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Mosaic opening new office in Toronto

13th July 2022

Mosaic Insurance has announced that it is opening an office in Toronto, Ontario, and has appointed Ian Fraser – an underwriting specialist, to spearhead the company’s expansion into the Canadian specialty insurance market. Fraser joins as President of Mosaic Insurance Services Canada Inc (Mosaic Canada), where he will be responsible for ... Read the full article

Corvus promotes James Berry to Chief Claims Officer

13th July 2022

Specialty insurance MGA Corvus Insurance has announced the promotion of James Berry to Chief Claims Officer. Berry, who previously served as Corvus London Markets’ Claims Team Lead, will now manage the in-house Claims teams at Corvus on a global scale. The new role is also a first of its kind for Corvus, ... Read the full article

DeNexus opens office in Switzerland

13th July 2022

DeNexus, a provider of second-generation cyber risk modelling for industrial organisations, reinsurers and investors in insurance linked securities (ILS), has opened an office in Lugano, Switzerland. The company has recruited Marco Sabitini and Mario Pio Gioiosa to the Lugano office, with plans to add more members to the team ... Read the full article

Disaster Risk Financing could help to mitigate climate risk in Africa

13th July 2022

Only three percent of losses caused by drought, floods and tropical cyclones have been insured on the African continent. This emerged at a recent DZ BANK Capital Markets Conference held in Berlin. Insured losses on the African continent are close to 97 percent, which means, at best, ... Read the full article

“Industry needs to embrace and nurture talent” – Marsh McLennan CEO

12th July 2022

The industry needs to find a way to amplify its talents’ potential enable and enable their ambition if it is to effectively attain new levels of societal resilience, says Dan Glaser, president and CEO of Marsh McLennan. Commenting ahead of the Marsh McLennan Rising Professionals’ Global Forum in London, Glaser said ... Read the full article

CFC warns of new ‘BazarCall’ ransomware attacks

12th July 2022

Specialist insurance provider CFC has warned brokers and clients of an emerging method of ransomware attack, dubbed ‘BazarCall’, which is targeting small businesses. According to CFC’s in-house cyber threat analysis team, the ‘BazarCall’ attack method has been growing in use among well-known ransomware groups and is responsible for an increasing number ... Read the full article

SiriusPoint announces partnership with Alta Signa

11th July 2022

SiriusPoint Ltd., a global specialty insurer and reinsurer, has announced a strategic partnership and investment with Alta Signa Holdings, a European Managing General Agent (MGA) specialising in financial and professional lines insurance. The company says the partnership is part of SiriusPoint's strategy of growing its portfolio of MGA and insurance ... Read the full article

Swiss Re warns that US may have slipped into recession

6th July 2022

A new note from Swiss Re posits that the US has already started to slip into a recession. In its Economic insights: The ‘Great Bond Massacre’ 2.0, the firm says that the world’s largest economy is either in recession or is about to enter one, referring to data from the Atlanta ... Read the full article

AXA XL appoints Ana Dores to intl. financial lines CUO role

4th July 2022

AXA XL has appointed Ana Dores to be chief underwriting officer for international financial lines in APAC Europe. The firm said in a statement that Dores will begin in her role at the beginning of September and will be based in Madrid. She will oversee the management of AXA XL’s financial lines ... Read the full article

Allianz partners up with Coalition

4th July 2022

Allianz has gone into a multi-year partnership with cyber insurance and security provider Coalition. The terms of the agreement will see Allianz provide Coalition with long-term committed capacity for its US cyber insurance programs and will lead the latter’s UK cyber program when it launches later this year. Scott Sayce, global head ... Read the full article

Sellers market persists as attachment levels & costs rise at July renewals: Gallagher Re

1st July 2022

Almost all buyers of protection were able to secure their reinsurance coverage at a July 1st, 2022, renewals shaped by economic factors which helped to sustain market hardening, according to Gallagher Re's 1st View report. After a late and tough June 1st reinsurance renewals, all eyes turned to the later mid-year ... Read the full article

PwC warns of insurance bill rises caused by inflation

30th June 2022

PwC estimates that UK businesses may see price rises of between 10-20% in the cost of their annual insurance bill. The professional services firm said that this was the direct result of a rising consumer price index, which has ‘significantly’ increased the costs of materials and labour in the settlement of ... Read the full article

Stoïk completes €11 million Series A round

30th June 2022

Andreessen Horowitz (a16z), one of the world’s largest venture capital funds, known for investments in companies such as Skype, Twitter, Facebook, Airbnb, and more recently Pinterest and Slack, has invested in Stoïk. The company is a startup brokerage specialising in cyber insurance products. Stoïk, which is based in ... Read the full article

Insurers “relatively well prepared for a recession” – Berenberg

29th June 2022

Insurers are relatively well prepared for a recession, according to a newly issued sector note by Berenberg. The privately owned bank also predicts a “shallow recession” in 2022-23 across Europe, the UK and the US. Reasons given include the strength of cash positions and cash flows, solvency ratios nearing ... Read the full article

New tech helping to “predict” adverse events in real-time: AXA

29th June 2022

A move towards prevention through predictive technologies will become commonplace in certain insurance sectors, according to the chief strategy and business development officer at the global insurer, AXA. The two main trends that are making insurers shift to prevention, noted Georges Desvaux, are the growing complexity of risks society faces, and ... Read the full article