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 […]
Chris Nolan promoted to Head of Surety US, Zurich North America
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 announces acquisition of 360 Insurance
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 […]
Reinsurers well-positioned despite Japan’s Megaquake warning, says J.P. Morgan
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 […]
Swiss Re will remain cautious, but ability to absorb a major event is substantial: CFO Dacey
John Dacey, Group Chief Financial Officer (CFO) of Swiss Re, has said that the firm was surprised at the relatively low set of natural catastrophe losses it incurred in the first half of the year, and while the reinsurer’s ability to absorb a major event in the second half of the year is substantial, caution […]
Reinsurers benefit from improved reinvestment rates, says AM Best
Most companies in the global reinsurance market are benefiting from enhanced reinvestment rates, marking a significant shift from the prolonged soft market, according to AM Best’s recent market segment report. During the soft market period, which lasted through 2017, reinsurance rates were exceptionally low due to an oversupply of capital. This oversupply was driven by […]
Bob James named CEO of Velonetic, Callum Gibson to serve as COO
Velonetic, previously known as London Market Joint Ventures, has announced Bob James as its new Chief Executive Officer (CEO) and Callum Gibson as its Chief Operating Officer (COO), effective immediately. Velonetic is the trading name of Ins-sure Holdings Limited and Xchanging Claims Services Limited, the joint ventures between DXC Technology, the International Underwriting Association, and […]
Life and P&C lines see diverging trends: Morgan Stanley
Diverging trends continue for Life and P&C insurance so far, with the former seeing earnings exceeding expectations while the latter experiences growth that underperformed expectations, according to Morgan Stanley. In a recent update regarding the state of the Life and P&C industry, Morgan Stanley analysts stated that Personal lines maintain their performance, which is better […]
Emerald Bay expands tailored insurance solutions with Mainsail acquisition
Collaborative underwriting carrier Emerald Bay Risk Solutions is set to expand its tailored insurance solutions with the acquisition of P&C insurer Mainsail Insurance Company in a private transaction. Mainsail, previously a 100% reinsured subsidiary of Spinnaker Insurance Company, provides P&C insurance coverage, offering 17 varying lines of insurance, including auto, property, and commercial coverage. The […]
Aon forecasts 9% rise in US employer health care costs for the coming year
The cost of employer-sponsored health care in the US is expected to increase by 9.0 percent in 2025, bringing the average expense per employee to over $16,000, according to Aon, a global professional services firm. This expected rise assumes that employers won’t introduce additional cost-sharing or other savings measures. It marks a larger jump compared […]