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Coalition and Vantage team up

29th April 2022

Coalition has added Vantage to its US excess cyber program. The move is to be undertaken through the Vantage Risk Specialty Insurance Company. Shawn Ram, head of insurance at Coalition, said: “"We are excited to welcome Vantage to our Coalition as we work to solve cyber risk and provide security for all. ... Read the full article

Mosaic hires Elissa Doroff as head of claims in America

28th April 2022

Mosaic has hired Elissa Doroff to be its new head of claims in America. The firm said that Doroff will over time expand her remit to serve both the US and Canada. She started her insurance career as claims counsel with AIG, and later was cyber and technology product manager at ... Read the full article

Commercial insurance prices increased 11% in Q1 2022: Marsh

28th April 2022

Marsh’s latest Global Insurance Market Index shows that commercial insurance prices around the world increased 11% in Q1 2022. Amongst its findings, the survey found that cyber insurance rates continued to rise driven largely by the continued increase in the frequency and severity of ransomware claims with many insurers seeking to ... Read the full article

Ebix Europe launches exposure management platform

28th April 2022

Ebix Europe has launched Exposurehub, a platform to help insurers and reinsurers manage their exposure. According to the firm, ExposureHub is a module-based platform that provides results and insights that support data-driven risk management decisions while ensuring profitable underwriting. Guy Williams, exposure management consultant at Ebix Europe, said “ExposureHub is our exciting ... Read the full article

Resilience names Sarah Thompson SVP of Underwriting

27th April 2022

Insurance and security solutions specialist, Resilience, has announced the appointment of Sarah Thompson as Senior Vice President (SVP) of Underwriting. Thompson joining Resilience reflects the strong market momentum toward the company’s Insure and Secure model. Within her new role, Thompson will be based in Resilience’s New York office, and she will report ... Read the full article

Impact of Russia-Ukraine on British insurers is ‘profound’

27th April 2022

British insurers being profoundly impacted by Western sanctions on Russia has been the message given to UK MPs. On Monday, the Commons Treasury Committee sat with insurers and other financial economic experts to hear about the impact of sanctions on London’s insurance sector. According to reports, Neil Roberts, head of marine and ... Read the full article

AM Best sees positives for London insurance market, maintains stable outlook

26th April 2022

A myriad of factors including upward rate momentum, greater clarity around COVID-19 losses, a focus on modernisation, and improved access to alternative reinsurance capital have led AM Best to maintain its stable outlook for the London insurance market segment. For several years now, the London market has welcomed rate increases with ... Read the full article

Vantage hires Andrew Lea as vice president

25th April 2022

Vantage has hired Andrew Lea as its new senior vice president of cyber liability, errors and omissions, media, and management professional liability insurance. The firm said that Lea was joining from CNA Insurance, based in Chicago where he was head of commercial errors and omissions, cyber and media liability. According to ... Read the full article

There’s no such thing as taking bad risk: Graham Gordon, Sapiens

22nd April 2022

"There’s no such thing as taking a bad risk. Just bad choices of how to approach the risk and the bad result of that risk," according to Sapiens Director of Product and Strategy, P&C, Graham Gordon. In an interview with Reinsurance News, Gordon discussed some of the ways in which data ... Read the full article

2022 will likely be an underwriters market: Amwins

22nd April 2022

According to specialty insurance wholesaler Amwins, it’s likely that it will continue to be an underwriter’s market with limited capacity, increased rate conditions, and little tolerance for sub-par controls through 2022 and likely beyond. “The best thing agents and brokers can do for their clients is to think like an underwriter ... Read the full article

Tokio Marine launches $42m CVC Future Fund

21st April 2022

Multinational insurance holding company, Tokio Marine Holdings has announced the launch of Tokio Marine Future Fund – a Silicon Valley-headquartered corporate venture capital fund. Tokio Marine has committed €42 million to the initial fund with plans to deploy more capital into subsequent fund cycles. In a press release, it says that the ... Read the full article

Inflation likely to persist over the medium term: AM Best

20th April 2022

According to rating agency AM Best, high levels of inflation which has been driven by supply chain disruptions, labour shortages and rising energy prices, are likely to persist over the medium term. In February, the Consumer Price Index (CPI) in the UK hit an almost 30-year high of 6.2%, far in ... Read the full article

Businesses under-insuring intangible assets: Aon

19th April 2022

Aon plc has published a new report in collaboration with independent researcher Ponemon Institute, which found that businesses continue to undervalue and under-insure intangible assets relative to tangible assets. According to the study, since 2009 the implied market value of intangible assets at S&P 500 companies increased 255%, while the book ... Read the full article

Corvus Insurance finds 2021 average ransoms paid by quarter were down 44.2%

19th April 2022

Corvus Insurance has released findings from its second Corvus Risk Insights Index - a compilation of industry trends and data analysis based on the company’s IT security scanning technology, the Corvus Scan. One of the major findings from the report was that ransomware attacks are down from recent peaks, as the ... Read the full article

Marsh reports fall in property damage losses in global hydrocarbon sector

19th April 2022

A new report from Marsh says that the global hydrocarbon extraction, transport, and processing industry experienced a significant reduction in major property damage losses during 2020-2021. The broker’s report, 100 Largest Losses in the Hydrocarbon Industry, says that this was due in part to the Covid pandemic, alongside ‘well-executed business continuity ... Read the full article