Archives for September 2024

Ambac Financial Group’s London-based subsidiary and underwriting franchise, Beat Capital Partners and market veteran, Doug Karpp will launch proRISE Insurance Services (proRISE) on October 1st, 2024, which will specialise in management and professional liability insurance with a focus on small and medium-sized enterprises (SMEs). Karpp is a former executive at Hiscox and AIG with over […]

Miller, an independent specialist reinsurance and insurance broker, has announced the appointments of Steven Rance as Head of Reinsurance Strategy & Innovation and Charlotte Lowe as an Account Handler. In his new role, Rance will report to Shaun Sinniah, Head of Reinsurance and Capital at Miller, and collaborate with the global team to shape and […]

Moody’s Ratings has upgraded the insurance financial strength rating (IFSR) of Zurich Insurance Company (ZIC), the main insurance arm of Zurich Group, from Aa3 to Aa2. Additionally, Moody’s has raised Zurich Group’s long-term debt ratings by one notch. The outlook for all issuers has been revised to stable from positive. The upgrade of ZIC’s IFSR […]

Large Italian insurer Generali has agreed to sell its Turkish operation as part of its “Lifetime Partner 24: Driving Growth” strategic plan, with Kiler Holding A.Ş. and Arex Yatırım Holding A.Ş. taking a 42% and 48% stake of the business, respectively. The sale of Generali’s 99.99% stake in Generali Sigorta A.Ş. is expected to be […]

Fitch Ratings, the credit rating agency, has reported that reinsurers will likely push for double-digit increases in US casualty premium rates during policy renewals in January 2025, as companies look to keep pace with elevated loss costs. This adjustment is seen as necessary in light of where loss costs have trended, with unfavourable trends in […]

French reinsurer SCOR has announced the appointment of Robert MacKenzie as Head of Life and Health (L&H) Canada, succeeding François Bernard, who is leaving to pursue other opportunities. MacKenzie is well-prepared for the role, bringing strong technical expertise and deep knowledge of the Canadian L&H market. He has been with SCOR for seven years, most […]

Property and auto-focused insurance group Progressive’s property business recognised favourable development of around $110 million in the month of August, with just over 60% relating to the May storms. If you recall, in June, the US primary insurer announced net catastrophe losses of $722.1 million for the month of May, which resulted in a reinsurance […]

Venbrook Group, LLC, an independent insurance distribution and services firms in the US, has expanded its Private Risk Practice with the opening of a new West Coast office, and has appointed Christina Oakes as Executive Vice President of the division, based in Los Angeles. In her new role, Oakes is responsible for building the practice and […]

Parametric insurtech CelsiusPro and Tower, a New Zealand and Pacific insurer, have successfully launched the previously announced IT platform for parametric insurance distribution for Tower, beginning with its Cyclone Response Cover in the Pacific Island countries of Fiji and Tonga. The product provides policyholders with rapid cash payouts when their home, business, or other insured […]

Berkshire Hathaway Specialty Insurance (BHSI), a division of Berkshire Hathaway, specialising in providing a range of insurance and reinsurance products, has announced the appointment of Andrew Knight as Country Manager, Amanda Sorsak as Head of Claims, and Paul Emerson as Head of Customer & Broker Engagement for its operations in Canada. “BHSI has achieved excellent […]