In a recent video interview with Reinsurance News, James Vickers, Chairman of Gallagher Re’s International division, discussed the current state of the casualty reinsurance market, addressing key issues like pricing and capacity constraints. Vickers pointed out that while improvements have been made in terms of pricing and policy terms, there are lingering questions about the […]
U.S. casualty reserve development the biggest wildcard for reinsurers in 2025, say analysts
Moody’s insurance executives have identified U.S. casualty reserve development as the biggest wildcard for reinsurers in 2025, according to analysts at TD Cowen. Based on conversations with Moody’s regarding their property & casualty outlook for 2025, TD Cowen stated that the rating agency anticipates the reinsurance industry’s recent strong profitability will continue in 2025. “While […]
Travelers increased casualty reinsurance coverage at lower attachment point at Jan 1: CFO Frey
U.S. insurer Travelers enhanced its casualty reinsurance program at the January 1st, 2025, renewals, purchasing more protection at a lower attachment point on the back of strong interest from the market, confirmed Dan Frey, the firm’s Chief Financial Officer (CFO). Travelers released a very strong set of results for the fourth quarter and full year […]
Brokerslink welcomes Rhallam and Verlinden to Advisory Board
Global broking business, Brokerslink, has announced the appointment of Youness Rhallam as President and Patrick Verlinden as Vice-President to its Advisory Board. Rhallam is the CEO of Moroccan brokerage firm Alpha Assurances, and Verlinden is CEO of Belgian broker Van Dessel Insurance Brokers. The Advisory Board unanimously confirmed the nominations, marking a new chapter of […]
Prudential Financial and Dai-ichi Life partner on product distribution and asset management
US insurance and investment firm, Prudential Financial Inc., and Japanese insurer Dai-ichi Life Holdings have entered into a strategic partnership focused on product distribution and asset management capabilities. The partnership includes a product distribution agreement in Japan, where Prudential would select Dai-ichi’s wholly owned subsidiary, The Neo First Life Insurance Company, Ltd., as an exclusive […]
Global Parametrics partners with Frontier Markets to offer crop Insurance for women farmers in India
Global Parametrics, a subsidiary of CelsiusPro Group, has partnered with Frontier Markets, India’s rural social commerce platform, to provide affordable crop insurance to 5,000 women smallholder farmers, benefiting approximately 24,000 individuals in its first year. Global Parametrics has created a parametric drought insurance product based on its Water Balance Index solution, which tracks the balance […]
Descartes launches “next generation” parametric tornado coverage for solar farms
Global corporate insurer Descartes Underwriting has launched a new parametric insurance product to protect utility-scale solar farms against tornado damage. The product’s coverage leverages satellite data and cutting-edge analytics to protect investments in the renewable energy transition. Specifically, it focuses on safeguarding photovoltaic solar farms in the United States with a generation capacity exceeding 10MW […]
Renewal rate increases for all commercial lines except workers’ comp: Ivans
Ivans, a division of Applied Systems, has released its Q4 2024 and year-end results for the Ivans Index, showing year-over-year premium renewal rate increases across all major commercial lines of business, except Workers’ Compensation. Compared to Q3 2024, Commercial Auto, Business Owner’s Policy (BOP), and Umbrella saw higher average premium renewal rates in Q4, while […]
Moody’s assigns A2 financial strength ratings to Nationwide P&C companies
Moody’s Ratings has assigned A2 insurance financial strength ratings to Nationwide Insurance Company of America, National Casualty Company, and Scottsdale Surplus Lines Insurance Company, all with a stable outlook. These companies are members of the property and casualty (P&C) insurance business owned by Nationwide Mutual Insurance Company (NMIC). Nationwide Insurance Company of America and National […]
CatIQ estimates CAD 991m in insured damage from Toronto/Ontario July flash flooding
Catastrophe Indices and Quantification Inc. (CatIQ) has disclosed its latest industry loss estimate for the flash flooding in southern Ontario between July 15-16, 2024, estimating CAD 991 million in insured damage. During July 15-16, 2024, southern Ontario and Toronto, experienced severe flash flooding due to heavy rainfall exceeding 120mm in some areas, including at Toronto […]