Re/insurers
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Based in Peru, the executive will oversee marine and aviation lines.
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SCS caused global insured losses worth at least $8bn in the first quarter of 2024.
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Forecasters have warned that a number of meteorological factors could make this year the most active on record.
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Recurring loss patterns have led to squeezed coverage, leaving clients exposed.
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We explore the first stages of incorporation of GenAI into insurance, alongside the longer-term potential.
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This publication revealed the appointment in November last year.
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Gulf insurers have borne the brunt of reinsurance rate corrections in the past couple of years, but a different, albeit similar market segment is emerging as a focus for concern ahead of this year’s 1 January renewal.
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AI development is creating new risks for insurers to assess as multiple key trends suggest it will evolve into a standalone insurance product like cyber-risk.
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Earlier this afternoon, San Diego County issued a tropical storm warning related to Hilary – the first in its history.
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Over half of respondents said that the technology currently available to them is not allowing them to make the most of the data at hand or make better pricing and portfolio decisions.
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Plus all the latest executive moves and the top news of the week.
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24 February marks the point when blocking and trapping claims can be lodged against war risk insurers, against ships stuck waters around Ukraine.
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The club argued that proposed rules on transporting crude through the Turkish Straits would have been punitive to members.
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The carrier aims to achieve an energy underwriting portfolio that is 75% low-carbon in seven years’ time.
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Loh Wei-Lyn has been promoted to CEO of Asia, while Luann Petrellis has joined as US CEO.
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As the Aegis London CEO retires this week, he revealed his key lessons from over three decades in Lloyds – and what has to change if the market is to survive.
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The executive has worked for the company in London, New York and Dublin.
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The French reinsurer faces a number of hurdles as it looks to set its new corporate strategy. We outline the challenges ahead.
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A reduction in incidents linked to better resilience and the Ukraine war may temper cyber price increases, the broker said.
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The forecast range of hurricanes is slightly wider than in 2021, but in line with 2020.
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Plus latest people moves and all the top news of the week.
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According to a joint Marsh-Microsoft report, 75% of 660 companies surveyed said they have suffered a cyber attack of some form.
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Aon’s report covering multiple classes and geographies highlighted improving conditions in D&O for the UK, and a moderation of rate rises in property.
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Plus the lowdown on the potential Howden-TigerRisk tie-up and all the top news of the week.
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Premiums are forecast to grow buy 2.3% rather than 2.7%, according to the CEO of the German Insurance Association.
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Plus the latest company results, people moves and all the top news of the week.
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CFO George Quinn said he did not foresee any classical inflation scenario impacting the carrier’s P&C book.
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The broker’s political risk report has highlighted the competing interests between countries for ownership of untapped natural resources and space exploration.
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Prince Charles’ speech to open the next parliamentary session referred to a new bill that will introduce a competitiveness objective for the financial regulators.
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Clarity is growing over how the Ukraine war loss may eventually play out, although the picture is still uncertain.
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Plus this week’s Q1 results and all the top news of the week.
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The conflict is a live cat that could last months and crucially, has straddled a significant reinsurance renewal date.
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ExposureHub has been designed to help underwriters make more informed decisions on risk selection and general exposure management.
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Plus the latest executive moves and all the top stories from this week.
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Business leaders surveyed by Beazley said they were increasingly worried about war risk in particular, prior to the Ukraine conflict.
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The carrier announced its entry into the London marine hull and machinery market in November 2021.
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The carrier launched a dedicated renewable power offering at the start of 2022, led by Lyndsey Picton.
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The appointment comes after the carrier’s previous head of cyber Neil Arklie left the business for Lloyd’s.
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The Zurich chairman previously spent over four decades at Swiss Re, including as CEO between 2012 and 2016.
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A report from the Bermuda Monetary Authority shows how the island’s carriers have raised their worst-case estimate of cyber losses in recent years.
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Alli MacLean will take on the expanded role following the exit of contingency chief Yael Mimran.
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The executive said the Ukraine conflict was an example of how the industry had come to over-optimise models.
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The hire follows the appointment of Keith Mather to head up financial lines for the international business.
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The executive will oversee management liability, healthcare and casualty/specialty reinsurance.
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The carrier strengthened reserves by $41mn due to uncertainty around financial and professional lines claims development.
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The carrier said it will examine the impact of the ruling on other claims under non-damage denial-of-access wordings.
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The company will withdraw all of its outstanding ratings on Russian firms before 15 April, having already announced the suspension of its Russian operations.
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Lancashire has direct exposure to Ukraine through aviation, marine and political risk lines, according to a Jefferies report that said the carrier will likely incur “immaterial losses” from the conflict in its aviation war business.
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BMS’s Andrew Siffert said losses from US winter-related storms and thunderstorms are likely to arrive at a below-average figure for Q1.
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Plus more on the market’s exposure to aircraft leasing firm Aercap and the lowdown on the US 1.4 renewals.
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It is understood that the policy is written via the Aon Alpha facility and is led by Liberty Specialty Markets.
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The executive will work to accelerate commercial insurance revenue and develop new channels and geographies.
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A further £40mn of claims were fully settled in the month to 7 March, according to the regulator’s latest data release.
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The first of a two-part series on innovation examines the barriers blocking product innovation in the P&C market.
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Courts in Bermuda and the US approved the move, which had earlier been subject to investor litigation.
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The company reported a pre-tax, pre-divide income of $5.3mn and combined ratio of 105.6%.
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The executive said that, in many cases, reinsurance contract wordings had not been tested for Covid recoveries.
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In an open letter to Insurance Europe, insurance trade bodies from Ukraine have urged western insurers to pull out of Russia completely.
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Interim active underwriter David Message will assume the position of energy lead underwriter.
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Claims from New South Wales are expected to increase in the coming days, given the flooding emergency in Sydney.
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Plus the evolution of the broker consolidator model, this week’s results and all the top news of the week.
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The ratings agency said that the reinsurance arm of MS Amlin was expected to make a “significant” loss after tax in 2021.
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The acquisition of Willis Re last year transformed Gallagher into a top-three reinsurance player.
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A conclusion to the Evercore-run restricted sale process is expected this quarter.
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At the ABI conference this morning, carriers were warned about crime syndicates’ use of automation to deploy cyber attacks.
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Axa XL underwriters will be available for in-person meetings across all product lines every day of the week.
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The Norwegian insurer added 14 million gross tonnes to its total tonnage and retained 99.6% of existing business.
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Plus our take on London market financials a all of this week’s full-year results.
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The CEO said the business unit was focused on bottom-line profits rather than top-line growth.
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HDI Global Specialty, Verto Syndicate 2689 and IQUW Syndicate 1856 are among the new trade capital partners.
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A further £39mn of claims were fully settled in the month to 5 February, per the latest release of data by the FCA.
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S&P’s proposal to disallow senior debt as a form of available capital is thought to be among the most impactful of a slew of detailed changes by the rating agency.
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Improved underwriting performance and double-digit top line growth at most carriers has characterised results reported so far.
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Atrium Underwriters has posted a combined ratio of 88% for 2021, with a strong underwriting performance driving profits up 24% to £68mn ($92mn).
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The appointment comes after Allison Wilkinson departed Chubb to join Convex.
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The carrier’s reinsurance unit upped profits by 53%, with reduced expenses benefiting the combined ratio.
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The investor has been calling on the board to explore strategic alternatives for the business since September last year.
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Hiring levels at Ardonagh Group saw the fastest growth out of the Top 20 insurance companies, with an increase of 482%.
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Convex was one of the carriers to enter the contingency market following the major Covid-19 loss event.
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Tim Pembroke will retire at the end of March after more than 24 years with QBE.
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The appointment comes after marine liability underwriter Ellie Barr resigned to join Convex.
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The firm has promoted Huw Owens to CUO and Sam Wilde to head of London markets in its financial risk solutions division.
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