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AM Best assigns A- ratings to Spinnaker’s 100% reinsured subsidiary Wingsail

15th January 2025

Global credit ratings agency AM Best has assigned Wingsail Insurance Company, a fully reinsured subsidiary of Spinnaker Insurance Company, a Financial Strength Rating of A- and a Long-Term Issuer Credit Rating of “a-”, with a stable outlook. AM Best has also affirmed the same ratings and stable outlook for Spinnaker Insurance ... Read the full article

Arch Insurance (EU) promotes Duncan Smith to CEO

13th January 2025

Arch Insurance (EU) dac (AIEU) has promoted Duncan Smith to Chief Executive Officer, tasking him with leading the executive management team and driving the firm's growth plans across continental Europe. According to Arch, Smith’s appointment follows the decision by Søren Scheuer to step down as CEO of AIEU. Scheuer will reportedly ... Read the full article

Encik Zaid appointed Officer in Charge, Labuan Re

3rd January 2025

Labuan Reinsurance (L) Ltd (Labuan Re) has appointed Encik Zaid Aziz Ibrahim as its Officer in Charge, following the recent departure of Puan Johana Era Zainuddin on December 31, 2024. Encik Zaid currently serves as the firm's Chief Underwriting Officer. He has been with the organisation since February 2020. Overall, he brings ... Read the full article

Lockton Re launches new segment dedicated to Programmes & MGA’s in US

20th December 2024

Lockton Re, the reinsurance arm of the independent insurance broker, has launched Lockton Re Portfolio Solutions, a business segment dedicated to Programmes and Managing General Agents (MGA) in the United States. The new business segment will offer a fully customized range of services with an integrated and tailored approach, with a ... Read the full article

Artemis Live: Capital markets structures for originators webinar – Watch the full replay

17th December 2024

Artemis, our insurance-linked securities (ILS) focused sister publication, has now published the full replay of its live webinar on the use of alternative capital sources by originators of insurance risk, which was held on November 21st, 2024, in association with Artex Capital Solutions. More than 830 people registered ... Read the full article

Professional indemnity insurance rates plunge amid new competition, says Clyde & Co

10th December 2024

Professional indemnity (PI) insurance rates are falling at an unprecedented pace, with 56% of market participants predicting no rate increases in 2024, according to a new report from law firm Clyde & Co. The findings highlight the growing impact of competition from new entrants, particularly Managing General Agents (MGAs), which are ... Read the full article

WNS and Canopius extend strategic partnership

9th December 2024

WNS, a digital-led business transformation and services partner, has extended its transformation-led strategic engagement with specialty and P&C lines re/insurer, Canopius Group. Through this collaboration, WNS aims to strengthen Canopius' existing partnerships by integrating proprietary, technology-led solutions which will enhance operations, foster innovation, and drive market differentiation. Furthermore, WNS will collaborate with ... Read the full article

Fortegra announces launch of new UK subsidiary

4th December 2024

The Prudential Regulation Authority (PRA) has granted Fortegra, a global specialty insurer and subsidiary of Tiptree, approval to establish Fortegra Insurance Company UK, its new subsidiary in the United Kingdom. Fortegra has established a strong reputation in the Managing General Agents (MGAs) and Managing General Underwriters (MGUs) market. This success is ... Read the full article

S&P projects cyber insurance premiums to hit $23bn by 2026

28th November 2024

S&P Global Ratings, a provider of credit ratings, research, and analytics, maintains a stable outlook on the global cyber insurance and reinsurance industry, supported by solid underwriting profitability in 2023 and 2024, with expectations for this trend to continue into 2025. The industry's stability is further reinforced by substantial increases in ... Read the full article

AM Best maintains positive outlook on DUAE segment

22nd November 2024

Ratings agency AM Best maintains a positive market segment outlook for the delegated underwriting authority enterprise (DUAE) segment, driven by sustained growth and niche expertise, despite potential challenges arising from capacity issues and rapid expansion. The DUAE distribution channel continues to increase its market share, supported by strong and consistent premium ... Read the full article

Thomas Coyne named Head of Insurance at VOOM

20th November 2024

VOOM Insurance, a company specialising in InsurTech and developing usage-based insurance solutions for the evolving mobility landscape, has appointed Thomas Coyne as Head of Insurance. With more than 30 years of experience in the property and casualty insurance sector, Coyne brings extensive expertise in product management, pricing, underwriting, and general management, ... Read the full article

Vertafore expands AI capabilities with Surefyre acquisition

12th November 2024

Insurtech Vertafore has acquired Surefyre, a submission and underwriting workbench platform built to empower managing general agents (MGAs) and wholesalers. By incorporating Surefyre's AI-powered, low-code/no-code solution into Vertafore's top-tier MGA ecosystem of solutions, this acquisition reinforces Vertafore's position as an industry leader, the firm highlighted. The addition of Surefyre's solution, Vertafore MGA ... Read the full article

Register for Artemis’ live webinar on the use of alternative capital sources by originators of risk

22nd October 2024

Artemis, our insurance-linked securities (ILS) focused sister publication, has partnered with Artex Capital Solutions, the specialist unit of Artex Risk Solutions that creates and manages ILS and related structures, to host a live webinar on the use of alternative capital sources by originators of insurance risk. This ... Read the full article

Moody’s upgrades Hub’s corporate family rating with stable outlook

21st October 2024

Moody’s Ratings has upgraded Hub International Limited’s corporate family rating to B2 from B3, and its probability of default rating to B2-PD from B3-PD. According to Moody’s this decision was based on Hub’s steady credit metrics and our expectation that the company will maintain financial leverage toward the low end of ... Read the full article

Inari partners with Diesta to enhance underwriting workbench

15th October 2024

Inari, a technology solution provider for global insurance and reinsurance companies, has partnered with Diesta, which offers streamlined premium processing platforms for insurance intermediaries. This partnership will integrate Diesta's premium processing and credit control features with Inari's underwriting workbench. Designed for Managing General Agents (MGAs), Inari’s underwriting workbench helps underwriters manage the ... Read the full article