Reinsurance News
casualty
Insurance industry adapts to new challenges, experts reveal at S&P conference
14th June 2024
At S&P Global Ratings' 40th Annual North American Insurance Conference, industry experts discussed current trends and challenges, agreeing that while the insurance landscape has evolved over the past four decades, the industry has successfully adapted. Elizabeth Heck, Chairman, President, and CEO of Greater NY Mutual, emphasised that the adaptability comes from ... Read the full article
Global trends & promising outlook for MGA & MGU revenues in 2023: Insuramore
14th June 2024
Managing General Agents (MGAs), Managing General Underwriters (MGUs), and cover-holder groups have amassed approximately USD 23.9 billion in revenues worldwide in 2023, according to a recent report by industry analysis firm Insuramore. The bulk of this revenue, ranging between 70% and 75%, stemmed from direct commercial P&C insurance, while the remaining ... Read the full article
Earnix announces collaboration with Verisk ERC solution
14th June 2024
Earnix, a provider of AI-based SaaS solutions for financial services, has announced a strategic partnership with Verisk, a data analytics and technology provider. This collaboration will allow Earnix to incorporate Verisk's ISO Electronic Rating Content (ERC) into its pricing and rating platform. The integration aims to enhance accuracy, speed up delivery ... Read the full article
US P/C insurance maintains discipline in face of higher inflation: S&P
13th June 2024
S&P Global Ratings, a provider of credit risk insights, reports that as inflationary pressures rise, US property/casualty insurers navigate sector challenges while maintaining disciplined reserving practices. In response to mounting inflationary pressures, US P/C insurers adapt by maintaining disciplined reserving practices, navigating sector-specific challenges with strategic planning. S&P underscores the industry's resilience, ... Read the full article
European P&C insurers vulnerable with reinsurers unlikely to restore coverage levels: Moody’s
12th June 2024
Moody's, a credit rating agency, has released a report highlighting that European property and casualty (P&C) insurers are facing a structural, rather than cyclical, increase in vulnerability to weather events. This change is primarily due to the steep reduction in reinsurance availability and rising costs, forcing primary insurers to bear a ... Read the full article
Commercial property insurance market proving to be more stable & capitalized, says USI
12th June 2024
Following on from last year's challenging property insurance market, 2024 is proving to be a "more stable and capitalized market," according to USI Insurance Services. In their latest Commercial Property & Casualty Market Outlook Mid-Year Addendum, USI notes that the widespread double- or triple-digit rate increases that were seen in 2023 ... Read the full article
Skyward Specialty expands media liability team
11th June 2024
Skyward Specialty Insurance Group, Inc., an insurance company in the property and casualty (P&C) sector, recently announced the recruitment of three accomplished media liability experts. This move signifies the ongoing expansion of the company's Media Liability team, bolstering its position in the market following its successful entry as a primary carrier ... Read the full article
Insurance premiums and policies rise in China in Q1 2024
10th June 2024
The China National Financial Regulatory Administration (CNFRA), responsible for overseeing the stability and compliance of China's financial sector, has released its supervisory statistics for the first quarter of 2024, highlighting significant increases in insurance premiums and the number of new policies. By the end of the first quarter of 2024, insurance ... Read the full article
Catastrophe losses may raise rates, reduce homeowner protection: S&P
10th June 2024
As insured catastrophe losses surge, potentially leading to higher rates and diminished homeowner protection, S&P Global Ratings, a provider of credit ratings and research, examines the challenges facing property/casualty insurers. In their recent report, S&P highlight how recent data shows that insured catastrophe losses in the US have soared to over ... Read the full article
Tremblay to lead WTW’s ICT Canada P&C practice
10th June 2024
WTW, a global advisory, broking, and solutions company, has named Jean-Francois Tremblay as the head of the Property & Casualty (P&C) practice within Canada for the Insurance Consulting and Technology (ICT) division. Tremblay has extensive experience in various technical, operational, and strategic capacities, including pricing, product management, underwriting, and risk ... Read the full article
David Kirk appointed Division President of Chubb Global Markets
7th June 2024
Chubb, a global property and casualty insurance company, has announced the appointment of David Kirk as Division President of Chubb Global Markets, which encompasses the company's London Market wholesale and specialty business, including its Lloyd's operations. Kirk currently serves as Head of Marine & Deputy Chief Underwriting Officer for the division. ... Read the full article
Paul Jones takes charge of Lockton UK’s specialised Parametrics Practice
7th June 2024
Insurance brokerage Lockton has appointed Paul Jones as the leader of Parametric Solutions for the UK & Europe in its Property & Casualty (P&C) Specialties division. Jones commented: “I am thrilled to be joining Lockton to develop its Parametric proposition to clients. It is a really exciting time to come on ... Read the full article
Record investment income for US P&C insurers in 2023: AM Best
4th June 2024
In 2023, net investment income for the US property/casualty insurance sector reached a record $73.9 billion, boosted by higher interest rates, according to a new report by AM Best, a credit rating agency for the insurance industry. The Best's Special Report, “US P/C Insurers Achieve Record Investment Income in 2023,” reveals ... Read the full article
BHSI names Galan Riley to lead Canadian Casualty Business
24th May 2024
Berkshire Hathaway Specialty Insurance (BHSI), known for its provision of general liability, lead umbrella, and excess liability insurance across various industries, announces the promotion of Galan Riley to Senior Vice President, Casualty, in Canada. Formerly Vice President, Casualty, Galan assumes this position following the retirement of Darryl DeSouza, who dedicated nearly ... Read the full article
Arch UK Regional Division welcomes new Claims Relationship Manager
22nd May 2024
Adam Waterstreet, equipped with vast insurance claims expertise, takes on the role of Claims Relationship Manager, effective immediately, as announced by Arch Insurance UK Regional Division. In his new position, Waterstreet assumes responsibility for supervising account management efforts for brokers throughout the UK regions, fortifying client connections, and identifying avenues to ... Read the full article
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