MGA Converge raises $15m in Series A funding from Forgepoint Capital

1st August 2023

Converge Insurance, pioneers in advanced cyber risk management and underwriting have raised $15 million in Series A funding from Forgepoint Capital. At the same time, Forgepoint Managing Directors Don Dixon and Andrew McClure have joined the company's Board of Directors as part of the financing. As part of the financing round, which ... Read the full article

HDI announces “key market appointments” in its UK & Ireland branch

1st August 2023

Industrial insurer HDI Global SE has announced several senior appointments in its UK & Ireland branch across underwriting and distribution. Joining HDI from Chubb Global Markets, Antonia Osborne has been appointed Director of Underwriting. In her new role, she will take overall responsibility for underwriting performance, future underwriting strategy and ensuring ... Read the full article

With ransomware attacks on the rise, Towergate Insurance Brokers urges caution

31st July 2023

Towergate Insurance Brokers, a UK-based insurance intermediary, has urged businesses to recheck their cyber insurance to make sure they have adequate coverage as ransomware attacks rise. After global figures dropped in 2022, ransomware attacks have been on the rise since early 2023, which is believed to be linked to Russia's ongoing ... Read the full article

Global property insurance pricing up 10% on average in Q2: Marsh

31st July 2023

Global property insurance pricing was up 10% on average in Q2 2023, the same as in Q1, according to Marsh's Global Insurance Market Index. Marsh's Index notes that average insurance pricing was relatively consistent across all regions in the quarter, driven by rate decreases for financial and professional lines and continued ... Read the full article

IIS adds 12 leading insurance executives to its council

31st July 2023

Andreas Berger, Chairman of the International Insurance Society's (IIS) Executive Council, has announced the appointment of 12 leading insurance executives to the IIS Executive Council. The appointments are effective from August 1, 2023. The appointments include:

• Alfred Beil, Group Chief Medical Officer, Head of Underwriting & Claims, AXA, France
• Franz Josef Hahn,Chief Executive Officer, Peak

Consilium secures coveted license from Cayman Islands Monetary Authority

27th July 2023

Consilium, a prominent international (re)insurance broker and a part of the esteemed $1.5 billion Aventum Group, has recently announced that it has been granted a coveted license by the Cayman Islands Monetary Authority (CIMA). This development marks another significant milestone in Consilium's expansion strategy, enabling the firm to focus on the ... Read the full article

Beazley reports strong growth in H1 2023 on the back of “excellent” property market conditions

27th July 2023

Specialist insurer Beazley has reported robust growth in the first half of 2023, reporting a 13% increase in gross premiums written (GPW) to $2.9 billion. Alongside strong GPW growth, Beazley has announced a significant rise in net premiums written (NPW) for the period of 28% to approximately $2.3 billion. Much of the ... Read the full article

Nsure.com secures strategic investment from Pelican Ventures

27th July 2023

Nsure.com, America's leading digital insurance agency, has secured a strategic investment from Pelican Ventures, a private investment firm known for supporting visionary entrepreneurs in the insurance industry, with the exact amount undisclosed. Founded in 2018, Nsure.com has rapidly emerged as a full-service digital agency, providing comprehensive personal lines coverage across all ... Read the full article

FERMA calls upon Spanish Presidency to push key green & digital transition EU policy files

26th July 2023

The Federation of European Risk Management Associations (FERMA) is urging the Spanish Presidency of the Council of the European Union to make progress on the green and digital transitions a priority to help drive EU competitiveness and enhance strategic autonomy, while also ensuring the ongoing effectiveness and affordability of the ... Read the full article

Reinsurance market experiences substantial rate increases amid instability and inflation: MMC

24th July 2023

In the midst of continued geopolitical instability and persistent inflation, the reinsurance market has witnessed significant rate increases, as highlighted by insurance and reinsurance broker Marsh McLennan (MMC) in its Q2 2023 earnings call. The global insurance brokerage and consulting firm highlighted the challenging reinsurance market conditions that were evident during ... Read the full article

Oneglobal Broking hires Financial Lines Manager, Insurance & Reinsurance

24th July 2023

Thayane Cesar Rocha has been appointed to the role of Financial Lines Manager - Insurance and Reinsurance, at Oneglobal Broking. Bringing over 10 years of industry expertise towards her new role, Thayane joins Oneglobal from IRB Brasil RE, where she previously held the role of Financial Lines Underwriting Specialist. Whilst serving in ... Read the full article

Cannabis property market unlikely to see rate decreases over next few months: Amwins

21st July 2023

The cannabis insurance market has experienced a variety of transformations and shifts in recent years. As the sector continues to develop, insurance providers are refining their offerings to meet the needs and challenges being presented. In their 'State of the Market Cannabis report', Amwins highlights that most major cannabis programs offer ... Read the full article

Travelers secures additional hurricane reinsurance at renewal, upsizes Northeast property cat treaty

20th July 2023

US primary insurer Travelers has again increased the size of its Northeast property catastrophe excess-of-loss (XoL) reinsurance treaty by $100 million at the mid-year renewals, during which the firm also entered into a new personal insurance hurricane catastrophe XoL treaty. Renewed at the July 1st, 2023, reinsurance renewals, Travelers' Northeast property ... Read the full article

CFC introduces innovative TTS insurance to safeguard title to shares loss

19th July 2023

Specialist insurance provider CFC, known for its expertise in emerging risks and leadership in cyber insurance, has unveiled its latest offering, an innovative solution to cover title to shares risks (TTS insurance). The newly launched TTS insurance is designed to provide excess coverage for losses arising from breaches of title and ... Read the full article

Global cat rates surge by 27% YTD; US leads with 35% increase: RBC

14th July 2023

Global catastrophe rates have surged by 27% year-to-date, with the United States experiencing the highest increase at 35%, according to RBC Capital Markets. The property catastrophe rate indexes have reached levels not seen since 2006, when a significant number of new insurers emerged, including notable companies like Lancashire. Across various sub-segments, insurance ... Read the full article