Archives for August 2024

Insurance and reinsurance broker Aon has published the 18th edition of its Insurance-Linked Securities (ILS) Annual Report, which highlights a year of exceptional ILS activity, with $17.9 billion in catastrophe bonds issued across 76 transactions. Covering the 12 months ending June 30, 2024, the Aon Securities report notes that record levels of catastrophe bond issuance […]

Credit rating agency KBRA has assigned a BBB Insurance Financial Strength Rating (IFSR) to Trident Reciprocal Exchange (Trident), with a stable outlook. Trident is a newly established de novo reciprocal exchange focused on writing homeowners’ insurance in Florida. The rating reflects Trident’s low underwriting leverage and substantial surplus relative to expected premiums written. The company […]

With annual insured natural catastrophe losses consistently exceeding $100 billion, the demand for services like McKenzie Intelligence Services’ (MIS) Global Events Observer (GEO) platform is increasing, as it accelerates disaster relief and economic recovery. In an interview with Reinsurance News, Forbes McKenzie, Founder and CEO of MIS, explained how the firm combines global data sources, […]

Bruce Dettling has been appointed to the role of Global Head of Mining and Heavy Industry for Gallagher, where he will be responsible for leading the firm’s global specialist practice with teams based in the UK, Latin America, Canada and Australia. Dettling, who is set to join Gallagher in November, will report to Malcolm Payton, […]

The wildfire that struck the Municipality of Jasper and Jasper National Park this summer has resulted in insured losses exceeding $880 million, according to initial estimates from Catastrophe Indices and Quantification Inc. (CatIQ). The intense wildfire, which began on July 22, has become the second most expensive wildfire in Alberta’s history in terms of insured […]

While the combination of higher interest rates and more favourable mortality trends have led to improved conditions for life/annuity (L/A) reinsurers, it has also created more competition, with some backed by alternative investment managers or large private equity firms, according to global ratings agency AM Best. In a new report, the agency states that new […]

Sompo, a subsidiary of the company responsible for the insurance and reinsurance operations of Sompo Holdings Group outside of Japan, has announced its partnership with Palantir Technologies Inc., a vendor of artificial intelligence (AI) systems. With this initiative, Sompo will leverage Palantir’s data integration and AI solution – which the insurer will invest on over […]

Zurich North America, the commercial property and casualty insurer, has promoted Chris Nolan to Head of Surety in US National Accounts, succeeding Bob Murray, who retired in June. In the role, Nolan will oversee both contract and commercial surety, which provides both account-based and transactional surety bonds for Zurich’s customers across many different industries. Previously, […]

PCF Insurance Services has acquired the insurance business of 360 Insurance, based in Las Vegas, Nevada. With roots in the Las Vegas Valley, the acquired organisation is licensed to operate across the US. For over 75 years, 360 Insurance, a provider of auto, home, commercial, and life insurance solutions, has been catering to both personal and business […]

Despite the Japanese government’s issuance of its first-ever Megaquake warning in August, reinsurers are well-positioned to absorb losses from major events, including a large Japanese earthquake, according to J.P. Morgan’s latest report. The warning, issued by the Japan Meteorological Agency (JMA) in early August and lifted on August 15th, has heightened concerns about earthquake risks […]