According to a recent report by Boston Consulting Group (BCG), the insurance industry is lagging behind other sectors in adopting generative AI (GenAI), with 40% of insurance companies showing minimal or no use of this technology. The report includes a GenAI maturity index to evaluate company adoption levels. Based on their implementation across ten business […]
Allstate pegs Beryl losses at $226m, total catastrophe losses for July at $587m
Large US primary insurer Allstate has disclosed total catastrophe losses for the month of July of $587 million, which includes an initial loss estimate of $226 million for Hurricane Beryl. Allstate’s catastrophe losses for July include 20 events estimated at $542 million, pre-tax or $428 million, after tax, which suggests some favourable prior period development […]
More than 2.6 million homes across 14 US states at moderate to very high risk of wildfire damage, CoreLogic
More than 2.6 million homes across 14 US states are at moderate to very high risk of wildfire damage during 2024’s wildfire season, with a total reconstruction cost of $1.3 trillion, according to a new report from CoreLogic, a provider of property insights and innovative solutions. Data from the report shows that the western side […]
Aon names Nick Nudo Senior MD of Reinsurance for Chicago
Global re/insurance broking group Aon has announced the appointment of Nick Nudo as Senior Managing Director of Reinsurance for Chicago, effective immediately. Nudo joins Aon from SCOR, where he worked for over 14 years most recently as chief underwriting officer of reinsurance North America. During his time at SCOR he held a number of positions, […]
The Mutual Group names Patrick Markowski SVP and COO
TMG Insurance Services, LLC (The Mutual Group), an integrated insurance operations platform serving the mutual industry, has announced the appointment of Patrick Markowski as senior vice president and chief operating officer. AS COO, Markowski will lead strategic operations, technology, new member onboarding and integration, and optimization of the underwriting-focused platform at The Mutual Group. The […]
Oneglobal names de Lima CEO of Central America, announces new strategies for regional growth
Ernesto de Lima has been appointed as the new CEO of Oneglobal’s Central America operation, who will aim to drive the company towards new achievements and sustainable growth in the region. A highly experienced insurance and reinsurance professional, de Lima brings substantial experience in the Property, Sabotage & Terrorism and Power & Utility markets to […]
RSA Insurance launches enhanced broker and customer claims portal with Guidewire Cloud
UK insurer RSA Insurance has introduced its enhanced broker and customer claims portal, now powered by Guidewire, a global firm within insurance software, making RSA the first UK insurer to adopt the Guidewire cloud solution. With ClaimCenter on Guidewire Cloud, RSA benefits from a comprehensive claims management system integrated into a scalable and secure cloud […]
Oxbridge Re reports $821,000 net loss in Q2’24 on investments
Oxbridge Re Holdings Limited, a Cayman Islands-based reinsurance company, reported a net loss of $821,000 for the second quarter of 2024, significantly larger than the net loss of $85,000 in Q2 2023, driven primarily by a negative change in the fair value of equity securities and other investments during the quarter. Despite the loss, the […]
Porch Group sees $110.8m of revenues, files updated application to form Reciprocal
Porch Group, a homeowners insurance and vertical software platform, has reported total revenue of $110.8 million, which increased 12% compared to the same period the prior year, with an improved net loss of $64.3 million in the second quarter of 2024. In Q2 2024 the firm’s net loss grew compared to the $22.6 million reported […]
Howden partners with Ultimate Risk Solutions to enhance risk management capabilities
Global insurance intermediary group Howden has strategically partnered with Ultimate Risk Solutions (URS) to utilise their advanced risk-management suite, encompassing economic and regulatory capital management, asset modelling, enterprise risk management (ERM), reserving, and price optimisation. Alex Bushel, Founder and Chief Executive Officer, URS, commented: “Our partnership with Howden is further evidence of our ongoing commitment […]