Carpenter
29th December 2023
Global renewal rates for property catastrophe reinsurance saw a wide range of outcomes at the January 1st 2024 renewals, with non-loss affected accounts largely flattish, but loss impacted seeing increases of up to 30%, according to Guy Carpenter. The reinsurance broker highlights a market where reinsurance underwriters were motivated and responsive ... Read the full article
DeNexus hires ILS expert, George Mawdsley as Head of Risk Solutions
21st December 2023
DeNexus Inc, a provider of second-generation cyber risk quantification and management services, has hired Insurance-Linked Securities (ILS) expert, George Mawdsley, as Head of Risk Solutions. In the role, Mawdsley will directly focus on developing the next generation of risk transfer solutions for the cyber insurance and ILS markets, leveraging DeNexus’ cyber ... Read the full article
FERMA identifies key risk priorities and establishes strategic ERM committee
20th December 2023
The Federation of European Risk Management Associations (FERMA) has unveiled a comprehensive roadmap for organisations to navigate and prioritise emerging risks. In collaboration with Marsh, FERMA's latest White Paper, titled "The Roadmap to Strategic Risk Management," highlights crucial developments that demand immediate attention. The identified priorities, shaped by insights from the FERMA ... Read the full article
IGP&I sees rate reductions across the board in “positive renewal”
20th December 2023
Mike Hall, Chairman of the International Group of P&I Clubs (IG) Reinsurance Committee, has announced a "positive renewal" for shipowners for February 2024, with all vessel types seeing rate reductions. With IG's Pooling and Group Excess of Loss Reinsurance contract (GXL) structure for 2024/25 having now been finalised, the Group observed ... Read the full article
Challenges expected for UK specialty re/insurers in 2024 despite strong 2023: EY
20th December 2023
As 2024 draws closer, Martina Neary, UK Insurance Leader at EY, has suggested the UK’s specialty insurance market will face a host of challenges in the year, including increasing weather events, sustained inflation and cost pressures, and increasing geopolitical uncertainty. According to Neary, UK specialty insurance and reinsurance firms performed well ... Read the full article
Generative AI will “continue to be the unknown risk in 2024”, Beazley’s Bantick
20th December 2023
As generative AI continues to grow and expand across the re/insurance sector, the technology's use for both good and ill will "continue to be the unknown risk in 2024", Paul Bantick, Group Head of Cyber Risks at global specialist insurer Beazley, has said. On the back of this rapidly developing technology, ... Read the full article
Underwriting discipline to remain in threshold driven market: Rajeh, Arch Worldwide Re
19th December 2023
After a broad reassessment of the cost of risk, a focus on underwriting discipline is expected to persist at the upcoming renewals and beyond, in what’s expected to be a good market for both primary insurers and reinsurers, according to Maamoun Rajeh, Chairman and Chief Executive Officer (CEO), Arch Worldwide ... Read the full article
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