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Coalition gains Lloyd’s coverholder status in UK

26th January 2023

Cyber insurance provider Coalition has announced that its UK business is now trading as an approved Lloyd's coverholder, following its launch into the country in September of last year. Coalition says that the authority from Lloyd's to write and service policies in its marketplace will align its UK offering with ... Read the full article

At-Bay acquires licensed P&C insurance carrier

26th January 2023

Cyber insurance provider, At-Bay, has completed the acquisition of At-Bay Specialty Insurance Company - a Delaware-domiciled E&S lines P&C insurer licensed in 44 states, from XL Insurance America, Inc. By making the move to a full-stack carrier, this will now allow the firm to better serve its policyholders and accelerate planned ... Read the full article

Rance joins Resilience as Head of Bermuda & Global Head of Large Accounts

25th January 2023

Cyber risk solutions firm Resilience has announced that Dan Rance will be joining as Head of Bermuda and Global Head of Large Accounts. Resilience states that the appointment will help it secure the capacity to support large enterprise clients who are seeking a more sophisticated risk transfer and mitigation solution than ... Read the full article

Timothy Powell joins Everest Insurance as Head of Financial Lines

24th January 2023

Everest Insurance, the primary insurance division of Everest Re Group, has announced the appointment of Timothy Powell as Head of Financial Lines. According to the announcement, he will succeed Christian Colombera who will assume the role of Managing Director of Australia & Head of the Pacific Region, pending regulatory approval. Powell brings ... Read the full article

UK general & life insurers have “material dependency” on reinsurance: PRA

24th January 2023

The UK’s Prudential Regulation Authority (PRA) has released the results of its 2022 insurance industry stress tests, which conclude that general and life insurers have a "material dependency" on reinsurance, which is likely to remain high despite increased pricing. The tests, which looked at a total of 54 insurers, sought to ... Read the full article

FutureProof appoints Ram Keralapura as Chief Technology Officer

23rd January 2023

FutureProof, a climate-focused MGA, has appointed Dr. Ram Keralapura as its new Chief Technology Officer. Dr. Keralapura brings nearly two decades of engineering, data science and leadership experience towards the role. Additionally, he also brings a deep level of expertise in cybersecurity, complex risk analysis, and building digital platforms towards the ... Read the full article

Reinsurers collaborate on new data standards for risk modelling

23rd January 2023

Reinsurers RenaissanceRe, SCOR, Hannover Re and Swiss Re have come together with broking firm Aon to lead the implementation of the Open Exposure Data (OED) Standard curated by Oasis for the risk modelling of property reinsurance placements. The OED Standard is a non-commercial venture that aims to provide a more effective ... Read the full article

Reinsurers “firmly in control” of terms at renewal: JMP

20th January 2023

Analysts at JMP Securities have concluded that reinsurers are “firmly in control” of pricing and terms following the January 1 renewal period, with favourable conditions likely to remain in place beyond 2023. JMP made this assessment of the market following meetings with insurers, reinsurers, and brokers around 1/1, when it became ... Read the full article

Rick Grimes named National Wholesale Practice Leader of One80 Intermediaries

19th January 2023

Specialty insurance broker One80 Intermediaries has appointed Rick Grimes as National Wholesale Practice Leader. In the role, Grimes will lead One80’s wholesale distribution strategy for key lines of business, which includes property, casualty, financial lines, excess, life sciences and environmental coverages. Prior to this appointment, Grimes served as Managing Director & Financial ... Read the full article

Bermuda’s insurers can increase global resilience: PwC’s Wightman

17th January 2023

Arthur Wightman, PwC Bermuda territory and Insurance leader, has suggested that Bermuda’s insurers have a substantial opportunity to increase global resilience. Wightman's comments follow a PwC Global CEO Survey which polled 4,410 CEOs in 105 countries and territories, including Bermuda and the Caribbean region, throughout October and November in 2022. PwC's survey ... Read the full article

International Group details reinsurance structure for 2023

16th January 2023

The International Group of P&I Clubs has completed its pooling and GXL reinsurance contract structure for 2023/24, securing coverage with only a “small increase in rates” for shipowners, despite challenging market conditions. To date, the IG has seen a benign pool claims environment for its 2022/23 program, but it notes that ... Read the full article

WBN appoints Woods as Director of Data, Tech & Security

13th January 2023

The Worldwide Broker Network (WBN) has announced the appointment of Steven Woods as Global Director of Data, Technology and Security. At the same time, the WBN also announced the promotion of Liz Yovich to Director of Global Engagement and Employee Benefits, with both appointments effective immediately. Woods will be responsible for the ... Read the full article

Clyde & Co hires Leonardo Giani to launch Milan office

13th January 2023

Clyde & Co is to enter the Italian market as it is opening a new office in the country in the coming months. The global law firm has hired Leonardo Giani, a partner from Simmons & Simmons’ litigation and insurance team, to head the launch of its seventh office in the ... Read the full article

Mosaic opens office in Dubai

13th January 2023

Mosaic Insurance has opened an office in Dubai, United Arab Emirates, as a strategic regional platform to access risks from across the Middle East, Africa, and South Asia (MEASA) market. The new address is located within the Dubai International Financial Centre (DIFC) district. Three specialist underwriters, along with a finance team ... Read the full article

Reinsurance risk part of UK’s PRA 2023 priorities

12th January 2023

Reinsurance risk is one of the Prudential Regulation Authority’s (PRA) priorities for the supervision of life and general insurers in 2023, the Bank of England revealed. Part of the UK's central bank, the PRA is responsible for the prudential regulation and supervision of banks, building societies, credit unions, insurers and major ... Read the full article